固定收益月报：三季度地方债发行计划已披露25499亿元-20250630

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint As of June 30, 2025, the total planned issuance of local government bonds in the third quarter is 254.99 billion yuan, with new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds accounting for 8% (20.8 billion yuan), 17% (43.95 billion yuan), 54% (138.54 billion yuan), and 15% (37.54 billion yuan) respectively [1]. 3. Summary by Relevant Catalogs 3.1 Overall Planned Issuance in the Third Quarter - The total planned issuance of local government bonds in the third quarter is 254.99 billion yuan, with new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds accounting for 8% (20.8 billion yuan), 17% (43.95 billion yuan), 54% (138.54 billion yuan), and 15% (37.54 billion yuan) respectively [1]. 3.2 Monthly Planned Issuance - In April, May, and June, the planned issuance of local government bonds accounts for 51% (129.7 billion yuan), 28% (71.35 billion yuan), and 21% (53.95 billion yuan) respectively. The proportion of new special bonds in each month is 53% (73.24 billion yuan), 28% (38.73 billion yuan), and 19% (26.57 billion yuan) respectively [2]. 3.3 Regional Planned Issuance - The top regions in terms of planned issuance of local government bonds in the third quarter are Hunan Province (23.55 billion yuan), Zhejiang Province (20.82 billion yuan), Hebei Province (18.14 billion yuan), Anhui Province (16.48 billion yuan), and Sichuan Province (15.59 billion yuan) [2]. 3.4 Regional Planned Issuance of New Special Bonds - The top regions in terms of planned issuance of new special bonds in the third quarter are Zhejiang Province (152.2 billion yuan), Xinjiang (111.5 billion yuan), Hebei Province (108.7 billion yuan), Chongqing Municipality (97.8 billion yuan), and Hunan Province (91.5 billion yuan) [3].