证券研究报告 | 债券点评报告 2025 年 08 月 25 日 哪些期限地方债利差超过 20bp ——地方债周报 一、一级市场情况 【净融资】本周地方债共发行 3692 亿元，净融资增加。本周地方债发行量为 3692 亿元，偿还量为 1604 亿元，净融资为 2088 亿元。发行债券中，新增一 般债 95 亿元，新增专项债 2393 亿元，再融资一般债 469 亿元，再融资专项债 735 亿元。 【发行期限】本周 30Y 地方债发行占比最高（29%），10Y 及以上发行占比为 84%，与上周相同。7Y、10Y、15Y、20Y 和 30Y 地方债发行占比分别为 8%、 26%、11%、18%和 29%，其中 30Y 地方债发行占比上升较多，环比上升约 18 个百分点；10Y 地方债发行占比下降较多，环比下降均约 39 个百分点。 【发行利差】本周地方债加权平均发行利差为 23.3bp，较上周有所走阔。其中 15Y 地方债加权平均发行利差最高，达 33.0bp。本周 3Y、7Y、10Y 地方债加 权平均发行利差收窄，其余期限地方债加权平均发行利差均有所走阔。本周山 东、河北、湖南和吉林地方债加权平均发行利差较高 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, local government bond issuance volume decreased, and net financing also decreased. The weighted - average issuance spread widened, and the proportion of long - term issuance increased. The proportion of funds allocated to land reserves in new special bonds increased [1][23][25]. - In the secondary market, the secondary spread of 15Y local government bonds was relatively high, and the spread of 20Y, 10Y, 1Y, and 5Y local government bonds narrowed significantly. The trading volume and turnover rate of local government bonds increased, with relatively high turnover rates in Hebei, Qingdao, and Hunan [6][33][38]. 3. Summary according to the Directory 3.1 First - level Market Issuance Situation - **Net financing**: This week, local government bond issuance was 914 billion yuan, with a repayment of 1052 billion yuan and a net repayment of 137 billion yuan, indicating a decrease in issuance volume and net financing [1]. - **Issuance term**: The issuance proportion of 10Y local government bonds was the highest at 65%, and the proportion of 10Y and above issuance was 84%, showing an increase compared to last week. The proportion of 10Y issuance increased by about 38 percentage points, while the proportions of 5Y and 30Y issuance decreased by about 18 percentage points [1][12]. - **Local government bonds related to debt resolution**: This week, 1.2 billion yuan of special refinancing bonds were issued. In 2025, 33 regions have disclosed plans to issue special bonds for replacing hidden debts, totaling 1907.5 billion yuan [15]. - **Issuance spread**: The weighted - average issuance spread of local government bonds this week was 20.4bp, wider than last week. The weighted - average issuance spread of 15Y local government bonds was the highest at 27.4bp, and the spreads of all maturities widened [23]. - **Allocation of raised funds**: 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 (25%), social undertakings (18%), affordable housing projects (18%), transportation infrastructure (15%), and land reserves (11%). The proportion of land reserve allocation increased by 10.7% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 12.3% [2][25]. - **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. Considering the actual issuance volume in July, the total planned issuance volume for the third quarter is expected to reach 2.85 trillion yuan, with 963.3 billion yuan planned for August. Next week, the planned issuance is 369.2 billion yuan, with a repayment of 160.4 billion yuan and a net financing of 208.8 billion yuan, a week - on - week increase of 222.5 billion yuan [3][28][30]. 3.2 Secondary - market Situation - **Secondary spread**: The secondary spread of 15Y local government bonds was relatively high at 16.5bp. The spreads of 20Y, 10Y, 1Y, and 5Y local government bonds narrowed significantly. From a historical percentile perspective in the past three years, the historical percentiles of 1Y and 3Y local government bond secondary spreads were relatively high, both reaching 45% [6][33]. - **Trading situation**: This week, the trading volume and turnover rate of local government bonds increased compared to last week. The turnover rates of local government bonds in Hebei, Qingdao, and Hunan were relatively high. The trading volume reached 349.1 billion yuan, and the turnover rate was 0.66%. Shandong, Sichuan, Hebei, and Hunan had large trading volumes, and the turnover rates in Hebei, Qingdao, and Hunan were all above 1.4% [6][38].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the characteristics of local government bonds in the first half of 2025, including primary issuance, secondary trading, and institutional behavior, aiming to provide a comprehensive review of the local government bond market in this period [9]. 