Report Industry Investment Rating No relevant content provided. Core Viewpoints The report focuses on the primary and secondary market conditions of local government bonds in 2025 and the planned issuance in 2026Q1, covering aspects such as net financing, issuance terms, issuance spreads, and trading volume [1][5]. Summary by Directory 1. Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 2 billion yuan, with a net financing decrease of 31.2 billion yuan. The issuance volume was 2 billion yuan, and the repayment volume was 5.2 billion yuan, resulting in a net repayment of 3.2 billion yuan. Only new special bonds were issued, amounting to 2 billion yuan [1][9]. - **Issuance Terms**: The 20 - year local government bonds had the highest issuance proportion this week (59%), and the proportion of 10 - year and above bonds was 84%, showing a decline compared to last week. The issuance proportions of 5 - year, 10 - year, and 20 - year bonds were 16%, 25%, and 59% respectively, with the 20 - year bond proportion increasing significantly and the 10 - year bond proportion decreasing by about 11 percentage points [1][11]. - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, a total of 2.3097 trillion yuan of special refinancing bonds were disclosed for issuance, including 2 trillion yuan of special bonds for replacing hidden debts. Jiangsu, Hunan, Henan, and Guizhou had 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively in special bonds for replacing hidden debts. As of the end of this week, 1.3668 trillion yuan of special special bonds were disclosed for issuance in 2025, with Jiangsu, Guangdong, Henan, and Yunnan issuing 128.9 billion yuan, 112.7 billion yuan, 76 billion yuan, and 73 billion yuan respectively [2][13][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 24.3bp, widening compared to last week. The 20 - year local government bonds had the highest weighted average issuance spread, reaching 25.3bp. The weighted average issuance spreads of 5 - year, 10 - year, and 20 - year bonds widened. Hunan and Guangdong had weighted average issuance spreads exceeding 20bp [1][24]. - **Fund - Raising Allocations**: As of the end of this week, the main investment directions of new special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (28%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). The proportion of land reserve investment increased by 17.1% compared to 2024, while cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.5% [2][26]. - **Issuance Plans**: As of the end of this week, 34 regions disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance volumes in October and November, the total disclosed issuance volume for the fourth quarter was about 1.65 trillion yuan, with 176 billion yuan in December. The planned issuances of new bonds and refinancing bonds in the fourth quarter were 935.7 billion yuan and 713.5 billion yuan respectively. Some regions also disclosed their local government bond issuance plans for the first quarter of 2026, with a total disclosed issuance volume of about 1.68 trillion yuan, including 692.5 billion yuan in January. The planned issuances of new bonds and refinancing bonds in the first quarter were 619.1 billion yuan and 1.0618 trillion yuan respectively. Next week, local government bonds are planned to issue 26 billion yuan, with a repayment volume of 8.6 billion yuan and a net financing of 17.4 billion yuan, a 20.6 - billion - yuan increase compared to this week [3][28][30]. 2. Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high. The issuance spreads of 1 - year, 3 - year, and 7 - year bonds widened, while those of other - term bonds narrowed. The secondary spreads of 3 - year and 15 - year bonds reached 19.5bp and 16.4bp respectively. From the perspective of the historical quantiles in the past three years, the historical quantiles of the secondary spreads of 3 - year and 1 - year bonds were relatively high, at 83% and 61% respectively. Regionally, local government bonds with a term of less than 5 years in each region had relatively high secondary spreads, and the secondary spreads of 7 - 10 - year bonds in weak and medium - strength regions were also relatively high, ranging from 13bp to 16bp [5][33][34]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased compared to last week. The trading volume of Xinjiang's local government bonds was large, reaching 37.5 billion yuan, and the turnover rate was relatively high, reaching 2.9%. The total trading volume of local government bonds this week was 295.9 billion yuan, and the turnover rate was 0.54% [5][39].