Group 1 - Ningbo issued 10-year general local bonds with a scale of 4.29333 billion, an issuance rate of 1.7700%, and a marginal multiple of 2.69, exceeding the expected multiple of 1.86 [1] - Ningbo issued 7-year ordinary special local bonds with a scale of 412 million, an issuance rate of 1.7400%, and a marginal multiple of 7.99, significantly higher than the expected multiple of 2.04 [1]

Group 1 - Hunan issued a 5-year general special local bond with a scale of 200 billion yuan and an issuance interest rate of 1.6900%, with a marginal multiple of 13.13 times, exceeding the expected multiple of 1.66 [1] - Hunan also issued a 7-year general special local bond with a scale of 238 billion yuan and an issuance interest rate of 1.7400%, with a marginal multiple of 1.11 times, below the expected multiple of 1.76 [1]

Group 1 - Xinjiang issued 10-year general local bonds with a scale of 37.75 billion yuan and an issuance interest rate of 1.81% with a marginal multiple of 5.42, exceeding the expected multiple of 1.78 [1] - Xinjiang issued 5-year general local bonds with a scale of 4.75 billion yuan and an issuance interest rate of 1.63% with a marginal multiple of 1.83, surpassing the expected multiple of 1.65 [1] - Xinjiang issued 10-year ordinary special local bonds with a scale of 19.32 billion yuan and an issuance interest rate of 1.83% with a marginal multiple of 2.16, higher than the expected multiple of 1.79 [1]

Core Viewpoint - Jiangxi Province issued a 20-year ordinary special local bond with a scale of 703.43 million yuan and an issuance interest rate of 2.10% [1] Group 1 - The bond issuance was oversubscribed with a marginal multiple of 2.29 times, compared to an expected multiple of 2.08 [1]

Group 1 - Jiangsu issued 20-year general special local bonds with a scale of 28.932 billion yuan and an issuance interest rate of 2.04%, with a marginal multiple of 3.97 times, compared to an expected multiple of 2.40 [1] - Jiangsu issued 30-year general special local bonds with a scale of 5.251 billion yuan and an issuance interest rate of 2.03%, with a marginal multiple of 2.79 times, compared to an expected multiple of 4.95 [1]

Core Insights - Hunan Province issued a 7-year special local bond with a scale of 8.82434 billion, an issuance rate of 1.7400%, and a marginal multiple of 27.96 times, exceeding the expected multiple of 2.08 [1] - Hunan Province issued a 5-year land reserve special local bond with a scale of 5.03000 billion, an issuance rate of 1.6700%, and a marginal multiple of 1.11 times, below the expected multiple of 2.21 [1] - Hunan Province issued a 20-year special local bond with a scale of 1.51900 billion, an issuance rate of 2.1100%, and a marginal multiple of 11.65 times, below the expected multiple of 2.32 [1]

Group 1 - Sichuan issued 10-year general local bonds with a scale of 8.35498 billion, an issuance rate of 1.7400%, and a marginal multiple of 2.62 times, exceeding the expected multiple of 1.75 [1] - Sichuan also issued 10-year ordinary special local bonds with a scale of 1.09302 billion, an issuance rate of 1.7500%, and a marginal multiple of 2.33 times, matching the expected multiple of 1.75 [1]

Group 1 - Jilin issued a 10-year special local bond for small and medium-sized banks with a scale of 260 billion yuan and an issuance interest rate of 1.76% [1] - The marginal multiple for the 10-year bond was 1.83 times, exceeding the expected multiple of 1.75 [1] - Jilin also issued a 7-year general local bond with a scale of 56.7727 billion yuan and an interest rate of 1.70% [1] Group 2 - The marginal multiple for the 7-year general bond was 8.01 times, significantly higher than the expected multiple of 1.68 [1] - Additionally, Jilin issued a 7-year ordinary special local bond with a scale of 17.5037 billion yuan and an interest rate of 1.70% [1] - The marginal multiple for the 7-year ordinary special bond was 2.54 times, also above the expected multiple of 1.68 [1]

Group 1 - Liaoning issued a 20-year special local bond with a scale of 62.3171 billion [1] - The issuance interest rate is set at 2.0500% [1] - The marginal multiple of the bond issuance is 2.16 times, with an expected multiple of 2.04 [1]

Group 1 - Shandong issued 15-year special local bonds with a scale of 36.03 billion, an issuance rate of 1.94%, and a marginal multiple of 3.70 times, exceeding the expected multiple of 1.92 [1] - Shandong issued 7-year land reserve special local bonds with a scale of 42.88 billion, an issuance rate of 1.68%, and a marginal multiple of 3.29 times, exceeding the expected multiple of 1.70 [1] - Shandong issued 10-year ordinary special local bonds with a scale of 47.2891 billion, an issuance rate of 1.74%, and a marginal multiple of 1.11 times, below the expected multiple of 1.73 [1]