3. Summary According to the Directory 1.1. Local Government Bond Primary Issuance Characteristics - **Feature 1: Record - high issuance and net financing scale in the same period** - In H1 2025, the local government bond issuance scale reached 5490.2 billion yuan, the highest in the same period in the past decade. The net financing scale was 4413.3 billion yuan, a year - on - year increase of 2540.8 billion yuan. The issuance of 2 trillion yuan of special bonds for replacing hidden debts was front - loaded, mainly concentrated in January - April, with the overall issuance progress close to 90% [10][13][15]. - **Feature 2: Issuance structure: New special bonds have the highest proportion, but the proportion is declining** - In H1 2025, new special bonds and refinancing special bonds accounted for 40% and 39% respectively, with issuance scales of 2160.7 billion yuan and 2150.2 billion yuan. The proportion of new special bonds slightly decreased, while that of refinancing special bonds increased. New general bonds accounted for the lowest at 8%, with an issuance scale of 452 billion yuan [19]. - **Feature 3: Special bond issuance rhythm: Overall progress is relatively stable** - In H1 2025, the issuance progress of new special bonds was relatively stable, with a relatively balanced monthly issuance scale compared to 2024. As of June 2025, the cumulative issuance of new special bonds was 21606.53 billion yuan, compared with 23008.50 billion yuan and 14934.68 billion yuan in the same period of 2023 and 2024 respectively [21]. - **Feature 4: The underlying logic of debt - resolution quota allocation is still the resolution of hidden debts** - Debt resolution remained the top priority in H1 2025. The issuance scale of local government bonds for debt resolution remained large, including 464.8 billion yuan of special new special bonds for debt resolution and 1794.4 billion yuan of refinancing special bonds for replacing hidden debts. The proportion of key areas in local government bonds for debt resolution in H1 2025 was 31%, the same as in 2024 but significantly lower than the 66% in 2023 [22][27]. - **Feature 5: Land reserve special bonds restarted, but there is a gap between actual issuance and announced scale** - In H1 2025, 9 provinces (including municipalities directly under the Central Government) issued land reserve special bonds, with a total scale of 192.5 billion yuan. As of mid - July 2025, the announced land acquisition scale was 426.2 billion yuan [30]. - **Feature 6: The proportion of special bond issuance scale in "self - review and self - issuance" provinces has increased** - The proportion of new special bond issuance scale in "self - review and self - issuance" provinces increased significantly. From 2020 - 2023, the proportion of special bond issuance scale in the pilot areas was about 53%, and in H1 2025, it rose to 69%, possibly related to the faster approval of special bonds in these provinces [34]. - **Feature 7: Issuance term has been extended** - In H1 2025, the average issuance term of local government bonds was 14.69 years, an extension of 1.46 years compared to 2024. The proportion of local government bonds with a term of over 15 years in terms of both scale and quantity increased [38][43]. - **Feature 8: Issuance cost has decreased, while issuance spread has widened** - In H1 2025, the issuance spread of local government bonds rebounded to 12.22BP, an increase of 3.73BP compared to 2024, and the average issuance interest rate decreased to 1.89%, a decrease of 0.39pct compared to 2024. The "flying" phenomenon of local government bonds was significant in the first half of the year, mainly in 30 - year bonds [46][48]. - **Feature 9: Regional issuance spreads continue to diverge in a low - interest - rate environment** - In H1 2025, regional issuance spreads continued to diverge significantly, following the rule that "the stronger the fiscal strength, the lower the spread". Economically strong regions maintained low spreads, while some less - developed regions had high spreads [50]. - **Feature 10: The spread of special refinancing bonds is higher than that of ordinary refinancing bonds** - The spread of special refinancing bonds is higher than that of ordinary refinancing bonds, mainly because the issuance term of special refinancing bonds is generally longer. Nationally, the spreads of special refinancing bonds and special new special bonds are 16.53BP and 13.96BP respectively, higher than those of ordinary refinancing bonds (9.56BP) and ordinary new special bonds (12.55BP) [52]. 