特殊新增专项债发行加速

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report tracks the supply and trading of local government bonds, including the issuance rhythm, pricing, and secondary - market trading characteristics [2][3] 3. Summary by Directory 3.1 First - level Supply Rhythm - From September 8 to September 12, 2025, local government bonds worth 301.7 billion yuan were issued, including 131.9 billion yuan of new special bonds and 68 billion yuan of refinancing special bonds [2][9] - As of September 12, 2025, 41.4 billion yuan of special refinancing special bonds were issued in September, accounting for 6.8% of the monthly local bond issuance scale [2][9] - The average issuance interest rate of local bonds continued to rise. The spreads between the issuance interest rates of 30 - year, 20 - year, and 10 - year local bonds and the same - term treasury bonds widened to 19BP, 22BP, and 20BP respectively [2][16] - In September, Guangdong, Guizhou, Guangxi, Hebei, Sichuan, Hunan and other provinces were the main regions for local bond issuance. The issuance scale of 20 - 30 - year local bonds in Guangdong was close to 60 billion yuan, and the average coupon rates of local government bonds in Hunan, Guangxi, and Jilin were above 2.3% [18] 3.2 Second - level Trading Characteristics - Last week, the weekly fluctuations of 7 - 10 - year and over - 10 - year local bond indices were - 0.41% and - 0.97% respectively. The decline was smaller than that of over - 10 - year treasury bonds and almost the same as that of ultra - long - term credit bonds [3][23] - In terms of provinces, the trading activity of Guangdong government bonds increased, with the weekly trading volume increasing by 127 transactions compared with the previous period. The trading volumes of local bonds in Anhui and Jiangsu decreased significantly [3][23] - In terms of trading returns, the average trading term of Guangdong government bonds was about 27 years, with an average trading return of about 2.31%. The average trading terms of Sichuan and Jiangxi government bonds were close to 25.5 years, and the average trading returns were basically between 2.2% and 2.3% [3][23]