1230亿元超长期特别国债完成发行，本月国补继续

Core Viewpoint - The issuance of 1.3 trillion yuan of ultra-long-term special government bonds is progressing rapidly, aimed at stabilizing investment, promoting consumption, and supporting economic growth [1][2]. Group 1: Bond Issuance Details - As of July 14, 2023, the Ministry of Finance has issued a total of 678 billion yuan in ultra-long-term special government bonds, with 622 billion yuan remaining to be issued [2][3]. - The bonds include two phases: the fourth phase with a scale of 40 billion yuan and a 20-year term at a 1.92% interest rate, and the fifth phase with a scale of 83 billion yuan and a 30-year term at a 1.90% interest rate [1][2]. Group 2: Funding Allocation - Of the 1.3 trillion yuan, 800 billion yuan is allocated for "two major" constructions, focusing on infrastructure and ecological projects, while 300 billion yuan is designated for consumer goods replacement and 200 billion yuan for equipment updates [2][3]. - The "two major" projects include significant investments in areas such as high-standard farmland construction, ecological protection, and urban infrastructure [2]. Group 3: Impact on Consumption - The consumer goods replacement policy has led to over 1.4 trillion yuan in sales of related products since the beginning of the year, indicating a strong market response [4]. - Retail sales in categories such as home appliances and communication equipment have seen significant year-on-year growth, contributing to an increase in overall social retail sales [5].