政府债务周度观察：5月政府债净融资近1.5万亿-20250529

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The net financing of government bonds in May was nearly 1.5 trillion yuan, which is expected to continue to strongly support fiscal expenditure. As of the 21st week (May 19 - May 25), the cumulative net financing of government bonds reached 6.2 trillion yuan, exceeding the same period last year by 3.9 trillion yuan, mainly due to the rapid issuance of special bonds for replacing implicit debts and treasury bonds. The cumulative generalized deficit was 4.5 trillion yuan, with a progress of 37.7%, exceeding the same period last year [1][6]. Summary by Related Categories Treasury Bonds - The net financing of treasury bonds in the 21st week (May 19 - May 25) was 243.5 billion yuan, and 0 yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 2.7 trillion yuan, with a progress of 40.2%, exceeding the same period in the past five years. The total annual net financing of treasury bonds is 6.66 trillion yuan. In 2025, the central deficit is 4.86 trillion yuan, and special treasury bonds of 1.8 trillion yuan are arranged: 1.3 trillion yuan is for ultra - long - term special treasury bonds, of which 30 billion yuan is for consumer goods trade - in; 500 billion yuan is for special treasury bonds to supplement the capital of state - owned large - scale banks [7]. Local Bonds - The net financing of local bonds in the 21st week (May 19 - May 25) was 142.6 billion yuan, and 137.4 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 3.5 trillion yuan, exceeding the same period last year by 2.4 trillion yuan [9]. New General Bonds - The net financing of new general bonds in the 21st week (May 19 - May 25) was 5.5 billion yuan, and 23.6 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 327.4 billion yuan, with a progress of 40.9%, exceeding the same period last year. The local deficit in 2025 is 800 billion yuan [2][12]. New Special Bonds - The net financing of new special bonds in the 21st week (May 19 - May 25) was 107.6 billion yuan, and 156 billion yuan in the 22nd week (May 26 - June 1). In 2025, the planned issuance of new special bonds is 4.4 trillion yuan. As of the 21st week, the cumulative net financing was 1.5 trillion yuan, with a progress of 33.5%, exceeding the same period last year. Special new special bonds of 242.4 billion yuan and land reserve special bonds of 100.8 billion yuan have been issued. As of May 25, 2025, 25 provinces and cities such as Guangdong and Anhui have successively announced projects to acquire existing idle land, covering 4,071 parcels of land with a capital scale of about 444.3 billion yuan [2][15]. Special Refinancing Bonds - The net financing of special refinancing bonds in the 21st week (May 19 - May 25) was 25.1 billion yuan, and 5 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 1.6 trillion yuan, with an issuance progress of 81% [2][30]. Urban Investment Bonds - The net financing of urban investment bonds in the 21st week (May 19 - May 25) was - 15.9 billion yuan, and is expected to be - 15.2 billion yuan in the 22nd week (May 26 - June 1). As of this week, the balance of urban investment bonds is about 10.5 trillion yuan [2][32].