政府债周报：新增专项债即将放量-20250623

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From June 23 - June 29, local government bonds are expected to be issued worth 5856.5 billion yuan, including 4583.2 billion yuan in new bonds (515.2 billion yuan in new general bonds and 4068.0 billion yuan in new special bonds) and 1273.2 billion yuan in refinancing bonds (586.8 billion yuan in refinancing general bonds and 686.4 billion yuan in refinancing special bonds) [2][6]. - From June 16 - June 22, local government bonds were actually issued worth 2617.5 billion yuan, including 697.2 billion yuan in new bonds (272.5 billion yuan in new general bonds and 424.8 billion yuan in new special bonds) and 1920.3 billion yuan in refinancing bonds (630.5 billion yuan in refinancing general bonds and 1289.8 billion yuan in refinancing special bonds) [2][7]. Summary by Related Catalogs Local Bond Actual Issuance and Forecast Issuance - The net supply of local government bonds from June 16 - June 22 was 1243 billion yuan, and the forecasted net supply from June 23 - June 29 is 5044 billion yuan [15]. - Comparisons of planned and actual issuances of local government bonds in June, July, and recent months are presented, including details of new bonds, new general bonds, new special bonds, and refinancing bonds [17][19][23]. Local Bond Net Supply - As of June 22, the issuance progress of new general bonds was 48.53%, and that of new special bonds was 37.56% [28]. - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of June 22 is shown [28]. Special Bond Issuance Details - As of June 22, a total of 41653.80 billion yuan of the fourth - round special refinancing bonds has been disclosed, with 17768.55 billion yuan disclosed in 2025 and an additional 490.70 billion yuan to be disclosed next week. The top three regions in terms of disclosed scale are Jiangsu, Shandong, and Sichuan [8]. - As of June 22, a total of 4071.42 billion yuan of special new special bonds has been disclosed in 2025, and 15976.56 billion yuan has been disclosed since 2023. The top three regions in terms of disclosed scale are Jiangsu, Hubei, and Xinjiang [8]. Local Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented, including changes over time and differences among different regions [39][42]. New Special Bond Investment Directions - The investment directions of new special bonds are presented, with the latest monthly statistics only considering issued new bonds [44].