地方债周报：哪些期限地方债利差超过20bp-20250825

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report The report focuses on the primary and secondary market conditions of local government bonds in the week of August 25, 2025, including issuance volume, net financing, maturity structure, issuance spreads, capital investment, and trading volume and turnover rate [1][6]. Summary by Relevant Catalogs 1. Primary Market Issuance Situation - Net Financing: This week, local government bonds issued a total of 369.2 billion yuan, with an increase in issuance volume and net financing. The net financing was 208.8 billion yuan, including 9.5 billion yuan in new general bonds, 239.3 billion yuan in new special bonds, 46.9 billion yuan in refinancing general bonds, and 73.5 billion yuan in refinancing special bonds [1]. - Issuance Maturity: The issuance proportion of 30 - year local government bonds was the highest at 29%, and the proportion of 10 - year and above issuances was 84%, the same as last week. The 30 - year issuance proportion increased by about 18 percentage points, while the 10 - year decreased by about 39 percentage points [1]. - Local Government Bonds Related to Debt Resolution: This week, 24.5 billion yuan of special refinancing bonds were issued. In 2025, 33 regions have disclosed plans to issue a total of 1,936.7 billion yuan in special bonds to replace hidden debts, with Jiangsu, Sichuan, Shandong, and Guizhou having 251.1 billion yuan, 114.8 billion yuan, 111.3 billion yuan, and 109.2 billion yuan respectively [2]. - Issuance Spread: The weighted average issuance spread of local government bonds this week was 23.3bp, widening compared to last week. The 15 - year weighted average issuance spread was the highest at 33.0bp. The spreads of 3 - year, 7 - year, and 10 - year bonds narrowed, while others widened. Shandong, Hebei, Hunan, and Jilin had higher spreads over 27bp, while Zhejiang had a relatively low spread [2]. - Fund Raising Allocation: As of the end of this week, the main allocation of new special bond funds in 2025 was to cold - chain logistics, municipal and industrial park infrastructure (25%), social undertakings (18%), affordable housing projects (18%), transportation infrastructure (15%), and land reserves (11%). The proportion of land reserve allocation increased by 10.3% compared to 2024, while cold - chain logistics, municipal and industrial park infrastructure decreased by 11.6% [2]. - Issuance Plan: As of the end of this week, 35 regions have disclosed their local government bond issuance plans for the third quarter of 2025, with a total expected issuance of 2.9 trillion yuan. The planned issuance in August is 1,006.9 billion yuan. Next week, the planned issuance is 351.6 billion yuan, with a repayment of 108.1 billion yuan and a net financing of 243.5 billion yuan, a 34.7 - billion - yuan increase from last week [3]. 2. Secondary Market Situation - Secondary Spread: This week, the secondary spread of 15 - year local government bonds was relatively high, and the spreads of 15 - year, 10 - year, and 30 - year bonds widened significantly. The 15 - year secondary spread was 21.7bp, and the 30 - year secondary spread's historical quantile in the past three years was 57%. Regionally, the secondary spreads of 10 - 15 - year bonds in various regions were relatively high, and those of 15 - 20 - year bonds in medium - level regions were also relatively high [6]. - Trading Volume: This week, the trading volume and turnover rate of local government bonds decreased compared to last week. The trading volume was 337.5 billion yuan, and the turnover rate was 0.64%. Hebei, Guangdong, and Hunan had relatively high turnover rates, all above 1.4% [6].