【Citic Securities: The Fiscal Balance Remains Stable. It Is Recommended To Pay Attention To The Impact Of Debt Conversion】According To The Citic Securities Research Report, Asset Revitalization Has Led To Continued Improvement In General Budget Revenue, But Short Collection Of Revenue From Land Concessions Limits The Intensity Of Government Fund Income And Expenditure. In Terms Of The General Public Budget, The Growth Rate Of Fiscal Revenue Continued To Accelerate In November. Corporate Income Tax, Personal Income Tax, Export Tax Rebates And Non-Tax Revenue For Foreign Trade Enterprises Were The Main Contributions. After Several Months Of Asset Revitalization, The Pressure On Short-Term Fiscal Revenue Was Significantly Reduced From Mid-Year; The Growth Rate Of Fiscal Expenditure Declined Somewhat, And The Focus Of Expenditure Was On Ensuring Social Security, Employment, And Infrastructure-Related Expenses. It Is Expected That Fiscal Expenditure In December Will Maintain A Mid-Single-Digit Growth Rate To Help Achieve The Annual Growth Target. The Decline In Government Fund Revenue Has Increased, And The Growth Rate Of Expenditure Has Declined Somewhat. Under The Constraints Of The Decline In Revenue From Land Concessions, The Intensity Of Government Fund Spending May Continue To Decline In December. However, Since November 8, Up To December 16, A Total Of 2184.6 Billion Yuan Of Special Refinancing Bonds Have Been Issued, And Funds Related To The December Chemical Bonds Are Expected To Be Implemented At An Accelerated Pace, Which Will Have A Positive Spillover Impact On The Real Economy