Report Industry Investment Rating - Not provided Core Viewpoints - The report tracks the issuance of government bonds in the 50th week of 2025, including new special bonds, new general bonds, local bonds, and national bonds, and provides data on issuance, net financing, and progress [1]. Summary by Relevant Catalog New Special Bond Issuance - This week, new special bond issuance was 50.1 billion yuan, a week - on - week change of 11 billion yuan [1]. - As of December 14, the issuance progress of new special bonds was 103.3% [1]. - Next week, the planned issuance is 29.3 billion yuan [1]. - As of December 14, the cumulative issuance of new special bonds in December was 89.1 billion yuan [1]. New General Bond Issuance - This week, new general bond issuance was 21 billion yuan, a week - on - week increase of 9.6 billion yuan [1]. - As of December 14, the issuance progress of new general bonds was 95.5% [1]. - Next week, the planned issuance is 6 billion yuan [1]. - As of December 14, the cumulative issuance of new general bonds in December was 32.4 billion yuan [1]. Local Bond Net Financing - This week, the local bond net financing scale was 62.3 billion yuan, a week - on - week increase of 1.8 billion yuan [1]. - As of December 14, the issuance progress of new local bonds was 102.1% [1]. - Next week, the planned net financing is 28.1 billion yuan [3]. National Bond Net Financing - As of December 14, the national bond net financing progress was 96.2% [6]. - This week, the national bond net financing scale was 238.1 billion yuan, a week - on - week increase of 271.9 billion yuan [14]. - Next week, the planned net financing is - 147.3 billion yuan [14]. Government Bond Net Financing - This week, the government bond net financing was 300.3 billion yuan, a week - on - week increase of 273.6 billion yuan [9]. - Next week, the planned net financing is - 119.2 billion yuan [9]. - As of December 14, the progress of national bond net financing plus new local bond issuance was 98.8% [9].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report tracks the issuance of government bonds in the 50th week of 2025, presenting the issuance, progress, and planned issuance of various types of bonds [1] 3. Summary by Relevant Categories 3.1 New Special Bonds - This week, new special bond issuance was 50.1 billion yuan, a 11 - billion - yuan increase from the previous week [1] - As of December 14, the issuance progress of new special bonds was 103.3% [1] - Next week, the planned issuance is 29.3 billion yuan [1] - As of December 14, the cumulative issuance of new special bonds in December was 89.1 billion yuan [1] 3.2 New General Bonds - This week, new general bond issuance was 21 billion yuan, a 9.6 - billion - yuan increase from the previous week [1] - As of December 14, the issuance progress of new general bonds was 95.5% [1] - Next week, the planned issuance is 6 billion yuan [1] - As of December 14, the cumulative issuance of new general bonds in December was 32.4 billion yuan [1] 3.3 Local Government Bonds - This week, the net financing scale of local government bonds was 62.3 billion yuan, a 1.8 - billion - yuan increase from the previous week [1] - As of December 14, the issuance progress of new local government bonds was 102.1% [1] - Next week, the planned net financing is 28.1 billion yuan [3] 3.4 Treasury Bonds - This week, the net financing scale of treasury bonds was 238.1 billion yuan, a 271.9 - billion - yuan increase from the previous week [14] - As of December 14, the net financing progress of treasury bonds was 96.2% [6] - Next week, the planned net financing is - 147.3 billion yuan [14] 3.5 Government Bonds - This week, the net financing of government bonds was 300.3 billion yuan, a 273.6 - billion - yuan increase from the previous week [9] - As of December 14, the combined progress of treasury bond net financing and new local government bond issuance was 98.8% [9] - Next week, the planned net financing is - 119.2 billion yuan [9]

