Report Industry Investment Rating No relevant content provided. Core Viewpoints The report focuses on the primary and secondary market conditions of local government bonds in 2025 and the planned issuance in 2026Q1, covering aspects such as net financing, issuance terms, issuance spreads, and trading volume [1][5]. Summary by Directory 1. Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 2 billion yuan, with a net financing decrease of 31.2 billion yuan. The issuance volume was 2 billion yuan, and the repayment volume was 5.2 billion yuan, resulting in a net repayment of 3.2 billion yuan. Only new special bonds were issued, amounting to 2 billion yuan [1][9]. - **Issuance Terms**: The 20 - year local government bonds had the highest issuance proportion this week (59%), and the proportion of 10 - year and above bonds was 84%, showing a decline compared to last week. The issuance proportions of 5 - year, 10 - year, and 20 - year bonds were 16%, 25%, and 59% respectively, with the 20 - year bond proportion increasing significantly and the 10 - year bond proportion decreasing by about 11 percentage points [1][11]. - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, a total of 2.3097 trillion yuan of special refinancing bonds were disclosed for issuance, including 2 trillion yuan of special bonds for replacing hidden debts. Jiangsu, Hunan, Henan, and Guizhou had 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively in special bonds for replacing hidden debts. As of the end of this week, 1.3668 trillion yuan of special special bonds were disclosed for issuance in 2025, with Jiangsu, Guangdong, Henan, and Yunnan issuing 128.9 billion yuan, 112.7 billion yuan, 76 billion yuan, and 73 billion yuan respectively [2][13][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 24.3bp, widening compared to last week. The 20 - year local government bonds had the highest weighted average issuance spread, reaching 25.3bp. The weighted average issuance spreads of 5 - year, 10 - year, and 20 - year bonds widened. Hunan and Guangdong had weighted average issuance spreads exceeding 20bp [1][24]. - **Fund - Raising Allocations**: As of the end of this week, the main investment directions of new special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (28%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). The proportion of land reserve investment increased by 17.1% compared to 2024, while cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.5% [2][26]. - **Issuance Plans**: As of the end of this week, 34 regions disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance volumes in October and November, the total disclosed issuance volume for the fourth quarter was about 1.65 trillion yuan, with 176 billion yuan in December. The planned issuances of new bonds and refinancing bonds in the fourth quarter were 935.7 billion yuan and 713.5 billion yuan respectively. Some regions also disclosed their local government bond issuance plans for the first quarter of 2026, with a total disclosed issuance volume of about 1.68 trillion yuan, including 692.5 billion yuan in January. The planned issuances of new bonds and refinancing bonds in the first quarter were 619.1 billion yuan and 1.0618 trillion yuan respectively. Next week, local government bonds are planned to issue 26 billion yuan, with a repayment volume of 8.6 billion yuan and a net financing of 17.4 billion yuan, a 20.6 - billion - yuan increase compared to this week [3][28][30]. 2. Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high. The issuance spreads of 1 - year, 3 - year, and 7 - year bonds widened, while those of other - term bonds narrowed. The secondary spreads of 3 - year and 15 - year bonds reached 19.5bp and 16.4bp respectively. From the perspective of the historical quantiles in the past three years, the historical quantiles of the secondary spreads of 3 - year and 1 - year bonds were relatively high, at 83% and 61% respectively. Regionally, local government bonds with a term of less than 5 years in each region had relatively high secondary spreads, and the secondary spreads of 7 - 10 - year bonds in weak and medium - strength regions were also relatively high, ranging from 13bp to 16bp [5][33][34]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased compared to last week. The trading volume of Xinjiang's local government bonds was large, reaching 37.5 billion yuan, and the turnover rate was relatively high, reaching 2.9%. The total trading volume of local government bonds this week was 295.9 billion yuan, and the turnover rate was 0.54% [5][39].