1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report The report comprehensively analyzes the primary and secondary market conditions of local government bonds in the week of May 11, 2025, covering aspects such as net financing, issuance terms, issuance spreads, and trading volume. It also provides an outlook on the issuance plan for the second quarter of 2025 and the trends in the use of funds for special-purpose bonds [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bond issuance reached 105.5 billion yuan, with a repayment amount of 38.3 billion yuan and net financing of 67.2 billion yuan. The issuance of new general bonds was 0 yuan, new special-purpose bonds was 100.2 billion yuan, refinancing general bonds was 4.9 billion yuan, and refinancing special-purpose bonds was 0.4 billion yuan [1][9]. - **Issuance Terms**: The 20 - year local government bonds had the highest issuance proportion this week (36%), and the proportion of bonds with a term of 10 years and above was 77%, an increase from last week. The issuance proportions of 7 - year, 10 - year, 15 - year, 20 - year, and 30 - year local government bonds were 8%, 14%, 17%, 36%, and 11% respectively, with the issuance proportion of 15 - year bonds increasing by about 9 percentage points [1][11]. - **Debt - Resolution - Related Local Government Bonds**: This week, the issuance of special refinancing bonds was 0 yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, with a total amount of 1,598.9 billion yuan. Jiangsu, Sichuan, Hubei, and Shandong are expected to issue 251.1 billion yuan, 86.9 billion yuan, 80.8 billion yuan, and 77.6 billion yuan respectively [2][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 14.8bp, widening compared to last week. The 15 - year local government bonds had the highest weighted average issuance spread at 23bp. Except for the 5 - year and 7 - year local government bonds, whose weighted average issuance spreads narrowed, the spreads of other terms widened. There was significant regional differentiation, with Inner Mongolia, Guangdong, etc. having relatively high weighted average issuance spreads exceeding 17bp, while Liaoning had a lower spread [1][25]. - **Use of Raised Funds**: As of the end of this week, the main investment directions of newly - issued special - purpose bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (33%), transportation infrastructure (21%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve investment increased by 6.7% compared to 2024 [2][28]. - **Issuance Plan**: As of the end of this week, 34 regions have disclosed their local government bond issuance plans for the second quarter of 2025. Considering the actual issuance in April, the total expected issuance in the second quarter is 2.1 trillion yuan. The planned issuance amounts for May and June are 677 billion yuan and 745.2 billion yuan respectively. The planned issuance amounts of new bonds and refinancing bonds in the second quarter are 1,100.4 billion yuan and 1,015 billion yuan respectively. Next week, the planned issuance of local government bonds is 197.3 billion yuan, with a repayment amount of 26.1 billion yuan and net financing of 171.1 billion yuan, an increase of 135.3 billion yuan compared to this week [3][30]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 10 - year local government bonds had favorable secondary spreads, and the secondary spread of 10 - year bonds narrowed significantly. The secondary spreads of 15 - year and 10 - year bonds were 23.2bp and 19.8bp respectively. From the perspective of the historical quantile in the past three years, the historical quantile of the secondary spread of 30 - year bonds was relatively high at 94%. Regionally, the secondary spreads of 10 - 15 - year local government bonds in medium - level regions were relatively high [4][34]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds increased. The trading volume of local government bonds reached 291.7 billion yuan, and the turnover rate was 0.58%. Jiangsu, Hunan, and Shandong had large trading volumes, with 35.3 billion yuan, 27.5 billion yuan, and 23.5 billion yuan respectively. The turnover rates in Hunan, Gansu, Jiangsu, etc. were all higher than 1.1% [5][39].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including new - issued bonds, refinancing bonds, and special bonds. It presents data on actual and planned bond issuances, net supply, and investment - related information such as spreads [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance and Pre - issuance Disclosure**: From May 5th - 11th, local bonds issued 1054.59 billion yuan, with 1001.89 billion yuan in new - issued bonds (0 billion in new general bonds and 1001.89 billion in new special bonds) and 52.70 billion yuan in refinancing bonds. From May 12th - 16th, local bonds are expected to issue 1972.50 billion yuan, including 970.21 billion yuan in new - issued bonds (195.66 billion in new general bonds and 774.55 billion in new special bonds) and 1002.29 billion yuan in refinancing bonds [2][6][7]. - **Comparison of Planned and Actual Issuance**: Figures show the planned and actual issuance of local bonds in April and May, including new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18][21]. 