1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - The issuance and net financing of local government bonds increased this period but are expected to decline next period. The current 10Y and above local government bonds still have certain cost - effectiveness, but the potential pressure of increased bond supply after the Two Sessions should be vigilant [2]. 3. Summary According to the Table of Contents 3.1 This period, the issuance volume of local government bonds increased, and the weighted issuance term shortened - The total issuance/net financing of local government bonds this period (2026.3.2 - 2026.3.8) was 2724.84 billion yuan/2562.29 billion yuan (2564.20 billion yuan/1894.23 billion yuan in the previous period), and the expected issuance/net financing next period (2026.3.9 - 2026.3.15) is 1355.45 billion yuan/632.14 billion yuan [2][6]. - The weighted issuance term of local government bonds this period was 17.95 years, shorter than 21.76 years in the previous period [2][8]. - The issuance spreads of 10/30 - year local government bonds compared with the same - term national bonds increased to 17.45BP/decreased to 21.00BP this period (12.09/23.46BP in the previous period), and the full - field multiples increased [2][9]. - Compared with the same period in 2024 and 2025, the issuance progress of new general bonds this year is slower, but the issuance progress of new special bonds is faster. As of March 6, 2026, the cumulative issuance of new general bonds/new special bonds accounted for 26.9% and 20.5% of the annual quota respectively, and considering the expected issuance next period, it will be 29.3% and 20.9% [2][10][12]. - The planned issuance scale of local government bonds in March 2026 is 936.2 billion yuan, of which new special bonds are 302.7 billion yuan. As of March 6, 2026, 24 regions have disclosed the planned issuance scale of local government bonds in March 2026, with new special bonds of 302.7 billion yuan [2][20][21]. - This period, the special new special bonds issued 5.6 billion yuan, and the special refinancing bonds for replacing hidden debts and repaying existing debts issued 112.6 billion yuan and 0 billion yuan respectively. As of March 6, 2026, the cumulative issuance of special new special bonds in 2026 was 105.5 billion yuan; the cumulative issuance of special refinancing bonds for replacing hidden debts was 792.3 billion yuan, with an issuance progress of 39.6%; the cumulative issuance of special refinancing bonds for repaying existing debts was 3.6 billion yuan [2][15][16]. 3.2 This period, the spread between local government bonds and national bonds narrowed for 10Y and widened for 30Y, and the weekly turnover rate increased significantly - As of March 6, 2026, the spreads between 10 - year and 30 - year local government bonds and national bonds were 19.90BP and 20.88BP respectively, narrowing by 2.57BP and 0.14BP compared with February 28, 2026, and were at the 52.60% and 80.00% historical quantiles since 2023 respectively [2][23][27]. - The weekly turnover rate of local government bonds this period was 1.10%, a significant increase compared with 0.42% in the previous period [2][33]. - This period, the yields and liquidity of 7 - 10Y local government bonds in regions such as Qinghai, Heilongjiang, and Jilin were better than the national average [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The issuance and net financing of local government bonds in the current period increased compared to the previous period, but it is expected to decline in the next period. The weighted issuance term of local government bonds in the current period is shortened. The issuance spreads of 10/30-year local government bonds compared to the same-term national bonds changed, and the full - field multiples increased. [2] - Compared with the same period in 2024 and 2025, the issuance progress of new general bonds this year is slower, while the issuance progress of new special bonds is faster. [2] - The planned issuance scale of local government bonds in March 2026 is 936.2 billion yuan, with new special bonds accounting for 302.7 billion yuan. [2] - The special new special bonds issued in the current period are 560 million yuan, and the special refinancing bonds for replacing hidden debts and repaying existing debts are 11.26 billion yuan and 0 yuan respectively. [2] - The spread between local government bonds and national bonds narrowed for 10Y and widened for 30Y, and the weekly turnover rate increased significantly. [2] - Currently, local government bonds with a term of 10Y and above still have certain cost - effectiveness, but the potential pressure of increased bond supply after the Two Sessions should be vigilant. [2] 3. Summary According to the Directory 3.1 This Period: Local Government Bond Issuance Increased and the Weighted Issuance Term Shortened - The total issuance of local government bonds in the current period (March 2 - 8, 2026) is 272.484 billion yuan (256.420 billion yuan in the previous period), and the expected issuance in the next period (March 9 - 15, 2026) is 135.545 billion yuan. The weighted issuance term of local government bonds in the current period is 17.95 years, shorter than 21.76 years in the previous period. [2][9] - The issuance spreads of 10/30 - year local government bonds compared to the same - term national bonds in the current period increased to 17.45BP/decreased to 21.00BP, and the full - field multiples increased compared to the previous period. [2][12] - As of March 6, 2026, the cumulative issuance of new general bonds/new special bonds accounted for 26.9% and 20.5% of the annual quota respectively, and considering the expected issuance