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes the primary and secondary market conditions of local government bonds. In the primary market, there are changes in net financing, issuance terms, issuance spreads, and fundraising directions. In the secondary market, the secondary spreads and trading volume of local government bonds have their own characteristics. [1][5] 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 40 billion yuan, with a net financing decrease of 34.2 billion yuan compared to the previous week. The net financing was 28.1 billion yuan, including 6 billion yuan in new general bonds, 29.3 billion yuan in new special bonds, 3.9 billion yuan in refinancing general bonds, and 0.9 billion yuan in refinancing special bonds. Next week, the planned issuance is 2 billion yuan, with a repayment of 5.2 billion yuan and a net repayment of 3.2 billion yuan, a decrease of 64.1 billion yuan compared to the previous week. [1][3] - **Issuance Terms**: This week, the 10 - year local government bonds had the highest issuance proportion (36%), and the proportion of 10 - year and above issuances was 87%, showing an increase compared to the previous week. The issuance proportions of 7 - year, 10 - year, 15 - year, 20 - year, and 30 - year local government bonds were 5%, 36%, 18%, 7%, and 26% respectively. The issuance proportion of 30 - year local government bonds increased significantly, while that of 20 - year local government bonds decreased by about 14 percentage points. [1] - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, 34 regions have disclosed plans to issue a total of 2,298.2 billion yuan in special refinancing bonds, including 2,000 billion yuan in special bonds for replacing implicit debts. Among them, Jiangsu, Hunan, Henan, and Guizhou have 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively. This week, 1.2 billion yuan in special special bonds were issued. As of the end of this week, 1,366.8 billion yuan in special special bonds have been disclosed for issuance in 2025. [2][19] - **Issuance Spreads**: This week, the weighted average issuance spread of local government bonds was 20.7bp, widening compared to the previous week. The 15 - year local government bonds had the highest weighted average issuance spread, reaching 25bp. The weighted average issuance spreads of 3 - year, 5 - year, and 7 - year local government bonds narrowed, while those of the rest widened. Guangxi, Yunnan, and Xinjiang had weighted average issuance spreads exceeding 20bp. [2] - **Fundraising Directions**: As of the end of this week, the main fundraising directions of new special bonds since 2025 have been cold - chain logistics, municipal and industrial park infrastructure construction (28%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). Compared with 2024, the proportion of land reserve (+17.1%) increased significantly, while that of cold - chain logistics, municipal and industrial park infrastructure construction (-8.5%) decreased significantly. [2] - **Issuance Plans**: As of the end of this week, 34 regions have disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance scale in October and November, the total disclosed issuance scale for the fourth quarter is about 1.65 trillion yuan, with 176 billion yuan in December. The planned issuance of new bonds and refinancing bonds in the fourth quarter is 935.7 billion yuan and 713.5 billion yuan respectively. Additionally, 18 regions have disclosed their local government bond issuance plans for the first quarter of 2026, with a total disclosed issuance scale of about 1.07 trillion yuan, including 571.6 billion yuan in January. The planned issuance of new bonds and refinancing bonds in the first quarter is 439.6 billion yuan and 625.7 billion yuan respectively. [3] 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high, and the secondary spread of 1 - year local government bonds narrowed. The secondary spreads of 3 - year and 15 - year local government bonds reached 18.9bp and 18.7bp respectively. From the perspective of the historical quantile in the past three years, the historical quantiles of the secondary spreads of 3 - year and 30 - year local government bonds were relatively high, at 79% and 55% respectively. Regionally, the secondary spreads of 10 - 15 - year local government bonds in strong and medium - strength regions were relatively high, both above 16bp, and the 3 - 5 - year local government bonds in each region also had relatively high secondary spreads. [5] - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased compared to the previous week. The local government bonds in Ningxia and Shenzhen had relatively high turnover rates. The trading volume of local government bonds this week reached 432 billion yuan, with a turnover rate of 0.79%. Among them, the trading volume of Guangdong's local government bonds was large, reaching 40.5 billion yuan; the turnover rates of Ningxia and Shenzhen's local government bonds were relatively high, both reaching 2.3%. [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week ending December 1, 2025, including net financing, issuance terms, issuance spreads, fundraising directions, and trading activities [1][5]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 351.4 billion yuan, with net financing increasing by 199.2 billion yuan. The net financing amount was 325.9 billion yuan, with new general bonds at 8.7 billion yuan, new special bonds at 225.3 billion yuan, refinancing general bonds at 68.8 billion yuan, and refinancing special bonds at 