政府债发行追踪(2025年第48周)

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report tracks the issuance of government bonds in the 48th week of 2025, presenting the issuance progress, scale, and planned issuance of new special bonds, new general bonds, local bonds, and treasury bonds [3][7][9][13] 3. Summary by Related Catalogs New Special Bonds - As of November 30, the issuance progress of new special bonds was 101.3% [3] - This week, new special bonds issued 225.3 billion yuan, a week - on - week increase of 143 billion yuan, and next week's planned issuance is 39 billion yuan [3] - In November, the cumulative issuance of new special bonds was 492.2 billion yuan [4] New General Bonds - As of November 30, the issuance progress of new general bonds was 91.5% [8] - This week, new general bonds issued 8.8 billion yuan, a week - on - week decrease of 11.6 billion yuan, and next week's planned issuance is 11.4 billion yuan [7] - In November, the cumulative issuance of new general bonds was 41.6 billion yuan [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 next week's planned net financing is 60.5 billion yuan [9] - As of November 30, the issuance progress of new local bonds was 99.8% [10] 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 next week's planned net financing is - 133.8 billion yuan [13] - As of November 30, the net financing progress of treasury bonds was 93.2% [14] 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 next week's planned net financing is - 73.3 billion yuan [15] - As of November 30, the progress of treasury bond net financing + new local bond issuance was 96.1% [15]