Core Viewpoint - The provincial finance department successfully issued the fifth batch of government bonds amounting to 12.594 billion yuan, with an average bidding multiple of 22.58 times and an average interest rate of 1.86% [1] Summary by Relevant Sections Bond Issuance Details - The recent bond issuance includes new bonds of 6.411 billion yuan and refinancing bonds of 6.183 billion yuan, aimed at funding 172 public welfare projects, supplementing government fund finances, and repaying existing debts [1] - Cumulatively, the province has issued government bonds totaling 108.171 billion yuan from January to July this year [1] Financial Strategy and Market Response - The provincial finance department is implementing a more proactive fiscal policy and has deepened local bond issuance reforms [1] - The department has organized the issuance of 4.766 billion yuan in follow-up bonds, marking the first such issuance nationwide this year, which increased the original bond issuance from March to 12.987 billion yuan [1] - This strategy aims to optimize the scale and repayment structure of bonds, effectively alleviating the negative impact of low interest rates on both primary and secondary markets, receiving widespread market acclaim [1] Future Plans - The provincial finance department plans to strengthen collaboration with financial institutions to promote continuous market-making for follow-up bond issuances on the exchange, enhancing the overall trading volume of Shanxi bonds and facilitating a smooth bond issuance and trading cycle [1]

据介绍，未来，省财政厅将与各金融机构强化协作，推动续发行债券在交易所持续做市，带动山西债整 体交易量提升，畅通债券发行与交易循环机制，以财政金融高效联动共促山西高质量发展。 山西经济日报全媒体记者 马永亮 近日，省财政厅在上海证券交易所成功发行今年第五批政府债券125.94亿元，期限包含7、10、15、 20、30年期，平均投标倍数为22.58倍，平均利率1.86%。本批发行新增债券64.11亿元，发行再融资债 券61.83亿元，主要用于我省172个公益项目建设、补充政府性基金财力、偿还存量债务等。至此，我省 1-7月累计发行政府债券1081.71亿元。 今年以来，省财政厅认真贯彻落实更加积极的财政政策，不断深化地方债发行改革管理。充分研判机构 偏好和融资需求，在去年首发基础上，今年在全国首发47.66亿元续发行债券，将今年3月原债券增发至 129.87亿元，进一步优化债券规模和兑付结构，有效缓解利率低位对一二级市场的不利影响，赢得了市 场广泛好评。 ...

Core Viewpoint - The successful issuance of government bonds by the Shanxi Provincial Finance Department reflects a proactive fiscal policy aimed at funding public projects and managing debt effectively [1] Group 1: Bond Issuance Details - The Shanxi Provincial Finance Department issued a total of 12.594 billion yuan in government bonds, with maturities of 7, 10, 15, 20, and 30 years [1] - The average bid-to-cover ratio was 22.58 times, and the average interest rate was 1.86% [1] - This issuance included 6.411 billion yuan in new bonds and 6.183 billion yuan in refinancing bonds, primarily for 172 public welfare projects, supplementing government fund resources, and repaying existing debts [1] Group 2: Cumulative Issuance and Future Plans - From January to July, Shanxi has cumulatively issued government bonds totaling 108.171 billion yuan [1] - The Finance Department has implemented a more proactive fiscal policy and deepened local bond issuance reforms [1] - Future plans include strengthening collaboration with financial institutions to enhance the trading volume of Shanxi bonds and improve the bond issuance and trading cycle [1]