政府债周报：新增专项债发行进度28.68%-20250511

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including new - issued bonds, refinancing bonds, and special bonds. It presents data on actual and planned bond issuances, net supply, and investment - related information such as spreads [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - Actual Issuance and Pre - issuance Disclosure: From May 5th - 11th, local bonds issued 1054.59 billion yuan, with 1001.89 billion yuan in new - issued bonds (0 billion in new general bonds and 1001.89 billion in new special bonds) and 52.70 billion yuan in refinancing bonds. From May 12th - 16th, local bonds are expected to issue 1972.50 billion yuan, including 970.21 billion yuan in new - issued bonds (195.66 billion in new general bonds and 774.55 billion in new special bonds) and 1002.29 billion yuan in refinancing bonds [2][6][7]. - Comparison of Planned and Actual Issuance: Figures show the planned and actual issuance of local bonds in April and May, including new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18][21]. 3.2 Local Bond Net Supply - New - issued Bond Issuance Progress: As of May 11th, the issuance progress of new general bonds is 37.79%, and that of new special bonds is 28.68% [26]. - Refinancing Bond Net Supply: The cumulative scale of refinancing bonds minus local bond maturities as of May 11th is presented [26]. 3.3 Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of May 11th, the fourth - round special refinancing bonds have a total disclosed amount of 39874.69 billion yuan, with 15989.44 billion yuan disclosed in 2025. The top three regions in terms of disclosed scale are Jiangsu, Sichuan, and Hunan [8]. - Special New - issued Special Bond Issuance Statistics: As of May 11th, 2025 special new - issued special bonds have a total disclosed amount of 1432.58 billion yuan, and since 2023, 13337.71 billion yuan has been disclosed. The top three regions in different time - frames are also provided [8]. 3.4 Local Bond Investment and Trading - Primary - Secondary Spread: The primary and secondary spreads of local bonds are presented, including changes over time and by different maturities [38]. - Regional Secondary Spread: The secondary spreads of different regions are shown, with data from March 28th, 2025 to May 9th, 2025 [40]. 3.5 New - issued Special Bond Investment Direction - Monthly Statistics of Project Investment Direction: The investment direction of new - issued special bonds is presented, with the latest month's statistics only considering issued new - issued bonds [42].