Report Industry Investment Rating No relevant content provided. Core View No specific core view was clearly presented in the given text. Summary by Related Content Government Bond Net Financing - Government bond net financing was 60.84 billion yuan in Week 37 (9/8 - 9/14) and 31.79 billion yuan in Week 38 (9/15 - 9/21). As of Week 37, the cumulative amount reached 1.11 trillion yuan, exceeding the same period last year by 490 billion yuan [1][7]. - The sum of national debt net financing and new local bond issuance was 56.22 billion yuan in Week 37 and 40.56 billion yuan in Week 38. As of Week 37, the cumulative general deficit was 870 billion yuan, with a progress of 78.5%, surpassing the same period last year [1][7]. National Debt - National debt net financing was 41.56 billion yuan in Week 37 and 28.71 billion yuan in Week 38. The total national debt net financing for the year is 666 billion yuan. As of Week 37, the cumulative amount was 530 billion yuan, with a progress of 78.9%, exceeding the average of the past five years [10]. Local Debt - Local debt net financing was 19.28 billion yuan in Week 37 and 3.09 billion yuan in Week 38. As of Week 37, the cumulative amount was 590 billion yuan, exceeding the same period last year by 280 billion yuan [12]. - New general debt issuance was 1.47 billion yuan in Week 37 and 2.07 billion yuan in Week 38. The local deficit for 2025 is 80 billion yuan. As of Week 37, the cumulative new general debt was 63.55 billion yuan, with a progress of 79.4%, exceeding the same period last year [12]. - New special - purpose debt issuance was 13.19 billion yuan in Week 37 and 9.78 billion yuan in Week 38. The planned new special - purpose debt for 2025 is 440 billion yuan. As of Week 37, the cumulative amount was 340 billion yuan, with a progress of 77.6%, exceeding the same period last year. Special new special - purpose debt of 118.19 billion yuan has been issued, including 21.4 billion yuan since September. Land reserve special - purpose debt of 33.02 billion yuan has been issued [2][15]. Special Refinancing Bonds - Special refinancing bond issuance was 2.62 billion yuan in Week 37 and 2.14 billion yuan in Week 38. As of Week 37, the cumulative amount was 196 billion yuan, with a issuance progress of 98% [2][30]. Urban Investment Bonds - Urban investment bond net financing was 1.55 billion yuan in Week 37 and is expected to be - 0.7 billion yuan in Week 38. As of this week, the balance of urban investment bonds is 1.02 trillion yuan [3][33].

Report Summary Core Viewpoints - As of August 24, the issuance progress of new special-purpose bonds was 69.9%, and 298.6 billion yuan of new special-purpose bonds had been issued in August [4][5]. - As of August 24, the issuance progress of new general bonds was 73.2%, and 47.1 billion yuan of new general bonds had been issued in August [9][24]. - As of August 24, the issuance progress of new local government bonds was 70.4%, and the net financing scale of local government bonds this week was 208.8 billion yuan, a week-on-week increase of 222.5 billion yuan [12]. - As of August 24, the net financing progress of treasury bonds was 73.2%, and the net financing scale of treasury bonds this week was 352.6 billion yuan, a week-on-week increase of 138 billion yuan [16][18]. - As of August 24, the net financing of treasury bonds plus the issuance progress of new local government bonds was 72.0% [20]. Detailed Data New Special-Purpose Bonds - This week, 239.3 billion yuan of new special-purpose bonds were issued, a week-on-week increase of 220.2 billion yuan [4]. New General Bonds - This week, 9.5 billion yuan of new general bonds were issued, a week-on-week decrease of 20.8 billion yuan [7].

