政府债周报 广义赤字边际提速 政府债净融资第 33 周（8/11-8/17）2009 亿，第 34 周（8/18-8/24）5607 亿。截至第 33 周（8/11-8/17）累计 9.8 万亿，超出去年同期 4.6 万亿。 国债净融资+新增地方债发行第 33 周（8/11-8/17）2640 亿，第 34 周 （8/18-8/24）6007 亿。截至第 33 周（8/11-8/17）广义赤字累计 8.0 万亿，进度 67.2%。 国债第 33 周（8/11-8/17）净融资 2146 亿，第 34 周（8/18-8/24）3519 亿。截至第 33 周（8/11-8/17）累计 4.6 万亿，进度 68.4%。 地方债净融资第 33 周（8/11-8/17）-137 亿，第 34 周（8/18-8/24）2088 亿。截至第 33 周（8/11-8/17）累计 5.2 万亿，超出去年同期 2.8 万亿。 新增一般债第 33 周（8/11-8/17）303 亿，第 34 周（8/18-8/24）95 亿。 截至第 33 周（8/11-8/17）累计 5759 亿，进度 72.0%。 新增专项债第 33 周（8 ...

Financing Overview - Government debt net financing for week 33 (8/11-8/17) was 200.9 billion, and for week 34 (8/18-8/24) it was 560.7 billion, totaling 980 billion by week 33, exceeding last year's 460 billion[1] - The cumulative general deficit reached 8.0 trillion, with a progress rate of 67.2% as of week 33[5] - National debt net financing for week 33 was 214.6 billion, and for week 34 it was 351.9 billion, with a cumulative total of 4.6 trillion, achieving 68.4% of the annual target[6] Local Government Debt - Local government debt net financing for week 33 was -13.7 billion, while week 34 saw 208.8 billion, with a cumulative total of 5.2 trillion, surpassing last year's 2.8 trillion[8] - New general bonds issued amounted to 30.3 billion in week 33 and 9.5 billion in week 34, with a cumulative total of 575.9 billion, achieving 72.0% of the annual target[8] Special Bonds and Other Debt - New special bonds issued in week 33 were 19.0 billion, and in week 34, they surged to 239.3 billion, with a cumulative total of 2.8 trillion, reaching 64.5% of the annual target[12] - Special refinancing bonds issued in week 33 were 1.2 billion, and in week 34, they increased to 24.5 billion, with a cumulative total of 1.9 trillion, achieving 94% of the issuance target[24] - City investment bonds saw net financing of -6.2 billion in week 33 and an estimated -23.5 billion in week 34, with a total balance of 10.2 trillion[29]

Government Debt Financing - Net financing for government debt in week 31 (July 28 - August 3) was 402.8 billion, and in week 32 (August 4 - August 10) it was 397.4 billion, totaling 9.2 trillion, exceeding last year's 5 trillion[1] - The cumulative general deficit reached 7.3 trillion, with a progress rate of 61.7%[5] - Net financing for treasury bonds in week 31 was 160.2 billion, and in week 32 it was 314.6 billion, totaling 4.0 trillion, with a progress rate of 60.1%[7] Local Government Debt - Net financing for local government debt in week 31 was 242.5 billion, and in week 32 it was 82.8 billion, totaling 5.2 trillion, exceeding last year's 3.1 trillion[9] - New general bonds issued in week 31 were 20.9 billion, and in week 32 they were 7.3 billion, with a cumulative total of 538.3 billion and a progress rate of 67.3%[9] Special Bonds - New special bonds in week 31 amounted to 183.2 billion, and in week 32 they were 40.3 billion, with a cumulative total of 2.8 trillion and a progress rate of 63.1%[13] - Special new bonds issued reached 806 billion, surpassing the initial target of 800 billion, with 509 billion issued since August, accounting for 98% of new special bonds[13] Risk and Warnings - There is a risk of data statistical errors, with actual issuance potentially differing significantly from planned figures[3]

Report Industry Investment Rating No relevant content provided. Core View - The report presents basic economic data including fixed - asset investment cumulative year - on - year at 2.80, social retail sales total monthly year - on - year at 4.80, export monthly year - on - year at 5.90, and M2 at 8.30 [4] Summary by Relevant Categories Government Bond Net Financing - In the 30th week (7/21 - 7/27), government bond net financing was 3036 billion, and in the 31st week (7/28 - 8/3), it was 4025 billion. As of the 30th week, the cumulative amount was 8.7 trillion, exceeding the same period last year by 4.8 trillion [1][5] Treasury Bond Net Financing - In the 30th week (7/21 - 7/27), treasury bond net financing was 107 billion, and in the 31st week (7/28 - 8/3), it was 1600 billion. As of the 30th week, the cumulative amount was 3.8 trillion, with a progress of 57.7%, exceeding the average of the past five years [7] Local Bond Net Financing - In the 30th week (7/21 - 7/27), local bond net financing was 2929 billion, and in the 31st week (7/28 - 8/3), it was 2425 billion. As of the 30th week, the cumulative amount was 4.9 trillion, exceeding the same period last year by 3 trillion [1][9] New General Bond - In the 30th week (7/21 - 7/27), new general bond issuance was 233 billion, and in the 31st week (7/28 - 8/3), it was 209 billion. As of the 30th week, the cumulative amount was 5174 billion, with a progress of 64.7%, exceeding the same period last year [1][9] New Special Bond - In the 30th week (7/21 - 7/27), new special bond issuance was 2054 billion, and in the 31st week (7/28 - 8/3), it was 1832 billion. As of the 30th week, the cumulative amount was 2.6 trillion, with a progress of 59.0%, exceeding the same period last year [2][12] - Special new special bonds of 7769 billion have been issued, with 2878 billion issued in July, accounting for 47% of new special bonds. The 8000 - billion quota may be issued by the third quarter [12] - Land reserve special bonds of 2639 billion have been issued. As of July 27, 27 provinces and cities have announced relevant progress, covering 4658 plots of land with a total capital scale of 5181 billion [2][12] Special Refinancing Bond - In the 30th week (7/21 - 7/27), special refinancing bond issuance was 119 billion, and in the 31st week (7/28 - 8/3), it was 454 billion. As of the 30th week, the cumulative amount was 1.8 trillion, with a issuance progress of 92% [2][25] Urban Investment Bond - In the 30th week (7/21 - 7/27), urban investment bond net financing was - 306 billion, and in the 31st week (7/28 - 8/3), it is expected to be - 287 billion. As of this week, the balance of urban investment bonds is about 10.3 trillion [2][29]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View - The core view includes basic economic data such as the cumulative year - on - year growth rate of fixed - asset investment at 2.80, the year - on - year growth rate of total retail sales of consumer goods in the current month at 4.80, the year - on - year growth rate of exports in the current month at 5.90, and M2 at 8.30 [4]. 3. Summary by Related Content Government Bond Net Financing - Government bond net financing was 208.6 billion yuan in the 29th week (7/14 - 7/20) and 303.6 billion yuan in the 30th week (7/21 - 7/27). As of the 29th week, the cumulative amount was 8.4 trillion yuan, exceeding the same period last year by 4.5 trillion yuan, mainly due to the misalignment of special bonds for replacing implicit debts and the rapid issuance of treasury bonds [1][7]. - The sum of treasury bond net financing and new local bond issuance was 247.2 billion yuan in the 29th week and 239.4 billion yuan in the 30th week. As of the 29th week, the cumulative general deficit was 6.7 trillion yuan, with a progress of 56.6% [1][7]. Treasury Bond Net Financing - Treasury bond net financing was 5.82 billion yuan in the 29th week and 1.07 billion yuan in the 30th week. As of the 29th week, the cumulative amount was 3.8 trillion yuan, with a progress of 57.5%, exceeding the same period in the past five years. The total annual treasury bond net financing is 6.66 trillion yuan. In 2025, the central deficit is 4.86 trillion yuan, with 1.8 trillion yuan of special treasury bonds arranged: 1.3 trillion yuan is ultra - long - term special treasury bonds (300 billion yuan for consumer goods trade - in), and 500 billion yuan is for supplementing the capital of state - owned large - scale banks [1][8]. Local Bond Net Financing - Local bond net financing was 150.5 billion yuan in the 29th week and 292.9 billion yuan in the 30th week. As of the 29th week, the cumulative amount was 4.6 trillion yuan, exceeding the same period last year by 2.8 trillion yuan [1][10]. New General Bond - New general bond issuance was 2.76 billion yuan in the 29th week and 2.33 billion yuan in the 30th week. In 2025, the local deficit is 80 billion yuan. As of the 29th week, the cumulative issuance was 49.41 billion yuan, with a progress of 61.8%, exceeding the same period last year [2][11][13]. New Special Bond - New special bond issuance was 161.4 billion yuan in the 29th week and 205.4 billion yuan in the 30th week. In 2025, the planned issuance of new special bonds is 4.4 trillion yuan. As of the 29th week, the cumulative issuance was 2.4 trillion yuan, with a progress of 54.3%, exceeding the same period last year. Special