2023 02 20 重 庆 城投 全 析：一 区两 群，各 有 千秋 城 投债区域 报告 系列 1Y 1Y 3Y 1 2 3 4 1 GDP GDP 2021 GDP 6%2 71 A 3 1 3 2 3 1 3 25.34%2022 2022”4 1 2 3 4 5 1“”.7.2.9.3“”“”.13.4.18.5.30 6.34 .1 1.1 1 1.2 38 26 8 4“”-3%-2%-1%0%1%2%3%4%5%6%020000400006000080000100000120000140000 2022 GDP 2022 GDP%2 1.3 2 2.1 3 2.2 4 2.3 71 A 5 3 3.1 3 55:45 6 05000100001500020000250003000035000 2019 2020 2021 7 3.2 3.2.1 2019 2020 2021 258.1 231.8 323.2 266.2 286.7 277.4 175.0 401.4 272.8 217.5 240.1 260.1 225.6 223.3 239.8 178.1 187.2 234.6 170.9 184.0 162.1 131.0 148.5 159.4 109.1 116.9 124.3 285.3 310.5 316.9 250.0 259.8 300.6 203.0 238.7 228.4 209.7 236.9 216.0 218.6 225.8 211.9 181.2 141.7 209.0 111.6 156.9 203.0 159.4 173.7 184.1 155.2 170.8 180.1 141.4 170.5 169.7 118.5 148.5 133.5 130.7 139.1 132.5 229.5 309.7 323.7 144.3 168.0 150.9 124.2 148.2 145.3 99.7 107.0 137.0 120.3 124.2 130.9 125.5 126.4 126.1 186.3 142.5 124.2 120.7 122.1 119.9 66.7 63.2 100.3 99.3 110.2 74.9 88.1 81.2 70.9 106.2 99.4 150.2 97.5 91.9 122.2 94.1 96.4 112.0 93.0 100.5 89.5 75.6 83.2 84.8 75.5 87.0 81.6 8 9 3.2.2 3 1 0%5%10%15%20%25%30%35%40%45%0.0010.0020.0030.0040.0050.0060.0070.0080.00 9 12 11 6 3“”2021 2020 10 3.3=/+25.34%2022 0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 11=/2022 0%5%10%15%20%25%30%35%40%45%50%2019 2020 2021 12 4 4.1 5 2020 2021 2020 2021 2022 33.7%-62.9 142.4 24.6-82.7%30.9%44.4%122.7 241.8 43.8-81.9%55.4%39.1%144.3 76.4 26.0-66.0%26.4%30.9%324.0 392.3 134.0-65.9%36.6%28.6%174.9 124.2 45.0-63.8%24.2%20.8%141.8 182.8 70.6-61.4%17.2%19.5%92.8 45.4 18.0-60.4%21.6%17.0%185.4 74.5 42.0-43.6%13.8%12.3%7.6-35.4%39.5%41.6 16.6 5.3-67.7%35.5%38.7%71.4 72.3 29.8-58.7%23.1%25.8%67.3 70.2 34.4-51.0%26.1%25.7%28.3 27.4 19.5-28.9%24.6%24.0%23.6 15.4 11.4-25.7%18.2%22.2%35.2 48.0 37.8-21.1%23.4%20.9%27.1 5.3 4.7-11.9%21.0%19.6%36.9 57.1 52.1-8.7%19.0%19.3%43.6 20.3 20.6 1.5%20.8%18.3%62.3 40.4 46.0 13.9%13.4%7.4%13.9 13.7 18.1 31.9%21.0%5.8%29.9 16.8 29.6 76.5%6.7%无数据 12.5 22.9 2.5-89.1%14.1%16.6%35.0 15.4 2.9-81.2%19.9%15.0%12.0 20.7 6.1-70.7%10.5%14.4%6.0 2.3 0.8-64.2%11.1%12.2%10.4 14.9 6.5-56.3%13.8%10.1%19.9 7.3 6.0-17.0%6.9%9.6%6.1 15.6 13.1-16.1%6.6%8.9%1.3 1.7 1.6-8.2%8.4%8.8%22.6 17.8 22.3 25.4%5.3%4.7%2.4 3.0 4.3 44.2%2.4%2.7%6.2 1.5 3.7 140.2%14.1%15.6%15.6 7.9 4.1-48.1%11.4%13.0%1.8 7.3 