政府债周报：土地收储项目规模超五千亿-20250730

Report Industry Investment Rating No relevant content provided. Core View - The report presents 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 5.90, and M2 at 8.30 [4] Summary by Relevant Categories Government Bond Net Financing - In the 30th week (7/21 - 7/27), government bond net financing was 3036 billion, and in the 31st week (7/28 - 8/3), it was 4025 billion. As of the 30th week, the cumulative amount was 8.7 trillion, exceeding the same period last year by 4.8 trillion [1][5] Treasury Bond Net Financing - In the 30th week (7/21 - 7/27), treasury bond net financing was 107 billion, and in the 31st week (7/28 - 8/3), it was 1600 billion. As of the 30th week, the cumulative amount was 3.8 trillion, with a progress of 57.7%, exceeding the average of the past five years [7] Local Bond Net Financing - In the 30th week (7/21 - 7/27), local bond net financing was 2929 billion, and in the 31st week (7/28 - 8/3), it was 2425 billion. As of the 30th week, the cumulative amount was 4.9 trillion, exceeding the same period last year by 3 trillion [1][9] New General Bond - In the 30th week (7/21 - 7/27), new general bond issuance was 233 billion, and in the 31st week (7/28 - 8/3), it was 209 billion. As of the 30th week, the cumulative amount was 5174 billion, with a progress of 64.7%, exceeding the same period last year [1][9] New Special Bond - In the 30th week (7/21 - 7/27), new special bond issuance was 2054 billion, and in the 31st week (7/28 - 8/3), it was 1832 billion. As of the 30th week, the cumulative amount was 2.6 trillion, with a progress of 59.0%, exceeding the same period last year [2][12] - Special new special bonds of 7769 billion have been issued, with 2878 billion issued in July, accounting for 47% of new special bonds. The 8000 - billion quota may be issued by the third quarter [12] - Land reserve special bonds of 2639 billion have been issued. As of July 27, 27 provinces and cities have announced relevant progress, covering 4658 plots of land with a total capital scale of 5181 billion [2][12] Special Refinancing Bond - In the 30th week (7/21 - 7/27), special refinancing bond issuance was 119 billion, and in the 31st week (7/28 - 8/3), it was 454 billion. As of the 30th week, the cumulative amount was 1.8 trillion, with a issuance progress of 92% [2][25] Urban Investment Bond - In the 30th week (7/21 - 7/27), urban investment bond net financing was - 306 billion, and in the 31st week (7/28 - 8/3), it is expected to be - 287 billion. As of this week, the balance of urban investment bonds is about 10.3 trillion [2][29]