new special bonds of 71.7 billion yuan have been issued, of which 25.22 billion yuan has been issued since July, accounting for 41% of new special bonds. The 80 - billion - yuan quota may be issued by the end of the third quarter. Land reserve special bonds of 25.58 billion yuan have been issued. As of July 6, the cumulative number of disclosed projects for acquiring idle land was 4,343 parcels, with a capital scale of 489.7 billion yuan [2][15]. Special Refinancing Bond - Special refinancing bond issuance was 0 billion yuan in the 29th week and 1.19 billion yuan in the 30th week. As of the 29th week, the cumulative issuance was 1.8 trillion yuan, with a progress of 91% [2][32]. Urban Investment Bond - Urban investment bond net financing was - 1.24 billion yuan in the 29th week and is expected to be - 3.9 billion yuan in the 30th week. As of this week, the balance of urban investment bonds is about 10.3 trillion yuan [2][34].

Report Industry Investment Rating - Not provided in the content Core View - The report presents some basic economic data including fixed - asset investment cumulative year - on - year at 2.80, social retail sales total monthly year - on - year at 4.80, export monthly year - on - year at 5.80, and M2 at 8.30 [4] Summary by Related Content Government Bond Net Financing - Government bond net financing was 303.4 billion yuan in the 28th week (7/7 - 7/13) and 208.4 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative amount was 8.2 trillion yuan, exceeding the same period last year by 4.4 trillion yuan, mainly due to the misalignment of special bonds for replacing hidden debts and the rapid issuance of treasury bonds [1][7] General Deficit - The sum of treasury bond net financing and new local bond issuance was 271.6 billion yuan in the 28th week (7/7 - 7/13) and 247 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative general deficit was 6.5 trillion yuan, with a progress of 54.5% [1][7] Treasury Bonds - Treasury bond net financing was 193.1 billion yuan in the 28th week (7/7 - 7/13) and 57.9 billion yuan in the 29th week (7/14 - 7/20). The total annual treasury bond net financing is 6.66 trillion yuan. As of the 28th week, the cumulative amount was 3.8 trillion yuan, with a progress of 56.7%, exceeding the same period in the past five years [8] Local Bonds - Local bond net financing was 110.2 billion yuan in the 28th week (7/7 - 7/13) and 150.5 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative amount was 4.5 trillion yuan, exceeding the same period last year by 2.7 trillion yuan [1][10] New General Bonds - New general bonds issuance was 1.45 billion yuan in the 28th week (7/7 - 7/13) and 2.76 billion yuan in the 29th week (7/14 - 7/20). In 2025, the local deficit is 80 billion yuan. As of the 28th week, the cumulative amount was 46.65 billion yuan, with a progress of 58.3%, exceeding the same period last year [2][11][13] New Special Bonds - New special bonds issuance was 64 billion yuan in the 28th week (7/7 - 7/13) and 161.4 billion yuan in the 29th week (7/14 - 7/20). In 2025, the planned new special bonds are 4.4 trillion yuan. As of the 28th week, the cumulative amount was 2.2 trillion yuan, with a progress of 50.6%. Special new special bonds of 639.6 billion yuan have been issued, of which 174.8 billion yuan was issued in July, accounting for 44% of new special bonds. The 800 - billion - yuan quota may be issued by the third quarter. Land reserve special bonds of 224 billion yuan have been issued [2][15] Special Refinancing Bonds - Special refinancing bonds issuance was 28.6 billion yuan in the 28th week (7/7 - 7/13) and 0 billion yuan in the 29th week (7/14 - 7/20). As of the 28th week, the cumulative amount was 1.8 trillion yuan, with an issuance progress of 91% [2][26] Urban Investment Bonds - Urban investment bond net financing was 4.5 billion yuan in the 28th week (7/7 - 7/13) and is expected to be - 3.8 billion yuan in the 29th week (7/14 - 7/20). As of this week, the balance of urban investment bonds is about 10.3 trillion yuan [2][26]

