政府债发行追踪(2025年第47周)

Report Summary 1. Core Data - This week, the net financing scale of local government bonds was 126.3 billion yuan, a decrease of 116.4 billion yuan from the previous week. Next week, the planned net financing is 304.1 billion yuan. As of November 23, the issuance progress of new local government bonds was 95.3% [6]. - This week, the net financing scale of treasury bonds was 101.6 billion yuan, a decrease of 142.7 billion yuan from the previous week. Next week, the planned net financing is -56.1 billion yuan. As of November 23, the net financing progress of treasury bonds was 92.6% [10]. - As of November 23, the issuance progress of new general bonds was 90.4%. This week, the issuance of new general bonds was 2.04 billion yuan, an increase of 0.78 billion yuan from the previous week. Next week, the planned issuance is 0.88 billion yuan. As of November 23, the cumulative issuance of new general bonds in November was 3.29 billion yuan [17][18]. - As of November 23, the issuance progress of new special bonds was 96.2%. This week, the issuance of new special bonds was 82.3 billion yuan, a decrease of 57.1 billion yuan from the previous week. Next week, the planned issuance is 225.4 billion yuan. As of November 23, the cumulative issuance of new special bonds in November was 266.9 billion yuan [18]. 2. Core View The report provides a detailed tracking of the issuance of government bonds in the 47th week of 2025, including the net financing scale and issuance progress of local government bonds, treasury bonds, general bonds, and special bonds, which helps investors understand the current situation of government bond issuance.