1.2. Local Government Bond Secondary Trading Characteristics - **Feature 11: Trading volume has increased, trading price has risen, and turnover rate has decreased** - In H1 2025, the trading volume of local government bonds was 10.87 trillion yuan, an increase of 1690.3 billion yuan compared to the same period in 2024. The turnover rate was 3.65%, a year - on - year decrease of 0.04 percentage points, mainly due to the significant decline in the turnover rate of general bonds. The trading volume and turnover rate of special bonds are higher than those of general bonds. Regionally, Jiangsu, Zhejiang, and Shandong have higher turnover rates [55][61]. 1.3. Local Government Bond Institutional Behavior Characteristics - **Feature 13: There are differences in institutional buying and selling behaviors and term preferences** - From the buying side, insurance, funds, and wealth management prefer to sell short - term bonds and buy long - term bonds, while rural commercial banks prefer to buy bonds with a term of 7 - 20 years. From the selling side, large - scale banks, joint - stock banks, city commercial banks, and securities firms were net sellers in H1 2025. Large - scale banks, joint - stock banks, and city commercial banks prefer to buy short - term and sell long - term bonds, while securities firms reduced their holdings across all terms [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week of July 06, 2025. It points out that the net financing of local government bonds decreased in the primary market, with long - term issuance proportion declining, the issuance spread narrowing, and the proportion of land reserve investment increasing. In the secondary market, the secondary spreads of 3Y and 15Y local government bonds are advantageous, and the trading volume and turnover rate have slightly increased [1][4][5]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 721 billion yuan, with a repayment of 505 billion yuan and a net financing of 216 billion yuan. The issuance volume and net financing decreased [1]. - **Issuance Term**: The issuance proportion of 10Y local government bonds was the highest at 21%, and the proportion of 10Y and above decreased to 69% compared with last week. The issuance proportion of 20Y local government bonds decreased significantly by about 8 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, totaling 18,246 billion yuan. Among them, Jiangsu, Sichuan, Shandong, and Guizhou plan to issue 2,511 billion yuan, 1,148 billion yuan, 1,113 billion yuan, and 1,059 billion yuan respectively [2]. - **Issuance Spread**: The weighted average issuance spread of local government bonds this week was 8.6bp, narrowing compared with last week. The weighted average issuance spread of 30Y local government bonds was the highest at 12.9bp. Except for the 3Y and 5Y local government bonds, the issuance spreads of other terms narrowed [1]. - **Fund - Raising Direction**: As of the end of this week, the main investment directions of newly - added special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (30%), transportation infrastructure (20%), affordable housing projects (13%), and social undertakings (12%). The proportion of land reserve investment increased by 11.3% compared with 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.2% [2]. - **Issuance Plan**: As of the end of this week, 30 regions have disclosed their local government bond issuance plans for the third quarter of 2025, with a total of 2.62 trillion yuan. Among them, the planned issuance in July is 12,796 billion yuan. The planned issuance of new bonds and refinancing bonds in the third quarter is 16,585 billion yuan and 9,623 billion yuan respectively. Next week, the planned issuance of local government bonds is 2,250 billion yuan, with a repayment of 1,216 billion yuan and a net financing of 1,034 billion yuan, an increase of 818 billion yuan compared with this week [3]. 3.2 Secondary Market Situation - **Secondary Spread**: This week, the secondary spreads of 3Y and 15Y local government bonds are advantageous, and the secondary spreads of local government bonds over 10Y narrowed significantly. The secondary spreads of 3Y and 15Y local government bonds are relatively high, reaching 16.9bp and 15.8bp respectively. From the historical quantile of the past 3 years, the historical quantile of the secondary spread of 30Y local government bonds is relatively high at 68%. Regionally, the secondary spreads of local government bonds over 20Y and 3 - 5Y in various regions are relatively high [4][5]. - **Trading Situation**: This week, the trading volume and turnover rate of local government bonds increased slightly compared with last week. The turnover rates of local government