2025年第39周：政府债发行追踪

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report tracks the issuance of government bonds in the 39th week of 2025, presenting the issuance progress, net financing scale, and their changes compared to the previous week and historical data for various types of bonds [4][7][12]. 3. Summary by Relevant Content New Special Bond Issuance - As of September 28, the issuance progress of new special bonds was 83.2% [4] - This week, new special bonds issued were 149.6 billion yuan, a week - on - week increase of 51.8 billion yuan [4] - As of September 28, the cumulative issuance of new special bonds in September was 397.1 billion yuan [4] New General Bond Issuance - As of September 28, the issuance progress of new general bonds was 82.7% [9] - This week, new general bonds issued were 5.6 billion yuan, a week - on - week decrease of 15.1 billion yuan [7] - As of September 28, the cumulative issuance of new general bonds in September was 4.11 billion yuan [4] Local Bond Net Financing - This week, the net financing scale of local bonds was 122.5 billion yuan, a week - on - week increase of 91.6 billion yuan [12] - As of September 28, the issuance progress of new local bonds was 83.1% [12] Treasury Bond Net Financing - This week, the net financing scale of treasury bonds was - 144.1 billion yuan, a week - on - week decrease of 431.2 billion yuan [17] - As of September 28, the net financing progress of treasury bonds was 80.6% [18] Government Bond Net Financing - This week, the net financing of government bonds was - 21.7 billion yuan, a week - on - week decrease of 339.6 billion yuan [20] - As of September 28, the progress of treasury bond net financing plus new local bond issuance was 81.7% [20]