政府债周报：四季度地方债发行计划已披露七千三百亿-20250925

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents data on government bond net financing, including the net financing amounts of government bonds, national bonds, local bonds, etc. in the 38th week (9/15 - 9/21) and the 39th week (9/22 - 9/28), as well as their cumulative amounts and progress compared to the previous year [1][6]. - As of September 24, the planned issuance of local bonds in the fourth quarter is 730 billion yuan, including 40 billion yuan of new general bonds and 390 billion yuan of new special bonds. The remaining quotas for new general bonds and special bonds are 140 billion yuan and 740 billion yuan respectively [2][9]. - The issuance progress of special refinancing bonds is 99%, and the net financing of urban investment bonds is expected to be -7 billion yuan in the 39th week, with a balance of 10.2 trillion yuan as of this week [3][27]. Summary by Related Catalogs Government Bond Net Financing - In the 38th week (9/15 - 9/21), the net financing of government bonds was 317.9 billion yuan, and in the 39th week (9/22 - 9/28), it was -22 billion yuan. As of the 38th week, the cumulative amount was 11.5 trillion yuan, exceeding the same period last year by 5.1 trillion yuan [1][6]. - The net financing of national bonds + new local bond issuance in the 38th week was 405.6 billion yuan, and in the 39th week, it was 10.8 billion yuan. As of the 38th week, the cumulative generalized deficit was 9.7 trillion yuan, with a progress of 81.9% [1][6]. National Bonds - The net financing of national bonds in the 38th week was 287.1 billion yuan, and in the 39th week, it was -144.4 billion yuan. The annual net financing of national bonds is 6.66 trillion yuan. As of the 38th week, the cumulative amount was 5.5 trillion yuan, with a progress of 83.2% [1][7]. Local Bonds - The net financing of local bonds in the 38th week was 30.9 billion yuan, and in the 39th week, it was 122.5 billion yuan. As of the 38th week, the cumulative amount was 6.0 trillion yuan, exceeding the same period last year by 2.7 trillion yuan [1][9]. - As of September 24, the planned issuance of local bonds in the fourth quarter is 730 billion yuan, including 40 billion yuan of new general bonds and 390 billion yuan of new special bonds. The remaining quotas for new general bonds and special bonds are 140 billion yuan and 740 billion yuan respectively [2][9]. New General Bonds - In the 38th week, the issuance of new general bonds was 20.7 billion yuan, and in the 39th week, it was 5.6 billion yuan. As of the 38th week, the cumulative amount was 656.2 billion yuan, with a progress of 82.0%, exceeding the same period last year [2][11]. New Special Bonds - In the 38th week, the issuance of new special bonds was 97.8 billion yuan, and in the 39th week, it was 149.6 billion yuan. The planned issuance of new special bonds in 2025 is 4.4 trillion yuan. As of the 38th week, the cumulative amount was 3.5 trillion yuan, with a progress of 79.8%, exceeding the same period last year [14]. - The special new special bonds issued reached 1201.2 billion yuan, of which 233.3 billion yuan was issued since September. The land reserve special bonds issued were 346.6 billion yuan. As of September 23, 27 provincial - level administrative regions had announced relevant projects, covering 4992 parcels of land, with a capital scale of 553.7 billion yuan [2][14]. Special Refinancing Bonds - In the 38th week, the issuance of special refinancing bonds was 21.4 billion yuan, and in the 39th week, it was 11.4 billion yuan. As of the 38th week, the cumulative amount was 1.98 trillion yuan, with a issuance progress of 99% [3][27]. Urban Investment Bonds - The net financing of urban investment bonds in the 38th week was 15.5 billion yuan, and it is expected to be -7 billion yuan in the 39th week. As of this week, the balance of urban investment bonds was 10.2 trillion yuan [3][27].