bonds in Sichuan, Jiangxi, and Fujian are relatively high. The trading volume of local government bonds this week reached 5,475 billion yuan, with a turnover rate of 1.06%. Sichuan had the highest turnover rate at 7.0%, and the turnover rates in Jiangxi, Fujian, Guangdong, Hunan and other places were at relatively high levels, all above 1.0% [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 of June 29, 2025, and predicts the issuance plan for the third quarter of 2025. It shows that the issuance volume and net financing of local government bonds in the primary market have increased, the proportion of long - term issuance has risen, and the issuance spread has widened. In the secondary market, the secondary spreads of 3Y, 15Y, and 30Y local government bonds are advantageous, and the turnover rates of local government bonds in Fujian, Sichuan, and Shandong are relatively high. 3. Summary According to the Directory 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 641.6 billion yuan, with a repayment of 81.3 billion yuan and a net financing of 560.4 billion yuan. The issuance volume and net financing increased [1]. - **Issuance Term**: The issuance proportion of 10Y local government bonds was the highest this week (27%), and the proportion of 10Y and above issuance was 73%, showing an increase compared with last week. The issuance proportion of 7Y local government bonds decreased significantly, with a month - on - month decrease of about 10 percentage points [1][12]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds issued a total of 5.97 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds to replace hidden debts, with a total of 179.59 billion yuan. Among them, Jiangsu, Sichuan, Shandong, and Yunnan plan to issue 25.11 billion yuan, 11.48 billion yuan, 11.13 billion yuan, and 8.78 billion yuan respectively [15][16]. - **Issuance Spread**: The weighted average issuance spread of local government bonds this week was 11.9bp, which widened compared with last week. The weighted average issuance spread of 30Y local government bonds was the highest, reaching 18.8bp. Except for the 5Y, 10Y, and 20Y local government bonds, the weighted average issuance spreads of other terms narrowed [1][24]. - **Raised Funds Allocation**: As of the end of this week, the main allocation directions of newly - added special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (30%), transportation infrastructure (20%), affordable housing projects (13%), and social undertakings (12%). The proportion of land reserve allocation increased by 10.9% compared with 2024, while the proportion of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 6.9% [2][28]. - **Issuance Plan**: As of the end of this week, 30 regions have disclosed the local government bond issuance plan for the third quarter of 2025, with a total of 2.56 trillion yuan. Among them, the planned issuance in July is 128.1 billion yuan. In addition, the planned issuance of new bonds and refinancing bonds in the third quarter is 161.23 billion yuan and 94.7 billion yuan respectively. Next week, the planned issuance of local government bonds is 6.14 billion yuan, with a repayment of 5.05 billion yuan and a net financing of 1.09 billion yuan, a month - on - month decrease of 54.94 billion yuan [3][30]. 3.2 Secondary Market Situation - **Secondary Spread**: This week, the secondary spreads of 3Y, 15Y, and 30Y local government bonds were advantageous, and the widening amplitudes of the secondary spreads of 3Y and 30Y local government bonds were relatively large. The secondary spreads of 3Y, 15Y, and 30Y local government bonds were relatively high, reaching 17.2bp, 18.5bp, and 18.3bp respectively. From the perspective of the historical quantile in the past three years, the historical quantile of the secondary spread of 30Y local government bonds was relatively high, reaching 77%. Regionally, the secondary spreads of local government bonds over 20Y in various types of regions were relatively high, and the secondary spreads of 10 - 20Y local government bonds in medium - level regions were also relatively high [5][35]. - **Trading Volume**: This week, the trading volume and turnover rate of local government bonds basically remained at the same level as last week. The turnover rates of local government bonds in Fujian, Sichuan, and Shandong were relatively high. The trading volume of local government bonds this week reached 520.6 billion yuan, with a turnover rate of 1.01%. Among them, the trading volumes of local government bonds in Shandong and Jiangsu were large, reaching 5.05 billion yuan and 4.86 billion yuan respectively; the turnover rates in Fujian, Sichuan, Shandong and other places were all higher than 1.6% [5][39].