Group 1: Report Title and General Information - The report is titled "Illustrated Guide to Local Government Bonds - April 2025" [1] Group 2: Core Views - In April, the issuance and net financing scale of local government bonds decreased month - on - month but increased significantly year - on - year. The issuance of new bonds and new special bonds had substantial year - on - year growth. The issuance and use of new special bonds are expected to accelerate to play a role in stabilizing infrastructure, investment, and expanding domestic demand [2] Group 3: Primary Market - In April, local government bond issuance was 69.3291 billion yuan, a year - on - year increase of 101.59%, and net financing was 52.8089 billion yuan, an 8.6 - fold year - on - year increase. From January to April, cumulative issuance was 3.53 trillion yuan, a year - on - year increase of 84.35%, and cumulative net financing was 3.16 trillion yuan, a 2.1 - fold year - on - year increase [3] - In April, the issuance of local government bonds was mainly refinancing special bonds, reaching 32.2487 billion yuan, accounting for 46.52%. 24 provinces issued local government bonds in April, with Hunan having the largest issuance scale of 12.2267 billion yuan [3] - The local government bonds issued in April were mainly 10 - year bonds, and the issuance interest rate decreased month - on - month to 1.92% [4] Group 4: Secondary Market - In April, the trading volume of local government bond spot was 199.8295 billion yuan, a year - on - year increase of 34.02%. The yields of local government bonds of all maturities declined across the board [4] Group 5: Repayment Situation - The maturity scale from June to September is relatively large, with August being the peak within the year. Provinces such as Henan and Hubei have relatively high local government bond maturity scales within the year [4] - According to Zhongchengxin International's estimate, the interest payment scale of local government bonds in April may exceed 10 billion yuan, a year - on - year increase of nearly 8%, and the annual interest payment scale may exceed 1.5 trillion yuan, a year - on - year increase of about 12% [4] Group 6: Bond Issuance Progress - From January to April, the cumulative issuance of new general bonds was 302.345 billion yuan, completing 37.8% of the annual quota. The cumulative issuance of new special bonds was 1.19 trillion yuan, completing 27.1% of the quota, faster than the same period last year but still lower than the average level of the past three years [4] - From January to April, the issuance of special new special bonds exceeded 143.728 billion yuan, with 26.479 billion yuan issued in April. The issuance of special refinancing special bonds for replacing existing implicit debts was 1.598944 trillion yuan, with 261.669 billion yuan issued in April [4]