3.2 Local Bond Net Supply - **New - issued Bond Issuance Progress**: As of May 11th, the issuance progress of new general bonds is 37.79%, and that of new special bonds is 28.68% [26]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local bond maturities as of May 11th is presented [26]. 3.3 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of May 11th, the fourth - round special refinancing bonds have a total disclosed amount of 39874.69 billion yuan, with 15989.44 billion yuan disclosed in 2025. The top three regions in terms of disclosed scale are Jiangsu, Sichuan, and Hunan [8]. - **Special New - issued Special Bond Issuance Statistics**: As of May 11th, 2025 special new - issued special bonds have a total disclosed amount of 1432.58 billion yuan, and since 2023, 13337.71 billion yuan has been disclosed. The top three regions in different time - frames are also provided [8]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The primary and secondary spreads of local bonds are presented, including changes over time and by different maturities [38]. - **Regional Secondary Spread**: The secondary spreads of different regions are shown, with data from March 28th, 2025 to May 9th, 2025 [40]. 3.5 New - issued Special Bond Investment Direction - **Monthly Statistics of Project Investment Direction**: The investment direction of new - issued special bonds is presented, with the latest month's statistics only considering issued new - issued bonds [42].

Core Insights - Guangdong has issued various special local bonds with different maturities and scales, indicating a proactive approach to financing and infrastructure development [1] Summary by Category Bond Issuance Details - Guangdong issued a 7-year special land reserve bond with a scale of 1.20371 billion, an issuance rate of 1.6300%, and a marginal multiple of 3.02, exceeding the expected multiple of 1.66 [1] - A 10-year special local bond was issued with a scale of 10.16869 billion, an issuance rate of 1.7800%, and a marginal multiple of 8.03, surpassing the expected multiple of 1.73 [1] - The 15-year special local bond had a scale of 4.81955 billion, an issuance rate of 2.0200%, and a marginal multiple of 10.89, higher than the expected multiple of 1.93 [1] - A 20-year special local bond was issued with a scale of 9.98953 billion, an issuance rate of 2.0700%, and a marginal multiple of 5.86, below the expected multiple of 2.02 [1] - The 30-year special local bond had a scale of 5.22395 billion, an issuance rate of 2.0700%, and a marginal multiple of 32.82, significantly exceeding the expected multiple of 1.93 [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In 2025, under the requirement of a more proactive fiscal policy, the issuance scale of local government bonds in the first quarter reached a record high, but the issuance progress of new bonds was relatively slow. The issuance of refinancing bonds increased significantly, and nearly half of the provinces completed the issuance of this year's replacement quota. The support of special bonds for real - estate related projects increased significantly, and the proportion of special bonds used as capital decreased slightly. - It is predicted that about 7 trillion yuan of local government bonds will be issued this year, and the issuance in the second quarter is expected to accelerate, with a scale of over 3 trillion yuan. The special bonds can theoretically leverage about 4.3 trillion yuan of infrastructure investment, but the actual leverage effect needs to be improved. - In the future, attention should be paid to the issuance and use progress of government bonds, the implementation of special bonds for land reserves and the acquisition of existing commercial housing, the investment direction of special bond funds, the overall efficiency of fiscal funds, and the rigid repayment pressure of fiscal budget funds under the increasing interest - payment scale [4][36]. 