Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a weekly update on government bonds, including the issuance of local government bonds, special bonds, and the weighted - average issuance terms [1][6][7]. Summary by Directory 1. Local Bond Actual and Forecasted Issuance - **Actual and Pre - issuance Disclosure**: From March 9th to March 15th, local bonds issued a total of 1355.45 billion yuan, including 371.30 billion yuan in new bonds and 984.15 billion yuan in refinancing bonds. From March 16th to March 22nd, local bonds are expected to issue 3422.34 billion yuan, including 1282.78 billion yuan in new bonds and 2139.57 billion yuan in refinancing bonds [1][6][7]. - **Comparison of Planned and Actual Issuance**: In March 2026, the planned issuance of local bonds across the country is 8674 billion yuan, a decrease of 1143 billion yuan compared to the same period in 2025. The actual disclosed issuance is 7503 billion yuan, with an expected repayment of 4191 billion yuan and a net financing of 4483 billion yuan [9]. 2. Local Bond Net Supply - **New Bond Issuance Progress**: As of March 15th, the issuance progress of new general bonds is 29.32%, and that of new special bonds is 20.91% [28]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local bond maturities as of March 15th is presented in the relevant chart [33]. 3. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of March 15th, the fifth - round second - batch special refinancing bonds total 20000.00 billion yuan, and the fifth - round third - batch totals 7809.53 billion yuan, with an additional 973.17 billion yuan newly disclosed next week. The top three regions in the fifth - round third - batch disclosure are Jiangsu (811.59 billion yuan), Zhejiang (564.00 billion yuan), and Hunan (516.00 billion yuan) [8]. - **Special New Special Bond Issuance Statistics**: As of March 15th, the total disclosed amount of special new special bonds in 2026 is 1098.72 billion yuan, and since 2023, it is 26726.28 billion yuan. The top three regions in the 2026 disclosure are Guangdong (151.00 billion yuan), Zhejiang (117.00 billion yuan), and Hunan (103.00 billion yuan) [8]. 4. Local Bond Investment and Trading - **Primary - Secondary Spread**: The primary and secondary spreads of local bonds are presented in the relevant charts, showing the changes from March 8th to March 15th, 2026 [42]. - **Regional Secondary Spread**: The regional secondary spreads of local bonds are presented in the relevant chart [43]. - **New Special Bond Investment Direction**: The monthly statistics of new special bond investment directions are presented in the relevant chart, with the latest month's statistics only considering issued new bonds [44].

Report Industry Investment Rating No relevant content provided. Core View of the Report The report focuses on the issuance of government bonds, specifically local government bonds, including actual and forecasted issuance, special bond issuance progress, and related statistics [2][6][7]. Summary by Relevant Catalogs 1. Issuance Forecast and Review - 12/29 - 01/04: Local government bonds are forecasted to issue 260.0 billion yuan, including 145.0 billion yuan in new bonds (0.0 billion in new general bonds and 145.0 billion in new special bonds) and 115.0 billion yuan in refinancing bonds (85.0 billion in refinancing general bonds and 30.0 billion in refinancing special bonds) [2][6]. - 12/22 - 12/28: Local government bonds actually issued 20.4 billion yuan, all of which were new bonds (0.0 billion in new general bonds and 20.4 billion in new special bonds), with 0.0 billion yuan in refinancing bonds [2][7]. 2. Special Bond Issuance Progress - As of 12/28, the fifth - batch second - round special refinancing bonds totaled 20,000.00 billion yuan, the sixth - round totaled 2,996.00 billion yuan, and 115.00 billion yuan will be newly disclosed next week. The top three regions in the fifth - batch second - round are Jiangsu (2,511.00 billion yuan), Hunan (1,288.00 billion yuan), and Henan (1,227.00 billion yuan) [8]. - As of 12/28, the 2025 special new special bonds totaled 13,668.08 billion yuan, and 0.00 billion yuan since 2023. The top three regions in 2025 are Jiangsu (1,289.00 billion yuan), Guangdong (1,239.28 billion yuan), and Henan (759.60 billion yuan) [8]. 3. Local Bond Actual and Forecasted Issuance - **Actual vs. Pre - issuance Disclosure**: Compares the actual issuance of local bonds with pre - issuance disclosures [14]. - **Planned vs. Actual Issuance Comparison**: Compares the planned and actual issuance of local bonds in different months and regions, including new bonds, new general bonds, new special bonds, and refinancing bonds [16][23]. 4. Local Bond Net Supply - 12/22 - 12/28: Local bond net supply was - 32 billion yuan; 12/29 - 01/04: Forecasted net supply is 174 billion yuan [18]. 5. New Bond Issuance Progress - As of 12/28, the issuance progress of new general bonds was 95.81%, and that of new special bonds was 100% [28]. 6. Refinancing Bond Net Supply - As of 12/28, the cumulative scale of refinancing bonds minus local bond maturities is shown in the relevant chart, with the statistical scope including issued and disclosed but unissued bonds [30][31]. 7. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of 12/28, the statistics of special refinancing bonds in different rounds and regions are presented, with detailed statistical scope and round definitions [33][34][35]. - **Special New Special Bond Issuance Statistics**: As of 12/28, the statistics of special new special bonds in different years and regions are provided, including 2023, 2024, and 2025, with the statistical scope including issued and disclosed but unissued bonds [36][37][38]. 8. Local Bond Investment and Trading - **One - two - level Spread**: Presents the one - level and two - level spreads of local bonds and the spread by region [40][41][42]. - **New Special Bond Investment Direction**: Shows the investment direction of new special bonds, with the latest month's statistics only considering issued new bonds [43].

