建筑与工程行业周报：特殊再融资专项债发行超2万亿

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9] Core Insights - The issuance of special refinancing bonds has exceeded 2 trillion yuan this year, with a total planned issuance amount of 22,072 billion yuan, of which 19,987 billion yuan (91%) is for replacing existing hidden debts and 2,085 billion yuan (9%) for repaying existing debts [6][37] - The issuance of new special bonds has completed the targets set during the Two Sessions, with a focus on infrastructure projects, accounting for 33% of the total issuance [5][6] - The average issuance term for special refinancing bonds is 18.39 years, with a significant portion having terms of 20 years or more [7][42] Summary by Sections Special Refinancing Bond Issuance - A total of 158 special refinancing bonds have been issued this year, with a planned issuance amount of 22,072 billion yuan [6][37] - The issuance has been concentrated in the latter part of the year, particularly in November, where significant amounts were issued for replacing hidden debts [40][41] Issuance Trends - The issuance of special refinancing bonds has been primarily for replacing existing debts until mid-November, after which the focus shifted to replacing hidden debts [40][41] - The peak issuance days were November 28 and 29, with amounts of 2,402 billion yuan and 3,629 billion yuan respectively [40] Regional Distribution - The top four provinces for issuing special refinancing bonds to replace hidden debts are Jiangsu (2,511 billion yuan), Hunan (1,288 billion yuan), Shandong (1,255 billion yuan), and Henan (1,227 billion yuan), collectively accounting for over 30% of the total issuance [47][50] Market Performance - The Shanghai Composite Index rose by 2.33%, while the Longjiang Construction Engineering Index increased by 4.12%, ranking fifth among all industries [54] - The construction sector has shown significant growth, with various sub-sectors experiencing positive performance year-to-date [54][58]