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The report comprehensively analyzes the primary and secondary market conditions of local government bonds. In the primary market, there are changes in net financing, issuance terms, issuance spreads, and fundraising directions. In the secondary market, the secondary spreads and trading volume of local government bonds have their own characteristics. [1][5] 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 40 billion yuan, with a net financing decrease of 34.2 billion yuan compared to the previous week. The net financing was 28.1 billion yuan, including 6 billion yuan in new general bonds, 29.3 billion yuan in new special bonds, 3.9 billion yuan in refinancing general bonds, and 0.9 billion yuan in refinancing special bonds. Next week, the planned issuance is 2 billion yuan, with a repayment of 5.2 billion yuan and a net repayment of 3.2 billion yuan, a decrease of 64.1 billion yuan compared to the previous week. [1][3] - **Issuance Terms**: This week, the 10 - year local government bonds had the highest issuance proportion (36%), and the proportion of 10 - year and above issuances was 87%, showing an increase compared to the previous week. The issuance proportions of 7 - year, 10 - year, 15 - year, 20 - year, and 30 - year local government bonds were 5%, 36%, 18%, 7%, and 26% respectively. The issuance proportion of 30 - year local government bonds increased significantly, while that of 20 - year local government bonds decreased by about 14 percentage points. [1] - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, 34 regions have disclosed plans to issue a total of 2,298.2 billion yuan in special refinancing bonds, including 2,000 billion yuan in special bonds for replacing implicit debts. Among them, Jiangsu, Hunan, Henan, and Guizhou have 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively. This week, 1.2 billion yuan in special special bonds were issued. As of the end of this week, 1,366.8 billion yuan in special special bonds have been disclosed for issuance in 2025. [2][19] - **Issuance Spreads**: This week, the weighted average issuance spread of local government bonds was 20.7bp, widening compared to the previous week. The 15 - year local government bonds had the highest weighted average issuance spread, reaching 25bp. The weighted average issuance spreads of 3 - year, 5 - year, and 7 - year local government bonds narrowed, while those of the rest widened. Guangxi, Yunnan, and Xinjiang had weighted average issuance spreads exceeding 20bp. [2] - **Fundraising Directions**: As of the end of this week, the main fundraising directions of new special bonds since 2025 have been cold - chain logistics, municipal and industrial park infrastructure construction (28%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). Compared with 2024, the proportion of land reserve (+17.1%) increased significantly, while that of cold - chain logistics, municipal and industrial park infrastructure construction (-8.5%) decreased significantly. [2] - **Issuance Plans**: As of the end of this week, 34 regions have disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance scale in October and November, the total disclosed issuance scale for the fourth quarter is about 1.65 trillion yuan, with 176 billion yuan in December. The planned issuance of new bonds and refinancing bonds in the fourth quarter is 935.7 billion yuan and 713.5 billion yuan respectively. Additionally, 18 regions have disclosed their local government bond issuance plans for the first quarter of 2026, with a total disclosed issuance scale of about 1.07 trillion yuan, including 571.6 billion yuan in January. The planned issuance of new bonds and refinancing bonds in the first quarter is 439.6 billion yuan and 625.7 billion yuan respectively. [3] 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 15 - year local government bonds were relatively high, and the secondary spread of 1 - year local government bonds narrowed. The secondary spreads of 3 - year and 15 - year local government bonds reached 18.9bp and 18.7bp respectively. From the perspective of the historical quantile in the past three years, the historical quantiles of the secondary spreads of 3 - year and 30 - year local government bonds were relatively high, at 79% and 55% respectively. Regionally, the secondary spreads of 10 - 15 - year local government bonds in strong and medium - strength regions were relatively high, both above 16bp, and the 3 - 5 - year local government bonds in each region also had relatively high secondary spreads. [5] - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds decreased compared to the previous week. The local government bonds in Ningxia and Shenzhen had relatively high turnover rates. The trading volume of local government bonds this week reached 432 billion yuan, with a turnover rate of 0.79%. Among them, the trading volume of Guangdong's local government bonds was large, reaching 40.5 billion yuan; the turnover rates of Ningxia and Shenzhen's local government bonds were relatively high, both reaching 2.3%. [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 ending December 1, 2025, including net financing, issuance terms, issuance spreads, fundraising directions, and trading activities [1][5]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 351.4 billion yuan, with net financing