固定收益月报：三季度地方债发行计划已披露29585亿元-20250801

1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints of the Report As of June 30, 2025, the total planned issuance of local government bonds in the third quarter is 295.85 billion yuan, with new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds accounting for 7% (22.03 billion yuan), 14% (42.67 billion yuan), 58% (170.32 billion yuan), and 12% (36.47 billion yuan) respectively [1]. 3. Summary by Relevant Catalogues 3.1. Overall Planned Issuance in the Third Quarter - Total planned issuance of local government bonds in the third quarter: 295.85 billion yuan, with new general bonds at 22.03 billion yuan, refinancing general bonds at 42.67 billion yuan, new special bonds at 170.32 billion yuan, and refinancing special bonds at 36.47 billion yuan [1]. 3.2. Monthly Planned Issuance - July: Accounts for 51% (129.7 billion yuan) of the total planned issuance in the third quarter, with new special bonds accounting for 45% (134.14 billion yuan) [2]. - August: Accounts for 28% (71.35 billion yuan) of the total planned issuance in the third quarter, with new special bonds accounting for 32% (94.66 billion yuan) [2]. - September: Accounts for 21% (53.95 billion yuan) of the total planned issuance in the third quarter, with new special bonds accounting for 23% (67.05 billion yuan) [2]. 3.3. Regional Planned Issuance - Total planned issuance in the third quarter from high to low: Guangdong Province (237.8 billion yuan), Zhejiang Province (208.2 billion yuan), Hebei Province (190.4 billion yuan), Anhui Province (189.5 billion yuan), Hunan Province (174.3 billion yuan), Sichuan Province (155.9 billion yuan), Chongqing City (142.1 billion yuan), Xinjiang (138.9 billion yuan), Jiangsu Province (137.9 billion yuan), Guizhou Province (134.8 billion yuan), Shandong Province (112.2 billion yuan), Guangxi (107.1 billion yuan), Fujian Province (103.7 billion yuan), Inner Mongolia (98.9 billion yuan), Shaanxi Province (91.2 billion yuan), Yunnan Province (78.9 billion yuan), Jilin Province (74.3 billion yuan), Jiangxi Province (72.7 billion yuan), Shanxi Province (61.3 billion yuan), Liaoning Province (60.8 billion yuan), Hainan Province (54.1 billion yuan), Ningbo City (51.3 billion yuan), Tianjin City (45.2 billion yuan), Shenzhen City (42.1 billion yuan), Gansu Province (42.0 billion yuan), Heilongjiang Province (39.5 billion yuan), Beijing City (32.9 billion yuan), Qinghai Province (30.6 billion yuan), Xiamen City (22.2 billion yuan), Ningxia (20.7 billion yuan), and Tibet (7.3 billion yuan) [2]. - Planned issuance of new special bonds in the third quarter from high to low: Guangdong Province (193.1 billion yuan), Zhejiang Province (152.2 billion yuan), Hebei Province (124.7 billion yuan), Xinjiang (111.5 billion yuan), Anhui Province (101.6 billion yuan), Chongqing City (90.9 billion yuan), Shandong Province (86.5 billion yuan), Jiangxi Province (70.7 billion yuan), Jiangsu Province (70.1 billion yuan), Fujian Province (65.7 billion yuan), Hunan Province (60.0 billion yuan), Sichuan Province (60.0 billion yuan), Jilin Province (58.0 billion yuan), Guangxi (53.2 billion yuan), Liaoning Province (44.1 billion yuan), Shaanxi Province (43.6 billion yuan), Shanxi Province (39.3 billion yuan), Yunnan Province (36.8 billion yuan), Shenzhen City (36.2 billion yuan), Guizhou Province (35.0 billion yuan), Hainan Province (29.5 billion yuan), Gansu Province (26.8 billion yuan), Ningbo City (26.3 billion yuan), Inner Mongolia (24.7 billion yuan), Tianjin City (22.1 billion yuan), Xiamen City (180.0 billion yuan), Heilongjiang Province (89.0 billion yuan), Ningxia (62.0 billion yuan), Qinghai Province (57.0 billion yuan), Tibet (14.0 billion yuan), and Beijing City (2.0 billion yuan) [3].