Core Viewpoint - Henan Province has issued a 15-year special local government bond for rural development with a total scale of 6.156 billion yuan and an issuance interest rate of 2.0400% [1] Summary by Relevant Categories Bond Issuance Details - The bond has a total issuance scale of 6.156 billion yuan [1] - The interest rate for the bond is set at 2.0400% [1] - The marginal multiple for the bond issuance is 1.90 times, with an expected multiple of 1.95 [1]

Group 1 - Ningbo issued 5-year general local bonds with a scale of 11.0000 billion yuan and an issuance interest rate of 1.6200% [1] - The marginal multiple for the 5-year bonds was 7.46 times, with an expected multiple of 1.62 [1] - Ningbo also issued 20-year other special local bonds with a scale of 35.7500 billion yuan and an issuance interest rate of 2.0300% [1] Group 2 - The marginal multiple for the 20-year bonds was 2.12 times, with an expected multiple of 2.39 [1]

Core Points - Ningbo issued a 15-year special local government bond with a scale of 0.180 billion [1] - The issuance interest rate is set at 1.910 percent [1] - The marginal multiple of the bond issuance reached 5.00 times, with an expected multiple of 2.34 [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 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 provides data on planned and actual issuances, net supplies, and regional issuance statistics [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - 5/12 - 5/18 local bond net supply was 1711 billion yuan; 5/19 - 5/25 local bond forecast net supply is 1426 billion yuan [14][15] - Comparison of planned and actual issuances in April and May shows differences in new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18] 3.2 Local Bond Net Supply - As of May 18, the issuance progress of new general bonds was 40.24%, and that of new special bonds was 30.40% [26] - As of May 18, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in a chart [28] 3.3 Special Bond Issuance Details - As of May 18, the fourth - round special refinancing bonds totaled 40126.17 billion yuan, with 16240.92 billion yuan in 2025 and 251.48 billion yuan to be newly disclosed next week. The top three regions in terms of disclosure scale are Jiangsu, Sichuan, and Shandong [8] - As of May 18, the special new special bonds in 2025 totaled 1568.14 billion yuan, and 13473.27 billion yuan since 2023. The top three regions in terms of disclosure scale are Jiangsu, Hubei, and Xinjiang [8] 3.4 Local Bond Investment and Trading - Charts show the primary - secondary spread of local bonds and the secondary spread by region, with data from different time points [37][40] 3.5 New Special Bond Investment Directions The report mentions the monthly statistics of project investment directions, with the latest month's statistics considering only issued new bonds [42]

Group 1 - Sichuan issued a 30-year general special local bond with a scale of 115.41 billion and an issuance interest rate of 2.11% [1] - The marginal multiple for the 30-year general special local bond was 9.97 times, with an expected multiple of 2.04 [1] - Sichuan also issued a 30-year other special local bond with a scale of 135.56 billion and the same issuance interest rate of 2.11% [1] Group 2 - The marginal multiple for the 30-year other special local bond was 6.95 times, with an expected multiple of 2.04 [1]

Group 1 - Zhejiang issued a 30-year special local government bond with a scale of 11.668 billion [1] - The issuance interest rate is 1.93% [1] - The marginal multiple was 1.53 times, with an expected multiple of 2.00 [1]

Core Viewpoint - Heilongjiang issued a 10-year general special local bond with a scale of 4.9406 billion yuan and an issuance interest rate of 1.7300% [1] Group 1 - The bond issuance had a marginal multiple of 1.15 times, with an expected multiple of 1.83 [1]

黑龙江发行10年期一般债地方债，规模53.9501亿元，发行利率1.7300%，边际倍数1.91倍，倍数预期 1.76。 ...

在中信证券首席经济学家明明看来，历史上央行宣布"双降"（降息降准）的次数并不多，2020年以来的两次"双降"过后， 地方债发行均迎来放量。"双降"为市场提供充足的流动性，参考过往"双降"后地方债的发行经验，今年二季度地方债有望迎来 放量发行。 本报记者 韩昱 5月15日，降准正式落地，此次下调存款准备金率0.5个百分点，向金融市场释放长期流动性约1万亿元。在5月8日，中国人 民银行（以下简称"央行"）以固定利率、数量招标方式开展了1586亿元7天期逆回购操作，操作利率由1.50%调降至1.40%。业 界认为，参考过往情况，此次降准降息落地后，地方债发行也预计迎来放量。 Wind数据显示，截至5月19日，今年以来各地发行地方债共计38741亿元，2024年同期为21961亿元，相比之下今年地方债 发行明显提速。同时，当前各地发行新增专项债规模达到13711亿元，较2024年同期（8558亿元）亦有较大幅度增长。 陕西巨丰投资资讯有限责任公司高级投资顾问朱华雷在接受《证券日报》记者采访时分析，截至5月19日，各地新增专项 债发行同比增长60%，反映今年的发行速度相比去年有显著提升。随着"自审自发"试点方案的推进， ...

Summary of Key Points Core Viewpoint - Hubei Province has successfully issued various types of local government bonds with different maturities and interest rates, indicating strong demand in the bond market. Group 1: Bond Issuance Details - Hubei issued 7-year general bonds totaling 90.692 billion with an interest rate of 1.6900% and a bid-to-cover ratio of 3.83, exceeding the expected ratio of 1.70 [1] - Hubei issued 10-year general bonds totaling 78.2984 billion with an interest rate of 1.7900% and a bid-to-cover ratio of 3.00, slightly below the expected ratio of 1.78 [1] - Hubei issued 1-year ordinary special bonds totaling 7.5000 billion with an interest rate of 1.4800% and a bid-to-cover ratio of 6.61, significantly higher than the expected ratio of 1.49 [1] - Hubei issued 7-year ordinary special bonds totaling 68.2089 billion with an interest rate of 1.7200% and a bid-to-cover ratio of 4.59, above the expected ratio of 1.71 [1] - Hubei issued 10-year ordinary special bonds totaling 64.3273 billion with an interest rate of 1.8400% and a bid-to-cover ratio of 2.43, lower than the expected ratio of 1.81 [1]