increasing by 199.2 billion yuan. The net financing amount was 325.9 billion yuan, with new general bonds at 8.7 billion yuan, new special bonds at 225.3 billion yuan, refinancing general bonds at 68.8 billion yuan, and refinancing special bonds at 48.6 billion yuan [1][9]. - **Issuance Terms**: The 10 - year local government bonds had the highest issuance proportion (27%) this week, and the proportion of 10 - year and above bonds was 76%, slightly down from last week. The 30 - year bonds' issuance proportion increased significantly, while the 5 - year bonds' decreased by about 8 percentage points [1][12]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds worth 82.7 billion yuan were issued. As of now, 34 regions have disclosed plans to issue special refinancing bonds totaling 2.2802 trillion yuan in 2025, including 2 trillion yuan of special bonds for replacing hidden debts. Jiangsu, Hunan, Henan, and Guizhou are expected to issue 251.1 billion yuan, 128.8 billion yuan, 122.7 billion yuan, and 117.6 billion yuan respectively [2][15]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 20.4bp, wider than last week. The 30 - year bonds had the highest weighted average issuance spread at 25.8bp, and spreads for all terms widened. Jilin, Hebei, and Inner Mongolia had weighted average issuance spreads exceeding 25bp [1][25]. - **Fundraising Directions**: As of the end of this week, the main fundraising directions of new special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (17%), land reserve (17%), affordable housing projects (11%), and social undertakings (11%). The proportion of land reserve increased by 16.9% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.3% [2][28]. - **Issuance Plans**: As of the end of this week, 34 regions have disclosed their fourth - quarter 2025 local government bond issuance plans. Considering the actual issuance in October and November, the total planned issuance in the fourth quarter is nearly 1.6 trillion yuan, with 104.9 billion yuan in December. Next week, 108.7 billion yuan of local government bonds are planned to be issued, with a repayment amount of 48.2 billion yuan and net financing of 60.5 billion yuan, a decrease of 265.4 billion yuan compared to this week [3][33]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 15 - year and 30 - year local government bonds were relatively high, while those of 1 - year, 3 - year, 5 - year, and 7 - year bonds narrowed. The secondary spreads of 15 - year and 30 - year bonds were 18.7bp and 16.4bp respectively. In terms of historical quantiles over the past three years, the secondary spreads of 3 - year and 30 - year bonds were at relatively high levels, 44% and 70% respectively. Regionally, the secondary spreads of bonds over 20 - year in each region were relatively high, between 14 - 18bp, and those of bonds over 10 - year in medium - level regions were also relatively high [5][36]. - **Trading Volume**: This week, the trading volume and turnover rate of local government bonds decreased compared to last week. Shenzhen and Chongqing had relatively high turnover rates. The trading volume of local government bonds reached 379 billion yuan, with a turnover rate of 0.70%. Guangdong had the largest trading volume at 3.62 billion yuan, while Shenzhen and Chongqing had the highest turnover rates at 2.0% and 1.6% respectively [5][41].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The report suggests that there is still room for the narrowing of local government bond spreads. It analyzes the primary and secondary market conditions of local government bonds, including net financing, issuance terms, issuance spreads, capital investment directions, and trading volumes [1]. 3. Summary by Directory 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bond issuance reached 270.7 billion yuan, with net financing increasing by 12.2 billion yuan compared to the previous week. The net financing was 178 billion yuan, including 17 billion yuan in new general bonds, 154.9 billion yuan in new special bonds, 77.3 billion yuan in refinancing general bonds, and 21.5 billion yuan in refinancing special bonds [1][9]. - **Issuance Terms**: The issuance proportion of 10 - year local government bonds was the highest at 24%, and the proportion of 10 - year and above bonds was 63%, showing a decline compared to last week. The issuance proportion of 5 - year local government bonds increased significantly, while that of 30 - year bonds decreased by about 9 percentage points [1][13]. - **Debt - Resolution - Related Local Government Bonds**: This week, 24.6 billion yuan of special refinancing bonds were issued. In 2025, 33 regions have disclosed plans to issue a total of 2.0536 trillion yuan in special bonds to replace hidden debts, with Jiangsu, Guizhou, Hunan, and Henan having 251.1 billion yuan, 132.4 billion yuan, 128.8 billion yuan, and 116.1 billion yuan respectively [2][17]. - **Issuance Spreads**: The weighted average issuance spread of local