固定收益月报:10月地方债发行计划已披露5406亿元-20250929
Huaxin Securities·2025-09-29 13:08
- Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - As of September 29, 2025, the total planned issuance of local government bonds in October is 540.6 billion yuan, with the proportions of new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds being 6% (33.9 billion yuan), 10% (53.1 billion yuan), 68% (367.8 billion yuan), 11% (59.9 billion yuan), and 5% (25.9 billion yuan) respectively [1]. - In November, the total planned issuance of local government bonds is 299.4 billion yuan, with the proportions of new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds being 3% (8.2 billion yuan), 26% (78.6 billion yuan), 39% (118 billion yuan), 31% (92.8 billion yuan), and 1% (1.8 billion yuan) respectively [3]. 3. Summary by Relevant Content October Local Government Bond Issuance Plan - The top regions in terms of October local government bond issuance plans are Hubei (70.1 billion yuan), Hebei (53.4 billion yuan), Jiangxi (50 billion yuan), Xinjiang (48.8 billion yuan), and Zhejiang (43.5 billion yuan) [2]. - The top regions in terms of October new special bond issuance plans are Hubei (63.8 billion yuan), Hebei (484 billion yuan), Xinjiang (46.6 billion yuan), Jiangxi (36.3 billion yuan), and Shandong (33.2 billion yuan) [3]. November Local Government Bond Issuance Plan - The November issuance plan shows that the proportions of different types of bonds are as follows: new general bonds 3% (8.2 billion yuan), refinancing general bonds 26% (78.6 billion yuan), new special bonds 39% (118 billion yuan), refinancing special bonds 31% (92.8 billion yuan), and unclassified refinancing bonds 1% (1.8 billion yuan) [3]. Fourth - Quarter Local Government Bond Issuance Plan - The table provides detailed fourth - quarter local government bond issuance plans for each region, including the breakdown of different types of bonds such as new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds [6].