政府债周报（11/30）：结存限额化债规模已逾2700亿-20251201

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report focuses on the issuance of local government bonds, including the issuance scale, types, and progress of different periods, as well as the issuance progress of special bonds [1][5]. Summary by Directory 1. Local Bond Actual Issuance and Forecast Issuance - Actual Issuance and Pre - issuance Disclosure: From December 1st to December 7th, local bonds are expected to be issued at 1087.2 billion yuan, including 504.4 billion yuan of new bonds (113.9 billion yuan of new general bonds and 390.5 billion yuan of new special bonds) and 582.8 billion yuan of refinancing bonds (413.1 billion yuan of refinancing general bonds and 169.7 billion yuan of refinancing special bonds). From November 24th to November 30th, local bonds were issued at 3513.6 billion yuan, including 2340.2 billion yuan of new bonds (87.5 billion yuan of new general bonds and 2252.7 billion yuan of new special bonds) and 1173.4 billion yuan of refinancing bonds (687.7 billion yuan of refinancing general bonds and 485.6 billion yuan of refinancing special bonds) [1][5]. - Comparison of Planned and Actual Issuance: The report presents the planned and actual issuance of local bonds in different months and regions through multiple figures, showing the differences between planned and actual issuance in different periods and regions [21][22]. 2. Local Bond Net Supply - New Bond Issuance Progress: As of November 30th, the issuance progress of new general bonds is 91.02%, and that of new special bonds is 101.81% [27]. - Refinancing Bond Net Supply: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of November 30th through a figure [27]. 3. Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of November 30th, the fifth - batch second - round special refinancing bonds total 20000.00 billion yuan, the sixth - round special refinancing bonds total 2712.79 billion yuan, and an additional 513.43 billion yuan will be issued next week. The top three regions in the fifth - batch second - round disclosure scale are Jiangsu (2511.00 billion yuan), Hunan (1288.00 billion yuan), and Henan (1227.00 billion yuan) [5]. - Special New Special Bond Issuance Statistics: As of November 30th, the special new special bonds in 2025 total 13508.41 billion yuan, and since 2023, a total of 25387.05 billion yuan has been disclosed. The top three regions in the disclosure scale are Jiangsu (2440.35 billion yuan), Hubei (1377.69 billion yuan), and Xinjiang (1311.70 billion yuan). The top three regions in the 2025 disclosure scale are Jiangsu (1289.00 billion yuan), Guangdong (1192.68 billion yuan), and Yunnan (729.97 billion yuan) [6]. 4. Local Bond Investment and Trading - Primary - Secondary Spread: The report shows the primary and secondary spreads of local bonds through figures, including the spreads of different maturities and their changes [38]. - Regional Secondary Spread: The report presents the regional secondary spreads of local bonds through a figure [39]. 5. New Special Bond Investment Direction - Project Investment Monthly Statistics: The report shows the investment direction of new special bonds through a figure, and the latest month's statistics only consider the issued new bonds [40].