专项债发行快报：7月发行1020亿地产类债券，七成投向土地储备

Investment Rating - The report indicates a high investment rating for the real estate sector, particularly focusing on the issuance of special bonds for land reserves and urban development projects [4][6][9]. Core Insights - In July 2025, the issuance of real estate-related special bonds reached 102 billion, marking a continuous trend above 100 billion for two consecutive months, with 70% allocated to land reserves, the highest proportion this year [2][6][10]. - The central government emphasized urban development, with a focus on urban renewal and the recovery of idle land, which is expected to play a crucial role in stabilizing the real estate market [4][5][9]. - The report highlights a significant increase in the frequency and amount of real estate special bonds issued, with over 800 projects involved in July alone, indicating a robust pipeline for future investments [8][19]. Summary by Sections Special Bond Issuance - In July, the total issuance of special bonds exceeded 600 billion, with real estate bonds accounting for 31% of this total, despite a slight decrease from the previous month [7][8]. - The cumulative issuance of special bonds directed towards the real estate sector since the beginning of 2025 has reached 512 billion, representing 25% of the total investment [8]. Land Reserve Bonds - The issuance of land reserve bonds in July was 714 billion, constituting 70% of the real estate special bonds, which is a record high for the year [10][12]. - Provinces like Zhejiang and Shandong led in land reserve bond issuance, with significant amounts allocated to various projects [12][17]. Urban Development Focus - The central government's recent urban work conference highlighted a shift towards quality improvement in urban development, with special bonds being a key funding source for urban renewal and housing supply [4][9]. - The report notes that the focus on land recovery and urban renewal is expected to enhance the quality of housing supply and stimulate demand in the real estate market [5][9]. Regional Insights - There is a notable disparity in the allocation of special bonds among provinces, with Zhejiang directing nearly 60% of its real estate bond funds to Hangzhou, while other provinces like Anhui focused entirely on non-capital cities [17][18]. - In Sichuan, a significant portion of the land reserve bonds was used for land recovery, indicating a strategic approach to managing real estate inventory and improving market conditions [23][24].