Report Industry Investment Rating - No relevant content provided Core View - The report is a fixed - income weekly report, presenting basic data such as the China Bond Composite Index (254.4), the China Bond Long/Medium - Short - Term Index (245.4/209.1), the 10 - year inter - bank Treasury bond yield (1.65), and the scale of enterprise/company/convertible bonds (70.9/23.7/6.7 trillion) [4] Summary by Related Content Government Bond Net Financing - Government bond net financing was 221.6 billion yuan in the 27th week (6/30 - 7/6) and 303.2 billion yuan in the 28th week (7/7 - 7/13). As of the 27th week, the cumulative amount was 7.9 trillion yuan, exceeding the same period last year by 4.4 trillion yuan, mainly due to the misalignment of special bonds for replacing hidden debts and the rapid issuance of Treasury bonds [1][7] Treasury Bond and Local Bond - The sum of Treasury bond net financing and new local bond issuance was 257.4 billion yuan in the 27th week and 271.4 billion yuan in the 28th week. As of the 27th week, the cumulative generalized deficit was 6.2 trillion yuan, with a progress of 52.2% [1][7] - Treasury bond net financing was 199.9 billion yuan in the 27th week and 192.9 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 3.6 trillion yuan, with a progress of 53.8%, exceeding the average of the past five years. The total annual Treasury bond net financing is 6.66 trillion yuan, including a central deficit of 4.86 trillion yuan and special Treasury bonds of 1.8 trillion yuan in 2025 [8] - Local bond net financing was 21.6 billion yuan in the 27th week and 110.2 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 4.4 trillion yuan, exceeding the same period last year by 2.6 trillion yuan [10] New General Bond and New Special Bond - New general bond issuance was 6.6 billion yuan in the 27th week and 14.5 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 452 billion yuan, with a progress of 56.5%, exceeding last year's level. The local deficit in 2025 is 80 billion yuan [10][14] - New special bond issuance was 50.8 billion yuan in the 27th week and 64 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 2.2 trillion yuan, with a progress of 49.2%, exceeding last year's level. The planned new special bond issuance in 2025 is 4.4 trillion yuan [14] Special New Special Bond and Land Reserve Special Bond - Special new special bonds of 585.1 billion yuan have been issued, of which 120.3 billion yuan was issued in July, accounting for 72% of new special bonds. The 800 - billion - yuan quota may be issued by the third quarter [2][14] - Land reserve special bonds of 192.5 billion yuan have been issued. As of July 6, the disclosed projects for acquiring idle land covered 4,343 parcels, with a capital scale of 489.7 billion yuan [2][14] Special Refinancing Bond and Urban Investment Bond - Special refinancing bond issuance was 0 billion yuan in the 27th week and 28.6 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 1.8 trillion yuan, with a progress of 91% [2][23] - Urban investment bond net financing was - 20.3 billion yuan in the 27th week and is expected to be - 15.8 billion yuan in the 28th week. The balance of urban investment bonds as of this week is about 10.3 trillion yuan [2][24][28]
政府债务周度观察:特殊新增专项债发行加速-20250709
Guoxin Securities·2025-07-09 09:28