Group 1: Government Bond Issuance Overview - This week, the net financing scale of government bonds was 267 billion yuan, a decrease of 3383 billion yuan compared to the previous week. Next week, the planned net financing is -5102 billion yuan [11] - As of December 7, the issuance progress of new special bonds was 102.2%, the issuance progress of new general bonds was 92.9%, the issuance progress of new local bonds was 100.8%, the net financing progress of treasury bonds was 92.7%, and the progress of treasury bond net financing + new local bond issuance was 96.2% [3][17][8][12] Group 2: Special Bond Issuance - This week, the issuance of new special bonds was 39 billion yuan, a decrease of 186.2 billion yuan compared to the previous week. As of December 7, the cumulative issuance of new special bonds in December was 39 billion yuan. Next week, the planned issuance is 50.1 billion yuan [3] Group 3: General Bond Issuance - This week, the issuance of new general bonds was 11.4 billion yuan, an increase of 2.6 billion yuan compared to the previous week. As of December 7, the cumulative issuance of new general bonds in December was 11.4 billion yuan. Next week, the planned issuance is 21 billion yuan [18] Group 4: Treasury Bond Issuance - This week, the net financing scale of treasury bonds was -33.8 billion yuan, a decrease of 72.9 billion yuan compared to the previous week. Next week, the planned net financing is -572.4 billion yuan (750 billion yuan of special treasury bonds are due, and the roll - over should be noted) [8] Group 5: Local Bond Issuance - This week, the net financing scale of local bonds was 60.5 billion yuan, a decrease of 265.4 billion yuan compared to the previous week. Next week, the planned net financing is 62.3 billion yuan [20]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report tracks the issuance of government bonds in the 48th week of 2025, presenting the issuance progress, scale, and planned issuance of new special bonds, new general bonds, local bonds, and treasury bonds [3][7][9][13] 3. Summary by Related Catalogs New Special Bonds - As of November 30, the issuance progress of new special bonds was 101.3% [3] - This week, new special bonds issued 225.3 billion yuan, a week - on - week increase of 143 billion yuan, and next week's planned issuance is 39 billion yuan [3] - In November, the cumulative issuance of new special bonds was 492.2 billion yuan [4] New General Bonds - As of November 30, the issuance progress of new general bonds was 91.5% [8] - This week, new general bonds issued 8.8 billion yuan, a week - on - week decrease of 11.6 billion yuan, and next week's planned issuance is 11.4 billion yuan [7] - In November, the cumulative issuance of new general bonds was 41.6 billion yuan [5] Local Bonds - This week, the net financing scale of local bonds was 325.9 billion yuan, a week - on - week increase of 199.2 billion yuan, and next week's planned net financing is 60.5 billion yuan [9] - As of November 30, the issuance progress of new local bonds was 99.8% [10] Treasury Bonds - This week, the net financing scale of treasury bonds was 39.1 billion yuan, a week - on - week decrease of 62.5 billion yuan, and next week's planned net financing is - 133.8 billion yuan [13] - As of November 30, the net financing progress of treasury bonds was 93.2% [14] Government Bonds - This week, the net financing scale of government bonds was 365 billion yuan, a week - on - week increase of 136.7 billion yuan, and next week's planned net financing is - 73.3 billion yuan [15] - As of November 30, the progress of treasury bond net financing + new local bond issuance was 96.1% [15]

Core Insights - The report from Huatai Securities indicates that new RMB loans and social financing in October have decreased year-on-year, reflecting a weak real estate cycle and the impact of local and corporate debt replacement loans [1] - The new policy financial tools have not yet fully demonstrated their effect on social financing, although M1 and M2 growth rates have slightly declined, they still maintain a relatively fast growth [1] - Looking ahead, the completion of the new policy financial tools' deployment in October is expected to further boost social financing [1] Group 1 - New RMB loans and social financing in October have decreased year-on-year, influenced by a weak real estate cycle and local debt replacement [1] - The growth rates of M1 and M2 have slightly declined but remain robust overall [1] - The new policy financial tools, with a total of 500 billion yuan deployed in October, are anticipated to stimulate corporate loan demand and support social financing growth [1] Group 2 - Recent adjustments in national housing prices and weak real estate demand have negatively impacted residential loan growth [1] - The replacement of local debts, combined with low interest rates and the issuance of technology innovation bonds, has somewhat suppressed corporate loan financing demand [1] - The significant front-loading of government bonds this year has led to a noticeable year-on-year decrease in net government bond issuance in October [1]

