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].

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 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]