透视地方债：本年地方债发行接近尾声

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the given content. 2. Core Viewpoints - The report tracks the supply and trading of local government bonds, including the primary supply rhythm and secondary trading characteristics [9][20]. 3. Summary by Directory I. Local Government Bond Supply and Trading Tracking 1. Primary Supply Rhythm - From December 1st to 5th, 2025, local government bonds issued a total of 108.7 billion yuan, including 39 billion yuan in new special bonds and 17 billion yuan in refinancing special bonds [9]. - "Ordinary/Project Revenue" and "Repayment of Existing Debts" are the main investment areas for special bond funds [9]. - As of December 5th, 2025, 1.1 billion yuan of special refinancing special bonds have been issued in December, accounting for 30.5% of the monthly local bond issuance scale [9]. - The average issuance interest rate of local bonds has increased marginally. The spreads between the issuance interest rates of 30 - year, 20 - year, and 10 - year local bonds and the same - term treasury bonds have widened to 23.6BP, 24.5BP, and 19.2BP respectively [16]. - In December, Tianjin, Shandong, Shaanxi and other provinces are the main regions for local bond issuance. The issuance scale of local bonds within 7 years in Tianjin reached 19.05 billion yuan, and the average coupon rate of local government bonds in Henan is close to 2.5% [19]. 2. Secondary Trading Characteristics - Last week, the 7 - 10 - year and over - 10 - year local bond indices fell 0.27% and 0.69% respectively month - on - month, with the decline similar to that of the same - term credit bonds [20]. - The trading activity of Henan government bonds increased, with a week - on - week increase of 123 transactions, while the trading volume of Jiangxi local bonds decreased significantly [20]. - The average trading terms of Liaoning and Jilin government bonds have been significantly extended, reaching 24.0 years and 24.2 years respectively, an increase of 11.0 years and 12.2 years compared to last week. The average trading yields of Henan, Hebei, and Guangdong government bonds rose to around 2.4% [22].