in the next period, it will be 29.3% and 20.9%. Compared with the same period in 2024 and 2025, the issuance progress of new general bonds is slower, while that of new special bonds is faster. [2][16] - As of March 6, 2026, 24 regions have disclosed that the planned issuance scale of local government bonds in March 2026 is 936.2 billion yuan, including 302.7 billion yuan of new special bonds. [2][22] - The special new special bonds issued in the current period are 560 million yuan, and the cumulative issuance in 2026 is 10.55 billion yuan; the special refinancing bonds for replacing hidden debts have a cumulative issuance of 79.23 billion yuan, with a progress of 39.6%; the special refinancing bonds for repaying existing debts have a cumulative issuance of 360 million yuan. [2][18] 3.2 This Period: The Spread between Local Government Bonds and National Bonds Narrowed for 10Y and Widened for 30Y, and the Weekly Turnover Rate Increased Significantly - As of March 6, 2026, the spreads between 10 - year and 30 - year local government bonds and national bonds are 19.90BP and 20.88BP respectively, narrowing by 2.57BP and 0.14BP compared to February 28, 2026, and are at the 52.60% and 80.00% historical quantiles since 2023. [2][33] - The weekly turnover rate of local government bonds in the current period is 1.10%, a significant increase compared to 0.42% in the previous period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Qinghai, Heilongjiang, and Jilin are better than the national average. [2][37]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The issuance and net financing of local government bonds in the current period decreased compared to the previous period, and it is expected to increase in the next period. The issuance/ net financing in the current period (2026.2.23 - 2026.3.1) was 2564.20 billion yuan/ 1894.23 billion yuan, and the expected issuance/ net financing in the next period (2026.3.2 - 2026.3.8) is 2724.84 billion yuan/ 2562.29 billion yuan [2]. - The issuance progress of new - added local government bonds in 2026 is relatively fast. As of February 27, 2026, the cumulative issuance of new - added general bonds/ new - added special bonds accounted for 26.3% and 18.7% of the annual quota (calculated based on the 2025 quota), and considering the expected issuance in the next period, it will be 26.9% and 20.5% [2]. - The weighted issuance term of local government bonds in the current period has been extended, and the issuance spreads of 10 - year and 30 - year local government bonds compared to the same - term national bonds have changed, with the full - field multiples decreasing [2]. - The spread between local government bonds and national bonds for 10 - year and 30 - year terms has changed, with the 10 - year spread widening and the 30 - year spread narrowing slightly, and the weekly turnover rate has decreased significantly [2]. - Currently, local government bonds with a term of 10 years and above still have certain cost - effectiveness [2]. 3. Summary According to Relevant Catalogs 3.1 This Period's Local Government Bond Issuance Volume Decreased, and the Weighted Issuance Term was Extended - The total issuance of local government bonds in the current period was 2564.20 billion yuan (2026.2.23 - 2026.3.1), compared with 3221.36 billion yuan in the previous period. The expected issuance in the next period is 2724.84 billion yuan [2][6]. - The weighted issuance term of local government bonds in the current period was 21.76 years, significantly longer than the 15.48 years in the previous period [2][8]. - The issuance spreads of 10 - year and 30 - year local government bonds compared to the same - term national bonds decreased to 12.09BP and increased to 23.46BP respectively, and the full - field multiples decreased compared to the previous period [2][9]. 3.2 Issuance Progress of New - Added Local Government Bonds - As of February 27, 2026, the cumulative issuance of new - added general bonds accounted for 26.3% of the annual quota, and considering the expected issuance in the next period, it will be 26.9%. The cumulative issuance of new - added special bonds accounted for 18.7% of the annual quota, and considering the expected issuance in the next period, it will be 20.5% [2][12][15]. 3.3 Special Local Government Bond Issuance - In the current period, the issuance of special new - added special bonds was 53 billion yuan. The special refinancing bonds for replacing hidden debts and repaying existing debts were issued at 934 billion yuan and 0 billion yuan respectively. As of February 27, 2026, the cumulative issuance of special new - added special bonds in 2026 was 999 billion yuan; the cumulative issuance of special refinancing bonds for replacing hidden debts was 6797 billion yuan, with an issuance progress of 34.0%; the cumulative issuance of special refinancing bonds for repaying existing debts was 36 billion yuan [2][19][20]. 3.4 March 2026 Local Government Bond Issuance Plan - As of February 27, 2026, 24 regions have disclosed that the total planned issuance of local government bonds in March 2026 is 9347 billion yuan, including 3067 billion yuan of new - added special bonds [2][21][22]. 3.5 Spread and Turnover Rate of Local Government Bonds - As of February 27, 2026, the spreads between 10 - year and 30 - year local government bonds and national bonds were 22.47BP and 20.74BP respectively, with the 10 - year spread widening by 3.46BP and the 30 - year spread narrowing by 0.66BP compared to February 14, 2026 [2][28][29]. - The weekly turnover rate of local government bonds in the current period was 0.42%, a significant decrease compared to the previous period's 1.08% [2][35].

