截至9/21,新增专项债发行进度为79.8% 2025 近2年均值 - 2025 - 2024 - 2023 - 2022 - 2021 1.5 r 4500 4000 1 3000 0. 5 2000 1000 -0.5 雙5周 第13周 第17周 第21周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 第1周 第4周 第38周 第41周 第49周 第1周 第1周 第8周 第12周 第15周 第19周 截至9/21,9月新增专项债累计发行2475亿 - 2025 - 2024 - 2023 - 2022 - 2021 截至9/21,9月新增一般债累计发行354亿 中信期货有限公司 CITIC Futures Company Limited 政府债发行追踪—2025年第38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9月22日 本周新增专项债发行978亿,环比减少340亿 · 2025 - 2024 - 2023 - 2022 - 2021 15000 - 2500 r 2000 10000 1500 5000 1000 500 ...

Report Summary Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoint The report tracks the issuance of government bonds in the 27th week of 2025, presenting the issuance progress and scale changes of various types of bonds. Key Points by Bond Type New Special Bonds - As of July 6, the issuance progress of new special bonds is 49.2% [2] - As of July 6, the cumulative issuance of new special bonds in July is 2.9 billion [3] - This week, the issuance of new special bonds is 5.08 billion, a decrease of 37.15 billion from the previous week [20] New General Bonds - As of July 6, the issuance progress of new general bonds is 56.5% [6] - As of July 6, the cumulative issuance of new general bonds in July is 0 [3] - This week, the issuance of new general bonds is 660 million, a decrease of 5.06 billion from the previous week [4] Local Bonds - This week, the net financing scale of local bonds is 2.17 billion, a decrease of 53.87 billion from the previous week [8] - As of July 6, the issuance progress of new local bonds is 50.3% [8] Treasury Bonds - This week, the net financing scale of treasury bonds is 19.99 billion, an increase of 8.89 billion from the previous week [12] - As of July 6, the net financing progress of treasury bonds is 53.3% [14] Government Bonds - This week, the net financing of government bonds is 22.16 billion, a decrease of 44.98 billion from the previous week [16] - As of July 6, the progress of treasury bond net financing + new local bond issuance is 52.0% [16]