48.6 billion yuan [1][9]. - **Issuance Terms**: The 10 - year local government bonds had the highest issuance proportion (27%) this week, and the proportion of 10 - year and above bonds was 76%, slightly down from last week. The 30 - year bonds' issuance proportion increased significantly, while the 5 - year bonds' decreased by about 8 percentage points [1][12]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds worth 82.7 billion yuan were issued. As of now, 34 regions have disclosed plans to issue special refinancing bonds totaling 2.2802 trillion yuan in 2025, including 2 trillion yuan of special bonds for replacing hidden debts. Jiangsu, Hunan, Henan, and Guizhou are expected to issue 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively [2][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 20.4bp, wider than last week. The 30 - year bonds had the highest weighted average issuance spread at 25.8bp, and spreads for all terms widened. Jilin, Hebei, and Inner Mongolia had weighted average issuance spreads exceeding 25bp [1][25]. - **Fundraising Directions**: As of the end of this week, the main fundraising directions of new special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). The proportion of land reserve increased by 16.9% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.3% [2][28]. - **Issuance Plans**: As of the end of this week, 34 regions have disclosed their fourth - quarter 2025 local government bond issuance plans. Considering the actual issuance in October and November, the total planned issuance in the fourth quarter is nearly 1.6 trillion yuan, with 104.9 billion yuan in December. Next week, 108.7 billion yuan of local government bonds are planned to be issued, with a repayment amount of 48.2 billion yuan and net financing of 60.5 billion yuan, a decrease of 265.4 billion yuan compared to this week [3][33]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 15 - year and 30 - year local government bonds were relatively high, while those of 1 - year, 3 - year, 5 - year, and 7 - year bonds narrowed. The secondary spreads of 15 - year and 30 - year bonds were 18.7bp and 16.4bp respectively. In terms of historical quantiles over the past three years, the secondary spreads of 3 - year and 30 - year bonds were at relatively high levels, 44% and 70% respectively. Regionally, the secondary spreads of bonds over 20 - year in each region were relatively high, between 14 - 18bp, and those of bonds over 10 - year in medium - level regions were also relatively high [5][36]. - **Trading Volume**: This week, the trading volume and turnover rate of local government bonds decreased compared to last week. Shenzhen and Chongqing had relatively high turnover rates. The trading volume of local government bonds reached 379 billion yuan, with a turnover rate of 0.70%. Guangdong had the largest trading volume at 3.62 billion yuan, while Shenzhen and Chongqing had the highest turnover rates at 2.0% and 1.6% respectively [5][41].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the net financing of local government bonds decreased, and the weighted - average issuance spread widened. The secondary spreads of local government bonds narrowed, and the trading volume and turnover rate increased [1][5]. 3. Summary by Directory 3.1 Primary Market Issuance Situation - **Net financing**: This week, local government bonds issued a total of 916 billion yuan, with a net financing decrease of 213.9 billion yuan. The net repayment was 36 billion yuan. There was no new general - purpose bond, 45.2 billion yuan of new special - purpose bonds, 33.7 billion yuan of refinancing general - purpose bonds, and 12.7 billion yuan of refinancing special - purpose bonds [1][9]. - **Issuance term**: This week, the 7 - year local government bonds had the highest issuance proportion (28%), and the proportion of 10 - year and above bonds increased to 72%. The proportion of 20 - year bonds increased significantly, while the proportion of 5 - year bonds decreased by about 15 percentage points [1][12]. - **Debt - resolution - related local government bonds**: This week, 5.7 billion yuan of special refinancing bonds were issued. In 2025, 34 regions have disclosed plans to issue 2.1074 trillion yuan of special bonds to replace hidden debts. Jiangsu, Guizhou, Hunan, and Henan plan to issue 274.6 billion yuan, 132.4 billion yuan, 128.8 billion yuan, and 118.9 billion yuan respectively. This week, 1 billion yuan of special special - purpose bonds were issued. As of the end of this week, 1.2918 trillion yuan of special special - purpose bonds have been disclosed for issuance in 2025, with Jiangsu, Guangdong, Yunnan, and Hebei issuing 128.9 billion yuan, 102.7 billion yuan, 73 billion yuan, and 70.2 billion yuan respectively [2][13][18]. - **Issuance spread**: This week, the weighted - average issuance spread of local government bonds was 19.5bp, wider than last week. The 3 - year bonds had the highest spread at 27.2bp. Except for 5 - year and 10 - year bonds, the spreads of other - term bonds widened. Inner