政府债周报（01/04）：下周新增债披露发行884亿-20260105

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - From January 5th to January 11th, local bonds are expected to be issued worth 1.17664 billion yuan, including new bonds worth 884.34 million yuan (new general bonds worth 10 million yuan and new special - purpose bonds worth 874.34 million yuan) and refinancing bonds worth 292.3 million yuan (refinancing general bonds worth 0 yuan and refinancing special - purpose bonds worth 292.3 million yuan). From December 29th, 2025 to January 4th, 2026, a total of 260 million yuan of local bonds were issued, including new bonds worth 145 million yuan (new general bonds worth 0 yuan and new special - purpose bonds worth 145 million yuan) and refinancing bonds worth 115 million yuan (refinancing general bonds worth 85 million yuan and refinancing special - purpose bonds worth 30 million yuan) [2][6][7]. 3. Summary by Related Catalogs 3.1 Local Bond Actual and Forecasted Issuance - Actual Issuance and Pre - issuance Disclosure: From December 29th, 2025 to January 4th, 2026, the issuance details of local bonds are presented, including the issuance of new general bonds, new special - purpose bonds, special refinancing bonds, and net financing [14][15]. - Comparison of Planned and Actual Issuance: The comparison shows the differences between planned and actual issuance of new bonds, new general bonds, new special - purpose bonds, and refinancing bonds, with data presented for multiple periods [16][17][23]. 3.2 Local Bond Net Supply - New Bond Issuance Progress: As of January 4th, the issuance progress of new general bonds and new special - purpose bonds was 0.00% [27][28]. - Refinancing Bond Net Supply: The cumulative scale of refinancing bonds minus local bond maturities as of January 4th is presented, with specific data and statistical details [27][28][29]. 3.3 Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: The issuance statistics of special refinancing bonds as of January 4th are shown, including different rounds of issuance in various regions, with detailed data and statistical notes [31][32][33]. - Special New Special - purpose Bond Issuance Statistics: The issuance statistics of special new special - purpose bonds as of January 4th are provided, covering different years and regions, with statistical notes [34][35][36]. 3.4 Local Bond Investment and Trading - Primary - Secondary Spread: The primary - secondary spread of local bonds is presented, including the spread for different maturities and changes over time [38][39]. - Regional Secondary Spread: The regional secondary spread of local bonds is shown [40]. - New Special - purpose Bond Investment Direction: The investment direction of new special - purpose bonds is presented, with a note on the statistical scope [41].