Report Title - Government Bond Issuance Tracking - Week 33 of 2025 [2] Report Summary Government Bond Issuance Progress - As of August 17, the issuance progress of new special bonds was 64.5%, with 593 billion yuan issued in August [4][5] - As of August 17, the issuance progress of new general bonds was 72.0%, with 376 billion yuan issued in August [10][25] - As of August 17, the issuance progress of new local bonds was 65.6% [12] - As of August 17, the net financing progress of treasury bonds was 68.0% [18] - As of August 17, the combined progress of treasury bond net financing and new local bond issuance was 66.9% [20] Weekly Bond Issuance and Financing Data - This week, 190 billion yuan of new special bonds were issued, a decrease of 212 billion yuan from the previous week [4] - This week, 303 billion yuan of new general bonds were issued, an increase of 230 billion yuan from the previous week [8] - This week, the net financing scale of local bonds was -137 billion yuan, a decrease of 966 billion yuan from the previous week [12] - This week, the net financing scale of treasury bonds was 2146 billion yuan, a decrease of 1239 billion yuan from the previous week [16] - This week, the net financing of government bonds was 2009 billion yuan, a decrease of 2205 billion yuan from the previous week [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 32nd week of 2025, presenting the issuance progress and net financing scale of various types of bonds as of August 10, 2025 [1][3] 3. Summary by Bond Type 3.1 Special Bonds - As of August 10, the issuance progress of new special bonds is 64.0% [3] - This week, new special bonds worth 40.3 billion yuan were issued, a decrease of 142.9 billion yuan compared to the previous week [3] - As of August 10, the cumulative issuance of new special bonds in August is 40.3 billion yuan [4] 3.2 General Bonds - As of August 10, the issuance progress of new general bonds is 68.2% [7] - This week, new general bonds worth 7.3 billion yuan were issued, a decrease of 13.6 billion yuan compared to the previous week [6] - As of August 10, the cumulative issuance of new general bonds in August is 7.3 billion yuan [5] 3.3 Local Bonds - This week, the net financing scale of local bonds is 82.8 billion yuan, a decrease of 159.7 billion yuan compared to the previous week [8] - As of August 10, the issuance progress of new local bonds is 64.7% [9] 3.4 Treasury Bonds - This week, the net financing scale of treasury bonds is 338.6 billion yuan, an increase of 178.3 billion yuan compared to the previous week [12] - As of August 10, the net financing progress of treasury bonds is 64.7% [13] 3.5 Government Bonds - This week, the net financing scale of government bonds is 421.4 billion yuan, an increase of 1.86 billion yuan compared to the previous week [14] - As of August 10, the progress of treasury bond net financing plus new local bond issuance is 64.7% [14]