4.5-38.1%12.1%10.2%0.8 4.9 5.4 10.4%2.9%5.8%6.8 3.7 5.4 47.4%7.9%4.7%15.6 11.0 16.4 48.9%3.1%4.3%7.2 2.3 7.1 203.7%13 300%4 2019 2021 80.54%57.30%100%0%100%200%300%400%500%600%2019 2020 2021 14 4.2 5 2-5 15 38 840.121100.311507.972196.3329.3050010001500200025001 1-2 2-3 3-5 5 2023 5 89.5 77.8 52.3 37.1 3.3 2023 16 4.3:36%8 17 0%10%20%30%40%50%60%70%80%90%100%0500100015002000250030003500400045005000 18 4.4 4.4.1 14 2021 12658.51 19 1()()()6 0 1 0 7 7.SH,3 6 1 8.HK,CR CBY.OO 1 2 6 5 8.5 1 3 0 8.4 2 9 7.1 8 36 6 0 1 9 6 3.SH 1 9 6 3.HK 6 1 8 9.5 4 1 4 5.1 5 4 8.5 9 6-2 4 0 3.6 6 5 2.4 7 1 4.9 7 3 010203040506070010000200003000040000500006000070000 20 4.4.2 21 22 0123456789020040060080010001200140016001800(%)020406080100120140 0200400600800100012000 1 2 3 4 5 6 4.5 4.5.1 2018 3 2021 2 4.5.2 2021 2 600917.SH 2020 14 23 24 5 15.7%0%1%2%3%4%5%6%7%0.0050.00100.00150.00200.00250.00300.002020-11 2020-12 2021-01 2021-02 2021-03 2021-04 2021-05 2021-06 2021-07 2021-08 2021-09 2021-10%01002003004005006007002021/1/1 2021/3/24 2021/6/14 2021/9/4 2021/11/25 2022/2/15 2022/5/8 2022/7/29 2022/10/191-3-5-1-3-5-25 GDP 800 200 13 26 13 1 2 3 4 2019 2020 2021 2019 2020 2021沙坪坝区 258.1 231.8 323.2 976.8 1013.9 1058.3渝北区 266.2 286.7 277.4 1848.2 2009.5 2235.6南岸区 175.0 401.4 272.8 770.6 813.3 881.0巴南区 217.5 240.1 260.1 874.8 865.5 963.4九龙坡区 225.6 223.3 239.8 1462.9 1533.2 1736.4江北区 178.1 187.2 234.6 1240.1 1325.4 1507.1涪陵区 285.3 310.5 316.9 1178.7 1225.1 1402.7江津区 250.0 259.8 300.6 1036.7 1109.4 1258.0永川区 203.0 238.7 228.4 952.7 1012.4 1144.2璧山区 209.7 236.9 216.0 681.0 747.1 874.5合川区 218.6 225.8 211.9 912.5 972.4 973.9大足区 181.2 141.7 209.0 645.8 700.5 800.3两群渝东北三峡库区城镇群工业、农业、旅游业、物流业、文创产业、康养业等万州区 229.5 309.7 323.7 920.9 970.7 1087.9一区金融服务、国际商务、高端商贸、文化创意、电子信息、装备制造等汽车摩托车产业、电子信息产业、机器人及智能装备、高端交通装备、生物医药、环保等中心城区主城新区区域 重点及主导产业 区县区县地方财政实力（亿元）历史走势G D P（亿 元）历史走势 27 28 2019 2020 2021 20221102 20230215 357.9%441.6%336.3%97.2 83.4 97.6 157.3 4.1 5.6 153.4 2.4 145.7%167.3%233.4%15.0 3.0 10.0 112.7 3.3 4.7 146.0 3.3 294.0%143.1%236.7%5.0 28.0 40.0 66.5 3.5 4.7 117.8 2.7 274.7%309.4%331.1%14.6 13.4 110.4 156.5 3.5 4.7 126.1 3.1 249.3%327.4%346.9%9.0 10.5 48.7 99.3 3.9 5.1 111.8 3.3 86.2%93.2%88.5%0.0 0.0 0.0 12.0 3.2 4.3 111.4 4.3 303.6%306.2%348.1%21.1 25.7 78.3 316.0 3.5 4.6 116.3 3.7 318.0%330.6%327.5%52.3 66.8 72.0 149.8 