General Information - Report title: Government Bond Issuance Tracking - Week 34, 2025 [2] - Researcher: Cheng Xiaoqing, Qualification No. F3083989, Investment Consultation No. Z0018635 [3] New Special Bond Issuance - As of August 24, the issuance progress of new special bonds reached 69.9% [4] - This week, new special bonds worth 239.3 billion yuan were issued, a week - on - week increase of 220.2 billion yuan [4] - As of August 24, the cumulative issuance of new special bonds in August was 29.86 billion yuan [5] New General Bond Issuance - This week, new general bonds worth 9.5 billion yuan were issued, a week - on - week decrease of 20.8 billion yuan [7] - As of August 24, the issuance progress of new general bonds reached 73.2% [9] - As of August 24, the cumulative issuance of new general bonds in August was 4.71 billion yuan [24] Local Bond Net Financing - This week, the net financing scale of local bonds was 208.8 billion yuan, a week - on - week increase of 222.5 billion yuan [12] - As of August 24, the issuance progress of new local bonds reached 70.4% [12] Treasury Bond Net Financing - This week, the net financing scale of treasury bonds was 352.6 billion yuan, a week - on - week increase of 138 billion yuan [16] - As of August 24, the net financing progress of treasury bonds reached 73.2% [18] Combined Progress - As of August 24, the combined progress of treasury bond net financing and new local bond issuance reached 72.0% [20]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The foundation of economic recovery needs to be consolidated, and domestic demand restoration still requires policy support. Attention should be paid to the policy signals released by the Politburo meeting in July [1]. - The property market shows a weak performance, and the supply - demand sides are both weak. In the second half of the year, more active property - easing policies may be needed to release the demand for improved housing [2][3]. - The commodity futures market is generally rising, with black - series, new - energy materials, and building materials leading the gains. The "anti - involution" policy strengthens the supply - side contraction expectation and drives the industry valuation repair [7][106]. 3. Summary by Relevant Catalogs 3.1 Demand: New home sales increase month - on - month, and automobile consumption shows marginal improvement - New home sales: The transaction area of 20 - city commercial housing increased by 22% month - on - month and decreased by 7% year - on - year as of the week ending July 25. Second and third - tier cities had larger increases in new home sales, while first - tier cities decreased by 7% [13]. - Second - hand home sales: Among the monitored key cities, Beijing and Shanghai's second - hand home transaction areas increased by 4% and 3% month - on - month respectively, while Shenzhen and Hangzhou decreased by 13% and 15% [33]. - Automobile consumption: The average daily retail sales of passenger cars increased by 22.4% month - on - month and 14.3% year - on - year as of the week ending July 25. The national movie box office increased by 39.0% month - on - month, but was weaker than the same period last year. The national migration scale index decreased by 2.2% month - on - month [42]. 3.2 Production: Industrial production runs smoothly, and infrastructure construction starts remain strong - Mid - and upstream: As of the week ending July 25, the Tangshan blast furnace operating rate remained at 80.4%, the rebar operating rate rose by 1.0 pct to 43.9%, the PTA operating rate remained at 80.8%, the polyester filament operating rate in Jiangsu and Zhejiang decreased by 0.8 pct to 92.1%, and the petroleum asphalt plant operating rate decreased by 4.0 pct to 28.8% [49]. - Downstream: The operating rates of automobile all - steel tires and semi - steel tires decreased month - on - month, but the semi - steel tire operating rate was still at a seasonal high [49]. 3.3 Investment: Apparent consumption of rebar improves, and rebar prices continue to rise - Rebar: As of the week ending July 25, the apparent consumption of rebar increased by 5.0% month - on - month to 217 tons, and the rebar price increased by 4.3% month - on - month to 3433.2 yuan/ton [64]. - Cement: As of the week ending July 25, the cement price decreased by 1.9% month - on - month to 105.9 points. As of the week ending July 18, the cement shipping rate increased by 0.8 pct to 40.9%, and the cement inventory ratio increased by 0.8 pct to 62.3% [64]. 3.4 Trade: Port throughput increases, and export container shipping prices decline - Export: As of the week ending July 25, port container throughput increased by 2.6% month - on - month, higher than the same period last year. The CCFI composite index decreased by 3.2% month - on - month. The BDI index continued to rise, increasing by 10.9% month - on - month [73]. - Import: The CICFI composite index decreased by 0.5% month - on - month [6]. 3.5 Prices: Agricultural product prices decline, and black - series products lead the gains - CPI: The agricultural product wholesale price 200 index decreased by 0.2% month - on - month as of the week ending July 25. Pork, egg, and vegetable prices increased, while fruit prices decreased [7]. - PPI: The Nanhua industrial product price index increased by 4.2% month - on - month. Brent crude oil spot price decreased by 1.1% month - on - month, COMEX gold futures price increased by 1.3% month - on - month, and LME copper spot price increased by 2.4% month - on - month [7]. - Commodity futures: Polysilicon futures settlement price increased by 17.5%, industrial silicon futures settlement price increased by 9.0%, coking coal futures settlement price increased by 28.9%, coke futures settlement price increased by 13.8%, glass futures settlement price increased by 21.1%, and PVC futures settlement price increased by 6.5% [106]. 