固定收益月报：11月地方债发行计划已披露4794亿元-20251020

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report As of October 20, 2025, the disclosed issuance plans for local government bonds in November and October are presented, including the breakdown by region and bond type [1][2][3]. 3. Summary by Relevant Content 3.1 October Local Government Bond Issuance Plan - Total disclosed issuance plan in October is 5406 billion yuan [6]. - Top regions in terms of October issuance plan: Jiangsu (635 billion yuan), Jiangxi (407 billion yuan), Zhejiang (363 billion yuan), etc. [2]. - Top regions in terms of October new special - purpose bond issuance plan: Jiangxi (407 billion yuan), Jiangsu (400 billion yuan), Xinjiang (307 billion yuan), etc. [2]. 3.2 November Local Government Bond Issuance Plan - Total disclosed issuance plan in November is 4794 billion yuan, with new general bonds, refinancing general bonds, new special - purpose bonds, and refinancing special - purpose bonds accounting for 8% (366 billion yuan), 22% (1040 billion yuan), 44% (2092 billion yuan), and 20% (969 billion yuan) respectively [1]. - Another disclosed total issuance plan in November is 2994 billion yuan, with new general bonds, refinancing general bonds, new special - purpose bonds, refinancing special - purpose bonds, and undisclosed - type refinancing bonds accounting for 3% (82 billion yuan), 26% (786 billion yuan), 39% (1180 billion yuan), 31% (928 billion yuan), and 1% (18 billion yuan) respectively [3]. 3.3 Fourth - Quarter Local Government Bond Issuance Plan - The table provides a detailed breakdown of the fourth - quarter local government bond issuance plans for each province and planned -单列 city, including new general bonds, refinancing general bonds, new special - purpose bonds, refinancing special - purpose bonds, and undisclosed - type refinancing bonds [6].