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政府债发行追踪:2025年第29周
Zhong Xin Qi Huo·2025-07-21 06:35

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The report tracks the issuance of government bonds in the 29th week of 2025, presenting data on the issuance and net financing of various types of bonds and their progress as of July 20, 2025 [4][7][12]. 3. Summary by Bond Type 3.1 Special - Purpose Bonds - This week, the issuance of new special - purpose bonds was 161.4 billion yuan, a week - on - week increase of 97.4 billion yuan [4]. - As of July 20, the issuance progress of new special - purpose bonds was 54.3% [4]. - As of July 20, the cumulative issuance of new special - purpose bonds in July was 228.3 billion yuan [5]. 3.2 General Bonds - This week, the issuance of new general bonds was 27.6 billion yuan, a week - on - week increase of 13.1 billion yuan [7]. - As of July 20, the issuance progress of new general bonds was 61.8% [9]. - As of July 20, the cumulative issuance of new general bonds in July was 42.1 billion yuan [5]. 3.3 Local Government Bonds - This week, the net financing scale of local government bonds was 152.9 billion yuan, a week - on - week increase of 45.1 billion yuan [12]. - As of July 20, the issuance progress of new local government bonds was 55.4% [12]. 3.4 Treasury Bonds - This week, the net financing scale of treasury bonds was 58.2 billion yuan, a week - on - week decrease of 135 billion yuan [17]. - As of July 20, the net financing progress of treasury bonds was 57.1% [18]. 3.5 Government Bonds - This week, the net financing of government bonds was 211.1 billion yuan, a week - on - week decrease of 89.8 billion yuan [21]. - As of July 20, the progress of treasury bond net financing plus new local government bond issuance was 56.4% [21].