Group 1 - The core viewpoint of the article highlights the issuance of local government bonds in six provinces, totaling 400.37 billion yuan, with new general bonds at 59.62 billion yuan, new special bonds at 292.58 billion yuan, and refinancing bonds at 48.16 billion yuan [1] - The local bond issuance spread increased to 21.09 basis points, up from 17.70 basis points the previous week, indicating a rise in borrowing costs [2] - A peak in new local bond supply is anticipated in the second and third quarters of 2026, with special refinancing bonds likely to be issued earlier than expected [2]