政府债务周度观察：新增专项债放量-20250626

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Government bond net financing was 259.4 billion yuan in the 25th week (6/16 - 6/22) and 671.4 billion yuan in the 26th week (6/23 - 6/29). As of the 25th week, the cumulative amount reached 7.0 trillion yuan, exceeding the same period last year by 3.7 trillion yuan [1][7]. - The net financing of treasury bonds plus the issuance of new local bonds was 204.8 billion yuan in the 25th week and 590.5 billion yuan in the 26th week. As of the 25th week, the cumulative general deficit was 5.3 trillion yuan, with a progress of 45.1% [1][7]. - Treasury bond net financing was 135.1 billion yuan in the 25th week and 111 billion yuan in the 26th week. As of the 25th week, the cumulative amount was 3.3 trillion yuan, with a progress of 49.1% [1][9]. - Local bond net financing was 124.3 billion yuan in the 25th week and 560.4 billion yuan in the 26th week. As of the 25th week, the cumulative amount was 3.8 trillion yuan, exceeding the same period last year by 2.1 trillion yuan [1][11]. - New general bond issuance was 27.2 billion yuan in the 25th week and 57.2 billion yuan in the 26th week. As of the 25th week, the cumulative amount was 388.2 billion yuan, with a progress of 48.5% [1][11]. - New special bond issuance was 42.5 billion yuan in the 25th week and 422.3 billion yuan in the 26th week. As of the 25th week, the cumulative amount was 1.7 trillion yuan, with a progress of 38.4% [2][14]. - Special new special bonds issued reached 425.6 billion yuan, and land reserve special bonds issued reached 192.5 billion yuan [2][14]. - Special refinancing bonds issuance was 52.7 billion yuan in the 25th week and 59.7 billion yuan in the 26th week. As of the 25th week, the cumulative amount was 1.7 trillion yuan, with a progress of 87% [2][29]. - Urban investment bond net financing was -7.2 billion yuan in the 25th week and is expected to be -36 billion yuan in the 26th week. As of this week, the balance of urban investment bonds was about 10.4 trillion yuan [2][30][32]. Summary by Related Catalogs Government Bond Net Financing - 25th week (6/16 - 6/22): 259.4 billion yuan; 26th week (6/23 - 6/29): 671.4 billion yuan. As of the 25th week, cumulative 7.0 trillion yuan, exceeding last year's same - period by 3.7 trillion yuan [1][7] Treasury Bond Net Financing - 25th week (6/16 - 6/22): 135.1 billion yuan; 26th week (6/23 - 6/29): 111 billion yuan. As of the 25th week, cumulative 3.3 trillion yuan, progress 49.1% [1][9] Local Bond Net Financing - 25th week (6/16 - 6/22): 124.3 billion yuan; 26th week (6/23 - 6/29): 560.4 billion yuan. As of the 25th week, cumulative 3.8 trillion yuan, exceeding last year's same - period by 2.1 trillion yuan [1][11] New General Bond Issuance - 25th week (6/16 - 6/22): 27.2 billion yuan; 26th week (6/23 - 6/29): 57.2 billion yuan. As of the 25th week, cumulative 388.2 billion yuan, progress 48.5% [1][11] New Special Bond Issuance - 25th week (6/16 - 6/22): 42.5 billion yuan; 26th week (6/23 - 6/29): 422.3 billion yuan. As of the 25th week, cumulative 1.7 trillion yuan, progress 38.4% [2][14] Special New Special Bonds - Issued 425.6 billion yuan [2][14] Land Reserve Special Bonds - Issued 192.5 billion yuan [2][14] Special Refinancing Bonds - 25th week (6/16 - 6/22): 52.7 billion yuan; 26th week (6/23 - 6/29): 59.7 billion yuan. As of the 25th week, cumulative 1.7 trillion yuan, progress 87% [2][29] Urban Investment Bonds - 25th week (6/16 - 6/22) net financing: -7.2 billion yuan; 26th week (6/23 - 6/29) expected net financing: -36 billion yuan. As of this week, balance about 10.4 trillion yuan [2][30][32]