人民财讯1月5日电，据山东省财政厅披露信息，2026年1月5日，山东省发行723.81亿元地方政府债券， 这是今年全国首个发行地方政府债券的省份，也由此宣告2026年地方政府债券正式启动发行。 ...

据省财政厅相关负责人介绍，为更好完成债券发行任务，我省科学设计发行方案，利用辽宁债券期限结 构测算系统，统筹考虑到期债券规模、时点以及未来年度、月度还本付息波峰波谷等情况，精算设计债 券发行规模及期限结构组合，努力实现年度间债券到期规模、月度间利息支付规模均衡分布。同时，加 强与承销机构沟通对接，紧盯债券市场行情，选择有利发行时间窗口，采取差异化定价原则，精准确定 各期限债券招标基准利率，增强我省债券市场吸引力，积极降低融资成本。 （来源：辽宁日报） 转自：辽宁日报 本报讯 记者唐佳丽报道 近日，我省在中央国债登记结算有限责任公司成功发行2025年第十三批政府债 券32.2亿元，全部用于新增专项债券项目建设。至此，我省2025年地方政府债券发行工作圆满收官，全 年累计发行地方政府债券2319.8亿元，其中新增债券657亿元，再融资债券1662.8亿元，平均发行利率 2.02%，平均发行期限17.2年。 为了充分发挥政府债券的融资"主渠道"作用，省财政厅将持续优化地方政府债券发行管理，落实好更加 积极的财政政策，不断提升债券发行质效。 ...

2025.12. 12 本文字数：1498，阅读时长大约3分钟 作者 | 第一财 经 陈益刊 为了支持经济大省发挥挑大梁作用，地方政府债券额度明显向其倾斜。 根据财政部近期披露的地方政府债券市场报告（2025年10月），今年前10个月全国36个省市（自治 区、直辖市、计划单列市）发行了新增债券约4.7万亿元。其中，广东地区（不含深圳）、山东地区 （不含青岛）、浙江地区（不含宁波）、江苏、四川发债规模稳居前五。这五个省份经济总量也位居 全国前五。 今年年初，中国确定全国地方政府新增债券发行规模为5.2万亿元；10月，财政部额外给地方增加了 0.2万亿元新增（专项）债券用于项目建设。这意味着，今年全年新增债券发行规模约5.4万亿元。 根据企业预警通数据，截至12月11日，全国地方发行新增债券规模约5.3万亿元，占全年预计发债规 模比重约98%，新增债券发行接近尾声。其中，广东（约4966亿元）、山东（约3667亿元）、浙江 （3429亿元）、江苏（3101亿元）、四川（约2818亿元）新增债券发行规模依然稳居前五，合计 约1.8万亿元，占当年已发行新增债券总额比重约34%。 地方政府新增债券主要用于项目建设。在地 ...

Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Volatile [2] - Rolled steel and rebar: Volatile [2] - Glass: Weakly volatile [2] - Soda ash: Volatile [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2 - year treasury bond: Volatile [4] - 5 - year treasury bond: Volatile [4] - 10 - year treasury bond: Upward [4] - Gold: Strongly volatile [4] - Silver: Strongly volatile [4] - Logs: Bottoming out with volatility [5] - Pulp: Volatile [5] - Offset paper: Volatile [5] - Soybean oil: Range - bound [7] - Palm oil: Range - bound [7] - Rapeseed oil: Range - bound [7] - Soybean meal: Weakly volatile [7] - Rapeseed meal: Weakly volatile [7] - Soybean No.2: Weakly volatile [7] - Soybean No.1: Weakly volatile [7] - Live pigs: Strongly volatile [8] - Rubber: Volatile [11] - PX: Widely volatile [11] - PTA: Volatile [11] - MEG: Weakly volatile [11] - PF: Await - and - see [11] Core Views - The overall market shows a complex and volatile trend, with different products affected by various factors such as supply - demand relationship, policy, and international situation. For example, the iron ore market is in a supply - surplus pattern, and the price is volatile at a high level; the gold price is supported by central bank purchases and geopolitical risks, and the short - term fluctuations are affected by the Fed's interest rate policy and risk aversion sentiment [2][4][6] Summary by Category Black Industry - Iron ore: Global iron ore shipments increased by 44.7 million tons to 33.232 billion tons, 47 - port foreign ore arrivals decreased by 155.5 million tons to 27.84 billion tons, and daily average hot metal production decreased by 1.6 million tons to 2.3468 billion tons. The demand core lies in the real estate, and the new construction has dropped to the 2005 level. The supply - surplus pattern is difficult to reverse, and the price is volatile at a high level [2] - Coking coal and coke: On December 1st, the first round of coke price cuts was implemented, and there are still expectations of further cuts. After the previous continuous decline, the valuation is reasonable, and there was a bottom - rebound on Monday. The market is worried about the resumption of production on the supply side. Steel and coke enterprises still have restocking needs, and the price is supported at a low level in the short term [2] - Rolled steel and rebar: The downstream demand is sluggish, and the winter restocking has not started yet. The core lies in steel demand, and the real estate new construction has dropped to the 2005 level. The steel price depends on the implementation of production reduction and anti - "involution" policies. The price is expected to remain at the bottom and fluctuate [2] - Glass: There are supply - side disturbances. The market expects three production lines in Hubei to be cold - repaired in December, but there are rumors of a delay. The float glass inventory has decreased, but the real - estate completion decline drags down the demand. The price is weakly volatile, and attention should be paid to the cold - repair progress and macro situation [2] - Soda ash: The report does not provide detailed information other than the investment rating of "volatile" [2] Financial - Stock index futures/options: The previous trading day, the CSI 300 index fell by 0.48%, the SSE 50 index fell by 0.51%, the CSI 500 index fell by 0.87%, and the CSI 1000 index fell by 1.00%. The market has short - term adjustments, but the medium - term trend is still optimistic [4] - Treasury bonds: The central bank increased the net investment of medium - and long - term liquidity tools in November. The 10 - year treasury bond yield rose by 1bp, and the market trend rebounded slightly [4] - Gold: The pricing mechanism is shifting from being centered on real interest rates to central bank gold purchases. The Fed's interest rate policy and risk aversion sentiment are short - term disturbance factors, and the long - term price is supported by the Fed's interest rate cut cycle, central bank gold purchases, and geopolitical risks [4][6] Light Industry - Logs: The average daily port shipment volume decreased last week. The import volume in October showed different trends, and the expected arrival volume decreased significantly. The inventory pressure has weakened, and the price is expected to bottom out with volatility [5] - Pulp: The spot market price became stronger on the previous trading day, and the cost support increased, but the paper mills' acceptance of high - price pulp is low, and the price is expected to be volatile [5] - Offset paper: The spot market price was partially raised on the previous trading day. The supply is stable, the orders are expected to increase, and the price is expected to be volatile [5] Oilseeds and Oils - Oils: The US soybean crushing reached a record high, but the US biodiesel policy is uncertain. The palm oil production and inventory in Malaysia in October were higher than expected, and the export in November decreased. The domestic oil supply is abundant, and the price is expected to be range - bound [7] - Meals: The US soybean supply is structurally tight, but the global supply is relatively loose. The domestic soybean meal supply is abundant, and the demand is mainly for rigid needs. The price is expected to be weakly volatile [7] Agricultural Products - Live pigs: The average trading weight is declining. The supply is abundant, the demand is limited, and the settlement price is decreasing. The slaughtering rate increased slightly but is expected to weaken next week. The average weekly price is expected to continue to decline [8] Soft Commodities and Chemicals - Rubber: The raw material price in Yunnan is stable, and the output in Hainan decreased due to temperature. The supply in Thailand and Vietnam is affected by rain. The inventory is increasing seasonally, and the price is expected to be widely volatile [11] - PX: The crude oil supply is in surplus, and the price is falling. The PX supply is high, but the downstream demand is good, and the price is widely volatile [11] - PTA: The cost is loosening, the short - term supply - demand situation has improved, but the industry is seasonally weakening, and the price is expected to follow the cost [11] - MEG: The long - term inventory pressure exists, and the short - term price is weakly volatile [11] - PF: The market is expected to be narrowly adjusted under the game of multiple factors [11]

