政府债务周度观察：三季度地方债计划发行2.7万亿-20250703

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Government bond net financing was 671.4 billion yuan in the 26th week (6/23 - 6/29) and 221.6 billion yuan in the 27th week (6/30 - 7/6). As of the 26th week, the cumulative amount was 7.7 trillion yuan, exceeding the same period last year by 4.3 trillion yuan, mainly due to the misalignment of special bonds for replacing implicit debts and the rapid issuance of treasury bonds [1][7]. - The net financing of treasury bonds plus the issuance of new local bonds was 590.5 billion yuan in the 26th week and 257.4 billion yuan in the 27th week. As of the 26th week, the cumulative general deficit was 5.9 trillion yuan, with a progress of 50.1% [1][7]. - Treasury bond net financing was 111 billion yuan in the 26th week and 199.9 billion yuan in the 27th week. As of the 26th week, the cumulative amount was 3.4 trillion yuan, with a progress of 50.8% [1][8]. - Local bond net financing was 560.4 billion yuan in the 26th week and 2.16 billion yuan in the 27th week. As of the 26th week, the cumulative amount was 4.4 trillion yuan, exceeding the same period last year by 2.5 trillion yuan [1][10]. Summary by Related Catalogs Government Bond Net Financing - 26th week (6/23 - 6/29): 671.4 billion yuan; 27th week (6/30 - 7/6): 221.6 billion yuan. As of the 26th week, cumulative 7.7 trillion yuan, exceeding last year's same - period by 4.3 trillion yuan [1][7]. Treasury Bond Net Financing - 26th week (6/23 - 6/29): 111 billion yuan; 27th week (6/30 - 7/6): 199.9 billion yuan. As of the 26th week, cumulative 3.4 trillion yuan, progress 50.8%, exceeding the average of the past five years' same - period [1][8]. Local Bond Net Financing - 26th week (6/23 - 6/29): 560.4 billion yuan; 27th week (6/30 - 7/6): 2.16 billion yuan. As of the 26th week, cumulative 4.4 trillion yuan, exceeding last year's same - period by 2.5 trillion yuan [1][10]. New General Bond - 26th week (6/23 - 6/29): 5.72 billion yuan; 27th week (6/30 - 7/6): 0.66 billion yuan. As of the 26th week, cumulative 445.4 billion yuan, progress 55.7%, exceeding last year's same - period [2][10]. New Special Bond - 26th week (6/23 - 6/29): 422.3 billion yuan; 27th week (6/30 - 7/6): 50.8 billion yuan. As of the 26th week, cumulative 2.1 trillion yuan, progress 48.0%, exceeding last year's same - period. Special new special bonds issued 510.6 billion yuan, land reserve special bonds issued 192.5 billion yuan. The third - quarter issuance plan is 2.7 trillion yuan, including 1.5 trillion yuan of new special bonds and 222.7 billion yuan of new general bonds. The planned issuance of new special bonds decreases monthly, about 69 billion yuan in July [2][14]. Special Refinancing Bond - 26th week (6/23 - 6/29): 5.97 billion yuan; 27th week (6/30 - 7/6): 0 billion yuan. As of the 26th week, cumulative 1.8 trillion yuan, issuance progress 90% [2][25]. Urban Investment Bond - 26th week (6/23 - 6/29): net financing - 1.47 billion yuan; 27th week (6/30 - 7/6): expected - 2.7 billion yuan. As of this week, the balance is about 10.4 trillion yuan [2][26][29].