政府债周报：下周新增债披露发行1519亿-20251111

Report Summary 1. Core Viewpoints - From November 10 - 16, local government bonds are scheduled to be issued worth 2850.66 billion yuan, including 1519.16 billion yuan of new bonds (125.18 billion yuan of new general bonds and 1393.99 billion yuan of new special bonds) and 1331.50 billion yuan of refinancing bonds (854.25 billion yuan of refinancing general bonds and 477.25 billion yuan of refinancing special bonds) [2][6]. - From November 3 - 9, local government bonds were actually issued worth 916.07 billion yuan, including 452.11 billion yuan of new bonds (0.00 billion yuan of new general bonds and 452.11 billion yuan of new special bonds) and 463.97 billion yuan of refinancing bonds (336.64 billion yuan of refinancing general bonds and 127.33 billion yuan of refinancing special bonds) [2][7]. 2. Summary by Directory 2.1 Local Government Bond Actual and Forecasted Issuance - Actual Issuance vs. Pre - issuance Disclosure: Compares the actual issuance of local government bonds with pre - issuance disclosures, but specific data presentation is mainly through figures [14]. - Planned Issuance vs. Actual Issuance: Compares planned and actual issuances of new and refinancing bonds, with specific data presented in figures [16]. - Local Government Bond Net Supply: From November 3 - 9, the net supply of local government bonds was - 360 billion yuan; from November 10 - 16, the forecasted net supply is 2428 billion yuan [19]. - New Bond Issuance Progress: As of November 9, the issuance progress of new general bonds was 85.81%, and that of new special bonds was 91.65% [28]. - Refinancing Bond Net Supply: The cumulative scale of refinancing bonds minus local government bond maturities as of November 9 is presented in a figure [28]. 2.2 Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of November 9, the fifth - round second - batch special refinancing bonds totaled 19962.24 billion yuan, the sixth - round totaled 1111.43 billion yuan, with an additional 537.69 billion yuan newly disclosed for the next week. The top three regions in the fifth - round second - batch disclosure were Jiangsu (2511.00 billion yuan), Hunan (1288.00 billion yuan), and Henan (1189.24 billion yuan) [8]. - Special New Special Bond Issuance Statistics: As of November 9, 2025 special new special bonds totaled 12518.43 billion yuan, and since 2023, a total of 24397.06 billion yuan has been disclosed. The top three regions in 2025 were Jiangsu (1189.00 billion yuan), Guangdong (1027.48 billion yuan), and Yunnan (729.97 billion yuan) [8]. 2.3 Local Government Bond Investment and Trading - Primary - Secondary Spread: Compares the primary - secondary spreads of local government bonds on November 2 and November 9, presented in figures [40]. - Regional Secondary Spread: Compares regional secondary spreads of local government bonds, presented in a figure [41]. - New Special Bond Investment Directions: Presents the investment directions of new special bonds, with the latest month's statistics only considering issued new bonds, presented in a figure [42].