政府债发行追踪：2025年第48周

Report Summary Core Viewpoints - As of November 30, the issuance progress of new special-purpose bonds reached 101.3%, new general bonds reached 91.5%, new local bonds reached 99.8%, the net financing progress of treasury bonds reached 93.2%, and the combined progress of treasury bond net financing and new local bond issuance reached 96.1% [3][8][10][14][15] Key Data Special-Purpose Bonds - This week, 225.3 billion yuan of new special-purpose bonds were issued, a week-on-week increase of 143 billion yuan, and 39 billion yuan is planned to be issued next week [3] - In November, a total of 492.2 billion yuan of new special-purpose bonds were issued [4] General Bonds - This week, 8.8 billion yuan of new general bonds were issued, a week-on-week decrease of 11.6 billion yuan, and 11.4 billion yuan is planned to be issued next week [7] - In November, a total of 41.6 billion yuan of new general bonds were issued [5] Local Bonds - This week, the net financing scale of local bonds was 325.9 billion yuan, a week-on-week increase of 199.2 billion yuan, and the planned net financing for next week is 60.5 billion yuan [9] Treasury Bonds - This week, the net financing scale of treasury bonds was 39.1 billion yuan, a week-on-week decrease of 62.5 billion yuan, and the planned net financing for next week is -133.8 billion yuan [13] Government Bonds - This week, the net financing scale of government bonds was 365 billion yuan, a week-on-week increase of 136.7 billion yuan, and the planned net financing for next week is -73.3 billion yuan [15]