Report Investment Rating - No industry investment rating is provided in the report. Core View - The report presents basic data such as the ChinaBond Composite Index (254.4), ChinaBond Long/Medium and Short - term Index (245.4/209.1), 10 - year bank - interbank treasury bond yield (1.65), and enterprise/company/convertible bond scales (70.2/23.7/6.9 trillion) [4]. Summary by Category Government Debt Financing - **Total Government Debt**: The net financing of government bonds was 2190 billion yuan in the 24th week (6/9 - 6/15) and 2594 billion yuan in the 25th week (6/16 - 6/22). As of the 24th week, the cumulative net financing was 6.8 trillion yuan, exceeding the same period last year by 3.6 trillion yuan, mainly due to the rapid issuance of special bonds for replacing hidden debts and treasury bonds [7]. - **Treasury Bonds**: The net financing of treasury bonds was 2621 billion yuan in the 24th week and 1351 billion yuan in the 25th week. The annual net financing of treasury bonds is 6.66 trillion yuan. As of the 24th week, the cumulative net financing was 3.1 trillion yuan, with a progress of 47.1%, exceeding the same period in the past five years [8]. - **Local Bonds**: The net financing of local bonds was - 430 billion yuan in the 24th week and 1243 billion yuan in the 25th week. As of the 24th week, the cumulative net financing was 3.7 trillion yuan, exceeding the same period last year by 2.1 trillion yuan [10]. - **New General Bonds**: The issuance of new general bonds was 13 billion yuan in the 24th week and 272 billion yuan in the 25th week. In 2025, the local deficit is 8000 billion yuan. As of the 24th week, the cumulative issuance was 3610 billion yuan, with a progress of 45.1%, exceeding the same period last year [10]. - **New Special Bonds**: The issuance of new special bonds was 71 billion yuan in the 24th week and 425 billion yuan in the 25th week. In 2025, the planned issuance of new special bonds is 4.4 trillion yuan. As of the 24th week, the cumulative issuance was 1.6 trillion yuan, with a progress of 37.5%, exceeding the same period last year. Special new special bonds of 3196 billion yuan and land reserve special bonds of 1699 billion yuan have been issued [14]. - **Special Refinancing Bonds**: The issuance of special refinancing bonds was 267 billion yuan in the 24th week and 527 billion yuan in the 25th week. As of the 24th week, the cumulative issuance was 1.7 trillion yuan, with an issuance progress of 84% [28]. - **Urban Investment Bonds**: The net financing of urban investment bonds was - 6 billion yuan in the 24th week and is expected to be - 383 billion yuan in the 25th week. As of this week, the balance of urban investment bonds is approximately 10.4 trillion yuan [30]. Other Data - **General Deficit**: As of the 24th week (6/9 - 6/15), the cumulative general deficit was 5.1 trillion yuan, with a progress of 43.4%, exceeding the same period last year [7]. - **Project Coverage of Special New Special Bonds**: According to Enterprise Early - Warning System statistics, the cumulative number of idle land parcels covered by the disclosed acquisition of existing idle land projects is 4176, and the capital scale (including proposed) is approximately 4564 billion yuan [14].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The net financing of government bonds in the 22nd week (May 26 - June 1) was 137.4 billion yuan, and 248.5 billion yuan in the 23rd week (June 2 - June 8). As of the 22nd week, the cumulative amount reached 6.3 trillion yuan, exceeding the same period last year by 3.6 trillion yuan. The net financing of treasury bonds in the 22nd week was 0 yuan, and 198 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 2.7 trillion yuan, with a progress of 40.2%. The net financing of local bonds in the 22nd week was 137.4 billion yuan, and 50.5 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 3.7 trillion yuan, exceeding the same period last year by 2 trillion yuan [1]. - The net financing of new general bonds in the 22nd week was 2.36 billion yuan, and 0.87 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 35.1 billion yuan, with a progress of 43.9%. The net financing of new special bonds in the 22nd week was 15.6 billion yuan, and 0.73 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with a progress of 37.1%. Special new special bonds of 243.9 billion yuan and land reserve special bonds of 108.3 billion yuan have been issued. The net financing of special refinancing bonds in the 22nd week was 0.5 billion yuan, and 2.77 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with an issuance progress