Group 1 - The issuance and net financing of local government bonds decreased this period, with a total issuance/net financing of 322.14 billion yuan/320.50 billion yuan, down from 579.67 billion yuan/578.93 billion yuan in the previous period [5] - The weighted average issuance term of local government bonds shortened to 15.48 years from 16.12 years in the previous period [5] - The issuance of new general bonds and special bonds has progressed faster than in the same period of 2024 and 2025, with cumulative issuance ratios of 24.7% and 15.8% respectively as of February 20, 2026 [5][7] Group 2 - The planned issuance of local government bonds for the first quarter of 2026 is 240.26 billion yuan, which is comparable to the actual issuance in the same period of 2025 [5][14] - Special new bonds issued this period totaled 25.2 billion yuan, with 33.3 billion yuan for replacing hidden debts and no issuance for repaying existing debts [5][12] - The yield spread between local government bonds and national bonds for 10Y and 30Y bonds slightly narrowed, with weekly turnover rate significantly increasing to 1.08% from 0.78% in the previous period [5][19] Group 3 - The current yield spread for 10Y and 30Y local government bonds is 19.01 BP and 21.40 BP respectively, which are at historical percentiles of 46.50% and 83.00% since 2023 [5][19] - The current value of the 10Y local government bond yield is 1.98%, while the 30Y yield is 2.48% [21] - The issuance of local government bonds is expected to continue to provide certain value for investors, particularly in the 20-30Y range [5][19]

Report Industry Investment Rating No information provided regarding the report industry investment rating. Report's Core View - The issuance and net financing of local government bonds in the current period increased significantly compared to the previous period, and it is expected to decline in the next period. The weighted issuance term of local government bonds in the current period shortened compared to the previous period, and the issuance spreads of 10/30-year local government bonds over the same-term treasury bonds increased, with the overall multiples rising. The issuance progress of new general bonds in 2026 exceeded that of the same period in 2025 but was slower than that in 2024, while the issuance progress of new special bonds was faster. The planned issuance scale of local government bonds in Q1 2026 is comparable to that in the same period in 2025, with larger planned issuance scales in January and March 2026 due to the late Spring Festival. The current 20 - 30Y local government bonds still have certain cost - effectiveness [2]. Summary According to the Table of Contents 1. The current issuance volume of local government bonds increased, and the weighted issuance term shortened - The total issuance/net financing of local government bonds in the current period (2026.2.2 - 2026.2.8) was 5796.73 billion yuan/5789.27 billion yuan (compared to 4392.75 billion yuan/3108.54 billion yuan in the previous period), and it is expected to be 3221.36 billion yuan/3204.98 billion yuan in the next period (2026.2.9 - 2026.2.15). The weighted issuance term of local government bonds in the current period was 16.12 years, shorter than 17.31 years in the previous period. The issuance spreads of 10/30-year local government bonds over the same - term treasury bonds increased to 16.63/19.59BP, and the overall multiples increased (20.8 times and 21.2 times in the current period, compared to 19.7 times and 19.1 times in the previous period) [2][9][11]. - As of February 6, 2026, the cumulative issuance of new general bonds/new special bonds accounted for 17.0% and 11.4% of the annual quota (calculated based on the 2025 quota), and considering the expected issuance in the next period, it will be 24.7% and 15.8%. The cumulative issuance progress in 2025 was 14.0%/4.8% and 15.7%/6.1%, and in 2024 it was 21.6%/5.6% and 21.6%/5.6% [2][13][16]. - The planned issuance scale of local government bonds in Q1 2026 is 248.85 billion yuan, comparable to the same period in 2025. As of February 6, 2026, 31 regions have disclosed a total planned issuance scale of 248.85 billion yuan. The planned issuance scales in January, February, and March 2026 are 84.44 billion yuan (actual issuance of 86.33 billion yuan), 68.32 billion yuan (57.97 billion yuan has been issued in the first week of February, and a total of 90.18 billion yuan is expected to be issued including the next week's forecast), and 96.09 billion yuan, compared to 39.20 billion yuan, 115.99 billion yuan, and 80.81 billion yuan in the same regions in the same period last year [2][23][28]. - The issuance of special new special bonds in the current period was 4.07 billion yuan, and the issuance of special refinancing bonds for replacing hidden debts and repaying existing debts was 30.24 billion yuan and 0 billion yuan respectively. As of February 6, 2026, the cumulative issuance of special new special bonds in 2026 was 6.94 billion yuan; the cumulative issuance of special refinancing bonds for replacing hidden debts was 55.30 billion yuan, with an issuance progress of 27.7%; the cumulative issuance of special refinancing bonds for repaying existing debts was 0.36 billion yuan [2][21]. 