人民财讯10月23日电，10月23日，据中指研究院监测，2025年1—9月，全国已经发行的新增地方专项债 中，保障性安居工程、保障性租赁住房、城镇老旧小区改造、棚户区改造、土地储备等房地产相关的专 项债发行约6400亿元，同比增长89%，其中，城镇老旧小区改造、棚户区改造专项债分别为632亿元、 1302亿元，涉及城中村改造的专项债发行816亿元，同比增长1.4倍。 ...

Core Viewpoint - The issuance of local government special bonds has increased in May, while the scale of debt repayment funds has decreased, indicating a shift in funding priorities towards investment expansion and real estate stabilization [1][2]. Group 1: Local Government Bond Issuance - In the first five months of the year, the total issuance of local government bonds reached approximately 4.3 trillion yuan, with May alone accounting for 779.4 billion yuan [1]. - The issuance of new special bonds in May was 443.2 billion yuan, marking the highest monthly figure for the year, while refinancing special bonds for replacing existing hidden debts dropped to 30.2 billion yuan, the lowest for the year [1][2]. - The total issuance of new special bonds from January to May was about 1.6 trillion yuan, representing 37% of the annual quota, suggesting room for acceleration in issuance [1][2]. Group 2: Debt Repayment and Special Bonds - In May, the total issuance of debt repayment bonds included 302 billion yuan for refinancing hidden debts and 987 billion yuan in "special" new special bonds for repaying existing debts, totaling 1.289 trillion yuan [2]. - Cumulatively, from January to May, refinancing special bonds for replacing hidden debts amounted to 1.63 trillion yuan, accounting for 81% of the annual quota of 2 trillion yuan [2]. - The issuance of new special bonds for debt repayment reached 242.4 billion yuan, which is 30% of the annual quota of 800 billion yuan, indicating significant progress in debt resolution [2]. Group 3: Investment Focus of Special Bonds - Since 2025, the primary allocation of funds from newly issued special bonds has been directed towards cold chain logistics, municipal and industrial park infrastructure (approximately 33%), transportation infrastructure (21%), and affordable housing projects (12%) [3]. - The issuance of land reserve special bonds has increased, with a total of 463 billion yuan issued in May for land storage, the highest monthly figure for the year [3]. - As of May 20, approximately 23 provinces have publicly announced plans to use special bonds to recover nearly 3,000 parcels of idle land, covering over 1.33 million square meters and totaling over 350 billion yuan [4][5]. Group 4: Special Bonds for Housing - In late May, special bonds were issued in Zhejiang and Sichuan for the acquisition of existing residential properties, aimed at alleviating inventory pressure in economically stable third and fourth-tier cities [5][6]. - Specific projects in Zhejiang included 16.53 million yuan allocated for purchasing existing properties for affordable housing, involving multiple localities [6].