政府债周报：特殊新增专项债发行近万亿-20250828

1. Report Industry Investment Rating No relevant content provided. 2. Core View - The report presents key economic indicators including a 1.60% year - on - year cumulative growth in fixed asset investment, 3.70% year - on - year growth in the total retail sales of consumer goods for the current month, 7.20% year - on - year growth in exports for the current month, and an 8.80% growth in M2 [4]. 3. Summary by Related Categories Government Bond Net Financing - Government bond net financing was 5614 billion yuan in the 34th week (8/18 - 8/24) and 64 billion yuan in the 35th week (8/25 - 8/31). As of the 34th week, the cumulative net financing reached 10.3 trillion yuan, 4.8 trillion yuan more than the same period last year [1][5]. Treasury Bond - Treasury bond net financing was 3526 billion yuan in the 34th week and - 2371 billion yuan in the 35th week. The annual net financing is 6.66 trillion yuan. As of the 34th week, the cumulative net financing was 4.9 trillion yuan, with a progress of 73.7%, exceeding the average of the past five years [6]. Local Bond - Local bond net financing was 2088 billion yuan in the 34th week and 2435 billion yuan in the 35th week. As of the 34th week, the cumulative net financing was 5.5 trillion yuan, 3 trillion yuan more than the same period last year [8]. New General Bond - New general bond issuance was 95 billion yuan in the 34th week and 353 billion yuan in the 35th week. The 2025 local deficit is 8000 billion yuan. As of the 34th week, the cumulative issuance was 5855 billion yuan, with a progress of 73.2%, exceeding the same period last year [8]. New Special Bond - New special bond issuance was 2393 billion yuan in the 34th week and 1880 billion yuan in the 35th week. The 2025 new special bond quota is 4.4 trillion yuan. As of the 34th week, the cumulative issuance was 3.1 trillion yuan, with a progress of 69.9%, exceeding the same period last year [12]. Special New Special Bond - Special new special bonds worth 9680 billion yuan have been issued, with 2129 billion yuan issued since August, accounting for 44% of new special bonds. Besides 800 billion yuan for debt resolution, the remaining over 100 billion yuan will be used for "arrears clearance" [12]. Land Reserve Special Bond - Land reserve special bonds worth 3031 billion yuan have been issued. As of August 24, projects in 27 provinces and municipalities covered 4949 parcels of land, with a total capital scale of 5476 billion yuan [12]. Special Refinancing Bond - Special refinancing bond issuance was 245 billion yuan in the 34th week and 291 billion yuan in the 35th week. As of the 34th week, the cumulative issuance was 1.9 trillion yuan, with a progress of 95% [22]. Urban Investment Bond - Urban investment bond net financing was - 6 billion yuan in the 34th week and is expected to be - 402 billion yuan in the 35th week. As of this week, the balance of urban investment bonds is 10.2 trillion yuan [2][27].