Zheshang Securities(SH:601878) Zheng Quan Shi Bao·2025-08-04 23:51Group 1 - The issuance of new local government special bonds has accelerated since April, with July seeing a record high issuance of 616.936 billion yuan, an increase of 89.842 billion yuan from the previous month [1] - The cumulative issuance of new special bonds in the first half of the year reached 2.16 trillion yuan, a significant year-on-year increase of 45%, supporting major project construction and maintaining resilience in infrastructure investment growth [1] - Market institutions expect the issuance of new special bonds to accelerate in the third quarter, with over 1.6 trillion yuan of quota available for use from August to December [1] Group 2 - The fiscal policy this year has been more proactive, with expectations for continued improvement in investment funding and project support due to the effects of existing policy combinations [2] - The significant supply of government bonds is expected to provide substantial support for social financing scale, with net financing amounts projected to reach 1.29 trillion yuan and 1.41 trillion yuan in July and August, respectively [2]