政府债周报（3、23）：Q2发行计划已披露11082亿，其中新增债4906亿，再融资债6176亿-2025-03-26

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - From March 24 - 28, the planned issuance of local government bonds is 336.3 billion yuan, including 161.8 billion yuan of new bonds (29 billion yuan of new general bonds and 132.7 billion yuan of new special bonds) and 174.5 billion yuan of refinancing bonds (34.8 billion yuan of refinancing general bonds and 139.7 billion yuan of refinancing special bonds) [2][6]. - From March 17 - 21, the actual issuance of local government bonds is 157.1 billion yuan, including 38.2 billion yuan of new bonds (3.9 billion yuan of new general bonds and 34.2 billion yuan of new special bonds) and 118.9 billion yuan of refinancing bonds (14.9 billion yuan of refinancing general bonds and 104 billion yuan of refinancing special bonds) [2][7]. - As of March 21, the total disclosed issuance of the fourth - round special refinancing bonds is 3,725.2 billion yuan, with 1,337.3 billion yuan disclosed for 2025 and an additional 133.4 billion yuan disclosed next week. The top three regions in terms of disclosed issuance scale are Jiangsu (564.7 billion yuan), Hubei (195 billion yuan), and Shandong (197.2 billion yuan). As of March 21, the total disclosed issuance of special new special bonds in 2025 is 116.8 billion yuan, and since 2023, it is 1,307.3 billion yuan. The top three regions in terms of disclosed issuance scale are Jiangsu (125.1 billion yuan), Hubei (106.9 billion yuan), and Xinjiang (91 billion yuan) [8]. 3. Summary by Relevant Catalogs 3.1 Local Bond Actual Issuance and Forecast Issuance - Actual Issuance and Pre - issuance Disclosure: From March 24 - 28, the planned issuance of local government bonds is 336.3 billion yuan; from March 17 - 21, the actual issuance is 157.1 billion yuan [2][6][7]. - Comparison between Plan and Actual Issuance: Figures show the comparison of planned and actual issuance of local government bonds in February and March, including new bonds, new general bonds, new special bonds, and refinancing bonds [14][16]. - Local Bond Net Supply: From March 17 - 23, the net supply of local government bonds is 131.8 billion yuan, and the forecast net supply from March 24 - 30 is 316.5 billion yuan [20][21]. - New Bond Issuance Progress: As of March 21, the issuance progress of new general bonds is 34.50%, and that of new special bonds is 15.45% [29]. - Refinancing Bond Net Supply: The figure shows the cumulative scale of refinancing bonds minus local government bond maturities as of March 21 [29]. 3.2 Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of March 21, the total disclosed issuance of the fourth - round special refinancing bonds is 3,725.2 billion yuan, with details of each round's issuance in different regions [8][32]. - Special New Special Bond Issuance Statistics: As of March 21, the total disclosed issuance of special new special bonds in 2025 is 116.8 billion yuan, and since 2023, it is 1,307.3 billion yuan, with details of different regions [8][35]. 3.3 Local Bond Investment and Trading - Primary - Secondary Spread: Figures show the primary and secondary spreads of local government bonds, including changes in spreads for different maturities [39]. - Regional Secondary Spread: Data shows the secondary spreads of local government bonds in different regions from January 24 to March 21, 2025 [42]. - New Special Bond Investment Direction: The figure shows the investment direction of new special bonds, with the latest month's statistics only considering issued new bonds [44].