5.2 115.8 2.7 269.7%248.4%294.1%20.8 52.5 83.5 114.0 4.0 5.5 151.3 2.8 117.3%116.3%142.8%10.1 21.5 6.4 21.9 3.4 4.7 127.9 2.3 292.2%333.7%401.8%89.5 56.6 111.0 129.9 4.4 5.7 128.9 2.2 240.5%432.0%345.2%37.1 57.0 69.7 117.9 7.0 8.3 134.6 2.8 268.4%234.6%265.9%5.0 21.1 22.0 76.4 4.0 5.3 124.2 3.1 2019 2020 2021 2019 2020 2021 20221102 20230215 258.1 231.8 323.2 249.3%327.4%346.9%3.9 5.1 111.8 3.3 266.2 286.7 277.4 357.9%441.6%336.3%4.1 5.6 153.4 2.4 175.0 401.4 272.8 274.7%309.4%331.1%3.5 4.7 126.1 3.1 217.5 240.1 260.1 201.4%214.2%279.0%4.5 5.8 132.1 2.2 225.6 223.3 239.8 267.2%263.4%240.0%5.4 6.6 121.6 2.1 178.1 187.2 234.6 294.0%143.1%236.7%3.5 4.7 117.8 2.7 170.9 184.0 162.1 145.7%167.3%233.4%3.3 4.7 146.0 3.3 131.0 148.5 159.4 96.4%113.5%141.8%3.2 4.6 141.2 3.5 109.1 116.9 124.3 86.2%93.2%88.5%3.2 4.3 111.4 4.3 285.3 310.5 316.9 403.5%449.2%464.1%5.9 7.1 124.3 2.6 250.0 259.8 300.6 360.1%345.8%452.2%6.2 7.5 124.8 2.8 203.0 238.7 228.4 292.2%333.7%401.8%4.4 5.7 128.9 2.2 209.7 236.9 216.0 303.6%306.2%348.1%3.5 4.6 116.3 3.7 218.6 225.8 211.9 240.5%432.0%345.2%7.0 8.3 134.6 2.8 181.2 141.7 209.0 318.0%330.6%327.5%5.2 115.8 2.7 111.6 156.9 203.0 269.7%248.4%294.1%4.0 5.5 151.3 2.8 159.4 173.7 184.1 335.9%298.5%255.4%7.1 8.5 145.7 2.3 155.2 170.8 180.1 192.8%205.2%221.7%7.7 8.7 107.7 1.8 141.4 170.5 169.7 143.1%147.6%185.3%5.4 6.7 127.2 3.1 118.5 148.5 133.5 152.9%161.4%165.7%5.0 6.3 130.9 2.3 130.7 139.1 132.5 117.3%116.3%142.8%3.4 4.7 127.9 2.3 229.5 309.7 323.7 268.4%234.6%265.9%4.0 5.3 124.2 3.1 144.3 168.0 150.9 173.1%183.2%244.2%6.6 7.7 105.1 2.2 124.2 148.2 145.3 126.4%193.9%235.3%5.9 7.1 118.9 2.4 99.7 107.0 137.0 205.8%215.0%192.1%6.2 7.4 119.7 2.8 120.3 124.2 130.9 143.7%170.2%189.5%6.1 7.0 92.0 3.7 125.5 126.4 126.1 122.0%143.3%158.4%5.4 6.6 121.3 3.8 186.3 142.5 124.2 118.1%136.7%157.6%6.3 7.4 117.8 3.8 120.7 122.1 119.9 101.6%118.3%142.1%5.5 7.0 154.4 2.4 66.7 63.2 100.3 48.3%62.3%115.2%-99.3 110.2 74.9 87.2%99.5%92.8%6.0 7.1 114.2 0.2 88.1 81.2 70.9 46.2%63.6%91.1%-106.2 99.4 150.2 296.4%279.7%291.4%7.6 9.0 141.5 2.2 97.5 91.9 122.2 289.5%342.9%254.6%6.4 7.4 101.7 2.3 94.1 96.4 112.0 110.5%125.2%249.8%5.4 6.7 130.9 4.6 93.0 100.5 89.5 101.3%175.0%186.6%4.8 6.2 139.0 3.8 75.6 83.2 84.8 161.0%166.3%151.1%5.6 6.5 88.5 1.1 75.5 87.0 81.6 127.2%174.9%133.2%-6