政府债周报：新增专项债发行进度30.40%-20250520

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 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 provides data on planned and actual issuances, net supplies, and regional issuance statistics [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - 5/12 - 5/18 local bond net supply was 1711 billion yuan; 5/19 - 5/25 local bond forecast net supply is 1426 billion yuan [14][15] - Comparison of planned and actual issuances in April and May shows differences in new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18] 3.2 Local Bond Net Supply - As of May 18, the issuance progress of new general bonds was 40.24%, and that of new special bonds was 30.40% [26] - As of May 18, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in a chart [28] 3.3 Special Bond Issuance Details - As of May 18, the fourth - round special refinancing bonds totaled 40126.17 billion yuan, with 16240.92 billion yuan in 2025 and 251.48 billion yuan to be newly disclosed next week. The top three regions in terms of disclosure scale are Jiangsu, Sichuan, and Shandong [8] - As of May 18, the special new special bonds in 2025 totaled 1568.14 billion yuan, and 13473.27 billion yuan since 2023. The top three regions in terms of disclosure scale are Jiangsu, Hubei, and Xinjiang [8] 3.4 Local Bond Investment and Trading - Charts show the primary - secondary spread of local bonds and the secondary spread by region, with data from different time points [37][40] 3.5 New Special Bond Investment Directions The report mentions the monthly statistics of project investment directions, with the latest month's statistics considering only issued new bonds [42]