Report Summary 1. Industry Investment Rating - Not provided in the given content. 2. Core View - The report tracks the issuance of government bonds in the 45th week of 2025, presenting the issuance progress, weekly issuance, and planned issuance of various types of bonds, including new special bonds, new general bonds, new local bonds, and treasury bonds, as well as the net financing scale of local bonds and treasury bonds [2][4][6]. 3. Summary by Bond Type New Special Bonds - As of November 9, the issuance progress of new special bonds was 91.1%. This week, 45.2 billion yuan of new special bonds were issued, a decrease of 109.7 billion yuan from the previous week. Next week, 139.4 billion yuan is planned to be issued. As of November 9, the cumulative issuance of new special bonds in November was 45.2 billion yuan [4][5]. New General Bonds - As of November 9, the issuance progress of new general bonds was 86.3%. This week, 0 yuan of new general bonds were issued, a decrease of 1.7 billion yuan from the previous week. Next week, 1.25 billion yuan is planned to be issued. As of November 9, the cumulative issuance of new general bonds in January was 0 yuan [5][6]. New Local Bonds - As of November 9, the issuance progress of new local bonds was 90.4% [9]. Treasury Bonds - This week, the net financing scale of treasury bonds was 225.8 billion yuan, an increase of 225.8 billion yuan from the previous week. Next week, the planned net financing is 22 billion yuan. As of November 9, the net financing progress of treasury bonds was 87.4% [12]. Local Bonds - This week, the net financing scale of local bonds was -33.6 billion yuan, a decrease of 209.3 billion yuan from the previous week. Next week, the planned net financing is 242.8 billion yuan [18].

Report Overview - Report Title: Government Bond Issuance Tracking - Week 43, 2025 [2] - Researcher: Cheng Xiaoqing [3] - Report Date: October 27, 2025 [3] Industry Investment Rating - Not provided Core Viewpoints - As of October 26, the issuance progress of new special bonds reached 86.6%, with 112.4 billion yuan issued this week, a week - on - week increase of 92.3 billion yuan, and 154.9 billion yuan planned for next week [4] - As of October 26, the cumulative issuance of new general bonds in October was 1.3 billion yuan, with 1.3 billion yuan issued this week, a week - on - week increase of 1.3 billion yuan, and the issuance progress reached 84.1%, with 17 billion yuan planned for next week [5][7] - As of October 26, the cumulative issuance of new special bonds in October was 132.5 billion yuan [6] - This week, the net financing scale of local bonds was 165.8 billion yuan, a week - on - week increase of 185.5 billion yuan, and the net financing is expected to be 178 billion yuan next week. As of October 26, the issuance progress of new local bonds reached 86.2% [8] - As of October 26, the net financing progress of treasury bonds reached 84.0% [12] - As of October 26, the progress of treasury bond net financing plus new local bond issuance reached 85.0%, and the net financing is expected to be 178 billion yuan next week [15] - This week, the net financing scale of treasury bonds was 23.6 billion yuan, a week - on - week increase of 6.9 billion yuan, and the net financing is expected to be 0 billion yuan next week. This week, the net financing of government bonds was 189.3 billion yuan, a week - on - week increase of 192.5 billion yuan [20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report tracks the issuance of government bonds in the 42nd week of 2025, presenting the issuance, net financing scale, and progress of various types of bonds as of October 19, 2025, along with next - week's plans [4][6][7]. 3. Summary by Bond Type 3.1 Special Bonds - This week, the issuance of new special bonds was 2.01 billion yuan, a 2.01 - billion - yuan increase from the previous week. As of 10/19, the issuance progress of new special bonds was 84.0%. Next week, 11.24 billion yuan is planned to be issued [4]. - As of 10/19, the cumulative issuance of new special bonds in October was 2.01 billion yuan [5]. 3.2 General Bonds - This week, the issuance of new general bonds was 0 yuan, with no change from the previous week. As of 10/19, the issuance progress of new general bonds was 84.0%. Next week, 0.13 billion yuan is planned to be issued [6]. - As of 10/19, the cumulative issuance of new general bonds in October was 0 yuan [5]. 3.3 Local Bonds - This week, the net financing scale of local bonds was - 1.98 billion yuan, a 0.48 - billion - yuan increase from the previous week. As of 10/19, the issuance progress of new local bonds was 84.0%. Next week, the planned net financing is 16.58 billion yuan [7]. 