government bonds this week was 17.5bp, lower than last week. The 15 - year local government bonds had the highest weighted average issuance spread at 22.8bp. Except for 5 - year and 30 - year bonds, the weighted average issuance spreads of other terms narrowed. Inner Mongolia, Guangxi, and Shandong had weighted average issuance spreads exceeding 20bp [2][25]. - **Fund - Raising Investment Directions**: As of the end of this week, the main investment directions of new special bond funds raised since 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (29%), transportation infrastructure (17%), land reserve (16%), affordable housing projects (12%), and social undertakings (11%). In 2025, the proportion of land reserve investment increased by 16.3% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 8.0% [2][29]. - **Issuance Plan**: As of the end of this week, 33 regions have disclosed their local government bond issuance plans for the fourth quarter of 2025. Considering the actual issuance in October, the total planned issuance in the fourth quarter is about 1.3 trillion yuan, with 705 billion yuan in November. Next week, 91.6 billion yuan of local government bonds are planned to be issued, with a repayment of 127.6 billion yuan and a net repayment of 36 billion yuan, a decrease of 213.9 billion yuan compared to the previous week [3][32]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the secondary spreads of 3 - year and 20 - year local government bonds were relatively high, and the secondary spreads of all terms widened. The secondary spreads of 3 - year, 20 - year, and 15 - year bonds reached 19.6bp, 18.7bp, and 18.5bp respectively. In terms of regions, the secondary spreads of 3 - 5 - year local government bonds in each region were relatively high, ranging from 18 - 21bp, and the 15 - 20 - year bonds in medium - level regions also had relatively high secondary spreads [5][36]. - **Trading Volume**: This week, both the trading volume and turnover rate of local government bonds increased compared to last week. Hebei and Guizhou had relatively high turnover rates. The trading volume of local government bonds reached 385.3 billion yuan, with a turnover rate of 0.72%. Hebei had a large trading volume of 42.9 billion yuan, and the turnover rates of Hebei and Guizhou were the highest, reaching 1.8% and 1.7% respectively [5][41].

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The report analyzes the primary and secondary market conditions of local government bonds in 2025, including net financing, issuance terms, issuance spreads, secondary spreads, trading volume, and turnover rate, and also provides information on debt - resolution - related bonds and issuance plans [1][5] 3. Summary by Relevant Catalogs 3.1 Primary Market Conditions - **Net financing**: This week, local government bonds issued 196.1 billion yuan, with a repayment of 73.6 billion yuan and a net financing of 122.5 billion yuan. The issuance volume and net financing increased. Next week, the planned issuance is 107.2 billion yuan, with a repayment of 9.1 billion yuan and a net financing of 98.1 billion yuan, a decrease of 24.4 billion yuan compared to this week [1][3] - **Issuance term**: The 30 - year local government bond issuance accounted for the highest proportion (38%) this week, and the proportion of 10 - year and above issuances was 84%, an increase compared to last week. The 30 - year issuance proportion increased by about 16 percentage points, while the 7 - year and 10 - year proportions decreased by about 12 and 11 percentage points respectively [1][12] - **Debt - resolution - related local government bonds**: This week, special refinancing bonds issued 1.14 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing hidden debts, totaling 1,995.7 billion yuan. Special special bonds issued 5.06 billion yuan this week, and as of the end of this week, the disclosed and issued scales of special special bonds in 2025 are 1,204.9 billion and 1,201.2 billion yuan respectively [2][16] - **Issuance spread**: This week, the weighted average issuance spread of local government bonds was 23.9bp, widening compared to last week. The 15 - year local government bond had the highest weighted average issuance spread at 27.6bp. The weighted average issuance spreads of 7 - year and 10 - year local government bonds narrowed, while those of other terms widened. There was significant regional differentiation [2][25] - **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 (29%), transportation infrastructure (18%), land reserve (14%), affordable housing projects (12%), and social undertakings (12%). The proportion of land reserve investment increased by 14.2% compared to 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.5% [2][30] - **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, with an expected total issuance of 2.9 trillion yuan. The planned issuances of new bonds and refinancing bonds in the third quarter are 1,745 billion and 1,176 