财通证券：明年1月已披露地方债发行计划逾7700亿 发行期限难缩短

Core Viewpoint - As of December 30, 21 regions have disclosed their local bond issuance plans for January 2026, totaling 771.2 billion yuan, compared to 284.6 billion yuan planned for January 2025 [1] Group 1: Local Bond Issuance - The current fiscal revenue and expenditure face certain pressures, making growth stabilization urgent [1] - The project timelines are gradually extending, indicating that local governments are unlikely to delay bond issuance or shorten issuance periods due to fluctuations in secondary market interest rates [1] - A rough comparison shows that the issuance period for local bonds in the first quarter of 2026 has decreased, but due to limited samples and the typical discrepancies between planned and actual issuance, it cannot be simply concluded that the issuance period will significantly shorten [1] Group 2: Monetary Policy and Market Sentiment - The central bank's interest rate stance is focused on stability, and past experiences indicate that phases of market concern over supply are often good opportunities for left-side trading [1]