今年超长期特别国债发行工作即将收官。 10月9日，财政部公开《关于公布2025年第四季度国债发行有关安排的通知》（下称《通知》），明确 今年第四季度超长期特别国债发行安排，即在10月10日和10月14日分别发行50年期和20年期超长期特别 国债。这意味着今年全年1.3万亿元超长期特别国债发行工作将在10月14日结束。 根据财政部9月底公开的《关于2025年超长期特别国债（三期）第三次续发行工作有关事宜的通知》， 10月10日即将发行50年期超长期特别国债规模为300亿元。这也意味着今年最后一只将于10月14日发行 的20年期超长期特别国债发行规模为400亿元。 与普通国债不同，超长期特别国债是特殊时期的特殊工具，2024年中国开始连续几年发行超长期特别国 债，专门用于国家重大战略实施和重点领域安全能力（即"两重"）建设和大规模设备更新和消费品以旧 换新（即"两新"）领域。其中2025年中国计划全年发行1.3万亿元超长期特别国债用于"两重""两新"，4 月24日发行了今年的第一只超长期特别国债，发行节奏较去年有所提前，而10月14日将发行今年最后一 只超长期特别国债。 今年4月份财政部公开的超长期特别国债发行计 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has completed the allocation of 800 billion yuan for major construction projects this year, focusing on strategic implementation and safety capability enhancement in key areas [1] Group 1: Investment Allocation - The central budget investment of 735 billion yuan has been largely disbursed [1] - The third batch of 690 million yuan for consumer goods replacement has been allocated, with plans for a fourth batch of the same amount in October [1] - The total funding plan for this year is set at 300 billion yuan [1]

Economic Growth - The GDP growth rate for the first half of the year is 5.3%, an increase of 0.3 percentage points compared to the same period last year and the entire previous year [3] - Domestic demand contributed 68.8% to economic growth, while the import and export scale reached over 20 trillion yuan, with exports growing by 7.2% [3] National Unified Market - The construction of a national unified market has shown positive results, with a basic framework established and social consensus significantly enhanced [4] - The ratio of total social logistics costs to GDP decreased to 14%, marking the lowest level since records began, saving over 130 billion yuan in logistics costs [4] Consumer Spending - Consumer spending exhibited three main characteristics: accelerated growth, increased highlights, and improved environment [5] - The total retail sales of consumer goods grew by 5% in the first half of the year, with a contribution rate of 52% from final consumption to economic growth [5] - The "old-for-new" policy has driven sales exceeding 1.7 trillion yuan, with various departments and localities organizing diverse consumption promotion activities [5] Major Projects and Investments - The list of major strategic projects and key area safety capability construction has been fully allocated with 800 billion yuan, and 7.35 billion yuan of central budget investment has been largely disbursed [6] Healthcare Initiatives - The healthcare foundation project has been initiated to enhance local healthcare capabilities, supporting around 600 county-level medical communities with over 11,000 medical equipment [7] - A model promoting "township inspections, county-level diagnoses, and mutual recognition of results" is being implemented [7] Electricity Demand - The highest electricity load in the country has reached a historical peak of 1.508 billion kilowatts, an increase of 57 million kilowatts compared to last year's peak [8] - The National Development and Reform Commission is coordinating with localities and key enterprises to ensure stable electricity supply and meet demand effectively [8] Consumer Bond Funding - The third batch of 690 billion yuan in special government bonds for consumer "old-for-new" programs has been allocated, with plans for a fourth batch of the same amount in October [9]

Core Insights - The National Development and Reform Commission (NDRC) has allocated over 300 billion yuan to support the third batch of "two重" construction projects for 2025, completing the annual allocation of 800 billion yuan for "two重" projects [1][2] - The "two重" projects focus on both "hard investment" and "soft construction," targeting key areas such as ecological restoration, major transportation infrastructure, and urban underground pipeline networks [1][2][3] - The 2025 government work report emphasizes a shift in infrastructure investment towards strategic and forward-looking sectors, including future industry development and low-altitude economy [2][3] Hard Investment - A total of 800 billion yuan has been allocated for 1,459 projects in 2025, covering areas like ecological restoration along the Yangtze River, high-standard farmland, and major water conservancy projects [1][2] - The "three北" project, which focuses on afforestation in the northern regions of China, is included in the "two重" construction, with a target of completing 600 million mu by 2030 [3] Soft Construction - The NDRC plans to introduce innovative reform measures in key areas, such as optimizing financing models for railways along the Yangtze River and improving urban underground pipeline management [1][2] - The government aims to enhance the adaptability of talent cultivation to meet economic and social development needs [1][2] Economic Impact - The "two重" construction is seen as a crucial driver for stabilizing economic growth amid increasing downward pressure, with significant investments expected to boost consumption and employment [3][5] - In the first five months of the year, net financing from government bonds reached 6.3 trillion yuan, indicating strong financial support for "two重" projects [5] Project Progress - Nearly 500 billion yuan of the 800 billion yuan "two重" construction projects were arranged by mid-June, with rapid progress in ecological restoration and pollution control projects [4][5] - Key infrastructure projects, such as the Huangbai Railway in the western land-sea new channel, are advancing, enhancing economic connections in the region [4] Policy Coordination - The NDRC emphasizes the need for coordinated fiscal and monetary policies to support "two重" projects, with a focus on opening competitive infrastructure sectors to private capital [5][6] - The collaboration between policy funding and market vitality is expected to drive the implementation of national strategies and enhance security capabilities [7]