政府债周报：特殊新增专项债已发行1.1万亿-20250904

1. Report Industry Investment Rating No relevant content provided. 2. Core View No specific core view is clearly presented in the given text other than the title "Core View Economic Research·Macro Weekly" [4]. 3. Summary by Related Catalogs Government Bond Net Financing - Government bond net financing was 6.4 billion yuan in the 35th week (8/25 - 8/31) and 206.5 billion yuan in the 36th week (9/1 - 9/7). As of the 35th week, the cumulative net financing reached 10.3 trillion yuan, exceeding the same period last year by 4.5 trillion yuan [1][6]. Treasury Bond Net Financing - Treasury bond net financing was -237.1 billion yuan in the 35th week (8/25 - 8/31) and 169.8 billion yuan in the 36th week (9/1 - 9/7). As of the 35th week, the cumulative net financing was 4.7 trillion yuan, with a progress of 70.1%, exceeding the average of the past five years [7]. Local Bond Net Financing - Local bond net financing was 243.5 billion yuan in the 35th week (8/25 - 8/31) and 36.7 billion yuan in the 36th week (9/1 - 9/7). As of the 35th week, the cumulative net financing was 5.7 trillion yuan, exceeding the same period last year by 2.8 trillion yuan [9]. New General Bond - New general bond issuance was 35.3 billion yuan in the 35th week (8/25 - 8/31) and 0 yuan in the 36th week (9/1 - 9/7). As of the 35th week, the cumulative issuance was 620.8 billion yuan, with a progress of 77.6%, exceeding the same period last year [9]. New Special Bond - New special bond issuance was 188 billion yuan in the 35th week (8/25 - 8/31) and 17.8 billion yuan in the 36th week (9/1 - 9/7). As of the 35th week, the cumulative issuance was 3.3 trillion yuan, with a progress of 74.2%, exceeding the same period last year. Special new special bonds issued reached 1.0669 trillion yuan, including 99 billion yuan since September. Land reserve special bonds issued were 324 billion yuan [2][13]. Special Refinancing Bond - Special refinancing bond issuance was 29.1 billion yuan in the 35th week (8/25 - 8/31) and 0 yuan in the 36th week (9/1 - 9/7). As of the 35th week, the cumulative issuance was 1.9 trillion yuan, with a progress of 97% [2][27]. Urban Investment Bond - Urban investment bond net financing was -20.9 billion yuan in the 35th week (8/25 - 8/31) and is expected to be -47.7 billion yuan in the 36th week (9/1 - 9/7). As of this week, the balance of urban investment bonds was 10.1 trillion yuan [2][30].