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]

Report Summary 1. Report Industry Investment Rating No investment rating information 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 actual and forecasted bond issuances, net supply, and investment - related spreads. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecasted Issuance - 4/21 - 4/27 local bond net supply was 1625 billion yuan; 4/28 - 5/4 local bond forecasted net supply is 927 billion yuan [13][17] - In March, there were differences between the planned and actual issuance of local bonds; in April, there were also differences between the disclosed plan and actual issuance [15][21] 3.2 Local Bond Net Supply - As of April 25, the issuance progress of new general bonds was 36.95%, and that of new special bonds was 25.27% [27] - As of April 25, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in the report [27] 3.3 Special Bond Issuance Details - As of April 25, the fourth - round special refinancing bonds totaled 39874.69 billion yuan, with 15989.44 billion yuan disclosed in 2025 and 56.30 billion yuan newly disclosed next week. The top three regions in terms of disclosed scale were Jiangsu, Sichuan, and Hunan [7] - As of April 25, the special new special bonds in 2025 totaled 1432.58 billion yuan, and 13337.71 billion yuan since 2023. The top three regions in terms of disclosed scale were Jiangsu, Hubei, and Xinjiang [7] 3.4 Local Bond Investment and Trading - The report shows the first - and second - level spreads of local bonds and the second - level spreads by region [37][40] 3.5 New Special Bond Investment Directions The report provides a monthly statistics of project investment directions for new special bonds, with the latest month only considering issued new bonds [42]

陕西发行10年期一般债地方债，规模19.4600亿元，发行利率1.8200%，边际倍数31.67倍，倍数预期 2.00。 ...

Group 1 - Shaanxi issued 20-year special local bonds with a scale of 20.81 billion yuan and an issuance interest rate of 2.10% with a marginal multiple of 218.10 times, exceeding the expected multiple of 2.11 [1] - Shaanxi issued 10-year general local bonds with a scale of 21.93 billion yuan and an issuance interest rate of 1.71% with a marginal multiple of 1.16 times, below the expected multiple of 1.81 [1] - Shaanxi issued 7-year ordinary special local bonds with a scale of 43.45 billion yuan and an issuance interest rate of 1.67% with a marginal multiple of 1.22 times, below the expected multiple of 1.73 [1]

报告摘要 景气向上 1 、华创宏观 WEI 指数上行。截 至 4 月 20 日，该指数为 5.71% ，环比前一周上行 0.86 个点。 4 月以来该指数上行的主要驱动因素包括： 1 ）沥青开工率 ： 3 月 27 日至 4 月 23 日的沥青开工率 四周均值为 28% ，相比 3 月 6 日 -4 月 2 日四周的均值 27% 上行 1 个百分点。 2 ）钢厂线材产 量 ： 4 月 18 日当周钢厂线材产量同比为 4% ，相比 3 月 28 日当周的 -8% 上行 12 个百分点。 2 、中上游开工率偏强。 焦化、 PTA 、 PVC 、唐山高炉同比、环比均好于去年同期 / 前一周。 景气向下 1 、耐用品消费： 4 月前三周，汽车零售继续回落。 4 月第三周，乘用车零零售增速 17% ，前值 13% 。 4 月前 20 日，乘用车零售增速同比 11.8% 。 3 月全月，乘用车零售增速同比 +14.4% 。 2 、土地：周度溢价率明显回落。 截至 4 月 20 日当周，百城土地溢价率为 4.27% ，近三周平均为 7.7% ； 3 月全月为 13.24% ； 2 月全月为 10.72% 。 3 、水泥发运 ...