政府债发行追踪：2025年第40周

Report Summary 1. Report Title - Government Bond Issuance Tracking - Week 40, 2025 [2] 2. Researcher and Report Date - Researcher: Cheng Xiaoqing, Qualification Number: F3083989, Investment Consultation Number: Z0018635 - Report Date: October 9, 2025 [3] 3. Key Data New Special Bond - This week's new special bond issuance was 16 billion yuan, a decrease of 133.6 billion yuan from the previous week. Next week's planned issuance is 0 billion yuan. As of October 5, the issuance progress of new special bonds was 83.6%. In September, the cumulative issuance of new special bonds was 413.1 billion yuan [4]. New General Bond - This week's new general bond issuance was 9.9 billion yuan, an increase of 4.3 billion yuan from the previous week. Next week's planned issuance is 0 billion yuan. As of October 5, the issuance progress of new general bonds was 84.0% [5][7]. Local Bond Net Financing - This week's local bond net financing scale was 63.2 billion yuan, a decrease of 59.3 billion yuan from the previous week. Next week's net financing is expected to be about -24.6 billion yuan. As of October 5, the issuance progress of new local bonds was 83.6% [10]. Treasury Bond Net Financing - This week's treasury bond net financing scale was 0 billion yuan, an increase of 144.1 billion yuan from the previous week. Next week's net financing is expected to be about 184.4 billion yuan. As of October 5, the net financing progress of treasury bonds was 80.6% [15]. 4. Data Sources - Wind, iFinD, CITIC Futures Research Institute, updated to October 5, 2025 [19]