Group 1 - The issuance of local government bonds has exceeded 8.5 trillion yuan this year, with new special bonds amounting to 36,795 billion yuan and new general bonds at 6,444 billion yuan, significantly surpassing last year's quota of 800 billion yuan for special bonds [1] - The progress of local bond issuance is stable and shows a trend of rapid advancement, particularly with the completion of local debt replacement bonds, which plays a crucial role in supporting economic growth [1][2] - Approximately 28% of the new special bonds issued for project construction are allocated to municipal and industrial park infrastructure, while 18% is directed towards transportation infrastructure [1] Group 2 - The issuance of "special" new special bonds has reached about 1.2 trillion yuan this year, exceeding the previously arranged quota of 800 billion yuan, likely due to an expansion of their intended uses [2] - As of the end of September, 1.98 trillion yuan of refinancing special bonds have been issued for replacing hidden debts, with an expected issuance of about 1.2 trillion yuan in local government bonds in the fourth quarter [2] - Experts suggest clarifying the scale of local hidden debts and increasing local government debt limits to alleviate repayment pressures and optimize debt structures [3] Group 3 - The Ministry of Finance plans to implement a series of measures to address hidden debt, including the early allocation of part of the 2026 new local government debt limit [3][4] - There is a possibility that the early issuance of the 2026 new limit could occur in the fourth quarter, which would help local governments free up more funds for development and construction [4]