Mongolia, Hubei, and Yunnan had spreads over 20bp [1][23]. - **Fund - raising direction**: As of the end of this week, the main investment directions of new special - purpose bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (18%), land reserve (16%), affordable housing projects (12%), and social undertakings (11%). Compared with 2024, the proportion of land reserve increased by 16.0%, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.9% [2][26]. - **Issuance plan**: As of the end of this week, 33 regions have disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance in October, the total planned issuance for the fourth quarter is about 1.3 trillion yuan, with 701.6 billion yuan in November. New bonds and refinancing bonds are planned to issue 693.1 billion yuan and 580.7 billion yuan respectively. Next week, 285.1 billion yuan of local government bonds are planned to be issued, with a repayment of 42.3 billion yuan and a net financing of 242.8 billion yuan, a week - on - week increase of 278.8 billion yuan [3][29][30]. 3.2 Secondary Market Situation - **Secondary spread**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high. Except for 1 - year bonds, the secondary spreads of other - term bonds narrowed. The spreads of 3 - year, 15 - year, and 20 - year bonds were 16.7bp, 17.5bp, and 16.2bp respectively. In terms of historical quantiles in the past three years, the 3 - year and 30 - year bonds had relatively high quantiles, reaching 65% and 59% respectively. Regionally, the 3 - 5 - year bonds in each region had relatively high spreads, all between 15 - 17bp, and the bonds over 10 - year in medium - level regions also had relatively high spreads [5][32]. - **Trading situation**: This week, the trading volume and turnover rate of local government bonds increased compared with last week. The trading volume reached 477 billion yuan, and the turnover rate was 0.89%. Guangdong had a large trading volume of 77.4 billion yuan, and Jiangxi and Guangdong had relatively high turnover rates of 2.7% and 2.1% respectively [5][37].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The report suggests that there is still room for the narrowing of local government bond spreads. It analyzes the primary and secondary market conditions of local government bonds, including net financing, issuance terms, issuance spreads, capital investment directions, and trading volumes [1]. 3. Summary by Directory 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bond issuance reached 270.7 billion yuan, with net financing increasing by 12.2 billion yuan compared to the previous week. The net financing was 178 billion yuan, including 17 billion yuan in new general bonds, 154.9 billion yuan in new special bonds, 77.3 billion yuan in refinancing general bonds, and 21.5 billion yuan in refinancing special bonds [1][9]. - **Issuance Terms**: The issuance proportion of 10 - year local government bonds was the highest at 24%, and the proportion of 10 - year and above bonds was 63%, showing a decline compared to last week. The issuance proportion of 5 - year local government bonds increased significantly, while that of 30 - year bonds decreased by about 9 percentage points [1][13]. - **Debt - Resolution - Related Local Government Bonds**: This week, 24.6 billion yuan of special refinancing bonds were issued. In 2025, 33 regions have disclosed plans to issue a total of 2.0536 trillion yuan in special bonds to replace hidden debts, with Jiangsu, Guizhou, Hunan, and Henan having 251.1 billion yuan, 132.4 billion yuan, 128.8 billion yuan, and 116.1 billion yuan respectively [2][17]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 17.5bp, lower than last week. The 15 - year local government bonds had the highest weighted average issuance spread at 22.8bp. Except for 5 - year and 30 - year bonds, the weighted average issuance spreads of other terms narrowed. Inner Mongolia, Guangxi, and Shandong had weighted average issuance spreads exceeding 20bp [2][25]. - **Fund - Raising Investment Directions**: As of the end of this week, the main investment directions of new special bond funds raised since 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (17%), land reserve (16%), affordable housing projects (12%), and social undertakings (11%). In 2025, the proportion of land reserve investment increased by 16.3% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.0% [2][29]. - **Issuance Plan**: As of the end of this week, 33 regions have disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance in October, the total planned issuance in the fourth quarter is about 1.3 trillion yuan, with 705 billion yuan in November. Next week, 91.6 billion yuan of local government bonds are planned to be issued, with a repayment of 127.6 billion yuan and a net repayment of 36 billion yuan, a decrease of 213.9 billion yuan compared to the previous week [3][32]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 20 - year local government bonds were relatively high, and the secondary spreads of all terms widened. The secondary spreads of 3 - year, 20 - year, and 15 - year bonds reached 19.6bp, 18.7bp, and 18.5bp respectively. In terms of regions, the secondary spreads of 3 - 5 - year local government bonds in each region were relatively high, ranging from 18 - 21bp, and the 15 - 20 - year bonds in medium - level regions also had relatively high secondary spreads [5][36]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds increased compared to last week. Hebei and Guizhou had relatively high turnover rates. The trading volume of local government bonds reached 385.3 billion yuan, with a turnover rate of 0.72%. Hebei had a large trading volume of 42.9 billion yuan, and the turnover rates of Hebei and Guizhou were the highest, reaching 1.8% and 1.7% respectively [5][41].