3. Summary by Relevant Catalogs 3.1 First Quarter Local Bond Market Operation Features - **High - record issuance scale, high proportion of refinancing bonds, and slow progress of new bonds**: In the first quarter, local government bonds issued 2.84 trillion yuan, a year - on - year increase of 80.58%. Refinancing bonds issued 1.60 trillion yuan, a year - on - year increase of about 1.2 times, accounting for 56.39% of the local bond issuance scale. New bonds issued 1.24 trillion yuan, completing 21.82% of the quota, still lower than the average level in the past three years [4][7]. - **Nearly half of the provinces completed the issuance of this year's replacement quota, and the issuance progress of new special bonds in "self - review and self - issuance" pilot areas was fast**: By the end of the first quarter, 14 provinces completed the issuance of this year's replacement quota, and only 3 provinces had not issued special refinancing bonds. The issuance progress of new special bonds in 10 pilot provinces was significantly faster than that in non - pilot provinces [11][12]. - **Extended issuance term, over 80% of 10 - year and above bonds, and a monthly rising trend in issuance interest rates**: The weighted average issuance term of local government bonds increased by 4.49 years year - on - year to 17.19 years. The issuance interest rate decreased year - on - year but showed a monthly rising trend. The overall spread of local government bonds continued to be within 15bp, narrowing year - on - year [18][20]. - **Significantly increased support for the real - estate sector by special bonds, and a slight decrease in the proportion of special bonds used as capital**: The investment of special bonds was still concentrated in municipal and industrial parks, transportation, and other fields. The support for real - estate related projects increased significantly, and the proportion of special bonds used as capital decreased slightly [23]. 3.2 Follow - up Issuance Outlook - **Issuance forecast**: About 7 trillion yuan of local government bonds are to be issued this year. In the second quarter, the issuance of new special bonds is expected to accelerate, with a scale of 1.6 trillion yuan. Over 3 trillion yuan of refinancing bonds are to be issued, and about 0.66 trillion yuan of special refinancing bonds for implicit debt replacement are still to be issued. It is recommended to cut the reserve requirement ratio and interest rates in a timely manner [28][30]. - **Leverage effect forecast**: About 2.6 trillion yuan of new special bonds are expected to be invested in infrastructure projects this year, which can theoretically leverage about 4.3 trillion yuan of infrastructure investment. However, the actual leverage effect is limited by multiple factors [34]. 3.3 Issues to be Concerned about and Corresponding Suggestions - **Pay attention to the issuance and use progress of local government bonds**: Accelerate the issuance and use of new special bonds, advance debt replacement, and strengthen the coordination of monetary policy [37]. - **Pay attention to the implementation of special bonds for land reserves and the acquisition of existing commercial housing**: Introduce relevant policy details as soon as possible to prevent capital idling and stabilize the real - estate market [39]. - **Pay attention to the investment direction of special bond funds**: Expand the scope of use, focus on people's livelihood, consumption, and long - term development, and strengthen project reserves and financing docking in new fields [40]. - **Pay attention to the overall efficiency of fiscal funds**: Improve the supervision and early - warning system, enhance the efficiency of debt - resolution funds, and give full play to the role of other fiscal funds [42]. - **Pay attention to the rigid repayment pressure of fiscal budget funds under the increasing interest - payment scale**: Improve the debt - repayment and interest - payment guarantee mechanism [43].

Group 1 - Fujian issued a 15-year high-quality development special local bond with a scale of 7.64698 billion, an issuance interest rate of 2.0300%, and a marginal multiple of 16.69 times, exceeding the expected multiple of 1.91 [1] - Fujian also issued a 20-year high-quality development special local bond with a scale of 23.96726 billion, an issuance interest rate of 2.0700%, and a marginal multiple of 2.25 times, slightly below the expected multiple of 2.03 [1]

Core Viewpoint - Fujian Province has issued multiple special local bonds with varying maturities and interest rates, indicating a strong demand for financing infrastructure and development projects in the region [1] Group 1: Bond Issuance Details - Fujian issued a 15-year toll road special local bond with a scale of 34.0048 billion yuan and an issuance rate of 2.0300%, achieving a marginal multiple of 39.06 times against an expected multiple of 1.92 [1] - A 5-year high-quality development special local bond was issued with a scale of 1.2000 billion yuan and an issuance rate of 1.5800%, resulting in a marginal multiple of 1.33 times, slightly below the expected multiple of 1.60 [1] - A 7-year high-quality development special local bond was issued with a scale of 12.6000 billion yuan and an issuance rate of 1.6400%, achieving a marginal multiple of 1.11 times, lower than the expected multiple of 1.67 [1] - A 10-year high-quality development special local bond was issued with a scale of 33.6996 billion yuan and an issuance rate of 1.8000%, resulting in a marginal multiple of 3.92 times, exceeding the expected multiple of 1.73 [1]

