五省份发行约782亿元土储专项债，二季度地方专项债或放量

Core Viewpoint - The issuance of local government bonds in China has seen a significant amount, with approximately 3.54 trillion yuan issued from January to April, but a decrease in April compared to previous months due to the launch of special treasury bonds and ultra-long-term special treasury bonds [1][2]. Summary by Sections Local Government Bond Issuance - In April, local government bond issuance was 693.3 billion yuan, a decline from the issuance in February and March [1]. - From January to April, the issuance of refinancing special bonds for replacing hidden debts was about 1.6 trillion yuan, accounting for 80% of the annual quota of 2 trillion yuan [1][2]. - The issuance of new special bonds was 1.19 trillion yuan, representing 27% of the annual quota of 4.4 trillion yuan, which is slightly slower than the expected timeline [1][2]. Land Reserve Special Bonds - There has been a noticeable acceleration in the issuance of land reserve special bonds, with Hunan and Xiamen joining the ranks in April [1][2]. - Hunan issued two batches of land reserve special bonds totaling nearly 14 billion yuan for 125 projects, while Xiamen issued 5.04 billion yuan for six projects [2][3]. - As of May 9, five provinces had issued a total of 78.23 billion yuan in land reserve special bonds, with Guangdong leading at 31.9 billion yuan [3]. Economic Policy and Future Outlook - The central government is expected to implement more aggressive macro policies to boost domestic demand, with an emphasis on accelerating the issuance of local special bonds and ultra-long-term special treasury bonds [6][8]. - The second quarter is anticipated to see a peak in government bond supply, with local governments actively expanding effective investment [8]. - The total amount of new special bonds yet to be issued this year is approximately 3.21 trillion yuan, indicating significant potential for future investment [8].