政府债周报（01/25）：下周特殊再融资债披露发行近千亿-20260127

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report provides a comprehensive overview of local government bond issuance, including actual and forecasted issuance, special bond issuance progress, and investment and trading indicators [1][5][6] Summary by Directory Local Bond Actual and Forecasted Issuance - Actual vs. Pre - issuance Disclosure: The net supply of local bonds from January 19th to January 25th was 2032 billion yuan, and the forecasted net supply from January 26th to February 1st is 3109 billion yuan [1][5][20] - Planned vs. Actual Issuance Comparison: In January 2026, the planned and actual issuance of local bonds are presented in detail, showing differences in various types of bonds such as new - general bonds, new - special bonds, and refinancing bonds [18][22] Local Bond Net Supply - New Bond Issuance Progress: As of January 25th, the issuance progress of new general bonds was 2.70%, and that of new special bonds was 3.49% [28] - Refinancing Bond Net Supply: The cumulative scale of refinancing bonds minus local bond maturities as of January 25th is presented in a time - series chart [28] Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of January 25th, the fifth - round second - batch special refinancing bonds totaled 20000 billion yuan, and the fifth - round third - batch totaled 2759.33 billion yuan, with an additional 980.25 billion yuan newly disclosed next week. The top three regions in the fifth - round third - batch are Zhejiang, Sichuan, and Anhui [7][32] - Special New Special Bond Issuance Statistics: As of January 25th, 2026 special new special bonds totaled 95.88 billion yuan, and since 2023, a total of 25546.72 billion yuan has been disclosed. The top three regions in 2026 are Sichuan, Shandong, and Zhejiang [7][35] Local Bond Investment and Trading - Primary - Secondary Spread: The primary and secondary spreads of local bonds are presented, including overall and regional secondary spreads [38] - New Special Bond Investment Directions: The investment directions of new special bonds are presented in a monthly statistics chart [40]