billion yuan respectively. Some regions have disclosed their fourth - quarter issuance plans, totaling 844.5 billion yuan, with 540.6 billion yuan in October [3][33] 3.2 Secondary Market Conditions - **Secondary spread**: This week, the secondary spreads of 5 - year and 10 - year local government bonds were relatively high, and the secondary spreads of local government bonds of all terms widened. The 5 - year and 10 - year secondary spreads reached 16.1bp and 15.7bp respectively. The historical quantile of the 5 - year secondary spread in the past 3 years was relatively high at 68%. Regionally, the 3 - 5 - year secondary spreads in each region were relatively high, and the 10 - 15 - year and 15 - 20 - year secondary spreads in medium - strength and strong regions were also relatively high [5][37] - **Trading volume and turnover rate**: This week, the trading volume and turnover rate of local government bonds increased compared to last week. Qinghai had a relatively high turnover rate. The trading volume this week reached 489.1 billion yuan, and the turnover rate was 0.92%. Guangdong, Hunan, and Shandong had large trading volumes, and Qinghai had the highest turnover rate at 4.0%, higher than Xinjiang Production and Construction Corps' 3.7% [5][43]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report The report focuses on the primary and secondary market conditions of local government bonds in the week of August 25, 2025, including issuance volume, net financing, maturity structure, issuance spreads, capital investment, and trading volume and turnover rate [1][6]. Summary by Relevant Catalogs 1. Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 369.2 billion yuan, with an increase in issuance volume and net financing. The net financing was 208.8 billion yuan, including 9.5 billion yuan in new general bonds, 239.3 billion yuan in new special bonds, 46.9 billion yuan in refinancing general bonds, and 73.5 billion yuan in refinancing special bonds [1]. - **Issuance Maturity**: The issuance proportion of 30 - year local government bonds was the highest at 29%, and the proportion of 10 - year and above issuances was 84%, the same as last week. The 30 - year issuance proportion increased by about 18 percentage points, while the 10 - year decreased by about 39 percentage points [1]. - **Local Government Bonds Related to Debt Resolution**: This week, 24.5 billion yuan of special refinancing bonds were issued. In 2025, 33 regions have disclosed plans to issue a total of 1,936.7 billion yuan in special bonds to replace hidden debts, with Jiangsu, Sichuan, Shandong, and Guizhou having 251.1 billion yuan, 114.8 billion yuan, 111.3 billion yuan, and 109.2 billion yuan respectively [2]. - **Issuance Spread**: The weighted average issuance spread of local government bonds this week was 23.3bp, widening compared to last week. The 15 - year weighted average issuance spread was the highest at 33.0bp. The spreads of 3 - year, 7 - year, and 10 - year bonds narrowed, while others widened. Shandong, Hebei, Hunan, and Jilin had higher spreads over 27bp, while Zhejiang had a relatively low spread [2]. - **Fund Raising Allocation**: As of the end of this week, the main allocation of new special bond funds in 2025 was to cold - chain logistics, municipal and industrial park infrastructure (25%), social undertakings (18%), affordable housing projects (18%), transportation infrastructure (15%), and land reserves (11%). The proportion of land reserve allocation increased by 10.3% compared to 2024, while cold - chain logistics, municipal and industrial park infrastructure decreased by 11.6% [2]. - **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, with a total expected issuance of 2.9 trillion yuan. The planned issuance in August is 1,006.9 billion yuan. Next week, the planned issuance is 351.6 billion yuan, with a repayment of 108.1 billion yuan and a net financing of 243.5 billion yuan, a 34.7 - billion - yuan increase from last week [3]. 2. Secondary Market Situation - **Secondary Spread**: This week, the secondary spread of 15 - year local government bonds was relatively high, and the spreads of 15 - year, 10 - year, and 30 - year bonds widened significantly. The 15 - year secondary spread was 21.7bp, and the 30 - year secondary spread's historical quantile in the past three years was 57%. Regionally, the secondary spreads of 10 - 15 - year bonds in various regions were relatively high, and those of 15 - 20 - year bonds in medium - level regions were also relatively high [6]. - **Trading Volume**: This week, the trading volume and turnover rate of local government bonds decreased compared to last week. The trading volume was 337.5 billion yuan, and the turnover rate was 0.64%. Hebei, Guangdong, and Hunan had relatively high turnover rates, all above 1.4% [6].

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 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 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].