政府债发行追踪：2025年第51周

Report Summary Report Information - Report Title: Government Bond Issuance Tracking - Week 51, 2025 [2] - Researchers: Cheng Xiaoqing, Gan Qing [3] - Report Date: December 22, 2025 [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The issuance of new special bonds and general bonds shows a certain pattern, and the net financing scale of government bonds, local bonds, and national debt has changed significantly this week. The issuance progress of new local bonds and national debt net financing has reached a relatively high level. [4][10][12] Key Points by Category New Special Bond Issuance - This week, the issuance of new special bonds was 29.3 billion yuan, a decrease of 20.8 billion yuan from the previous week. As of December 21, the issuance progress of new special bonds was 104.0%. Next week, the planned issuance is 2 billion yuan. [4] - As of December 21, the cumulative issuance of new special bonds in December was 118.4 billion yuan. [4] New General Bond Issuance - This week, the issuance of new general bonds was 6 billion yuan, a decrease of 15 billion yuan from the previous week. As of December 21, the issuance progress of new general bonds was 96.3%. Next week, the planned issuance is 0 billion yuan. [4][18][19] - As of December 21, the cumulative issuance of new general bonds in December was 38.4 billion yuan. [4] New Local Bond Issuance - As of December 21, the issuance progress of new local bonds was 102.8%. [10] National Debt Net Financing - As of December 21, the national debt net financing progress was 95.5%. This week, the national debt net financing scale was -47.3 billion yuan, a decrease of 285.3 billion yuan from the previous week. Next week, the planned net financing is 118 billion yuan. [12] Government Bond Net Financing - This week, the government bond net financing was -19.2 billion yuan, a decrease of 319.5 billion yuan from the previous week. As of December 21, the national debt net financing + new local bond issuance progress was 98.7%. Next week, the planned net financing is 114.8 billion yuan. [12] Local Bond Net Financing - This week, the local bond net financing scale was 28.1 billion yuan, a decrease of 34.2 billion yuan from the previous week. Next week, the planned net financing is -3.2 billion yuan. [13]