政府债周报：广义赤字进度稳步前进-20250716

Report Industry Investment Rating - Not provided in the content Core View - The report presents some basic economic data including fixed - asset investment cumulative year - on - year at 2.80, social retail sales total monthly year - on - year at 4.80, export monthly year - on - year at 5.80, and M2 at 8.30 [4] Summary by Related Content Government Bond Net Financing - Government bond net financing was 303.4 billion yuan in the 28th week (7/7 - 7/13) and 208.4 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative amount was 8.2 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] General Deficit - The sum of treasury bond net financing and new local bond issuance was 271.6 billion yuan in the 28th week (7/7 - 7/13) and 247 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative general deficit was 6.5 trillion yuan, with a progress of 54.5% [1][7] Treasury Bonds - Treasury bond net financing was 193.1 billion yuan in the 28th week (7/7 - 7/13) and 57.9 billion yuan in the 29th week (7/14 - 7/20). The total annual treasury bond net financing is 6.66 trillion yuan. As of the 28th week, the cumulative amount was 3.8 trillion yuan, with a progress of 56.7%, exceeding the same period in the past five years [8] Local Bonds - Local bond net financing was 110.2 billion yuan in the 28th week (7/7 - 7/13) and 150.5 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative amount was 4.5 trillion yuan, exceeding the same period last year by 2.7 trillion yuan [1][10] New General Bonds - New general bonds issuance was 1.45 billion yuan in the 28th week (7/7 - 7/13) and 2.76 billion yuan in the 29th week (7/14 - 7/20). In 2025, the local deficit is 80 billion yuan. As of the 28th week, the cumulative amount was 46.65 billion yuan, with a progress of 58.3%, exceeding the same period last year [2][11][13] New Special Bonds - New special bonds issuance was 64 billion yuan in the 28th week (7/7 - 7/13) and 161.4 billion yuan in the 29th week (7/14 - 7/20). In 2025, the planned new special bonds are 4.4 trillion yuan. As of the 28th week, the cumulative amount was 2.2 trillion yuan, with a progress of 50.6%. Special new special bonds of 639.6 billion yuan have been issued, of which 174.8 billion yuan was issued in July, accounting for 44% of new special bonds. The 800 - billion - yuan quota may be issued by the third quarter. Land reserve special bonds of 224 billion yuan have been issued [2][15] Special Refinancing Bonds - Special refinancing bonds issuance was 28.6 billion yuan in the 28th week (7/7 - 7/13) and 0 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative amount was 1.8 trillion yuan, with an issuance progress of 91% [2][26] Urban Investment Bonds - Urban investment bond net financing was 4.5 billion yuan in the 28th week (7/7 - 7/13) and is expected to be - 3.8 billion yuan in the 29th week (7/14 - 7/20). As of this week, the balance of urban investment bonds is about 10.3 trillion yuan [2][26]