政府债周报：新增专项债发行进度26.45%-20250506

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report focuses on the issuance progress of local government bonds, including new - added bonds and refinancing bonds, as well as the issuance progress of special bonds. It provides data on the actual and forecasted issuance of local government bonds, and analyzes the net supply, issuance progress, and investment and trading conditions of local government bonds [2][7][8]. 3. Summary by Relevant Catalogs 3.1 Local Debt Actual Issuance and Forecasted Issuance - From May 5th to May 9th, the planned issuance of local government bonds was 740.53 million yuan, including 687.83 million yuan of new - added bonds (0 million yuan of new - added general bonds and 687.83 million yuan of new - added special bonds) and 52.70 million yuan of refinancing bonds (49.03 million yuan of refinancing general bonds and 3.67 million yuan of refinancing special bonds) [2][6]. - From April 28th to May 4th, the actual issuance of local government bonds was 930.92 million yuan, including 599.51 million yuan of new - added bonds (67.46 million yuan of new - added general bonds and 532.05 million yuan of new - added special bonds) and 331.41 million yuan of refinancing bonds (176.76 million yuan of refinancing general bonds and 154.65 million yuan of refinancing special bonds) [2][7]. 3.2 Special Debt Issuance Progress - As of May 4th, the total disclosed issuance of the fourth round of special refinancing bonds was 398.7469 billion yuan, with 159.8944 billion yuan disclosed in 2025 and 0 billion yuan newly disclosed next week. The top three regions in terms of disclosed issuance scale were Jiangsu (57.033 billion yuan), Sichuan (22.358 billion yuan), and Hunan (20.87 billion yuan) [8]. - As of May 4th, the total disclosed issuance of special new - added special bonds in 2025 was 14.3258 billion yuan, and since 2023, it was 133.3771 billion yuan. The top three regions in terms of disclosed issuance scale were Jiangsu (12.5135 billion yuan), Hubei (10.6856 billion yuan), and Xinjiang (9.102 billion yuan). In 2025, the top three regions were Henan (1.56 billion yuan), Shaanxi (1.5 billion yuan), and Hubei (1.5 billion yuan) [8]. 3.3 Local Debt Net Supply - As of May 4th, the issuance progress of new - added general bonds was 37.79%, and the issuance progress of new - added special bonds was 26.45% [26][27]. 3.4 Local Debt Investment and Trading - The report provides data on the primary - secondary spread of local government bonds and the secondary spread by region, showing the changes in spreads from April 25th to April 30th, 2025 [37][41]. 3.5 New - Added Special Bond Investment Direction The report provides a monthly statistics on the investment direction of new - added special bonds, but specific investment direction data is not given in the provided text [43].