Core Viewpoint - Local governments are increasing their borrowing to stabilize investment and mitigate risks, but the pace of borrowing is gradually slowing down as the issuance of bonds approaches its end [1] Group 1: Bond Issuance and Borrowing Scale - In the first three quarters of this year, local government bond issuance totaled approximately 8.54 trillion yuan, a year-on-year increase of about 27% [2] - The broad fiscal revenue of local governments for the first eight months was about 10.75 trillion yuan, with borrowing amounting to approximately 7.7 trillion yuan, accounting for about 72% of the broad fiscal revenue [3] - Approximately 60% of the funds raised are used for repaying old debts, while nearly 40% are directed towards major project construction [3] Group 2: Refinancing and Debt Management - The issuance of refinancing bonds reached about 4.19 trillion yuan, a year-on-year increase of approximately 69%, primarily due to the completion of 2 trillion yuan in refinancing bonds for replacing hidden debts [4] - The total issuance of government bonds aimed at repaying old debts is about 5.39 trillion yuan, which constitutes around 63% of the total bond issuance [4][5] Group 3: Project Investment and Economic Impact - Approximately 3.15 trillion yuan of the new local government bonds is allocated for major project construction, with about 2.5 trillion yuan specifically for special bonds [5] - The allocation of special bond funds includes approximately 28% for municipal and industrial park infrastructure, 18% for transportation infrastructure, and 12% for social projects such as healthcare and education [5] - Infrastructure investment in the third sector grew by 2.0% year-on-year in the first eight months, surpassing the overall fixed asset investment growth rate of 0.5% [7] Group 4: Future Outlook and Policy Recommendations - The total issuance of local government bonds for the year is capped at 5.2 trillion yuan, with about 84% already issued by the end of the third quarter, indicating that the issuance is nearing its end [7] - Experts suggest considering the early issuance of some quotas for replacing hidden debts in the fourth quarter to alleviate local repayment pressures [7]

Core Insights - The Ministry of Finance reported that in August 2025, a total of 571.5 billion yuan in new bonds were issued nationwide, comprising 82.5 billion yuan in general bonds and 489 billion yuan in special bonds [1] - Additionally, 408.6 billion yuan in refinancing bonds were issued, with 223.1 billion yuan in general bonds and 185.5 billion yuan in special bonds [1] - Overall, local government bonds issued amounted to 980.1 billion yuan, including 305.6 billion yuan in general bonds and 674.5 billion yuan in special bonds [1]

Core Points - Shanxi Province successfully issued its eighth batch of government bonds amounting to 20.451 billion yuan on September 18, with an average issuance interest rate of 2.3% and an average bid multiple of 24.83 times [1] - The total government bonds issued by Shanxi Province this year has reached 152.527 billion yuan, with 86.19 billion yuan being newly issued bonds, completing 96% of the new bond quota assigned by the Ministry of Finance [1] Summary by Category Bond Issuance Details - The bonds issued include ten-year, fifteen-year, twenty-year, and thirty-year terms [1] - The specific bonds issued include: - 25 Shanxi Bond 50: 0.824 billion yuan, 10 years, 2.09% [2] - 25 Shanxi Bond 51: 0.87286 billion yuan, 20 years, 2.38% [2] - 25 Shanxi Bond 52: 0.89498 billion yuan, 10 years, 2.03% [2] - 25 Shanxi Bond 53: 0.99155 billion yuan, 15 years, 2.31% [2] - 25 Shanxi Bond 54: 3.56976 billion yuan, 20 years, 2.37% [2] - 25 Shanxi Bond 55: 1.02128 billion yuan, 30 years, 2.37% [2] - 25 Shanxi Bond 56: 1.35887 billion yuan, 15 years, 2.31% [2] - 25 Shanxi Bond 57: 8.05718 billion yuan, 15 years, 2.30% [2] - 25 Shanxi Bond 58: 2.86029 billion yuan, 15 years, 2.31% [2] Utilization of Funds - Out of the newly issued bonds, 12.276 billion yuan is allocated to enhance government fund capacity and existing government investment projects [3] - 8.175 billion yuan is designated for the construction of 260 public welfare projects, aiming to achieve the goals set in the 14th Five-Year Plan [3] Future Plans - The Shanxi Provincial Finance Department aims to improve the quality and efficiency of local bond issuance while reinforcing budget constraints and ensuring compliance in fund usage [3] - The focus is on accelerating project expenditure to ensure that local government bonds are effectively utilized to support stable economic growth in Shanxi Province [3]

