Group 1 - Beijing issued 3-year general local bonds with a scale of 7.2 billion yuan and an issuance rate of 1.48%, with a marginal multiple of 3.49 times, exceeding the expected multiple of 1.49 [1] - Beijing issued 5-year general local bonds with a scale of 33.155 billion yuan and an issuance rate of 1.59%, with a marginal multiple of 3.83 times, exceeding the expected multiple of 1.60 [1] - Beijing issued 7-year general local bonds with a scale of 114.9181 billion yuan and an issuance rate of 1.64%, with a marginal multiple of 1.79 times, slightly above the expected multiple of 1.65 [1] - Beijing issued 1-year ordinary special local bonds with a scale of 7.7201 billion yuan and an issuance rate of 1.46%, achieving a high marginal multiple of 6.94 times, significantly above the expected multiple of 1.47 [1]

Group 1 - Qingdao issued 10-year general local bonds with a scale of 8 billion, an issuance rate of 1.75%, and a marginal multiple of 1.11, with an expected multiple of 1.74 [1] - Qingdao issued 15-year other special local bonds with a scale of 1.7 billion, an issuance rate of 2.00%, and a marginal multiple of 1.25, with an expected multiple of 1.93 [1] - Qingdao issued 20-year other special local bonds with a scale of 4 billion, an issuance rate of 2.06%, and a marginal multiple of 16.14, with an expected multiple of 2.03 [1] - Qingdao issued 30-year other special local bonds with a scale of 600 million, an issuance rate of 2.06%, and a marginal multiple of 2.00, with an expected multiple of 2.01 [1] Group 2 - Qingdao issued 7-year general local bonds with a scale of 36.18 billion, an issuance rate of 1.68%, and a marginal multiple of 1.10, with an expected multiple of 1.65 [2]

Group 1 - Guangxi issued 7-year general local bonds with a scale of 27.3 billion yuan and an issuance rate of 1.64%, with a marginal multiple of 1.12 times, while the expected multiple was 1.65 [1] - Guangxi issued 20-year other special local bonds with a scale of 95.27 billion yuan and an issuance rate of 2.07%, with a marginal multiple of 9.03 times, while the expected multiple was 2.05 [1] - Guangxi issued another 7-year general local bonds with a scale of 11.34 billion yuan and an issuance rate of 1.65%, with a marginal multiple of 1.14 times, while the expected multiple was 1.65 [1]

Core Insights - Local government bond issuance is accelerating, with a total of approximately 45,322 billion yuan issued as of June 15, representing a 55% increase compared to 29,171 billion yuan in the same period of 2024 [1] - The increase in bond issuance indicates a more proactive fiscal policy aimed at optimizing debt structure and enhancing effective investment [1] Group 1: Local Government Bonds - The issuance of new special bonds reached 16,479 billion yuan, accounting for about 36% of total local bond issuance, which is a 39% increase from 11,871 billion yuan in the same period last year [1] - The issuance of replacement bonds has also progressed rapidly, with approximately 16,835 billion yuan issued, achieving about 84% of the 20,000 billion yuan quota for the year [2] - The issuance of land reserve special bonds has surpassed 1,000 billion yuan, contributing to stabilizing the real estate market [2][3] Group 2: Economic Impact - The funds from new special bonds and infrastructure investments are expected to attract significant social capital, driving effective investment and promoting related industry development [2] - The acceleration of replacement bond issuance is expected to alleviate local government debt risks and repayment pressures, leading to a more stable fiscal and economic environment [2] - The government plans to issue 4.4 trillion yuan in special bonds, an increase of 500 billion yuan from the previous year, focusing on investment construction, land acquisition, and settling local government debts [2] Group 3: Future Outlook - The second quarter is expected to see a high volume of local bond issuance, with June alone projected to reach around 10,000 billion yuan, including 5,364 billion yuan in new bonds [3] - The overall pace of local bond issuance is anticipated to accelerate, with a focus on infrastructure projects to stabilize economic growth and support related industries [3] - Local bonds are becoming a crucial tool for ensuring moderate investment growth and stabilizing local economic growth rates, with continued high issuance expected in the second half of the year [3]

Core Viewpoint - The issuance of local government bonds, particularly special bonds, has significantly accelerated in 2023, with over 4 trillion yuan issued by June 12, accounting for nearly 40% of new special bonds, which is expected to support economic resilience and infrastructure investment growth throughout the year [1][2]. Group 1: Local Government Bond Issuance - As of June 12, 2023, a total of 44,834 billion yuan in local government bonds has been issued, with 16,457 billion yuan being new local bonds and 3,596 billion yuan in new general bonds [1]. - The issuance of land reserve special bonds has reached 1,083.48 billion yuan, involving 442 projects, with land reserve accounting for 7.75% of the new special bond funds [1][2]. Group 2: Characteristics of Land Reserve Bonds - Land reserve activities are concentrated in economically stable regions, with third and fourth-tier cities showing high participation, accounting for nearly 75% of acquisition amounts [2]. - The main entities acquiring land are city investment platforms, which helps them recover funds and alleviate debt pressure [2]. Group 3: Future Outlook - The issuance of new local bonds is expected to accelerate, with June's issuance projected at around 5,364 billion yuan, alongside a repayment plan of 4,725 billion yuan, leading to an estimated total of 10 trillion yuan in local bonds for the month [3]. - Infrastructure and real estate sectors are anticipated to be the primary focus for the allocation of funds from new special bonds [3].