of 81%. The net financing of urban investment bonds in the 22nd week was 0.33 billion yuan, and is expected to be -1.73 billion yuan in the 23rd week. As of this week, the balance of urban investment bonds was approximately 10.5 trillion yuan [2]. Summary by Relevant Catalogs Government Debt Financing - The net financing of government bonds in the 22nd week (May 26 - June 1) was 137.4 billion yuan, and 248.5 billion yuan in the 23rd week (June 2 - June 8). As of the 22nd week, the cumulative amount reached 6.3 trillion yuan, exceeding the same period last year by 3.6 trillion yuan [1]. Treasury Bonds - The net financing of treasury bonds in the 22nd week was 0 yuan, and 198 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 2.7 trillion yuan, with a progress of 40.2%. The special treasury bonds issued were 17.6 billion yuan, including 10.5 billion yuan of capital - injection special treasury bonds and 7.1 billion yuan of 30 - year ultra - long - term special treasury bonds [1]. Local Bonds - The net financing of local bonds in the 22nd week was 137.4 billion yuan, and 50.5 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 3.7 trillion yuan, exceeding the same period last year by 2 trillion yuan [1]. New General Bonds - The net financing of new general bonds in the 22nd week was 2.36 billion yuan, and 0.87 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 35.1 billion yuan, with a progress of 43.9% [2]. New Special Bonds - The net financing of new special bonds in the 22nd week was 15.6 billion yuan, and 0.73 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with a progress of 37.1%. Special new special bonds of 243.9 billion yuan and land reserve special bonds of 108.3 billion yuan have been issued [2]. Special Refinancing Bonds - The net financing of special refinancing bonds in the 22nd week was 0.5 billion yuan, and 2.77 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with an issuance progress of 81% [2]. Urban Investment Bonds - The net financing of urban investment bonds in the 22nd week was 0.33 billion yuan, and is expected to be -1.73 billion yuan in the 23rd week. As of this week, the balance of urban investment bonds was approximately 10.5 trillion yuan [2]. Basic Data - The ChinaBond Composite Index was 254.4; the ChinaBond Long/Medium - Short - Term Index was 245.4/209.1; the yield of inter - bank treasury bonds (10Y) was 1.68; the scale of enterprise/company/convertible bonds (in hundreds of billions) was 69.9/23.8/6.9 [5].

Report Investment Rating - The document does not mention the industry investment rating. Core View - The net financing of government bonds and the issuance of new local bonds are increasing. As of the 22nd week (May 26 - June 1), the cumulative general deficit reached 4.7 trillion, with a progress of 39.3%, exceeding the same period last year. The net financing of government bonds is expected to continue to strongly support fiscal expenditure [1][8]. Summary by Category Government Debt General Situation - Net financing of government bonds in the 22nd week (May 26 - June 1) was 1374 billion, and in the 23rd week (June 2 - June 8) it was 2485 billion. As of the 22nd week, the cumulative amount was 6.3 trillion, exceeding the same period last year by 3.6 trillion [1][8]. - Net financing of government bonds + new local bond issuance in the 22nd week was 1816 billion, and in the 23rd week it was 2140 billion [1][8]. Treasury Bonds - Net financing of treasury bonds in the 22nd week was 0 billion, and in the 23rd week it was 1980 billion. As of the 22nd week, the cumulative amount was 2.7 trillion, with a progress of 40.2%, exceeding the average of the past five years' same - period. The special treasury bonds issued were 1760 billion, including 1050 billion for capital injection and 710 billion for 30 - year ultra - long - term special treasury bonds [1][10]. Local Bonds - Net financing of local bonds in the 22nd week was 1374 billion, and in the 23rd week it was 505 billion. As of the 22nd week, the cumulative amount was 3.7 trillion, exceeding the same period last year by 2 trillion [1][12]. New General Bonds - New general bonds issued in the 22nd week were 236 billion, and in the 23rd week were 87 billion. As of the 22nd week, the cumulative amount was 3510 billion, with a progress of 43.9%, exceeding the same period