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report suggests that local bonds may be approaching an allocation window. It analyzes the primary and secondary market conditions of local bonds, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume and turnover rates [1]. 3. Summary by Directory 3.1 Primary Market Conditions - **Net Financing**: This week, local bond issuance was 107.8 billion yuan, with a net repayment of 43 billion yuan. Next week, the planned issuance is 261.8 billion yuan, with a net financing of 124.3 billion yuan, a significant increase compared to this week [1][3]. - **Issuance Terms**: The issuance proportion of 10 - year local bonds was the highest this week (47%), and the proportion of 10 - year and above bonds reached 76%, an increase from last week. The 10 - year bond issuance proportion increased by about 24 percentage points [1]. - **Debt - Resolution - Related Local Bonds**: This week, special refinancing bonds worth 26.7 billion yuan were issued. In 2025, 33 regions have disclosed plans to issue special bonds for replacing hidden debts, totaling 1.7362 trillion yuan. Special special bonds worth 1.5 billion yuan were issued this week, and as of the end of this week, the disclosed and issued scales in 2025 were 273 billion yuan and 245.4 billion yuan respectively [2]. - **Issuance Spreads**: The weighted average issuance spread of local bonds this week was 12bp, wider than last week. The 30 - year local bond had the highest weighted average issuance spread at 19.3bp. Except for the 5 - year, 20 - year, and 30 - year bonds, the spreads of other terms widened [1]. - **Fund - Raising Allocations**: As of the end of this week, the main allocation directions of newly - added special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), social undertakings (12%), and affordable housing projects (12%). The proportion of land reserve allocations increased by 7.7% compared to 2024 [2]. - **Issuance Plan**: In the second quarter of 2025, 36 regions have disclosed local bond issuance plans, with an estimated total issuance of 2.48 trillion yuan. In June, the planned issuance is 1007.6 billion yuan [30]. 3.2 Secondary Market Conditions - **Secondary Spreads**: This week, the secondary spreads of 15 - year and 30 - year local bonds were advantageous, and the secondary spread of 10 - year local bonds narrowed significantly. The secondary spreads of 15 - year and 30 - year bonds were 21bp and 20bp respectively. The historical quantile of the 30 - year bond's secondary spread was 87% [4]. - **Trading Volume and Turnover Rates**: This week, both the trading volume and turnover rate of local bonds increased. Tianjin, Shenzhen, and Ningbo had relatively high turnover rates. The trading volume reached 598.3 billion yuan, and the turnover rate was 1.17%. Tianjin, Jiangsu, and Sichuan had large trading volumes [5].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week of June 8, 2025, including net financing, issuance terms, issuance spreads, secondary spreads, trading volume, and turnover rate. It also presents the issuance plans for the second quarter of 2025 and the allocation of raised funds for new special bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 10.96 billion yuan, with a net financing of 5.05 billion yuan. The issuance of new general bonds was 0.87 billion yuan, new special bonds 0.73 billion yuan, refinancing general bonds 6.01 billion yuan, and refinancing special bonds 3.35 billion yuan. Next week, the planned issuance is 10.78 billion yuan, with a net repayment of 4.3 billion yuan [1][3]. - **Issuance Terms**: This week, the 7 - year local government bonds had the highest issuance proportion (37%), and the proportion of 10 - year and above bonds was 57%, a decrease from last week. The issuance proportion of 15 - year bonds decreased significantly, by about 15 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds issued a total of 2.77 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, totaling 168.35 billion yuan. Among them, Jiangsu, Shandong, Sichuan, and Hubei plan to issue 25.11 billion yuan, 10.6 billion yuan, 9.84 billion yuan, and 8.08 billion yuan respectively [2]. - **Issuance Spreads**: This week, the weighted average issuance spread of local government bonds was 10.1bp, wider than last week. The 30 - year local government bonds