Report Investment Rating - No industry investment rating is provided in the report. Core View - The report presents basic data such as the ChinaBond Composite Index (254.4), ChinaBond Long/Medium and Short - term Index (245.4/209.1), 10 - year bank - interbank treasury bond yield (1.65), and enterprise/company/convertible bond scales (70.2/23.7/6.9 trillion) [4]. Summary by Category Government Debt Financing - **Total Government Debt**: The net financing of government bonds was 2190 billion yuan in the 24th week (6/9 - 6/15) and 2594 billion yuan in the 25th week (6/16 - 6/22). As of the 24th week, the cumulative net financing was 6.8 trillion yuan, exceeding the same period last year by 3.6 trillion yuan, mainly due to the rapid issuance of special bonds for replacing hidden debts and treasury bonds [7]. - **Treasury Bonds**: The net financing of treasury bonds was 2621 billion yuan in the 24th week and 1351 billion yuan in the 25th week. The annual net financing of treasury bonds is 6.66 trillion yuan. As of the 24th week, the cumulative net financing was 3.1 trillion yuan, with a progress of 47.1%, exceeding the same period in the past five years [8]. - **Local Bonds**: The net financing of local bonds was - 430 billion yuan in the 24th week and 1243 billion yuan in the 25th week. As of the 24th week, the cumulative net financing was 3.7 trillion yuan, exceeding the same period last year by 2.1 trillion yuan [10]. - **New General Bonds**: The issuance of new general bonds was 13 billion yuan in the 24th week and 272 billion yuan in the 25th week. In 2025, the local deficit is 8000 billion yuan. As of the 24th week, the cumulative issuance was 3610 billion yuan, with a progress of 45.1%, exceeding the same period last year [10]. - **New Special Bonds**: The issuance of new special bonds was 71 billion yuan in the 24th week and 425 billion yuan in the 25th week. In 2025, the planned issuance of new special bonds is 4.4 trillion yuan. As of the 24th week, the cumulative issuance was 1.6 trillion yuan, with a progress of 37.5%, exceeding the same period last year. Special new special bonds of 3196 billion yuan and land reserve special bonds of 1699 billion yuan have been issued [14]. - **Special Refinancing Bonds**: The issuance of special refinancing bonds was 267 billion yuan in the 24th week and 527 billion yuan in the 25th week. As of the 24th week, the cumulative issuance was 1.7 trillion yuan, with an issuance progress of 84% [28]. - **Urban Investment Bonds**: The net financing of urban investment bonds was - 6 billion yuan in the 24th week and is expected to be - 383 billion yuan in the 25th week. As of this week, the balance of urban investment bonds is approximately 10.4 trillion yuan [30]. Other Data - **General Deficit**: As of the 24th week (6/9 - 6/15), the cumulative general deficit was 5.1 trillion yuan, with a progress of 43.4%, exceeding the same period last year [7]. - **Project Coverage of Special New Special Bonds**: According to Enterprise Early - Warning System statistics, the cumulative number of idle land parcels covered by the disclosed acquisition of existing idle land projects is 4176, and the capital scale (including proposed) is approximately 4564 billion yuan [14].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The net financing of government bonds in the 22nd week (May 26 - June 1) was 137.4 billion yuan, and 248.5 billion yuan in the 23rd week (June 2 - June 8). As of the 22nd week, the cumulative amount reached 6.3 trillion yuan, exceeding the same period last year by 3.6 trillion yuan. The net financing of treasury bonds in the 22nd week was 0 yuan, and 198 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 2.7 trillion yuan, with a progress of 40.2%. The net financing of local bonds in the 22nd week was 137.4 billion yuan, and 50.5 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 3.7 trillion yuan, exceeding the same period last year by 2 trillion yuan [1]. - The net financing of new general bonds in the 22nd week was 2.36 billion yuan, and 0.87 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 35.1 billion yuan, with a progress of 43.9%. The net financing of new special bonds in the 22nd week was 15.6 billion yuan, and 0.73 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with a progress of 37.1%. Special new special bonds of 243.9 billion yuan and land reserve special bonds of 108.3 