政府债发行追踪(2025年第51周)

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The issuance of new special bonds this week was 29.3 billion yuan, a decrease of 20.8 billion yuan compared to the previous week. As of December 21, the issuance progress of new special bonds reached 104.0%. Next week, 2 billion yuan of special bonds are planned to be issued [4]. - As of December 21, the issuance progress of new local bonds reached 102.8% [10]. - As of December 21, the net financing progress of treasury bonds was 95.5%. This week, the net financing scale of treasury bonds was -47.3 billion yuan, a decrease of 285.3 billion yuan compared to the previous week. Next week, the planned net financing is 118 billion yuan [12]. - This week, the net financing of government bonds was -19.2 billion yuan, a decrease of 319.5 billion yuan compared to the previous week. As of December 21, the progress of treasury bond net financing plus new local bond issuance reached 98.7%. Next week, the planned net financing is 114.8 billion yuan [12]. - This week, the net financing scale of local bonds was 28.1 billion yuan, a decrease of 34.2 billion yuan compared to the previous week. Next week, the planned net financing is -3.2 billion yuan [13]. - As of December 21, the issuance progress of new general bonds reached 96.3% [18]. - This week, the issuance of new general bonds was 6 billion yuan, a decrease of 15 billion yuan compared to the previous week. Next week, no general bonds are planned to be issued [19]. 3. Summary by Relevant Catalogs New Special Bonds - This week's issuance: 29.3 billion yuan, a decrease of 20.8 billion yuan compared to the previous week [4]. - Issuance progress as of December 21: 104.0% [4]. - Next week's planned issuance: 2 billion yuan [4]. New General Bonds - This week's issuance: 6 billion yuan, a decrease of 15 billion yuan compared to the previous week [19]. - Issuance progress as of December 21: 96.3% [18]. - Next week's planned issuance: 0 billion yuan [19]. New Local Bonds - Issuance progress as of December 21: 102.8% [10]. Treasury Bonds - Net financing progress as of December 21: 95.5% [12]. - This week's net financing scale: -47.3 billion yuan, a decrease of 285.3 billion yuan compared to the previous week [12]. - Next week's planned net financing: 118 billion yuan [12]. Government Bonds - This week's net financing: -19.2 billion yuan, a decrease of 319.5 billion yuan compared to the previous week [12]. - Progress of treasury bond net financing plus new local bond issuance as of December 21: 98.7% [12]. - Next week's planned net financing: 114.8 billion yuan [12]. Local Bonds - This week's net financing scale: 28.1 billion yuan, a decrease of 34.2 billion yuan compared to the previous week [13]. - Next week's planned net financing: -3.2 billion yuan [13].