固定收益月报：12月地方债发行计划已披露1579亿元-20251205

Group 1: Report's Core View - As of December 3, 2025, the total planned issuance of local government bonds in December is 157.9 billion yuan, with new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds accounting for 21% (33.7 billion yuan), 12% (18.4 billion yuan), 31% (49.5 billion yuan), and 13% (19.8 billion yuan) respectively [1] - In terms of regions, the top - ranked regions in December's local government bond issuance plan are Tianjin (28.9 billion yuan), Zhejiang (21.7 billion yuan), Shandong (18.2 billion yuan), Shanxi (18 billion yuan), Inner Mongolia (10.5 billion yuan), Jilin (9.9 billion yuan), Qinghai (9.9 billion yuan), Hainan (7.7 billion yuan), Ningxia (6.1 billion yuan), Yunnan (5.7 billion yuan), Guangxi (4.4 billion yuan), Ningbo (4.3 billion yuan), Hebei (4.1 billion yuan), Gansu (4 billion yuan), Heilongjiang (2.3 billion yuan), Xinjiang (1.6 billion yuan), and Jiangxi (0.7 billion yuan) [1] - The top - ranked regions in December's new special bond issuance plan are Tianjin (14.7 billion yuan), Shandong (8.4 billion yuan), Ningxia (6.1 billion yuan), Yunnan (5.7 billion yuan), Hainan (4.4 billion yuan), Gansu (4 billion yuan), Heilongjiang (2.3 billion yuan), Xinjiang (1.6 billion yuan), Shanxi (1 billion yuan), Ningbo (1 billion yuan), Jilin (0.1 billion yuan), and Inner Mongolia (0.1 billion yuan) [2] Group 2: Information from the Table (2025 Q4 Local Government Bond Issuance Plan) - The table shows the planned issuance of local government bonds in the fourth quarter, including different types such as new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds, for each province and planned -单列 city. For example, Beijing's total planned issuance in the fourth quarter is 31.7 billion yuan, Tianjin's is 38.2 billion yuan, and so on [5]