Key Points - In July, the total issuance of new bonds reached 703.2 billion yuan, consisting of 86.3 billion yuan in general bonds and 616.9 billion yuan in special bonds [1] - The total issuance of refinancing bonds amounted to 510.3 billion yuan, with 258.6 billion yuan in general bonds and 251.7 billion yuan in special bonds [1] - Overall, the issuance of local government bonds totaled 1,213.5 billion yuan, including 344.9 billion yuan in general bonds and 868.6 billion yuan in special bonds [1]

Group 1 - The Shanxi provincial government is issuing 750 million yuan in government bonds aimed at individual and small institutional investors, with a minimum subscription of 100 yuan, highlighting the bonds as a safe and attractive investment option due to their high yield and limited availability [1][3][7] - The bonds are categorized into general bonds for non-revenue public welfare projects and special bonds for revenue-generating public welfare projects, with repayment sourced from the government's general public budget or specific project revenues [2][4] - This marks the fifth year of issuing local government bonds through commercial bank counters, with a total issuance of 1.76 billion yuan from 2021 to 2024, indicating strong investor interest [3] Group 2 - The bonds will be issued on August 25, with a maturity of five years, and will pay interest annually, with the principal repaid on August 29, 2030, providing a stable income stream for investors [3][4] - Eight banks are authorized to facilitate the purchase of these bonds, making it accessible for ordinary investors, with nearly 1,800 bank outlets available for transactions [5][6] - The bonds are backed by government credit, rated AAA by third-party agencies, ensuring high safety and low risk, appealing to investors seeking secure investment options [7][8]

Core Viewpoint - Guangdong Province will issue offshore RMB local government bonds in Macau with a total scale of 2.5 billion RMB, marking the fifth consecutive year since 2021 for such issuances [1] Group 1: Bond Issuance Details - The bond issuance is supported by the Ministry of Finance and the Guangdong Provincial Government [1] - The issuance will include thematic bonds for the Hengqin Guangdong-Macao Deep Cooperation Zone, green bonds, and for the first time, special bonds supporting the 15th National Games projects and blue bonds [1] - All bonds will be issued to professional investors [1]

Group 1 - The Guangdong Provincial Government plans to issue offshore RMB local government bonds in the Macao Special Administrative Region in 2025 [1] - The total scale of the bond issuance is set to not exceed 2.5 billion yuan [1] - The maturity period for the bonds will not exceed 10 years [1]

Group 1 - In June 2025, the total issuance of new bonds nationwide reached 628.1 billion yuan, consisting of 101 billion yuan in general bonds and 527.1 billion yuan in special bonds [1] - The total issuance of refinancing bonds was 547.2 billion yuan, with 267.4 billion yuan in general bonds and 279.8 billion yuan in special bonds [1] - The cumulative issuance of local government bonds for the first half of 2025 amounted to 2,612.7 billion yuan, including 452 billion yuan in general bonds and 2,160.7 billion yuan in special bonds [1] Group 2 - As of the end of June 2025, the total local government debt balance was 51,950.3 billion yuan, with general debt at 17,170.4 billion yuan and special debt at 34,779.9 billion yuan [1] - The total government bonds issued reached 51,789.9 billion yuan, while the stock of non-government bond debt was 160.4 billion yuan [1] - The total issuance of local government bonds in 2025 reached 54,902 billion yuan, comprising 11,793 billion yuan in general bonds and 43,109 billion yuan in special bonds [1]

Group 1 - Jiangsu issued 5-year general local bonds with a scale of 8.95 billion yuan and an issuance rate of 1.61%, with a marginal multiple of 7.73 times, exceeding the expected multiple of 3.34 [1] - Jiangsu issued 7-year general local bonds with a scale of 76.12 billion yuan and an issuance rate of 1.70%, with a marginal multiple of 7.70 times, exceeding the expected multiple of 3.22 [1] - Jiangsu issued 7-year ordinary special local bonds with a scale of 2.3 billion yuan and an issuance rate of 1.70%, with a marginal multiple of 6.40 times, exceeding the expected multiple of 3.09 [1]

Group 1 - Chongqing issued 30-year special local bonds with a scale of 50.08 billion and an issuance rate of 2.06% with a marginal multiple of 17.43 times, exceeding the expected multiple of 2.02 [1] - Chongqing issued 7-year general local bonds with a scale of 175.55 billion and an issuance rate of 1.69% with a marginal multiple of 3.12 times, surpassing the expected multiple of 1.69 [1] - Chongqing issued 15-year ordinary special local bonds with a scale of 22.77 billion and an issuance rate of 1.95% with a marginal multiple of 2.97 times, above the expected multiple of 1.94 [1]