Group 1 - Guangdong issued 10-year general local bonds with a scale of 56.5559 billion, at an issuance rate of 1.7500%, with a marginal multiple of 54.17 times, exceeding the expected multiple of 1.72 [1] - Guangdong issued 7-year other special local bonds with a scale of 78.5000 billion, at an issuance rate of 1.6400%, with a marginal multiple of 1.30 times, slightly below the expected multiple of 1.65 [1]

Group 1 - Guangdong issued 10-year special local bonds with a scale of 30.621 billion, an issuance rate of 1.7500%, and a marginal multiple of 3.51 times, exceeding the expected multiple of 1.73 [1] - Guangdong issued 20-year special local bonds with a scale of 45.7627 billion, an issuance rate of 2.0300%, and a marginal multiple of 1.33 times, below the expected multiple of 1.98 [1]

Group 1 - Guangdong issued 10-year general local bonds with a total scale of 18.96442 billion, at an issuance rate of 1.7500%, with a marginal multiple of 3.65 times, exceeding the expected multiple of 1.72 [1] - Guangdong issued another 10-year general local bonds with a total scale of 7.34279 billion, also at an issuance rate of 1.7500%, achieving a marginal multiple of 5.63 times, again surpassing the expected multiple of 1.72 [1] - Guangdong issued 20-year ordinary special local bonds with a total scale of 7.64973 billion, at an issuance rate of 2.0300%, with a marginal multiple of 1.16 times, below the expected multiple of 2.00 [1] - Guangdong issued an additional 20-year ordinary special local bond with a total scale of 892.32 million, at an issuance rate of 2.0300%, achieving a marginal multiple of 1.22 times, slightly below the expected multiple of 1.99 [1]

黑龙江发行3年期乡村专项地方债，规模1.2300亿元，发行利率1.4500%，边际倍数3.50倍，倍数预期 1.46。 ...

北京发行3年期其他专项地方债，规模176.2800亿元，发行利率1.4500%，边际倍数1.59倍，倍数预期 1.45。 ...

Group 1 - Henan issued 7-year general local bonds with a scale of 18 billion yuan and an issuance interest rate of 1.63% [1] - The marginal multiple for the 7-year bonds was 2.33 times, with an expected multiple of 2.32 [1] - Henan also issued 15-year rural special local bonds with a scale of 7.45 billion yuan and an issuance interest rate of 1.93% [1] Group 2 - The marginal multiple for the 15-year rural bonds was 40 times, with an expected multiple of 2.30 [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From June 23 - June 29, local government bonds are expected to be issued worth 5856.5 billion yuan, including 4583.2 billion yuan in new bonds (515.2 billion yuan in new general bonds and 4068.0 billion yuan in new special bonds) and 1273.2 billion yuan in refinancing bonds (586.8 billion yuan in refinancing general bonds and 686.4 billion yuan in refinancing special bonds) [2][6]. - From June 16 - June 22, local government bonds were actually issued worth 2617.5 billion yuan, including 697.2 billion yuan in new bonds (272.5 billion yuan in new general bonds and 424.8 billion yuan in new special bonds) and 1920.3 billion yuan in refinancing bonds (630.5 billion yuan in refinancing general bonds and 1289.8 billion yuan in refinancing special bonds) [2][7]. Summary by Related Catalogs Local Bond Actual Issuance and Forecast Issuance - The net supply of local government bonds from June 16 - June 22 was 1243 billion yuan, and the forecasted net supply from June 23 - June 29 is 5044 billion yuan [15]. - Comparisons of planned and actual issuances of local government bonds in June, July, and recent months are presented, including details of new bonds, new general bonds, new special bonds, and refinancing bonds [17][19][23]. Local Bond Net Supply - As of June 22, the issuance progress of new general bonds was 48.53%, and that of new special bonds was 37.56% [28]. - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of June 22 is shown [28]. Special Bond Issuance Details - As of June 22, a total of 41653.80 billion yuan of the fourth - round special refinancing bonds has been disclosed, with 17768.55 billion yuan disclosed in 2025 and an additional 490.70 billion yuan to be disclosed next week. The top three regions in terms of disclosed scale are Jiangsu, Shandong, and Sichuan [8]. - As of June 22, a total of 4071.42 billion yuan of special new special bonds has been disclosed in 2025, and 15976.56 billion yuan has been disclosed since 2023. The top three regions in terms of disclosed scale are Jiangsu, Hubei, and Xinjiang [8]. Local Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented, including changes over time and differences among different regions [39][42]. New Special Bond Investment Directions - The investment directions of new special bonds are presented, with the latest monthly statistics only considering issued new bonds [44].

陕西发行7年期一般债地方债，规模45.1613亿元，发行利率1.6300%，边际倍数1.08倍，倍数预期1.65。 ...

陕西发行15年期其他专项地方债，规模8.3000亿元，发行利率1.9400%，边际倍数2.00倍，倍数预期 1.90； 陕西发行20年期其他专项地方债，规模13.4100亿元，发行利率1.9700%，边际倍数1.26倍，倍数预期 1.99； 陕西发行10年期一般债地方债，规模21.5000亿元，发行利率1.7400%，边际倍数41.50倍，倍数预期 1.72； 陕西发行5年期棚改专项地方债，规模1.0000亿元，发行利率1.5600%，边际倍数2.20倍，倍数预期 1.58； 陕西发行30年期轨交专项地方债，规模35.2500亿元，发行利率2.0200%，边际倍数3.15倍，倍数预期 1.98。 ...

Core Viewpoint - Inner Mongolia issued a 10-year general local government bond with a scale of 16.12912 billion yuan and an issuance interest rate of 1.7700% [1] Group 1 - The bond issuance had a marginal multiple of 4.19 times, exceeding the expected multiple of 1.77 [1]