政府债周报：新增债披露发行2488亿-20250818

Report Industry Investment Rating - Not provided in the content Core Viewpoints - From August 11th to August 17th, local government bonds issued a total of 9.1432 billion yuan, including 4.9356 billion yuan in new bonds (3.0321 billion yuan in new general bonds and 1.9034 billion yuan in new special bonds) and 4.2076 billion yuan in refinancing bonds (2.8632 billion yuan in refinancing general bonds and 1.3445 billion yuan in refinancing special bonds). From August 18th to August 24th, local government bonds are expected to issue 36.915 billion yuan, including 24.8807 billion yuan in new bonds (953.9 million yuan in new general bonds and 23.9268 billion yuan in new special bonds) and 12.0343 billion yuan in refinancing bonds (4.6873 billion yuan in refinancing general bonds and 7.347 billion yuan in refinancing special bonds) [2][4][5] - As of August 17th, the fourth round of special refinancing bonds has a total disclosed amount of 435.5743 billion yuan, with 196.7218 billion yuan disclosed in 2025 and an additional 9.164 billion yuan to be disclosed next week. The top three provinces or municipalities with separate planning in terms of the fourth - round disclosure scale are Jiangsu (56.47 billion yuan), Hunan (27.8732 billion yuan), and Shandong (24.1398 billion yuan). As of August 17th, the special new special bonds in 2025 have a total disclosed amount of 44.0733 billion yuan, and since 2023, a total of 163.1246 billion yuan has been disclosed. The top three in terms of disclosure scale are Jiangsu (21.0235 billion yuan), Hubei (12.8769 billion yuan), and Xinjiang (11.886 billion yuan). The top three provinces or municipalities with separate planning in terms of the 2025 disclosure scale are Jiangsu (9.51 billion yuan), Hebei (3.9143 billion yuan), and Hubei (3.6913 billion yuan) [6] Summary by Directory Local Bond Actual Issuance and Forecast Issuance - From August 11th to August 17th, the net supply of local government bonds was - 1.37 billion yuan; from August 18th to August 24th, the forecast net supply of local government bonds is 20.88 billion yuan [10][15] - A comparison of the planned and actual issuance of local government bonds in July and August is presented, showing differences in the issuance of new bonds, new general bonds, new special bonds, and refinancing bonds [13][17] - The monthly issuance plan, actual issuance, and net financing situation of local government bonds are also shown [21] Local Bond Net Supply - As of August 17th, the issuance progress of new general bonds was 70.47%, and the issuance progress of new special bonds was 64.10% [25] - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of August 17th is presented [25] Special Bond Issuance Details - As of August 17th, the statistics of special refinancing bonds show the issuance amounts in different rounds for various provinces and municipalities [29] - As of August 17th, the statistics of special new special bonds show the issuance amounts from 2023 to 2025 for various provinces and municipalities [31] Local Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented, including the spreads for different maturities and the changes over time [36] - The second - level spreads of local government bonds in different regions are presented, showing the spread changes in different regions from May to August 2025 [39] New Special Bond Investment Directions - The investment directions of new special bonds are presented, with the latest month's statistics only considering the issued new bonds [42]