地方债配置盘进场

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report tracks the supply and trading of local government bonds, including the rhythm of primary supply and characteristics of secondary trading, to provide an overview of the local government bond market [3][4] 3. Summary by Relevant Catalogs 3.1 Primary Supply Rhythm - Last week (March 9 - 13, 2026), local government bonds issued a total of 135.544 billion yuan, including 17.734 billion yuan in new special bonds and 43.159 billion yuan in refinancing special bonds. "Repaying local bonds" and "special new special bonds" are the main investment areas for special bond funds [3][10] - As of now, about 238.582 billion yuan of special refinancing special bonds have been issued in March, accounting for 25.75% of the local bond issuance scale for the month [3][10] - In terms of issuance pricing, the issuance interest rates of 10 - year, 20 - year, and 30 - year local bonds increased by 2.2BP, 1.2BP, and 1.6BP respectively. The spread between new bonds over 20 years and the same - term treasury bonds significantly compressed, with a decline of over 3BP, especially for the 30 - year variety, where the spread dropped to 16.9BP, similar to the level in late January [3][15] - In March, Guangdong and Inner Mongolia were the main regions for local bond issuance. Among regions with large issuance scales, newly issued bonds in Fujian are basically over 10 years, and the issuance scale of 20 - 30 - year varieties in Guangdong and Fujian exceeded 20 billion yuan. Notably, the local bond issuance interest rates in Inner Mongolia and Fujian reached 2.32% and 2.39% respectively [3][17] 3.2 Secondary Trading Characteristics - 7 - 10 - year local bonds are relatively resistant to decline. Last week, the 7 - 10 - year and over 10 - year local bond indexes fell by 0.07% and 0.28% respectively. The decline of 7 - 10 - year varieties was slightly less than that of the same - term treasury bonds and credit bonds. The inflation expectation increase led to a significant rise in ultra - long - term interest rates, and the decline of over 10 - year treasury bonds reached 1.32%, far exceeding other bond types and terms. In addition, high - grade ultra - long - term credit bonds still showed positive cumulative returns in the past four weeks [4][21] - The trading activity of local bonds increased. In terms of provinces, the trading volume of government bonds in Guangdong, Hunan and other places was relatively high. Moreover, the trading term of local bonds significantly lengthened. The average trading term in Hunan, Hebei and other provinces was over 25 years, and the trading yield exceeded 2.4% [4][21]