Report Industry Investment Rating - Not provided in the document Core Viewpoints - From July 7th to July 13th, local government bonds were issued with a total of 231.79 billion yuan, including 78.487 billion yuan in new bonds and 153.303 billion yuan in refinancing bonds. From July 14th to July 20th, the planned issuance of local government bonds is 251.183 billion yuan, including 189.046 billion yuan in new bonds and 62.137 billion yuan in refinancing bonds [2][4][5]. - As of July 13th, the fourth - round special refinancing bonds totaled 4.194012 trillion yuan, with 1.805487 trillion yuan disclosed in 2025. The total disclosed special new special - purpose bonds in 2025 reached 486.526 billion yuan, and 1.677039 trillion yuan since 2023 [6]. Summary by Relevant Catalogs Local Bond Actual Issuance and Forecast Issuance - The net supply of local government bonds from July 7th to July 13th was 110.2 billion yuan, and the forecasted net supply from July 14th to July 20th is 150.5 billion yuan [12][15]. - Comparing the planned and actual issuance of local government bonds in June and July shows differences in new bonds, new general bonds, new special - purpose bonds, and refinancing bonds [14][17]. Local Bond Net Supply - As of July 13th, the issuance progress of new general bonds was 56.80%, and that of new special - purpose bonds was 50.25%. The cumulative scale of refinancing bonds minus local bond maturities for the year is presented in the relevant chart [26]. Special Bond Issuance Details - As of July 13th, the fourth - round special refinancing bonds' issuance statistics by region are provided, with different amounts in each round and region. The issuance statistics of special new special - purpose bonds from 2023 to 2025 by region are also shown [32][35]. Local Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented, including the changes in spreads for different maturities and regions [39][42]. New Special - Purpose Bond Investment Directions - The investment directions of new special - purpose bonds are presented, with a note that the latest monthly statistics only consider issued new bonds [45].