政府债周报（12/21）：2025年特殊新增专项债披露发行近1.4万亿-20251223

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints The report mainly focuses on the issuance of local government bonds, including actual and forecasted issuance amounts, progress of new - bond and refinancing - bond issuance, and the issuance details of special bonds. It provides a comprehensive overview of the local government bond market situation from December 15 to December 28, 2025, and the long - term issuance status of special bonds [1][5]. 3. Summary by Directory 3.1 Local Bond Actual and Forecasted Issuance - 12/22 - 12/28 local bond forecasted issuance is 204 million yuan, including 204 million yuan of new bonds (0 yuan of new general bonds and 204 million yuan of new special bonds) and 0 yuan of refinancing bonds [1][5]. - 12/15 - 12/21 local bond actual issuance is 4.004 billion yuan, including 3.522 billion yuan of new bonds (596 million yuan of new general bonds and 2.926 billion yuan of new special bonds) and 482 million yuan of refinancing bonds [1][5]. 3.2 Special Bond Issuance Progress - As of 12/21, the fifth - round second - batch special refinancing bonds total 200 billion yuan, and the sixth - round special refinancing bonds total 28.81 billion yuan, with 0 yuan newly disclosed next week. The top three regions in the fifth - round second - batch disclosure scale are Jiangsu (251.1 billion yuan), Hunan (128.8 billion yuan), and Henan (122.7 billion yuan) [5]. - As of 12/21, 2025 special new special bonds total 136.6808 billion yuan, and since 2023, a total of 255.4672 billion yuan has been disclosed. The top three regions in the disclosure scale are Jiangsu (24.4035 billion yuan), Hubei (13.7769 billion yuan), and Henan (13.2534 billion yuan). In 2025, the top three regions are Jiangsu (128.9 billion yuan), Guangdong (123.928 billion yuan), and Henan (75.96 billion yuan) [6]. 3.3 Local Bond Net Supply - 12/15 - 12/21 local bond net supply is 2.81 billion yuan, and 12/22 - 12/28 local bond forecasted net supply is - 320 million yuan [13]. 3.4 New Bond Issuance Progress - As of 12/21, the issuance progress of new general bonds is 95.81%, and that of new special bonds is 99.96% [24]. 3.5 Refinancing Bond Net Supply The report provides a chart showing the cumulative scale of refinancing bonds minus local bond maturities from 2020 to 2025 as of 12/21 [26]. 3.6 Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: The report details the issuance amounts of special refinancing bonds in different rounds for various regions from 2019 to 2025, including first - round to sixth - round issuances [30]. - Special New Special Bond Issuance Statistics: It shows the issuance amounts of special new special bonds in different years for various regions as of 12/21 [33]. 3.7 Local Bond Investment and Trading - One - and Two - Level Spreads: The report presents the one - level and two - level spreads of local bonds on 12/14 and 12/21 [37]. - Regional Two - Level Spreads: It provides the two - level spreads of different regions from 9/12/2025 to 12/19/2025 [38]. 3.8 New Special Bond Investment Direction The report mentions the investment direction of new special bonds, but specific details are not elaborated, only indicating that the latest month's statistics only consider issued new bonds [40].