截至11/23, 新增地方债发行进度为95.3% 2025 近2年均值 中信期货有限公司 CITIC Futures Company Limited 政府债发行追踪―2025年第47周 研究员: 程小庆 从业资格号 F3083989 投资咨询号 Z0018635 报告日期: 2025年11月24日 近2年均值 2025 800 600 400 200 0 -50 第1周 第5周 第9周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 1.5 r 0.5 -0.5 第1周 第4周 第12周 第16周 第20周 第24周 第24周 第28周 第31周 第35周 第39周 第43周 第47周 第51周 本周地方债净融资规模为1263亿，环比减少1164亿 下周计划净融资3041亿 · 2025 - 2024 - 2023 2022 - 2021 6000 - 5000 4000 3000 2000 1000 I II I 0 H -500 第1周 第5周 第9周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第 ...

Report Summary 1. Core Data - As of November 2, the issuance progress of new special bonds was 90.1%. This week, 154.9 billion yuan of new special bonds were issued, a week-on-week increase of 42.5 billion yuan, and 45.2 billion yuan is planned to be issued next week [4]. - As of October 31, the cumulative issuance of new special bonds in October was 287.4 billion yuan, and the cumulative issuance of new general bonds was 18.3 billion yuan [5]. - As of November 2, the issuance progress of new general bonds was 86.3%. This week, 17 billion yuan of new general bonds were issued, a week-on-week increase of 15.7 billion yuan, and 0 yuan is planned to be issued next week [6]. - This week, the net financing scale of local bonds was 175.7 billion yuan, a week-on-week increase of 9.9 billion yuan. Next week, the planned net financing scale is -36 billion yuan. As of November 2, the issuance progress of new local bonds was 89.5% [9]. - As of November 2, the net financing progress of treasury bonds was 84.0% [12]. - This week, the net financing of government bonds was 175.7 billion yuan, a week-on-week decrease of 13.6 billion yuan. Next week, the planned net financing scale is 114.5 billion yuan. As of November 2, the net financing of treasury bonds + the issuance progress of new local bonds was 86.4% [15]. - This week, the net financing scale of treasury bonds was 0 yuan, a week-on-week decrease of 23.6 billion yuan. Next week, the planned net financing scale is 150.4 billion yuan [19]. 2. Core View The report tracks the issuance of government bonds in the 44th week of 2025, presenting the issuance progress, issuance scale, and net financing scale of new special bonds, new general bonds, local bonds, and treasury bonds, as well as their week-on-week changes and future issuance plans [4][6][9]

Report Summary Report Title - Government Bond Issuance Tracking - Week 44, 2025 [2] Report Date - November 3, 2025 [3] Key Points 1. New Special Bond Issuance - As of November 2, the issuance progress of new special bonds was 90.1%. This week, 154.9 billion yuan of new special bonds were issued, a week - on - week increase of 42.5 billion yuan. Next week, 45.2 billion yuan is planned to be issued [4] 2. New General Bond Issuance - As of November 2, the issuance progress of new general bonds was 86.3%. This week, 17 billion yuan of new general bonds were issued, a week - on - week increase of 15.7 billion yuan. Next week, the planned issuance is 0 billion yuan [6] 3. Local Bond Net Financing - This week, the net financing scale of local bonds was 175.7 billion yuan, a week - on - week increase of 9.9 billion yuan. Next week, the planned net financing scale is - 36 billion yuan. As of November 2, the issuance progress of new local bonds was 89.5% [9] 4. Treasury Bond Net Financing - This week, the net financing scale of treasury bonds was 0 billion yuan, a week - on - week decrease of 23.6 billion yuan. Next week, the planned net financing scale is 150.4 billion yuan. As of November 2, the net financing progress of treasury bonds was 84.0% [12][19] 5. Government Bond Net Financing - This week, the net financing of government bonds was 175.7 billion yuan, a week - on - week decrease of 13.6 billion yuan. Next week, the planned net financing scale is 114.5 billion yuan. As of November 2, the progress of treasury bond net financing plus new local bond issuance was 86.4% [15] 6. October Cumulative Issuance - As of October 31, the cumulative issuance of new special bonds in October was 287.4 billion yuan, and the cumulative issuance of new general bonds in October was 18.3 billion yuan [5]

Report Summary Core Viewpoints - As of August 31, the issuance progress of new special-purpose bonds was 74.2%, with 188 billion yuan issued this week, a decrease of 51.3 billion yuan week-on-week. In August, the cumulative issuance of new special-purpose bonds was 486.5 billion yuan [4]. - As of August 31, the issuance progress of new general bonds was 77.6%, with 35.3 billion yuan issued this week, an increase of 25.8 billion yuan week-on-week. In August, the cumulative issuance of new general bonds was 82.5 billion yuan [7][9]. - This week, the net financing scale of local government bonds was 243.5 billion yuan, an increase of 34.7 billion yuan week-on-week. As of August 31, the issuance progress of new local government bonds was 74.7% [11]. - This week, the net financing scale of national bonds was -237.1 billion yuan, a decrease of 589.7 billion yuan week-on-week. As of August 31, the net financing progress of national bonds was 69.7% [15][17]. - As of August 31, the combined issuance progress of national bond net financing and new local government bonds was 71.9% [19]. Report Industry Investment Rating The provided content does not mention the report industry investment rating. Directory Summaries There is no clear directory information provided in the content, so this part cannot be summarized accordingly.