Report Overview - Report Title: Government Bond Issuance Tracking - Week 43, 2025 [2] - Researcher: Cheng Xiaoqing [3] - Report Date: October 27, 2025 [3] Industry Investment Rating - Not provided Core Viewpoints - As of October 26, the issuance progress of new special bonds reached 86.6%, with 112.4 billion yuan issued this week, a week - on - week increase of 92.3 billion yuan, and 154.9 billion yuan planned for next week [4] - As of October 26, the cumulative issuance of new general bonds in October was 1.3 billion yuan, with 1.3 billion yuan issued this week, a week - on - week increase of 1.3 billion yuan, and the issuance progress reached 84.1%, with 17 billion yuan planned for next week [5][7] - As of October 26, the cumulative issuance of new special bonds in October was 132.5 billion yuan [6] - This week, the net financing scale of local bonds was 165.8 billion yuan, a week - on - week increase of 185.5 billion yuan, and the net financing is expected to be 178 billion yuan next week. As of October 26, the issuance progress of new local bonds reached 86.2% [8] - As of October 26, the net financing progress of treasury bonds reached 84.0% [12] - As of October 26, the progress of treasury bond net financing plus new local bond issuance reached 85.0%, and the net financing is expected to be 178 billion yuan next week [15] - This week, the net financing scale of treasury bonds was 23.6 billion yuan, a week - on - week increase of 6.9 billion yuan, and the net financing is expected to be 0 billion yuan next week. This week, the net financing of government bonds was 189.3 billion yuan, a week - on - week increase of 192.5 billion yuan [20]

Key Points of the Report 1. Investment Rating of the Reported Industry The provided content does not mention the industry investment rating. 2. Core View of the Report The report focuses on the weekly situation of local government bonds in 2025, analyzing the primary and secondary market conditions, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume, to help investors understand the market trends and potential investment opportunities [1]. 3. Summary by Relevant Catalogs Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 323 billion yuan, with a net repayment of 198 billion yuan due to a repayment volume of 521 billion yuan. New general bonds were 0 billion yuan, new special bonds were 201 billion yuan, refinancing general bonds were 25 billion yuan, and refinancing special bonds were 97 billion yuan [1][9]. - **Issuance Terms**: The 20 - year local government bonds had the highest issuance proportion (32%) this week, and the issuance proportion of bonds with a term of 10 years and above was 79%, an increase compared to last week. The 20 - year issuance proportion increased significantly, while the 7 - year decreased by about 43 percentage points [1][11]. - **Debt - Resolution - Related Local Government Bonds**: This week, 62 billion yuan of special refinancing bonds were issued. In 2025, 33 regions have disclosed plans to issue a total of 20,233 billion yuan of special bonds to replace hidden debts, with Jiangsu, Guizhou, Hunan, and Henan having 2,511 billion yuan, 1,324 billion yuan, 1,288 billion yuan, and 1,151 billion yuan respectively. Also, 31 billion yuan of special special bonds were issued this week, and as of the end of this week, 12,374 billion yuan of special special bonds have been disclosed for issuance in 2025, with Jiangsu, Guangdong, Yunnan, and Hebei issuing 1,189 billion yuan, 1,027 billion yuan, 730 billion yuan, and 702 billion yuan respectively [2][14][17]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 16.4bp, narrowing compared to last week. The 15 - year local government bonds had the highest weighted average issuance spread at 24.0bp. The weighted average issuance spread of 10 - year local government bonds narrowed, while that of 7 - year bonds widened. Jilin and Liaoning had a weighted average issuance spread of over 20bp [1][22]. - **Fund - Raising Allocations**: As of the end of this week, the main allocation directions of new special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (18%), land reserve (15%), affordable housing projects (12%), and social undertakings (11%). The proportion of land reserve increased by 15% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.9% [2][26]. - **Issuance Plan**: As of the end of this week, 35 regions have disclosed the local government bond issuance plan for the fourth quarter of 2025, with a total planned issuance scale of 9,313 billion yuan, of which 5,423 billion yuan is for October. The planned issuance of new bonds and refinancing bonds in the fourth quarter is 5,832 billion yuan and 3,481 billion yuan respectively. Next week, local government bonds are planned to issue 2,472 billion yuan, with a repayment volume of 815 billion yuan and a net financing of 1,658 billion yuan, an increase of 1,855 billion yuan compared to this week [3][30][34]. Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 20 - year and 5 - year local government bonds were relatively high, at 16.6bp and 16.4bp respectively. The secondary spreads of 1 - year, 10 - year, 5 - year, and 15 - year local government bonds narrowed, while those of other terms widened. From the perspective of the historical quantile in the past 3 years, the historical quantiles of the secondary spreads of 5 - year and 7 - year local government bonds were relatively high, reaching 69% and 74% respectively. Regionally, the secondary spreads of 3 - 7 - year local government bonds in each region were relatively high, all greater than or close to 15bp, and the 15 - 20 - year local government bonds in medium - level regions also had relatively high secondary spreads [4][5][37]. - **Trading Volume**: This week, the trading volume and turnover rate of local government bonds increased compared to last week. Guangdong's local government bonds had a high turnover rate. The trading volume of local government bonds this week reached 3,086 billion yuan, with a turnover rate of 0.58%. Guangdong's local government bonds had a large trading volume of 601 billion yuan and the highest turnover rate of 1.7%, higher than Ningxia's 1.1% [5][42].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report indicates that 5Y and 7Y local bonds are cost - effective, and conducts a comprehensive analysis of the primary and secondary markets of local bonds, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume [1]. 3. Summary by Directory 3.1 Primary Market Situation - **Net Financing**: This week, local bonds issued a total of 103 billion yuan, with a net repayment of 246 billion yuan due to a repayment amount of 348 billion yuan. The issued bonds were all refinancing general bonds [1][9]. - **Issuance Term**: The 7Y local bond issuance accounted for the highest proportion (54%) this week, with the 10Y and above issuance accounting for 46%. The 7Y local bond issuance proportion increased by about 50 percentage points compared to last week, while the 10Y decreased by about 24 percentage points [1][12]. - **Debt - Resolution - Related Local Bonds**: No special refinancing bonds were issued this week. In 2025, 33 regions have disclosed plans to issue a total of 2001.9 billion yuan in special bonds to replace hidden debts, with Jiangsu, Hunan, Guizhou, and Henan having 251.1 billion, 128.8 billion, 127.1 billion, and 115.1 billion yuan respectively. As of the end of this week, the disclosed and issued scales of special special - purpose bonds in 2025 are 1206 billion and 1202.9 billion yuan respectively [2][15][20]. - **Issuance Spread**: The weighted average issuance spread of local bonds this week was 18.9bp, narrowing compared to last week. The 10Y local bond had the highest weighted average issuance spread at 21.9bp, and the spreads of 7Y and 10Y local bonds both narrowed. Only Anhui issued local bonds this week [1][25]. - **Raised Funds Allocation**: As of the end of this week, the main allocation directions of newly - added special - purpose bond funds in 2025 are cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (18%), land reserve (14%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve allocation increased by 14.2% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.5% [2][26]. - **Issuance Plan**: As of the end of this week, 35 regions have disclosed their local bond issuance plans for the fourth quarter of 2025, with a total planned issuance scale of 896.6 billion yuan, of which 544.8 billion yuan is for October. The planned issuance amounts of new bonds and refinancing bonds in the fourth quarter are 556.7 billion and 339.8 billion yuan respectively. Next week, local bonds are planned to be issued at 32.3 billion yuan, with a repayment amount of 52.1 billion yuan and a net repayment of 19.8 billion yuan, a 4.8 - billion - yuan increase from the previous week [3][30][34]. 