2. The spread between local government bonds and treasury bonds narrowed for 10Y and widened for 30Y, and the weekly turnover rate increased - As of February 6, 2026, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 19.98BP and 21.90BP, narrowing by 0.90BP and widening by 5.80BP respectively compared to January 30, 2026, and were at the 53.40% and 85.70% historical quantiles since 2023 [2][35][36]. - The weekly turnover rate of local government bonds in the current period was 0.78%, up from 0.66% in the previous period. The yields and liquidity of 7 - 10Y local government bonds in Shandong, Tianjin, Liaoning and other regions were better than the national average [2][41]. - Currently, 20 - 30Y local government bonds still have certain cost - effectiveness. Taking the 10 - year local government bond as an observation anchor, the top of the spread adjustment since 2018 may be about 20 - 25BP above the lower limit of the issuance spread, and the bottom may be around the lower limit of the issuance spread. Currently, the top of the spread between local government bonds and treasury bonds may be around 30 - 35BP, and the bottom may be around 5 - 10BP [2].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The issuance and net financing of local government bonds in the current period increased significantly compared to the previous period, and it is expected to continue to rise in the next period. The current period (January 26 - February 1, 2026) saw a total issuance/net financing of RMB 439.275 billion/RMB 310.854 billion, and the next period (February 2 - February 8, 2026) is expected to be RMB 579.673 billion/RMB 578.927 billion [2]. - As of January 30, 2026, the issuance progress of new general bonds is slower than that in the same period of 2024 and 2025, but the issuance progress of new special bonds is faster. Considering the expected issuance in the next period, the cumulative issuance ratios of new general bonds and new special bonds to the annual quota (calculated based on the 2025 quota) are 17.0% and 11.4% respectively [2]. - The planned issuance scale of local government bonds in the first quarter of 2026 is approximately the same as that in the same period of 2025. Due to the late Spring Festival in 2026 (February), the planned issuance scale in January and March is relatively larger. The issuance peak of local government bonds in February may be mainly in the first week, and the issuance of special refinancing bonds to replace hidden debts will significantly accelerate [2]. - The current 10 - year local government bonds still have certain cost - effectiveness. Since 2018, the top of the spread adjustment may be about 20 - 25BP above the lower limit of the issuance spread, and the bottom may be near the lower limit of the issuance spread [2]. Summary by Directory 1. The issuance volume of local government bonds in the current period increased, and the weighted issuance term was extended - The total issuance and net financing of local government bonds in the current period increased significantly compared to the previous period. The current period's issuance/net financing is RMB 439.275 billion/RMB 310.854 billion, and the next period is expected to be RMB 579.673 billion/RMB 578.927 billion [2][9]. - The weighted issuance term of local government bonds in the current period is 17.31 years, which is longer than the previous period's 15.88 years [2][11]. - The issuance spreads of 10 - year and 30 - year local government bonds compared to the same - term treasury bonds decreased/increased to 8.79/16.58BP respectively in the current period, and the full - field multiples decreased/increased [2][12]. - As of January 30, 2026, the issuance progress of new general bonds is slower than that in the same period of 2024 and 2025, but the issuance progress of new special bonds is faster. The cumulative issuance ratios of new general bonds and new special bonds to the annual quota (calculated based on the 2025 quota) are 7.6% and 8.4% respectively, and considering the expected issuance in the next period, they are 17.0% and 11.4% respectively [2][15][19]. - The planned issuance scale of local government bonds in the first quarter of 2026 is RMB 248.85 billion, which is comparable to that in the same period of 2025. The planned issuance scale in January and March 2026 is relatively larger. The issuance peak of local government bonds in February may be mainly in the first week, and the issuance of special refinancing bonds to replace hidden debts will significantly accelerate [2][25][30]. - In the current period, 19.1 billion yuan of special new special bonds were issued, and 8.39 billion yuan and 0 yuan of special refinancing bonds to replace hidden debts and repay existing debts were issued respectively [2][23]. 2. The spread between local government bonds and treasury bonds in the current period narrowed for 10 - year bonds and widened for 30 - year bonds, and the weekly turnover rate remained flat - As of January 30, 2026, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 20.88BP and 16.10BP respectively, narrowing by 0.14BP and widening by 1.81BP compared to January 23, 2026, and were at the 59.50% and 57.90% historical quantiles since 2023 respectively [2][37][38]. - The weekly turnover rate of local government bonds in the current period is 0.66%, which is the same as the previous period [2][44]. - The yields and liquidity of 7 - 10 - year local government bonds in regions such as Ningbo, Qinghai, and Sichuan are better than the national average [2].