固定收益月报：二季度地方债发行计划已披露16206亿元，新增专项债占比44%-2025-03-28

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint As of March 27, 2025, the total planned issuance of local government bonds in the second quarter is 162.06 billion yuan, with new special bonds accounting for 44% (70.78 billion yuan). The planned issuance in April, May, and June accounts for 37% (60.7 billion yuan), 29% (46.51 billion yuan), and 34% (54.84 billion yuan) respectively, and the proportion of new special bonds in each month is 31% (21.67 billion yuan), 35% (24.97 billion yuan), and 34% (24.14 billion yuan) respectively [2]. 3. Summary by Relevant Catalogs 3.1 Overall Planned Issuance of Local Government Bonds in the Second Quarter - The total planned issuance of local government bonds in the second quarter is 162.06 billion yuan, with new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds accounting for 5% (7.44 billion yuan), 21% (34.57 billion yuan), 44% (70.78 billion yuan), 18% (28.36 billion yuan), and 13% (20.91 billion yuan) respectively [2]. 3.2 Monthly Planned Issuance of Local Government Bonds - In April, the planned issuance is 60.7 billion yuan, accounting for 37% of the second - quarter total, with new special bonds accounting for 31% (21.67 billion yuan). - In May, the planned issuance is 46.51 billion yuan, accounting for 29% of the second - quarter total, with new special bonds accounting for 35% (24.97 billion yuan). - In June, the planned issuance is 54.84 billion yuan, accounting for 34% of the second - quarter total, with new special bonds accounting for 34% (24.14 billion yuan) [2]. 3.3 Regional Planned Issuance of Local Government Bonds - The top regions in terms of the planned issuance of local government bonds in the second quarter are Shandong Province (19.17 billion yuan), Zhejiang Province (16.82 billion yuan), Anhui Province (12.88 billion yuan), Guizhou Province (12.05 billion yuan), and Guangxi (10.49 billion yuan) [3]. 3.4 Regional Planned Issuance of New Special Bonds - The top regions in terms of the planned issuance of new special bonds in the second quarter are Zhejiang Province (15.3 billion yuan), Shandong Province (9.35 billion yuan), Guangxi (7.68 billion yuan), Anhui Province (5.83 billion yuan), and Fujian Province (5.56 billion yuan) [4].