had the highest weighted average issuance spread, reaching 21.4bp. Except for the 7 - year, 15 - year, and 30 - year bonds, the spreads of other terms widened [1]. - **Allocation of Raised Funds**: As of the end of this week, the main allocation directions of raised funds for new special bonds in 2025 are cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), social undertakings (12%), and affordable housing projects (12%). The proportion of land reserve allocation increased by 7.7% compared to 2024 [2]. - **Issuance Plan**: As of the end of this week, 36 regions have disclosed the local government bond issuance plan for the second quarter of 2025. Considering the actual issuance scale in April and May, the total planned issuance for the second quarter is 2.35 trillion yuan, with 880.6 billion yuan planned for June. The planned issuance of new bonds and refinancing bonds in the second quarter is 1286.8 billion yuan and 1066.5 billion yuan respectively [3]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 30 - year local government bonds had advantageous secondary spreads, with the 1 - year bonds having a relatively large widening amplitude. The 15 - year and 30 - year secondary spreads were 21.5bp and 20.6bp respectively. From the historical quantile of the past three years, the 30 - year secondary spread was at a high quantile of 90%. Regionally, local government bonds over 20 - year in all types of regions had higher secondary spreads, and 10 - 15 - year bonds in medium - level regions also had relatively higher spreads [4][5]. - **Trading Volume and Turnover Rate**: This week, both the trading volume and turnover rate of local government bonds decreased. Sichuan, Shandong, and Shanxi had higher turnover rates. The trading volume this week was 355.4 billion yuan, and the turnover rate was 0.70%. The trading volumes of Sichuan, Shandong, and Guangdong were 39.1 billion yuan, 37.3 billion yuan, and 28 billion yuan respectively, and the turnover rates of Sichuan, Shandong, and Shanxi were all higher than 1.1% [5].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The report offers a comprehensive analysis of the primary and secondary market conditions of local government bonds in the week ending May 26, 2025, including net financing, issuance terms, issuance spreads, and trading volume [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: The issuance volume of local government bonds increased this week, but the net financing decreased. The total issuance volume was 248.5 billion yuan, with a repayment volume of 105.9 billion yuan, resulting in a net financing of 142.6 billion yuan [1][9]. - **Issuance Terms**: The proportion of long - term bond issuance decreased. The 10 - year bonds had the highest issuance proportion (33%), and bonds with a term of 10 years and above accounted for 75%, a decrease from last week [1][12]. - **Debt - Resolution - Related Local Bonds**: Special refinancing bonds worth 25.1 billion yuan were issued this week. As of now, 33 regions have disclosed plans to issue special bonds for replacing hidden debts, totaling 1.6291 trillion yuan [2][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds narrowed compared to last week, reaching 11bp. The 30 - year bonds had the highest spread at 18.4bp. Except for the 1 - year bonds, the spreads of other terms narrowed [1][25]. - **Fund - Raising Allocations**: The funds raised from new special bonds in 2025 have mainly been allocated to cold - chain logistics, municipal and industrial park infrastructure (33%), transportation infrastructure (21%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve allocations increased by 7.6% compared to 2024 [2][28]. - **Issuance Plan**: As of the end of this week, 34 regions have disclosed their local government bond issuance plans for the second quarter of 2025. Considering the actual issuance volume in April, the total planned issuance volume for the second quarter is expected to reach 2.2 trillion yuan, with 672.7 billion yuan and 855.1 billion yuan planned for May and June respectively [3][30]. 3.2 Secondary Market Situation - **Secondary Spreads**: The 30 - year and 15 - year local government bonds had favorable secondary spreads. The 30 - year and 15 - year bonds had relatively high spreads of 20.1bp and 18.9bp respectively. The 30 - year bond's secondary spread was at a high historical percentile of 89% over the past three years [4][35]. - **Trading Volume**: The trading volume and turnover rate of local government bonds decreased this week. Anhui, Sichuan, and Zhejiang had relatively high turnover rates. The total trading volume was 436 billion yuan, and the turnover rate was 0.86%. Sichuan, Zhejiang, and Anhui had large trading volumes of 42.6 billion yuan, 40.4 billion yuan, and 35.6 billion yuan respectively, and their turnover rates were all above 1.6% [5][40].

