1. Report Industry Investment Rating No information about the industry investment rating 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 planned and actual issuances, net supplies, and regional issuance statistics [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - 5/12 - 5/18 local bond net supply was 1711 billion yuan; 5/19 - 5/25 local bond forecast net supply is 1426 billion yuan [14][15] - Comparison of planned and actual issuances in April and May shows differences in new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18] 3.2 Local Bond Net Supply - As of May 18, the issuance progress of new general bonds was 40.24%, and that of new special bonds was 30.40% [26] - As of May 18, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in a chart [28] 3.3 Special Bond Issuance Details - As of May 18, the fourth - round special refinancing bonds totaled 40126.17 billion yuan, with 16240.92 billion yuan in 2025 and 251.48 billion yuan to be newly disclosed next week. The top three regions in terms of disclosure scale are Jiangsu, Sichuan, and Shandong [8] - As of May 18, the special new special bonds in 2025 totaled 1568.14 billion yuan, and 13473.27 billion yuan since 2023. The top three regions in terms of disclosure scale are Jiangsu, Hubei, and Xinjiang [8] 3.4 Local Bond Investment and Trading - Charts show the primary - secondary spread of local bonds and the secondary spread by region, with data from different time points [37][40] 3.5 New Special Bond Investment Directions The report mentions the monthly statistics of project investment directions, with the latest month's statistics considering only issued new bonds [42]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 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 presents data on actual and planned bond issuances, net supply, and investment - related information such as spreads [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance and Pre - issuance Disclosure**: From May 5th - 11th, local bonds issued 1054.59 billion yuan, with 1001.89 billion yuan in new - issued bonds (0 billion in new general bonds and 1001.89 billion in new special bonds) and 52.70 billion yuan in refinancing bonds. From May 12th - 16th, local bonds are expected to issue 1972.50 billion yuan, including 970.21 billion yuan in new - issued bonds (195.66 billion in new general bonds and 774.55 billion in new special bonds) and 1002.29 billion yuan in refinancing bonds [2][6][7]. - **Comparison of Planned and Actual Issuance**: Figures show the planned and actual issuance of local bonds in April and May, including new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18][21]. 3.2 Local Bond Net Supply - **New - issued Bond Issuance Progress**: As of May 11th, the issuance progress of new general bonds is 37.79%, and that of new special bonds is 28.68% [26]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local bond maturities as of May 11th is presented [26]. 3.3 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of May 11th, the fourth - round special refinancing bonds have a total disclosed amount of 39874.69 billion yuan, with 15989.44 billion yuan disclosed in 2025. The top three regions in terms of disclosed scale are Jiangsu, Sichuan, and Hunan [8]. - **Special New - issued Special Bond Issuance Statistics**: As of May 11th, 2025 special new - issued special bonds have a total disclosed amount of 1432.58 billion yuan, and since 2023, 13337.71 billion yuan has been disclosed. The top three regions in different time - frames are also provided [8]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The primary and secondary spreads of local bonds are presented, including changes over time and by different maturities [38]. - **Regional Secondary Spread**: The secondary spreads of different regions are shown, with data from March 28th, 2025 to May 9th, 2025 [40]. 3.5 New - issued Special Bond Investment Direction - **Monthly Statistics of Project Investment Direction**: The investment direction of new - issued special bonds is presented, with the latest month's statistics only considering issued new - issued bonds [42].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report focuses on the issuance progress of local government bonds, including new - added bonds and refinancing bonds, as well as the issuance progress of special bonds. It provides data on the actual and forecasted issuance of local government bonds, and analyzes the net supply, issuance progress, and investment and trading conditions of local government bonds [2][7][8]. 3. Summary by Relevant Catalogs 3.1 Local Debt Actual Issuance and Forecasted Issuance - From May 5th to May 9th, the planned issuance of local government bonds was 740.53 million yuan, including 687.83 million yuan of new - added bonds (0 million yuan of new - added general bonds and 687.83 million yuan of new - added special bonds) and 52.70 million yuan of refinancing bonds (49.03 million yuan of refinancing general bonds and 3.67 million yuan of refinancing special bonds) [2][6]. - From April 28th to May 4th, the actual issuance of local government bonds was 930.92 million yuan, including 599.51 million yuan of new - added bonds (67.46 million yuan of new - added general bonds and 532.05 million yuan of new - added special bonds) and 331.41 million yuan of refinancing bonds (176.76 million yuan of refinancing general bonds and 154.65 million yuan of refinancing special bonds) [2][7]. 3.2 Special Debt Issuance Progress - As of May 4th, the total disclosed issuance of the fourth round of special refinancing bonds was 398.7469 billion yuan, with 159.8944 billion yuan disclosed in 2025 and 0 billion yuan newly disclosed next week. The top three regions in terms of disclosed issuance scale were Jiangsu (57.033 billion yuan), Sichuan (22.358 billion yuan), and Hunan (20.87 billion yuan) [8]. - As of May 4th, the total disclosed issuance of special new - added special bonds in 2025 was 14.3258 billion yuan, and since 2023, it was 133.3771 billion yuan. The top three regions in terms of disclosed issuance scale were Jiangsu (12.5135 billion yuan), Hubei (10.6856 billion yuan), and Xinjiang (9.102 billion yuan). In 2025, the top three regions were Henan (1.56 billion yuan), Shaanxi (1.5 billion yuan), and Hubei (1.5 billion yuan) [8]. 3.3 Local Debt Net Supply - As of May 4th, the issuance progress of new - added general bonds was 37.79%, and the issuance progress of new - added special bonds was 26.45% [26][27]. 3.4 Local Debt Investment and Trading - The report provides data on the primary - secondary spread of local government bonds and the secondary spread by region, showing the changes in spreads from April 25th to April 30th, 2025 [37][41]. 3.5 New - Added Special Bond Investment Direction The report provides a monthly statistics on the investment direction of new - added special bonds, but specific investment direction data is not given in the provided text [43].

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]