中信期货有限公司 CITIC Futures Company Limited 政府债发行追踪―2025年第39周 研究员: 程小庆 从业资格号 F3083989 投资咨询号 Z0018635 报告日期: 2025年9月29日 截至9/28, 新增专项债发行进度为83.2% 本周新增专项债发行1496亿，环比增加518亿 2025 近2年均值 2025 · - 2024 -- 2023 2022 - 2021 1.5 r 4500 r 4000 3000 0.5 2000 1000 - -0.5 L 第1周 第4周 第12周 第16周 第20周 第24周 第24周 第28周 第31周 第35周 第39周 第43周 第47周 第51周 第5周 第9周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 第1周 截至9/28, 9月新增专项债累计发行3971亿元 截至9/28, 9月新增一般债累计发行411亿元 2025 2024 -- 2023 - - 2022 - 2021 2025 - 2024 - 2023 - 2022 - 2021 15000 F ...

截至9/21,新增专项债发行进度为79.8% 2025 近2年均值 - 2025 - 2024 - 2023 - 2022 - 2021 1.5 r 4500 4000 1 3000 0. 5 2000 1000 -0.5 雙5周 第13周 第17周 第21周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 第1周 第4周 第38周 第41周 第49周 第1周 第1周 第8周 第12周 第15周 第19周 截至9/21,9月新增专项债累计发行2475亿 - 2025 - 2024 - 2023 - 2022 - 2021 截至9/21,9月新增一般债累计发行354亿 中信期货有限公司 CITIC Futures Company Limited 政府债发行追踪—2025年第38周 研究员:程小庆 从业资格号 F3083989 投资咨询号 Z0018635 报告日期:2025年9月22日 本周新增专项债发行978亿,环比减少340亿 · 2025 - 2024 - 2023 - 2022 - 2021 15000 - 2500 r 2000 10000 1500 5000 1000 500 ...

Report Summary Core Viewpoints - As of August 24, the issuance progress of new special-purpose bonds was 69.9%, and 298.6 billion yuan of new special-purpose bonds had been issued in August [4][5]. - As of August 24, the issuance progress of new general bonds was 73.2%, and 47.1 billion yuan of new general bonds had been issued in August [9][24]. - As of August 24, the issuance progress of new local government bonds was 70.4%, and the net financing scale of local government bonds this week was 208.8 billion yuan, a week-on-week increase of 222.5 billion yuan [12]. - As of August 24, the net financing progress of treasury bonds was 73.2%, and the net financing scale of treasury bonds this week was 352.6 billion yuan, a week-on-week increase of 138 billion yuan [16][18]. - As of August 24, the net financing of treasury bonds plus the issuance progress of new local government bonds was 72.0% [20]. Detailed Data New Special-Purpose Bonds - This week, 239.3 billion yuan of new special-purpose bonds were issued, a week-on-week increase of 220.2 billion yuan [4]. New General Bonds - This week, 9.5 billion yuan of new general bonds were issued, a week-on-week decrease of 20.8 billion yuan [7].

General Information - Report title: Government Bond Issuance Tracking - Week 34, 2025 [2] - Researcher: Cheng Xiaoqing, Qualification No. F3083989, Investment Consultation No. Z0018635 [3] New Special Bond Issuance - As of August 24, the issuance progress of new special bonds reached 69.9% [4] - This week, new special bonds worth 239.3 billion yuan were issued, a week - on - week increase of 220.2 billion yuan [4] - As of August 24, the cumulative issuance of new special bonds in August was 29.86 billion yuan [5] New General Bond Issuance - This week, new general bonds worth 9.5 billion yuan were issued, a week - on - week decrease of 20.8 billion yuan [7] - As of August 24, the issuance progress of new general bonds reached 73.2% [9] - As of August 24, the cumulative issuance of new general bonds in August was 4.71 billion yuan [24] Local Bond Net Financing - This week, the net financing scale of local bonds was 208.8 billion yuan, a week - on - week increase of 222.5 billion yuan [12] - As of August 24, the issuance progress of new local bonds reached 70.4% [12] Treasury Bond Net Financing - This week, the net financing scale of treasury bonds was 352.6 billion yuan, a week - on - week increase of 138 billion yuan [16] - As of August 24, the net financing progress of treasury bonds reached 73.2% [18] Combined Progress - As of August 24, the combined progress of treasury bond net financing and new local bond issuance reached 72.0% [20]

Report Summary Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoint The report tracks the issuance of government bonds in the 27th week of 2025, presenting the issuance progress and scale changes of various types of bonds. Key Points by Bond Type New Special Bonds - As of July 6, the issuance progress of new special bonds is 49.2% [2] - As of July 6, the cumulative issuance of new special bonds in July is 2.9 billion [3] - This week, the issuance of new special bonds is 5.08 billion, a decrease of 37.15 billion from the previous week [20] New General Bonds - As of July 6, the issuance progress of new general bonds is 56.5% [6] - As of July 6, the cumulative issuance of new general bonds in July is 0 [3] - This week, the issuance of new general bonds is 660 million, a decrease of 5.06 billion from the previous week [4] Local Bonds - This week, the net financing scale of local bonds is 2.17 billion, a decrease of 53.87 billion from the previous week [8] - As of July 6, the issuance progress of new local bonds is 50.3% [8] Treasury Bonds - This week, the net financing scale of treasury bonds is 19.99 billion, an increase of 8.89 billion from the previous week [12] - As of July 6, the net financing progress of treasury bonds is 53.3% [14] Government Bonds - This week, the net financing of government bonds is 22.16 billion, a decrease of 44.98 billion from the previous week [16] - As of July 6, the progress of treasury bond net financing + new local bond issuance is 52.0% [16]