Group 1 - Shandong issued 10-year special local bonds with a scale of 12.26 billion yuan and an issuance interest rate of 1.70% with a marginal multiple of 1.22 times, compared to an expected multiple of 1.73 [1] - Shandong issued 15-year special local bonds with a scale of 76.42 billion yuan and an issuance interest rate of 2.00% with a marginal multiple of 1.10 times, compared to an expected multiple of 1.96 [1] - Shandong issued 30-year special local bonds with a scale of 70.50 billion yuan and an issuance interest rate of 2.06% with a marginal multiple of 12.26 times, compared to an expected multiple of 2.03 [1]

Core Points - Liaoning issued a 10-year general local government bond with a scale of 15.96698 billion yuan and an issuance rate of 1.7800%, with a marginal multiple of 3.09 times, exceeding the expected multiple of 1.76 [1] - The province also issued a 10-year medical special local government bond with a scale of 105 million yuan and an issuance rate of 1.8000%, achieving a marginal multiple of 2.00 times, matching the expected multiple of 1.76 [1] - Additionally, a 15-year other special local government bond was issued with a scale of 740 million yuan and an issuance rate of 2.0300%, resulting in a marginal multiple of 1.25 times, below the expected multiple of 1.98 [1] - A 20-year other special local government bond was issued with a scale of 865 million yuan and an issuance rate of 2.0800%, with a marginal multiple of 1.05 times, lower than the expected multiple of 2.08 [1] - Lastly, a 30-year other special local government bond was issued with a scale of 500 million yuan and an issuance rate of 2.0800%, achieving a marginal multiple of 1.29 times, slightly below the expected multiple of 2.05 [1]

湖南发行7年期一般债地方债，规模94.4929亿元，发行利率1.6500%，边际倍数1.37倍，倍数预期1.66。 ...

Group 1 - Yunnan issued 10-year general local bonds with a scale of 18.12126 billion, an issuance rate of 1.7900%, and a marginal multiple of 1.17 times, with an expected multiple of 1.75 [1] - Yunnan issued 10-year ordinary special local bonds with a scale of 7.85493 billion, an issuance rate of 1.8200%, and a marginal multiple of 1.61 times, with an expected multiple of 1.75 [1] - Yunnan issued 5-year ordinary special local bonds with a scale of 5.52230 billion, an issuance rate of 1.6100%, and a marginal multiple of 2.53 times, with an expected multiple of 2.28 [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week of June 8, 2025, including net financing, issuance terms, issuance spreads, secondary spreads, trading volume, and turnover rate. It also presents the issuance plans for the second quarter of 2025 and the allocation of raised funds for new special bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 10.96 billion yuan, with a net financing of 5.05 billion yuan. The issuance of new general bonds was 0.87 billion yuan, new special bonds 0.73 billion yuan, refinancing general bonds 6.01 billion yuan, and refinancing special bonds 3.35 billion yuan. Next week, the planned issuance is 10.78 billion yuan, with a net repayment of 4.3 billion yuan [1][3]. - **Issuance Terms**: This week, the 7 - year local government bonds had the highest issuance proportion (37%), and the proportion of 10 - year and above bonds was 57%, a decrease from last week. The issuance proportion of 15 - year bonds decreased significantly, by about 15 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds issued a total of 2.77 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, totaling 168.35 billion yuan. Among them, Jiangsu, Shandong, Sichuan, and Hubei plan to issue 25.11 billion yuan, 10.6 billion yuan, 9.84 billion yuan, and 8.08 billion yuan respectively [2]. - **Issuance Spreads**: This week, the weighted average issuance spread of local government bonds was 10.1bp, wider than last week. The 30 - year local government bonds had the highest weighted average issuance spread, reaching 21.4bp. Except for the 7 - year, 15 - year, and 30 - year bonds, the spreads of other terms widened [1]. - **Allocation of Raised Funds**: As of the end of this week, the main allocation directions of raised funds for new special bonds in 2025 are cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), social undertakings (12%), and affordable housing projects (12%). The proportion of land reserve allocation increased by 7.7% compared to 2024 [2]. - **Issuance Plan**: As of the end of this week, 36 regions have disclosed the local government bond issuance plan for the second quarter of 2025. Considering the actual issuance scale in April and May, the total planned issuance for the second quarter is 2.35 trillion yuan, with 880.6 billion yuan planned for June. The planned issuance of new bonds and refinancing bonds in the second quarter is 1286.8 billion yuan and 1066.5 billion yuan respectively [3]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 30 - year local government bonds had advantageous secondary spreads, with the 1 - year bonds having a relatively large widening amplitude. The 15 - year and 30 - year secondary spreads were 21.5bp and 20.6bp respectively. From the historical quantile of the past three years, the 30 - year secondary spread was at a high quantile of 90%. Regionally, local government bonds over 20 - year in all types of regions had higher secondary spreads, and 10 - 15 - year bonds in medium - level regions also had relatively higher spreads [4][5]. - **Trading Volume and Turnover Rate**: This week, both the trading volume and turnover rate of local government bonds decreased. Sichuan, Shandong, and Shanxi had higher turnover rates. The trading volume this week was 355.4 billion yuan, and the turnover rate was 0.70%. The trading volumes of Sichuan, Shandong, and Guangdong were 39.1 billion yuan, 37.3 billion yuan, and 28 billion yuan respectively, and the turnover rates of Sichuan, Shandong, and Shanxi were all higher than 1.1% [5].