2015年施行的新预算法赋予了各省（自治区、直辖市等）通过发行政府债券形式举债权力，此后地方政 府债券发行规模总体呈现波动向上趋势。 根据财政部公开数据，由于当时中国实施地方政府债券置换存量政府债务中非政府债券形式的债务计 划，2015年地方政府债券发行规模首次超过3万亿元（3.8万亿元），2016年飙升至6万亿元，此后三年 稳定在4万多亿元。而为了应对疫情冲击，扩大有效投资提振经济，2020年地方政府债券发行规模再次 突破6万亿元，2021年首次突破7万亿元；为了置换存量隐性债务，2023年和2024年地方政府债券发行规 模均超过9万亿元，其中2024年约9.8万亿元，逼近10万亿元。 2025年为了稳投资和继续置换地方政府隐性债务，地方政府债券发行规模首次突破了10万亿元。 大量地方政府债券发行，也使得地方政府债务规模攀升。而随着近年来一揽子化债政策落地，地方政府 债务风险逐步收敛，风险总体安全可控。 根据财政部数据，截至2025年9月末，全国地方政府债务余额约53.7万亿元，这控制在债务限额之内 （57.9万亿元）。 根据数据平台机构企业预警通数据，截至12月2日，全国地方政府债券发行规模约为10.1万 ...

| 所属省辖市 | 市本级或县区名称 | | --- | --- | | 郑州市 | 郑州市本级政府投资项目 | | 郑州市 | 管城回族区政府投资项目 | | 郑州市 | 上街区政府投资项目 | | 郑州市 | 惠济区政府投资项目 | | 洛阳市 | 洛阳市本级政府投资项目 | | 洛阳市 | 洛龙区政府投资项目 | | 安阳市 | 安阳市本级政府投资项目 | | 安阳市 | 龙安区政府投资项目 | | 安阳市 | 安阳县政府投资项目 | | 安阳市 | 汤阴县政府投资项目 | | 安阳市 | 内黄县政府投资项目 | | 安阳市 | 林州市政府投资项目 | | 焦作市 | 焦作市本级政府投资项目 | | 焦作市 | 中站区政府投资项目 | | 濮阳市 | 濮阳市本级政府投资项目 | | 许昌市 | 建安区政府投资项目 | | 商丘市 | 梁园区政府投资项目 | | 商丘市 | 虞城县政府投资项目 | | 商丘市 | 永城市政府投资项目 | | 驻马店市 | 驿城区政府投资项目 | 来源：河南发布公众号 编辑：董方方 11月28日，河南省财政厅发布通知，经河南省人民政府同意，决定发行2025年河南省政府专项债 ...

Core Viewpoint - The Henan Provincial Finance Department has decided to issue a total of 73.75865 billion yuan in various government bonds, including general bonds, special bonds, and refinancing bonds, to support infrastructure projects and manage existing debts [1][3]. Summary by Category Bond Issuance Details - The total planned issuance amount is 73.75865 billion yuan, consisting of fixed-rate bonds [1]. - Specific bond types and their planned issuance amounts include: - 7-year general bonds: 4.7788 billion yuan - 5-year special bonds: 3.34065 billion yuan - 7-year special bonds: 2.6455 billion yuan - 10-year special bonds: 3.12945 billion yuan - 15-year special bonds: 7.5527 billion yuan - 20-year special bonds: 0.261 billion yuan - 30-year special bonds: 40.80772 billion yuan - 10-year refinancing general bonds: 5.57924 billion yuan - 20-year refinancing special bonds: 3 billion yuan - 30-year refinancing special bonds: 2.66359 billion yuan [1][2]. Purpose of Fundraising - The funds raised from the issuance of the 7-year general bonds will be used for infrastructure project construction in Henan Province [1]. - The refinancing bonds are intended to repay existing debts, while special bonds will be allocated to urban development, social projects, and shantytown renovations [3]. Project Allocation - The bonds will finance various projects, including: - Infrastructure improvements - Urban development initiatives - Social welfare projects - Shantytown renovation efforts [3][4]. Regional Impact - Specific projects in cities like Shangqiu include educational facilities, public water supply improvements, and healthcare infrastructure [5][6]. - The issuance will support a wide range of local government investment projects across multiple districts in Henan Province [8][9].