billion yuan have been issued. The net financing of special refinancing bonds in the 22nd week was 0.5 billion yuan, and 2.77 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with an issuance progress of 81%. The net financing of urban investment bonds in the 22nd week was 0.33 billion yuan, and is expected to be -1.73 billion yuan in the 23rd week. As of this week, the balance of urban investment bonds was approximately 10.5 trillion yuan [2]. Summary by Relevant Catalogs Government Debt Financing - The net financing of government bonds in the 22nd week (May 26 - June 1) was 137.4 billion yuan, and 248.5 billion yuan in the 23rd week (June 2 - June 8). As of the 22nd week, the cumulative amount reached 6.3 trillion yuan, exceeding the same period last year by 3.6 trillion yuan [1]. Treasury Bonds - The net financing of treasury bonds in the 22nd week was 0 yuan, and 198 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 2.7 trillion yuan, with a progress of 40.2%. The special treasury bonds issued were 17.6 billion yuan, including 10.5 billion yuan of capital - injection special treasury bonds and 7.1 billion yuan of 30 - year ultra - long - term special treasury bonds [1]. Local Bonds - The net financing of local bonds in the 22nd week was 137.4 billion yuan, and 50.5 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 3.7 trillion yuan, exceeding the same period last year by 2 trillion yuan [1]. New General Bonds - The net financing of new general bonds in the 22nd week was 2.36 billion yuan, and 0.87 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 35.1 billion yuan, with a progress of 43.9% [2]. New Special Bonds - The net financing of new special bonds in the 22nd week was 15.6 billion yuan, and 0.73 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with a progress of 37.1%. Special new special bonds of 243.9 billion yuan and land reserve special bonds of 108.3 billion yuan have been issued [2]. Special Refinancing Bonds - The net financing of special refinancing bonds in the 22nd week was 0.5 billion yuan, and 2.77 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with an issuance progress of 81% [2]. Urban Investment Bonds - The net financing of urban investment bonds in the 22nd week was 0.33 billion yuan, and is expected to be -1.73 billion yuan in the 23rd week. As of this week, the balance of urban investment bonds was approximately 10.5 trillion yuan [2]. Basic Data - The ChinaBond Composite Index was 254.4; the ChinaBond Long/Medium - Short - Term Index was 245.4/209.1; the yield of inter - bank treasury bonds (10Y) was 1.68; the scale of enterprise/company/convertible bonds (in hundreds of billions) was 69.9/23.8/6.9 [5].

Report Investment Rating - The document does not mention the industry investment rating. Core View - The net financing of government bonds and the issuance of new local bonds are increasing. As of the 22nd week (May 26 - June 1), the cumulative general deficit reached 4.7 trillion, with a progress of 39.3%, exceeding the same period last year. The net financing of government bonds is expected to continue to strongly support fiscal expenditure [1][8]. Summary by Category Government Debt General Situation - Net financing of government bonds in the 22nd week (May 26 - June 1) was 1374 billion, and in the 23rd week (June 2 - June 8) it was 2485 billion. As of the 22nd week, the cumulative amount was 6.3 trillion, exceeding the same period last year by 3.6 trillion [1][8]. - Net financing of government bonds + new local bond issuance in the 22nd week was 1816 billion, and in the 23rd week it was 2140 billion [1][8]. Treasury Bonds - Net financing of treasury bonds in the 22nd week was 0 billion, and in the 23rd week it was 1980 billion. As of the 22nd week, the cumulative amount was 2.7 trillion, with a progress of 40.2%, exceeding the average of the past five years' same - period. The special treasury bonds issued were 1760 billion, including 1050 billion for capital injection and 710 billion for 30 - year ultra - long - term special treasury bonds [1][10]. Local Bonds - Net financing of local bonds in the 22nd week was 1374 billion, and in the 23rd week it was 505 billion. As of the 22nd week, the cumulative amount was 3.7 trillion, exceeding the same period last year by 2 trillion [1][12]. New General Bonds - New general bonds issued in the 22nd week were 236 billion, and in the 23rd week were 