政府债务周度观察：本周特别国债发行1760亿-20250605

Report Investment Rating - The document does not mention the industry investment rating. Core View - The net financing of government bonds and the issuance of new local bonds are increasing. As of the 22nd week (May 26 - June 1), the cumulative general deficit reached 4.7 trillion, with a progress of 39.3%, exceeding the same period last year. The net financing of government bonds is expected to continue to strongly support fiscal expenditure [1][8]. Summary by Category Government Debt General Situation - Net financing of government bonds in the 22nd week (May 26 - June 1) was 1374 billion, and in the 23rd week (June 2 - June 8) it was 2485 billion. As of the 22nd week, the cumulative amount was 6.3 trillion, exceeding the same period last year by 3.6 trillion [1][8]. - Net financing of government bonds + new local bond issuance in the 22nd week was 1816 billion, and in the 23rd week it was 2140 billion [1][8]. Treasury Bonds - Net financing of treasury bonds in the 22nd week was 0 billion, and in the 23rd week it was 1980 billion. As of the 22nd week, the cumulative amount was 2.7 trillion, with a progress of 40.2%, exceeding the average of the past five years' same - period. The special treasury bonds issued were 1760 billion, including 1050 billion for capital injection and 710 billion for 30 - year ultra - long - term special treasury bonds [1][10]. Local Bonds - Net financing of local bonds in the 22nd week was 1374 billion, and in the 23rd week it was 505 billion. As of the 22nd week, the cumulative amount was 3.7 trillion, exceeding the same period last year by 2 trillion [1][12]. New General Bonds - New general bonds issued in the 22nd week were 236 billion, and in the 23rd week were 87 billion. As of the 22nd week, the cumulative amount was 3510 billion, with a progress of 43.9%, exceeding the same period last year [2][14]. New Special Bonds - New special bonds issued in the 22nd week were 1560 billion, and in the 23rd week were 73 billion. As of the 22nd week, the cumulative amount was 1.6 trillion, with a progress of 37.1%, exceeding the same period last year. Special new special bonds issued were 2439 billion, and land reserve special bonds issued were 1083 billion [2][16]. Special Refinancing Bonds - Special refinancing bonds issued in the 22nd week were 50 billion, and in the 23rd week were 277 billion. As of the 22nd week, the cumulative amount was 1.6 trillion, with an issuance progress of 81% [2][29]. Urban Investment Bonds - Net financing of urban investment bonds in the 22nd week was 33 billion, and in the 23rd week it was expected to be - 173 billion. As of this week, the balance of urban investment bonds was about 10.5 trillion [2][32]. Basic Data - The ChinaBond Composite Index was 254.4; the ChinaBond Long/Medium - Short - Term Index was 245.4/209.1; the 10 - year inter - bank treasury bond yield was 1.68; the scale of enterprise/company/convertible bonds (in billions) was 69.9/23.8/6.9 [5].