Core Points - The city successfully issued the sixth batch of government bonds for 2025, totaling 9.3777 billion yuan, which includes 7.4777 billion yuan in new special bonds and 1.9 billion yuan in refinancing bonds [1][4] Group 1: Bond Issuance Details - The bond issuance included various types of bonds with different terms and interest rates, such as: - Special bonds with a total of 21.36 billion yuan for 20 years at a rate of 2.34% - Special bonds totaling 7 billion yuan for 20 years at a rate of 2.34% - Special bonds of 9.95 billion yuan for 15 years at a rate of 2.24% - Special bonds of 20.02 billion yuan for 15 years at a rate of 2.24% - Special bonds of 16.447 billion yuan for 15 years at a rate of 2.24% - General refinancing bonds of 1.4 billion yuan for 10 years at a rate of 1.86% - Special refinancing bonds of 500 million yuan for 15 years at a rate of 2.29% [3] - The bonds received a AAA credit rating, with a competitive bidding process resulting in a subscription multiple of 15.52 times [3] Group 2: Overall Bond Issuance Performance - The successful issuance of this batch of bonds marks the completion of the city's government bond issuance task for the year, with a total of 60.77682 billion yuan issued throughout the year, including 48.8 billion yuan in new bonds and 11.97682 billion yuan in refinancing bonds [4] - The city’s finance bureau plans to enhance bond fund management and expedite the spending of bond funds to support infrastructure development and investment growth [4]

Core Viewpoint - Local governments in China have significantly increased their borrowing to stabilize the economy and mitigate risks, with a record issuance of local government bonds reaching approximately 9.1 trillion yuan in the first ten months of the year, marking a year-on-year increase of about 23% [2][6]. Group 1: Bond Issuance and Utilization - Approximately 60% of the funds raised through local government bonds are allocated for repaying old debts, while around 40% are directed towards major project construction [6][7]. - In the first ten months, the issuance of new local government bonds totaled about 4.7 trillion yuan, reflecting a year-on-year growth of approximately 2%, while refinancing bonds amounted to 4.4 trillion yuan, showing a significant year-on-year increase of about 58% [6][7]. - The rapid growth in local government bond issuance is primarily driven by the increase in refinancing bonds, which are used to repay existing debts and optimize the debt structure [7]. Group 2: Special Bonds and Project Funding - Local governments issued approximately 1.25 trillion yuan in special new bonds specifically aimed at resolving existing hidden debts and settling overdue payments to enterprises, which contributes to the overall debt repayment strategy [7][8]. - The total scale of "borrowing new to repay old" is approximately 5.65 trillion yuan, accounting for about 62% of the total bond issuance in the first ten months [7]. - Among the newly issued special bonds, about 27% is allocated for municipal and industrial park infrastructure, 18% for transportation infrastructure, and 16% for land reserves, with additional allocations for social projects such as healthcare and education [8]. Group 3: Debt Management and Risk Control - The overall risk of local government debt is considered manageable, with the total debt balance as of September 2025 being 53.7 trillion yuan, well within the approved debt limit of 57.9 trillion yuan [9]. - In the first three quarters, local governments repaid approximately 23.9 billion yuan in principal and paid 11.2 billion yuan in interest on their bonds [9].

Core Viewpoint - Local governments are increasing their borrowing to stabilize investment and mitigate risks, but the pace of borrowing is gradually slowing down as the issuance of bonds approaches its end [1] Group 1: Bond Issuance and Borrowing Scale - In the first three quarters of this year, local government bond issuance totaled approximately 8.54 trillion yuan, a year-on-year increase of about 27% [2] - The broad fiscal revenue of local governments for the first eight months was about 10.75 trillion yuan, with borrowing amounting to approximately 7.7 trillion yuan, accounting for about 72% of the broad fiscal revenue [3] - Approximately 60% of the funds raised are used for repaying old debts, while nearly 40% are directed towards major project construction [3] Group 2: Refinancing and Debt Management - The issuance of refinancing bonds reached about 4.19 trillion yuan, a year-on-year increase of approximately 69%, primarily due to the completion of 2 trillion yuan in refinancing bonds for replacing hidden debts [4] - The total issuance of government bonds aimed at repaying old debts is about 5.39 trillion yuan, which constitutes around 63% of the total bond issuance [4][5] Group 3: Project Investment and Economic Impact - Approximately 3.15 trillion yuan of the new local government bonds is allocated for major project construction, with about 2.5 trillion yuan specifically for special bonds [5] - The allocation of special bond funds includes approximately 28% for municipal and industrial park infrastructure, 18% for transportation infrastructure, and 12% for social projects such as healthcare and education [5] - Infrastructure investment in the third sector grew by 2.0% year-on-year in the first eight months, surpassing the overall fixed asset investment growth rate of 0.5% [7] Group 4: Future Outlook and Policy Recommendations - The total issuance of local government bonds for the year is capped at 5.2 trillion yuan, with about 84% already issued by the end of the third quarter, indicating that the issuance is nearing its end [7] - Experts suggest considering the early issuance of some quotas for replacing hidden debts in the fourth quarter to alleviate local repayment pressures [7]