87 billion. As of the 22nd week, the cumulative amount was 3510 billion, with a progress of 43.9%, exceeding the same period last year [2][14]. New Special Bonds - New special bonds issued in the 22nd week were 1560 billion, and in the 23rd week were 73 billion. As of the 22nd week, the cumulative amount was 1.6 trillion, with a progress of 37.1%, exceeding the same period last year. Special new special bonds issued were 2439 billion, and land reserve special bonds issued were 1083 billion [2][16]. Special Refinancing Bonds - Special refinancing bonds issued in the 22nd week were 50 billion, and in the 23rd week were 277 billion. As of the 22nd week, the cumulative amount was 1.6 trillion, with an issuance progress of 81% [2][29]. Urban Investment Bonds - Net financing of urban investment bonds in the 22nd week was 33 billion, and in the 23rd week it was expected to be - 173 billion. As of this week, the balance of urban investment bonds was about 10.5 trillion [2][32]. Basic Data - The ChinaBond Composite Index was 254.4; the ChinaBond Long/Medium - Short - Term Index was 245.4/209.1; the 10 - year inter - bank treasury bond yield was 1.68; the scale of enterprise/company/convertible bonds (in billions) was 69.9/23.8/6.9 [5].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The net financing of government bonds in May was nearly 1.5 trillion yuan, which is expected to continue to strongly support fiscal expenditure. As of the 21st week (May 19 - May 25), the cumulative net financing of government bonds reached 6.2 trillion yuan, exceeding the same period last year by 3.9 trillion yuan, mainly due to the rapid issuance of special bonds for replacing implicit debts and treasury bonds. The cumulative generalized deficit was 4.5 trillion yuan, with a progress of 37.7%, exceeding the same period last year [1][6]. Summary by Related Categories Treasury Bonds - The net financing of treasury bonds in the 21st week (May 19 - May 25) was 243.5 billion yuan, and 0 yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 2.7 trillion yuan, with a progress of 40.2%, exceeding the same period in the past five years. The total annual net financing of treasury bonds is 6.66 trillion yuan. In 2025, the central deficit is 4.86 trillion yuan, and special treasury bonds of 1.8 trillion yuan are arranged: 1.3 trillion yuan is for ultra - long - term special treasury bonds, of which 30 billion yuan is for consumer goods trade - in; 500 billion yuan is for special treasury bonds to supplement the capital of state - owned large - scale banks [7]. Local Bonds - The net financing of local bonds in the 21st week (May 19 - May 25) was 142.6 billion yuan, and 137.4 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 3.5 trillion yuan, exceeding the same period last year by 2.4 trillion yuan [9]. New General Bonds - The net financing of new general bonds in the 21st week (May 19 - May 25) was 5.5 billion yuan, and 23.6 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 327.4 billion yuan, with a progress of 40.9%, exceeding the same period last year. The local deficit in 2025 is 800 billion yuan [2][12]. New Special Bonds - The net financing of new special bonds in the 21st week (May 19 - May 25) was 107.6 billion yuan, and 156 billion yuan in the 22nd week (May 26 - June 1). In 2025, the planned issuance of new special bonds is 4.4 trillion yuan. As of the 21st week, the cumulative net financing was 1.5 trillion yuan, with a progress of 33.5%, exceeding the same period last year. Special new special bonds of 242.4 billion yuan and land reserve special bonds of 100.8 billion yuan have been issued. As of May 25, 2025, 25 provinces and cities such as Guangdong and Anhui have successively announced projects to acquire existing idle land, covering 4,071 parcels of land with a capital scale of about 444.3 billion yuan [2][15]. Special Refinancing Bonds - The net financing of special refinancing bonds in the 21st week (May 19 - May 25) was 25.1 billion yuan, and 5 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 1.6 trillion yuan, with an issuance progress of 81% [2][30]. Urban Investment Bonds - The net financing of urban investment bonds in the 21st week (May 19 - May 25) was - 15.9 billion yuan, and is expected to be - 15.2 billion yuan in the 22nd week (May 26 - June 1). As of this week, the balance of urban investment bonds is about 10.5 trillion yuan [2][32].