Group 1 - Dalian issued 7-year general local bonds with a scale of 4.90344 billion, an issuance rate of 1.6400%, and a marginal multiple of 1.18, with an expected multiple of 1.70 [1] - Dalian issued 20-year ordinary special local bonds with a scale of 366.93 million, an issuance rate of 2.0600%, and a marginal multiple of 1.22, with an expected multiple of 2.05 [1]

Group 1 - Inner Mongolia issued 15-year special local bonds with a scale of 15.075 billion yuan and an issuance interest rate of 2.08% [1] - The marginal multiple for the 15-year bonds was 1.15 times, with an expected multiple of 1.94 [1] - Inner Mongolia also issued 20-year special local bonds with a scale of 9.67 billion yuan and an issuance interest rate of 2.07% [1] Group 2 - The marginal multiple for the 20-year bonds was 1.73 times, with an expected multiple of 2.03 [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report focuses on the issuance progress of local government bonds, including new - added bonds and refinancing bonds, as well as the issuance progress of special bonds. It provides data on the actual and forecasted issuance of local government bonds, and analyzes the net supply, issuance progress, and investment and trading conditions of local government bonds [2][7][8]. 3. Summary by Relevant Catalogs 3.1 Local Debt Actual Issuance and Forecasted Issuance - From May 5th to May 9th, the planned issuance of local government bonds was 740.53 million yuan, including 687.83 million yuan of new - added bonds (0 million yuan of new - added general bonds and 687.83 million yuan of new - added special bonds) and 52.70 million yuan of refinancing bonds (49.03 million yuan of refinancing general bonds and 3.67 million yuan of refinancing special bonds) [2][6]. - From April 28th to May 4th, the actual issuance of local government bonds was 930.92 million yuan, including 599.51 million yuan of new - added bonds (67.46 million yuan of new - added general bonds and 532.05 million yuan of new - added special bonds) and 331.41 million yuan of refinancing bonds (176.76 million yuan of refinancing general bonds and 154.65 million yuan of refinancing special bonds) [2][7]. 3.2 Special Debt Issuance Progress - As of May 4th, the total disclosed issuance of the fourth round of special refinancing bonds was 398.7469 billion yuan, with 159.8944 billion yuan disclosed in 2025 and 0 billion yuan newly disclosed next week. The top three regions in terms of disclosed issuance scale were Jiangsu (57.033 billion yuan), Sichuan (22.358 billion yuan), and Hunan (20.87 billion yuan) [8]. - As of May 4th, the total disclosed issuance of special new - added special bonds in 2025 was 14.3258 billion yuan, and since 2023, it was 133.3771 billion yuan. The top three regions in terms of disclosed issuance scale were Jiangsu (12.5135 billion yuan), Hubei (10.6856 billion yuan), and Xinjiang (9.102 billion yuan). In 2025, the top three regions were Henan (1.56 billion yuan), Shaanxi (1.5 billion yuan), and Hubei (1.5 billion yuan) [8]. 3.3 Local Debt Net Supply - As of May 4th, the issuance progress of new - added general bonds was 37.79%, and the issuance progress of new - added special bonds was 26.45% [26][27]. 3.4 Local Debt Investment and Trading - The report provides data on the primary - secondary spread of local government bonds and the secondary spread by region, showing the changes in spreads from April 25th to April 30th, 2025 [37][41]. 3.5 New - Added Special Bond Investment Direction The report provides a monthly statistics on the investment direction of new - added special bonds, but specific investment direction data is not given in the provided text [43].

Group 1 - Zhejiang issued a 15-year special local bond for toll roads with a scale of 8.4 billion yuan and an issuance interest rate of 1.86% [1] - The marginal multiple for the 15-year toll road bond was 3.95 times, with an expected multiple of 1.91 [1] - Zhejiang also issued a 20-year special local bond for water services with a scale of 12.05 billion yuan and an issuance interest rate of 2.01% [1] Group 2 - The marginal multiple for the 20-year water service bond was 5.23 times, with an expected multiple of 2.06 [1]