Changjiang Securities(SZ:000783) Changjiang Securities·2025-07-21 09:12Report Industry Investment Rating - Not provided in the content Core Viewpoints - From July 14 to July 20, local government bonds totaling 2511.83 billion yuan were issued, including 1890.46 billion yuan in new bonds and 621.37 billion yuan in refinancing bonds. From July 21 to July 27, the planned issuance of local government bonds is 3757.55 billion yuan, including 2287.06 billion yuan in new bonds and 1470.49 billion yuan in refinancing bonds [2][4][5]. - As of July 20, the total announced issuance of the fourth - round special refinancing bonds is 41940.12 billion yuan, with 18054.87 billion yuan announced in 2025. The top three provinces or municipalities with the largest announced issuance are Jiangsu, Shandong, and Sichuan. The total announced issuance of special new special - purpose bonds in 2025 is 4407.33 billion yuan, and since 2023, it has been 16312.46 billion yuan. Jilin Province plans to issue 26 billion yuan of special bonds for small and medium - sized banks on July 22, with a 10 - year term, and the funds are planned to be injected into Jilin Rural Commercial Bank [6]. Summary by Directory Local Bond Actual Issuance and Forecast Issuance - Actual Issuance and Pre - issuance Disclosure: From July 14 to July 20, the net supply of local government bonds was 1505 billion yuan; from July 21 to July 27, the forecast net supply is 2929 billion yuan [13][15]. - Comparison of Planned and Actual Issuance: The document presents the planned and actual issuance of local government bonds in June and July, as well as the issuance plan, actual issuance, and net financing situation of local government bonds in recent months [17][19][22]. Local Bond Net Supply - New Bond Issuance Progress: As of July 20, the issuance progress of new general bonds was 60.25%, and that of new special - purpose bonds was 53.92% [26]. - Refinancing Bond Net Supply: The document shows the cumulative scale of refinancing bonds minus local government bond maturities from 2021 to 2025 [26]. Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of July 20, the statistics of special refinancing bonds show the issuance amounts of different rounds in various regions [30]. - Special New Special - purpose Bond Issuance Statistics: As of July 20, the statistics of special new special - purpose bonds show the issuance amounts in 2023, 2024, and 2025 in various regions [33]. Local Bond Investment and Trading - Primary - Secondary Spread: The document shows the primary - secondary spread of local government bonds [37]. - Regional Secondary Spread: The document presents the secondary spreads of different regions from May to July 2025 [40]. New Special - purpose Bond Investment Directions - Monthly Statistics of Project Investment Directions: The document shows the investment directions of new special - purpose bonds, and the latest month's statistics only consider the issued new bonds [43].