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report The report comprehensively analyzes the primary and secondary market conditions of local government bonds in the week of May 11, 2025, covering aspects such as net financing, issuance terms, issuance spreads, and trading volume. It also provides an outlook on the issuance plan for the second quarter of 2025 and the trends in the use of funds for special-purpose bonds [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bond issuance reached 105.5 billion yuan, with a repayment amount of 38.3 billion yuan and net financing of 67.2 billion yuan. The issuance of new general bonds was 0 yuan, new special-purpose bonds was 100.2 billion yuan, refinancing general bonds was 4.9 billion yuan, and refinancing special-purpose bonds was 0.4 billion yuan [1][9]. - **Issuance Terms**: The 20 - year local government bonds had the highest issuance proportion this week (36%), and the proportion of bonds with a term of 10 years and above was 77%, an increase from last week. The issuance proportions of 7 - year, 10 - year, 15 - year, 20 - year, and 30 - year local government bonds were 8%, 14%, 17%, 36%, and 11% respectively, with the issuance proportion of 15 - year bonds increasing by about 9 percentage points [1][11]. - **Debt - Resolution - Related Local Government Bonds**: This week, the issuance of special refinancing bonds was 0 yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, with a total amount of 1,598.9 billion yuan. Jiangsu, Sichuan, Hubei, and Shandong are expected to issue 251.1 billion yuan, 86.9 billion yuan, 80.8 billion yuan, and 77.6 billion yuan respectively [2][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 14.8bp, widening compared to last week. The 15 - year local government bonds had the highest weighted average issuance spread at 23bp. Except for the 5 - year and 7 - year local government bonds, whose weighted average issuance spreads narrowed, the spreads of other terms widened. There was significant regional differentiation, with Inner Mongolia, Guangdong, etc. having relatively high weighted average issuance spreads exceeding 17bp, while Liaoning had a lower spread [1][25]. - **Use of Raised Funds**: As of the end of this week, the main investment directions of newly - issued special - purpose bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (33%), transportation infrastructure (21%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve investment increased by 6.7% compared to 2024 [2][28]. - **Issuance Plan**: As of the end of this week, 34 regions have disclosed their local government bond issuance plans for the second quarter of 2025. Considering the actual issuance in April, the total expected issuance in the second quarter is 2.1 trillion yuan. The planned issuance amounts for May and June are 677 billion yuan and 745.2 billion yuan respectively. The planned issuance amounts of new bonds and refinancing bonds in the second quarter are 1,100.4 billion yuan and 1,015 billion yuan respectively. Next week, the planned issuance of local government bonds is 197.3 billion yuan, with a repayment amount of 26.1 billion yuan and net financing of 171.1 billion yuan, an increase of 135.3 billion yuan compared to this week [3][30]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 10 - year local government bonds had favorable secondary spreads, and the secondary spread of 10 - year bonds narrowed significantly. The secondary spreads of 15 - year and 10 - year bonds were 23.2bp and 19.8bp respectively. From the perspective of the historical quantile in the past three years, the historical quantile of the secondary spread of 30 - year bonds was relatively high at 94%. Regionally, the secondary spreads of 10 - 15 - year local government bonds in medium - level regions were relatively high [4][34]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds increased. The trading volume of local government bonds reached 291.7 billion yuan, and the turnover rate was 0.58%. Jiangsu, Hunan, and Shandong had large trading volumes, with 35.3 billion yuan, 27.5 billion yuan, and 23.5 billion yuan respectively. The turnover rates in Hunan, Gansu, Jiangsu, etc. were all higher than 1.1% [5][39].