3.6 Interest - rate Bond Tracking: The cumulative issuance progress of replacement bonds this year exceeds 94% - Next week (July 28 - August 1): The planned issuance of interest - rate bonds is 5532 billion yuan, with a net financing of 4345 billion yuan. Among them, treasury bonds are planned to issue 1800 billion yuan with a net financing of 1600 billion yuan, local bonds 3372 billion yuan with a net financing of 2431 billion yuan, and policy - bank bonds 360 billion yuan with a net financing of 315 billion yuan [110]. - Issuance progress: As of July 25, the cumulative issuance progress of replacement bonds was 94.1%, that of new general bonds was 64.7%, and that of new special bonds was 59.0%. The cumulative net issuance progress of treasury bonds was 57.7%, and that of policy - bank bonds was 68.6% [8][114][116]. 3.7 Policy Weekly Observation - On July 21, the "Housing Rental Regulations" was announced to regulate the housing rental market [118]. - On July 23, a subsidy project for elderly care services for moderately and severely disabled elderly was launched [119]. - On July 23, the tax policy for goods in Hainan Free Trade Port at the time of full - island customs closure was released [120]. - On July 25, it was reported that the national general public budget expenditure in the first half of 2025 was 141271 billion yuan, a year - on - year increase of 3.4% [121]. - On July 22, Chengdu planned to cancel housing sales restrictions in batches and increase housing provident fund loan support [123]. - On July 24, Zhongshan introduced measures to promote the high - quality development of the real - estate market [124].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The real - estate market shows weak supply and demand, and more aggressive easing policies may be needed in the second half of the year. The strength of policy implementation will significantly affect the real - estate market and investment. Industrial production runs smoothly, and infrastructure construction starts strongly. There are fluctuations in consumption, investment, trade, and prices, and the issuance progress of interest - rate bonds is relatively fast. [1][2][3][4][5][6] 3. Summary by Related Catalogs 3.1 Demand - New home sales declined both month - on - month and year - on - year, with significant drops in first - and second - tier cities. The real - estate market's supply and demand are weak, and more aggressive easing policies are needed to release the demand for improved housing. If policy strength exceeds expectations, the decline in real - estate sales and investment may slow down; otherwise, the market may remain at a low level. Second - hand home sales also decreased month - on - month. Automobile consumption declined marginally, while the national migration scale index increased, and the subway passenger volume in first - tier cities decreased. [11][41] 3.2 Production - In the mid - and upstream sectors, the blast furnace operating rate in Tangshan decreased, while the PTA operating rate increased. In the downstream sectors, the operating rates of automobile all - steel and semi - steel tires improved, and the semi - steel tire operating rate remained at a seasonal high. The infrastructure construction start - up showed marginal improvement. [48] 3.3 Investment - The apparent consumption of rebar decreased, but its price increased. The price of cement decreased, and the cement shipment rate and inventory ratio also declined. [64] 3.4 Trade - In terms of exports, port container throughput decreased, and the overall container shipping price declined, with the European route rising and the US West and East routes falling. The BDI index increased. In terms of imports, the container shipping price continued to decline. [75] 3.5 Prices - Agricultural product prices showed a marginal improvement, with pork and vegetable prices rising and egg and fruit prices falling. International crude oil prices generally increased, while the price of gold slightly declined. [86][96] 3.6 Interest - rate Bond Tracking - Next week (July 14 - 18), the planned issuance of interest - rate bonds is 500.2 billion yuan, with a net financing of - 10.6 billion yuan. As of July 11, the cumulative issuance progress of replacement bonds exceeded 90%, and the issuance progress of new general bonds and new special bonds was 58.3% and 50.6% respectively. [106][109][112] 3.7 Policy Weekly Observation - The central bank increased its gold reserves for the 8th consecutive month in June. The State Council issued a notice to support stable employment. The Shanghai Composite Index broke through 3500 points. Trump announced a 50% tariff on copper starting from August 1. The Ministry of Finance adjusted the assessment of state - owned commercial insurance companies. Some cities adjusted housing - related policies, including housing provident fund policies and housing consumption supply optimization. [118][119][120][121][122][123]