丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 新增专项债发行进度 30.40% ——政府债周报（5/18） 报告要点 [Table_Summary] 5 月 19 日-5 月 25 日地方债披露发行 2485.22 亿元。其中新增债 1130.83 亿元（新增一般债 55.19 亿元，新增专项债 1075.64 亿元），再融资债 1354.39 亿元（再融资一般债 864.76 亿元， 再融资专项债 489.63 亿元）。 5 月 12 日-5 月 18 日地方债共发行 1972.50 亿元。其中新增债 970.21 亿元（新增一般债 195.66 亿元，新增专项债 774.55 亿元），再融资债 1002.29 亿元（再融资一般债 782.90 亿元，再融 资专项债 219.39 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title 新 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 新增专项债发行进度 26.45% ——政府债周报（5/4） 报告要点 [Table_Summary] 5 月 5 日-5 月 9 日地方债披露发行 740.53 亿元。其中新增债 687.83 亿元（新增一般债 0.00 亿元，新增专项债 687.83 亿元），再融资债 52.70 亿元（再融资一般债 49.03 亿元，再融资专 项债 3.67 亿元）。 4 月 28 日-5 月 4 日地方债共发行 930.92 亿元。其中新增债 599.51 亿元（新增一般债 67.46 亿元，新增专项债 532.05 亿元），再融资债 331.41 亿元（再融资一般债 176.76 亿元，再融资 专项债 154.65 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 新增专项债发行进度 2] 26 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including new - issued bonds, refinancing bonds, and special bonds. It provides data on actual and forecasted bond issuances, net supply, and investment - related spreads. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecasted Issuance - 4/21 - 4/27 local bond net supply was 1625 billion yuan; 4/28 - 5/4 local bond forecasted net supply is 927 billion yuan [13][17] - In March, there were differences between the planned and actual issuance of local bonds; in April, there were also differences between the disclosed plan and actual issuance [15][21] 3.2 Local Bond Net Supply - As of April 25, the issuance progress of new general bonds was 36.95%, and that of new special bonds was 25.27% [27] - As of April 25, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in the report [27] 3.3 Special Bond Issuance Details - As of April 25, the fourth - round special refinancing bonds totaled 39874.69 billion yuan, with 15989.44 billion yuan disclosed in 2025 and 56.30 billion yuan newly disclosed next week. The top three regions in terms of disclosed scale were Jiangsu, Sichuan, and Hunan [7] - As of April 25, the special new special bonds in 2025 totaled 1432.58 billion yuan, and 13337.71 billion yuan since 2023. The top three regions in terms of disclosed scale were Jiangsu, Hubei, and Xinjiang [7] 3.4 Local Bond Investment and Trading - The report shows the first - and second - level spreads of local bonds and the second - level spreads by region [37][40] 3.5 New Special Bond Investment Directions The report provides a monthly statistics of project investment directions for new special bonds, with the latest month only considering issued new bonds [42]