下一步，对于补充政府性基金财力的新增专项债券，将严格执行预算安排，确保资金精准用于批复的用 途，合规使用。对于置换存量隐性债务的再融资专项债券，指导督促各市县坚定不移落实好债券置换工 作，严格遵循"谁使用，谁偿还"原则，确保债券资金精准用于置换高成本、短期限存量隐性债务，降低 债务风险；同时将不新增隐性债务作为"铁的纪律"，推动建立统一的地方政府债务长效监管制度，对违 规举债，虚假化债等行为严肃追责问责，防止前清后欠。 责编:史健 | 审核:李震 | 监审:古筝 【大河财立方消息】据河南省财政厅消息，11月12日，河南省在上海成功发行政府债券74.5068亿元， 此次发行的债券利率均为2.35%。其中：30年期新增专项债券31.4271亿元，用于补充政府性基金财力； 20年期新增专项债券14.9267亿元，用于存量政府投资项目；30年期再融资专项债券28.153亿元，用于置 换存量隐性债务。 今年以来，河南省已发行政府债券359.87亿元用于补充政府性基金财力，显著增强政府预算统筹能力和 财政可持续性；已发行政府债券1189.24亿元用于置换存量隐性债务，对于优化债务期限结构、降低存 量债务融资成本、缓释短期 ...

Group 1: Debt Issuance and Replacement - The issuance of replacement bonds has exceeded 1.6 trillion yuan, completing over 80% of the annual quota for replacing stock hidden debts of 2 trillion yuan [1] - Local governments have cumulatively issued over 120 billion yuan in land reserve special bonds, indicating a significant gap between actual issuance and publicly announced figures [1] Group 2: Monetary Policy - The central bank conducted a 1,193 billion yuan reverse repurchase operation with a net withdrawal of 72 billion yuan, maintaining an operation interest rate of 1.40% [2] Group 3: Regional Debt Limits - The Ministry of Finance has allocated a new government debt limit of 111 billion yuan for Guangxi in 2025, including 30.3 billion yuan for general debt and 80.7 billion yuan for special debt [3] - Guizhou Province plans to issue 33.24 billion yuan in government special bonds to support existing government investment projects, with an increase in provincial revenue budget by 3.504 billion yuan [4] Group 4: Bond Market Developments - Zhengzhou City Investment Group made its debut in the credit bond market with a 1 billion yuan issuance, featuring a dual-term structure with low interest rates [5] - The first issuance of aerospace technology bonds in the country was completed, with a scale of 300 million yuan and an interest rate of 2.28% [6] - Xuchang City Investment Group issued a 1 billion yuan short-term financing bond at an interest rate of 1.83% [7] - Yuzhou City Guoyun Capital Operating Company completed a 20 million yuan corporate bond issuance at an interest rate of 2.90% [8] - Kaifeng Development Group issued a 600 million yuan corporate bond at an interest rate of 2.73% [10] Group 5: Corporate Financing - New City Development plans to issue senior unsecured US dollar bonds, marking a significant move for private real estate companies to re-enter the overseas capital market [11] Group 6: Market Sentiment and Investment Opportunities - The market is seeing an increase in interest in "dim sum bonds" and onshore RMB bonds, with a recommendation to focus on high-yield city investment bonds, particularly those issued with SBLC or cross-border guarantees [15][16]