信用债市场周观察：土储专项债供给增多，对城投债务压力缓释效果有限

Group 1 - The report highlights that the issuance of land reserve special bonds has significantly accelerated, with a cumulative issuance of 324 billion yuan for land reserves as of September 6, 2025, and recent monthly issuances exceeding 50 billion yuan [10][12][14] - The report indicates that the current scale of special bonds for land reserves remains relatively small and concentrated in a few regions, with ten provinces utilizing these bonds, primarily in economically developed areas like Shanghai, Zhejiang, and Guangdong [12][14][15] - The report suggests that for urban investment companies, utilizing land reserve special bonds to dispose of idle land can enhance funding and improve debt risk resilience, allowing for investment in higher-quality projects [14][15] Group 2 - The report notes that the overall strategy for credit bonds continues to recommend short-term, high-quality, and liquid entities, with a focus on exploring yield curve "points" [15] - The report observes that the primary issuance of credit bonds has significantly contracted, with a net financing increase of 55.3 billion yuan during the week of September 1 to September 7, 2025 [20][21] - The report states that credit bond valuations have remained stable, with most experiencing a slight decline of 1-2 basis points, while liquidity in the secondary market has noticeably decreased [17][25]