3.2 Secondary Market Situation - **Secondary Spread**: This week, the secondary spreads of 5Y and 10Y local bonds were relatively high, reaching 17.5bp and 17bp respectively. The secondary spreads of 30Y, 3Y, 20Y, and 15Y local bonds narrowed, while those of other maturities widened. In terms of historical quantiles in the past three years, the secondary spreads of 5Y and 7Y local bonds were at relatively high levels, reaching 76% and 74% respectively. Regionally, the secondary spreads of 5Y - 15Y local bonds in each region were relatively high, all greater than or close to 15bp, and the 15Y - 20Y local bonds in medium - level regions also had relatively high secondary spreads [4][5]. - **Trading Volume**: Due to the holiday, the trading volume and turnover rate of local bonds decreased compared to last week. The trading volume of local bonds this week was 91.3 billion yuan, with a turnover rate of 0.17%. Guangdong had a large trading volume of 12.7 billion yuan, and Ningxia had the highest turnover rate at 2.2% [5].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report tracks the issuance of government bonds in the 39th week of 2025, presenting the issuance progress, net financing scale, and their changes compared to the previous week and historical data for various types of bonds [4][7][12]. 3. Summary by Relevant Content New Special Bond Issuance - As of September 28, the issuance progress of new special bonds was 83.2% [4] - This week, new special bonds issued were 149.6 billion yuan, a week - on - week increase of 51.8 billion yuan [4] - As of September 28, the cumulative issuance of new special bonds in September was 397.1 billion yuan [4] New General Bond Issuance - As of September 28, the issuance progress of new general bonds was 82.7% [9] - This week, new general bonds issued were 5.6 billion yuan, a week - on - week decrease of 15.1 billion yuan [7] - As of September 28, the cumulative issuance of new general bonds in September was 4.11 billion yuan [4] Local Bond Net Financing - This week, the net financing scale of local bonds was 122.5 billion yuan, a week - on - week increase of 91.6 billion yuan [12] - As of September 28, the issuance progress of new local bonds was 83.1% [12] Treasury Bond Net Financing - This week, the net financing scale of treasury bonds was - 144.1 billion yuan, a week - on - week decrease of 431.2 billion yuan [17] - As of September 28, the net financing progress of treasury bonds was 80.6% [18] Government Bond Net Financing - This week, the net financing of government bonds was - 21.7 billion yuan, a week - on - week decrease of 339.6 billion yuan [20] - As of September 28, the progress of treasury bond net financing plus new local bond issuance was 81.7% [20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the primary and secondary market conditions of local government bonds in the week of September 22, 2025, including net financing, issuance terms, issuance spreads, and trading volume. It also provides an outlook on the issuance plan for the third and fourth quarters of 2025 [1][5]. 3. Summary by Directory 3.1 Primary Market Conditions - **Net Financing**: This week, local government bonds issued a total of 188.5 billion yuan, with a net financing of 30.9 billion yuan. The issuance of new general bonds was 20.7 billion yuan, new special bonds 97.8 billion yuan, refinancing general bonds 23.9 billion yuan, and refinancing special bonds 46.1 billion yuan [1]. - **Issuance Terms**: The 10 - year local government bonds had the highest issuance proportion (25%), and the issuance proportion of bonds with a term of 10 years and above was 77%, an increase from last week. The issuance proportion of 15 - year bonds increased by about 13 percentage points, while that of 30 - year bonds decreased by about 18 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds worth 21.4 billion yuan were issued. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debt, totaling 1,995.7 billion yuan [2]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 22bp, narrowing compared to last week. The weighted average issuance spread of 15 - year local government bonds was the highest, reaching 25.0bp [2]. - **Fund - Raising Allocations**: As of the end of this week, the main areas of new special bond fund - raising in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (18%), land reserves (14%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserves increased by 14.1% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.6% [2]. - **Issuance Plan**: As of the end of this week, 35 regions have disclosed their local government bond issuance plans for the third quarter of 2025, with a total expected issuance of 2.9 trillion yuan. Some regions have also disclosed their fourth - quarter issuance plans, totaling 566.6 billion yuan, with 388.2 billion yuan scheduled for October [3]. 3.2 Secondary Market Conditions - **Secondary Spreads**: This week, the secondary spreads of 5 - year and 10 - year local government bonds were relatively high, at 13.8bp and 13.1bp respectively. The secondary spreads of 20 - year and 30 - year local government bonds widened. Regionally, the secondary spreads of 3 - 5 - year local government bonds in each region were relatively high, all above 14bp [5]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds increased compared to last week. Hunan had the highest turnover rate, reaching 2.5%. The trading volumes of Hunan, Jiangsu, and Guangdong were relatively large, at 60.6 billion yuan, 54.3 billion yuan, and 47.1 billion yuan respectively [5].