Report Overview - The report is a fixed-income review report focusing on local government bonds, covering actual and forecasted issuance, special bond issuance progress, and investment and trading aspects [1][9]. Report Highlights 1. Local Government Bond Issuance - **Actual and Forecasted Issuance**: From June 23 - 29, local government bonds issued a total of 6416.4 billion yuan, including 4794.7 billion yuan in new bonds and 1621.7 billion yuan in refinancing bonds. From June 30 - July 6, the forecasted issuance was 721.4 billion yuan, with 574.3 billion yuan in new bonds and 147.1 billion yuan in refinancing bonds [2][6][7]. - **Special Bond Issuance Progress**: As of June 29, the fourth round of special refinancing bonds totaled 41653.80 billion yuan, with 17768.55 billion yuan in 2025. The top three regions in terms of disclosure scale were Jiangsu, Shandong, and Sichuan. In 2025, special new special-purpose bonds totaled 4407.33 billion yuan, and since 2023, 16312.46 billion yuan. The top three regions were Jiangsu, Hubei, and Xinjiang [8]. 2. Local Government Bond Net Supply - **New Bond Issuance Progress**: As of June 29, the issuance progress of new general bonds was 55.68%, and that of new special-purpose bonds was 48.02% [26]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local government bond maturities as of June 29 was presented in the report [26]. 3. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of June 29, the statistics of special refinancing bonds were provided, with different rounds of issuance amounts for various regions [30]. - **Special New Special-Purpose Bond Issuance Statistics**: As of June 29, the statistics of special new special-purpose bonds from 2023 - 2025 were presented, showing the issuance amounts in different regions [33]. 4. Local Government Bond Investment and Trading - **Primary - Secondary Spread**: The primary and secondary spreads of local government bonds were analyzed [37]. - **Regional Secondary Spread**: The secondary spreads of local government bonds in different regions were presented, showing the changes over time [40]. - **New Special-Purpose Bond Investment Direction**: The investment direction of new special-purpose bonds was analyzed, with the latest month's statistics considering only issued new bonds [42].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From June 9 to June 15, local government bonds are expected to be issued worth 10.7786 billion yuan, including 0.8372 billion yuan in new bonds (0.13 billion yuan in new general bonds and 0.7072 billion yuan in new special bonds) and 9.9414 billion yuan in refinancing bonds (5.9343 billion yuan in refinancing general bonds and 4.007 billion yuan in refinancing special bonds) [2][6]. - From June 2 to June 8, local government bonds were actually issued worth 10.9595 billion yuan, including 1.598 billion yuan in new bonds (0.8676 billion yuan in new general bonds and 0.7304 billion yuan in new special bonds) and 9.3615 billion yuan in refinancing bonds (6.0079 billion yuan in refinancing general bonds and 3.3536 billion yuan in refinancing special bonds) [2][7]. - As of June 8, the total disclosed issuance of the fourth - round special refinancing bonds reached 406.361 billion yuan, with 167.5085 billion yuan disclosed in 2025 and an additional 2.6693 billion yuan to be disclosed next week. The top three provinces or municipalities with separately - planned budgets in terms of disclosed issuance are Jiangsu (56.47 billion yuan), Shandong (23.6072 billion yuan), and Sichuan (23.5121 billion yuan) [8]. - As of June 8, the total disclosed issuance of special new special bonds in 2025 was 24.3384 billion yuan, and since 2023, it has reached 143.3897 billion yuan. The top three in terms of disclosed issuance are Jiangsu (21.0235 billion yuan), Hubei (10.6856 billion yuan), and Xinjiang (9.102 billion yuan). In 2025, the top three provinces or municipalities with separately - planned budgets are Jiangsu (9.51 billion yuan), Henan (1.56 billion yuan), and Hubei (1.5 billion yuan) [8]. Summary by Relevant Catalogs Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: From June 2 to June 8, the net supply of local government bonds was 5.05 billion yuan; from June 9 to June 15, the forecast net supply of local government bonds was - 4.3 billion yuan [14][18]. - **Comparison of Planned and Actual Issuance**: In May, there were differences between the planned and actual issuance of local government bonds. In June, there were also differences between the disclosed plan and the actual issuance [16][19]. Local Bond Net Supply - **New Bond Issuance Progress**: As of June 8, the issuance progress of new general bonds was 44.96%, and that of new special bonds was 36.46% [26]. - **Refinancing Bond Net Supply**: As of June 8, the cumulative scale of refinancing bonds minus the maturity of local government bonds for the year was presented in a chart [26]. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of June 8, statistics on special refinancing bonds from the first to the fourth rounds were presented, including the issuance amount of each round in different regions [31]. - **Special New Special Bond Issuance Statistics**: As of June 8, statistics on special new special bonds were presented, including the issuance amount in different regions from 2023 to 2025 [33]. Local Bond Investment and Trading - **Primary - Secondary Spread**: Charts showed the primary and secondary spreads of local government bonds, including the spread changes for different maturities and the overall spread [38]. - **Regional Secondary Spread**: The secondary spreads of local government bonds in different regions from April 18, 2025, to June 6, 2025, were presented [41]. - **New Special Bond Investment Direction**: The investment direction of new special bonds was presented in a chart, with the latest month's statistics only considering the issued new bonds [43].