企业预警通数据显示，截至目前，已有北京、河北、吉林等27地披露了2026年一季度的地方债券发行计 划，合计规模达20201.01亿元。 2025年，我国安排地方政府专项债券4.4万亿元。朱华雷分析，市场预测2026年新增专项债券额度或较 2025年增加5000亿元至6000亿元，达到4.9万亿元至5.0万亿元左右。增加额度主要是考虑满足"十五 五"开局之年基建投资稳增长、民生保障等多领域的资金需求。同时，今年的发行节奏或继续呈现出"两 头快、中间稳"的特点。 宋向清认为，2026年新增专项债券额度或达到4.8万亿元至5.0万亿元，发行节奏或前倾。整体看，2026 年新增专项债券发行将呈现规模扩大、结构优化、管理精细、效率提升的特点，在稳增长、补短板、惠 民生、防风险中发挥核心作用，为构建新发展格局提供强大支撑。 （文章来源：证券日报） 2026年地方债券发行正式启幕。1月5日，山东省发行723.81亿元地方政府债券，成为今年首个发行地方 债券的省份。 山东此次发行的723.81亿元地方债券中，有467.72亿元为新增专项债券，募集资金拟用于产业园区基础 设施、棚户区改造、民用机场、铁路、收费公路等项目；有25 ...

Core Viewpoint - The issuance of new special bonds by local governments has surged significantly in November, providing strong financial support for project construction and contributing to economic growth [1][2]. Group 1: Bond Issuance Trends - As of November 30, the issuance of new special bonds reached approximately 492.19 billion yuan in November, a 71% increase from October's 287.36 billion yuan [1]. - The overall pace of special bond issuance has accelerated throughout the year, with 9.60 billion yuan issued in Q1, 120.04 billion yuan in Q2, and 151.66 billion yuan in Q3, completing 83.6% of the annual target of 4.4 trillion yuan [1]. Group 2: Characteristics of Bond Issuance - The issuance and allocation of special bonds this year exhibit three main characteristics: expanded scale, optimized rhythm, and innovative allocation, reflecting a more proactive fiscal policy [2]. - The acceleration and expansion of special bond issuance send positive signals to the market, enhancing confidence in economic development and stabilizing market expectations [2]. Group 3: Allocation of Special Bonds - Special bonds continue to be directed towards traditional infrastructure projects, such as municipal and industrial park infrastructure and transportation, which are crucial for improving the infrastructure system and public service levels [2]. - There has been a notable increase in the issuance of land reserve special bonds, totaling approximately 503 billion yuan, which helps alleviate local government debt pressure and stabilize the real estate market [3]. - The allocation of special bonds has also shifted towards government investment funds, increasing support for technological innovation and future industries, indicating a structural change in the use of special bonds [3].

Group 1 - In the first half of the year, local government bond issuance accelerated, with a total of approximately 5.5 trillion yuan issued, representing a year-on-year increase of about 57% [1][2] - New special bonds issued amounted to approximately 2.2 trillion yuan, a year-on-year increase of 45%, while refinancing bonds reached about 2.9 trillion yuan, up approximately 73% [1][2] - More than half of the funds from local government bonds were used for refinancing old debts, which alleviated current fiscal pressures and allowed local governments to focus more on development and livelihood projects [2][3] Group 2 - The issuance of refinancing bonds was driven by two main factors: the replacement of hidden debts and the reliance on refinancing bonds to repay about 90% of maturing local government bond principal [2][3] - The average issuance term of local government bonds has continued to extend, with an average interest rate of 1.95%, significantly lower than the previous year's level of 2.29%, which helps reduce financing costs [9][10] - The Ministry of Finance has indicated plans to expedite the issuance of long-term special bonds and local government special bonds to support economic stability and growth [10]