3.4 Government Bonds (Treasury Bonds + Local Bonds) - As of 10/19, the progress of treasury bond net financing plus new local bond issuance was 83.8%. This week, the government bond net financing was - 0.32 billion yuan, a 16.29 - billion - yuan decrease from the previous week. Next week, the planned net financing is 13.33 billion yuan [11]. 3.5 Treasury Bonds - As of 10/19, the treasury bond net financing progress was 83.6%. This week, the treasury bond net financing scale was 1.66 billion yuan, a 16.77 - billion - yuan decrease from the previous week. Next week, the planned net financing is - 3.25 billion yuan [17][18].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The report tracks the issuance of government bonds in the 41st week of 2025, including the issuance and net financing scale of new special bonds, new general bonds, local bonds, and national bonds, as well as their issuance progress [4][8][14]. 3. Summary by Related Catalogs New Special Bonds - This week, the issuance of new special bonds was 0 billion, a decrease of 16 billion compared to the previous week, and the planned issuance for next week is 20.1 billion [4]. - As of October 12, the issuance progress of new special bonds was 83.6%, and the cumulative issuance of new special bonds in October was 0 billion [4][5]. New General Bonds - This week, the issuance of new general bonds was 0 billion, a decrease of 9.9 billion compared to the previous week, and the planned issuance for next week is 0 billion [8]. - As of October 12, the issuance progress of new general bonds was 84.0%, and the cumulative issuance of new general bonds in October was 0 billion [8][10]. Local Bonds - As of October 12, the issuance progress of new local bonds was 83.6% [13]. - This week, the net financing scale of local bonds was -24.6 billion, a decrease of 87.8 billion compared to the previous week, and the planned net financing for next week is -19.8 billion [14]. National Bonds - This week, the net financing scale of national bonds was 184.4 billion, an increase of 184.4 billion compared to the previous week, and the planned net financing for next week is -38.4 billion [17]. - As of October 12, the net financing progress of national bonds was 83.4% [19]. Government Bonds - This week, the net financing of government bonds was 159.8 billion, an increase of 96.6 billion compared to the previous week, and the planned net financing for next week is -58.2 billion [21]. - As of October 12, the net financing of national bonds plus the issuance progress of new local bonds was 83.5% [21].

Report Summary 1. Report Industry Investment Rating No industry investment rating was provided in the report. 2. Core Viewpoints - The report tracks the issuance of government bonds in the 41st week of 2025, presenting the issuance and net financing scale of different types of bonds and their progress [4][14]. 3. Summary by Relevant Categories 3.1. General Bond Issuance - This week, the new issuance of general bonds was 0 billion, a decrease of 9.9 billion compared to the previous week, and the planned issuance for next week is 0 billion [8]. - As of October 12, the issuance progress of new general bonds was 84.0% [10]. - In October, the cumulative issuance of new general bonds was 0 billion [4]. 3.2. Special Bond Issuance - This week, the new issuance of special bonds was 0 billion, a decrease of 16 billion compared to the previous week, and the planned issuance for next week is 20.1 billion [4]. - As of October 12, the issuance progress of new special bonds was 83.6% [4]. - In October, the cumulative issuance of new special bonds was 0 billion [5]. 3.3. Local Bond Issuance - As of October 12, the issuance progress of new local bonds was 83.6% [13]. - This week, the net financing scale of local bonds was -24.6 billion, a decrease of 87.8 billion compared to the previous week, and the planned net financing for next week is -19.8 billion [14]. 3.4. Treasury Bond Issuance - This week, the net financing scale of treasury bonds was 184.4 billion, an increase of 184.4 billion compared to the previous week, and the planned net financing for next week is -38.4 billion [17]. - As of October 12, the net financing progress of treasury bonds was 83.4% [19]. 3.5. Government Bond Issuance - This week, the net financing of government bonds was 159.8 billion, an increase of 96.6 billion compared to the previous week, and the planned net financing for next week is -58.2 billion [21]. - As of October 12, the progress of treasury bond net financing plus new local bond issuance was 83.5% [21].