Xin Lang Cai Jing·2025-12-31 00:26Core Viewpoint - The report from CITIC Securities indicates a moderate growth in government debt supply expected by 2026, with specific focus on net financing of general bonds and the timing of issuance peaks [1] Group 1: Government Debt Supply - It is anticipated that the total supply of government debt will experience mild growth by 2026 [1] - The net financing situation for general bonds in 2026 is predicted based on the average net financing progress of national bonds from 2023 to 2025 [1] Group 2: Issuance Timing - The report suggests that net supply pressure may be concentrated in Q2 of 2026 [1] - New general bond issuance is expected to maintain a relatively slow pace, while a peak in new special bond issuance may occur towards the end of Q2 [1] Group 3: Refinancing and Local Debt - The proportion of refinancing bonds and maturing local debt is expected to increase in 2025, a trend that is likely to continue into 2026 [1]