政府债周报（9、14）：下周新增债披露发行1185亿-20250915

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From September 15th to September 21st, the planned issuance of local government bonds is 18.8519 billion yuan, including 11.8538 billion yuan of new bonds (2.0715 billion yuan of new general bonds and 9.7823 billion yuan of new special bonds) and 6.9981 billion yuan of refinancing bonds (2.3888 billion yuan of refinancing general bonds and 4.6093 billion yuan of refinancing special bonds) [2][4]. - From September 8th to September 14th, the actual issuance of local government bonds is 30.1672 billion yuan, including 14.6601 billion yuan of new bonds (1.4732 billion yuan of new general bonds and 13.1868 billion yuan of new special bonds) and 15.5072 billion yuan of refinancing bonds (8.7045 billion yuan of refinancing general bonds and 6.8026 billion yuan of refinancing special bonds) [2][5]. - As of September 14, 2025, the total disclosed amount of special new special bonds in 2025 is 102.7566 billion yuan, and since 2023, the total disclosed amount is 221.8079 billion yuan. The top three regions in terms of disclosed scale are Jiangsu (23.4035 billion yuan), Hubei (12.8769 billion yuan), and Xinjiang (12.7460 billion yuan). In 2025, the top three provinces or municipalities directly under the central government in terms of disclosed scale are Jiangsu (11.89 billion yuan), Guangdong (8.7087 billion yuan), and Yunnan (7.2997 billion yuan) [6]. Summary by Related Catalogs Local Debt Actual Issuance and Forecast Issuance - Actual Issuance and Pre - issuance Disclosure: From September 8th to September 14th, the net supply of local government bonds is 19.28 billion yuan; from September 15th to September 21st, the forecast net supply of local government bonds is 3.09 billion yuan [14][17]. - Comparison between Planned and Actual Issuance: In August, there are differences between the planned and actual issuance of local government bonds; in September, there are also differences between the disclosed plan and the actual issuance [16][18]. Local Debt Net Supply - New Bond Issuance Progress: As of September 14, the issuance progress of new general bonds is 77.18%, and the issuance progress of new special bonds is 75.83% [25]. - Refinancing Bond Net Supply: The cumulative scale of refinancing bonds minus local government bond maturities as of September 14 shows the net supply situation of refinancing bonds [25]. Special Debt Issuance Details - Special Refinancing Bond Issuance Statistics: As of September 14, it shows the issuance statistics of special refinancing bonds in different rounds for various regions [29]. - Special New Special Bond Issuance Statistics: As of September 14, it shows the issuance statistics of special new special bonds in 2023 - 2025 for various regions [32]. Local Debt Investment and Trading - Primary - Secondary Spread: It shows the primary - secondary spread and regional secondary spread of local government bonds [36][37]. - New Special Bond Investment Direction: It shows the investment direction of new special bonds and the monthly statistics of project investment directions [39].