last year [2][14]. New Special Bonds - New special bonds issued in the 22nd week were 1560 billion, and in the 23rd week were 73 billion. As of the 22nd week, the cumulative amount was 1.6 trillion, with a progress of 37.1%, exceeding the same period last year. Special new special bonds issued were 2439 billion, and land reserve special bonds issued were 1083 billion [2][16]. Special Refinancing Bonds - Special refinancing bonds issued in the 22nd week were 50 billion, and in the 23rd week were 277 billion. As of the 22nd week, the cumulative amount was 1.6 trillion, with an issuance progress of 81% [2][29]. Urban Investment Bonds - Net financing of urban investment bonds in the 22nd week was 33 billion, and in the 23rd week it was expected to be - 173 billion. As of this week, the balance of urban investment bonds was about 10.5 trillion [2][32]. Basic Data - The ChinaBond Composite Index was 254.4; the ChinaBond Long/Medium - Short - Term Index was 245.4/209.1; the 10 - year inter - bank treasury bond yield was 1.68; the scale of enterprise/company/convertible bonds (in billions) was 69.9/23.8/6.9 [5].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The net financing of government bonds in May was nearly 1.5 trillion yuan, which is expected to continue to strongly support fiscal expenditure. As of the 21st week (May 19 - May 25), the cumulative net financing of government bonds reached 6.2 trillion yuan, exceeding the same period last year by 3.9 trillion yuan, mainly due to the rapid issuance of special bonds for replacing implicit debts and treasury bonds. The cumulative generalized deficit was 4.5 trillion yuan, with a progress of 37.7%, exceeding the same period last year [1][6]. Summary by Related Categories Treasury Bonds - The net financing of treasury bonds in the 21st week (May 19 - May 25) was 243.5 billion yuan, and 0 yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 2.7 trillion yuan, with a progress of 40.2%, exceeding the same period in the past five years. The total annual net financing of treasury bonds is 6.66 trillion yuan. In 2025, the central deficit is 4.86 trillion yuan, and special treasury bonds of 1.8 trillion yuan are arranged: 1.3 trillion yuan is for ultra - long - term special treasury bonds, of which 30 billion yuan is for consumer goods trade - in; 500 billion yuan is for special treasury bonds to supplement the capital of state - owned large - scale banks [7]. Local Bonds - The net financing of local bonds in the 21st week (May 19 - May 25) was 142.6 billion yuan, and 137.4 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 3.5 trillion yuan, exceeding the same period last year by 2.4 trillion yuan [9]. New General Bonds - The net financing of new general bonds in the 21st week (May 19 - May 25) was 5.5 billion yuan, and 23.6 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 327.4 billion yuan, with a progress of 40.9%, exceeding the same period last year. The local deficit in 2025 is 800 billion yuan [2][12]. New Special Bonds - The net financing of new special bonds in the 21st week (May 19 - May 25) was 107.6 billion yuan, and 156 billion yuan in the 22nd week (May 26 - June 1). In 2025, the planned issuance of new special bonds is 4.4 trillion yuan. As of the 21st week, the cumulative net financing was 1.5 trillion yuan, with a progress of 33.5%, exceeding the same period last year. Special new special bonds of 242.4 billion yuan and land reserve special bonds of 100.8 billion yuan have been issued. As of May 25, 2025, 25 provinces and cities such as Guangdong and Anhui have successively announced projects to acquire existing idle land, covering 4,071 parcels of land with a capital scale of about 444.3 billion yuan [2][15]. Special Refinancing Bonds - The net financing of special refinancing bonds in the 21st week (May 19 - May 25) was 25.1 billion yuan, and 5 billion yuan in the 22nd week (May 26 - June 1). As of the 21st week, the cumulative net financing was 1.6 trillion yuan, with an issuance progress of 81% [2][30]. Urban Investment Bonds - The net financing of urban investment bonds in the 21st week (May 19 - May 25) was - 15.9 billion yuan, and is expected to be - 15.2 billion yuan in the 22nd week (May 26 - June 1). As of this week, the balance of urban investment bonds is about 10.5 trillion yuan [2][32].