Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints The report focuses on the issuance of local government bonds, including actual and forecasted issuance, progress of new - bond issuance, and the issuance of special bonds [2][4][5]. Summary by Related Catalogs Local Bond Actual and Forecasted Issuance - 9/22 - 9/28 local bond forecasted issuance is 1960.51 billion yuan, with 1551.94 billion yuan of new bonds (56.04 billion yuan of new general bonds and 1495.90 billion yuan of new special bonds) and 408.57 billion yuan of refinancing bonds (58.27 billion yuan of refinancing general bonds and 350.30 billion yuan of refinancing special bonds) [2][4] - 9/15 - 9/21 local bond actual issuance is 1885.19 billion yuan, with 1185.38 billion yuan of new bonds (207.15 billion yuan of new general bonds and 978.23 billion yuan of new special bonds) and 699.81 billion yuan of refinancing bonds (238.88 billion yuan of refinancing general bonds and 460.93 billion yuan of refinancing special bonds) [2][5] Special Bond Issuance Progress - As of 9/21, 2025, the total disclosed amount of special new special bonds is 11506.29 billion yuan, and since 2023, it is 23384.92 billion yuan. The top three regions in terms of disclosed scale are Jiangsu (2340.35 billion yuan), Xinjiang (1311.70 billion yuan), and Hubei (1287.69 billion yuan). In 2025, the top three regions are Jiangsu (1189.00 billion yuan), Guangdong (870.87 billion yuan), and Yunnan (729.97 billion yuan) [6] Local Bond Net Supply - 9/15 - 9/21 local bond net supply is 309 billion yuan [11][13] - 9/22 - 9/28 local bond forecasted net supply is 1225 billion yuan [11][16] New - Bond Issuance Progress - As of 9/21, the issuance progress of new general bonds is 81.59% [24][25] - As of 9/21, the issuance progress of new special bonds is 80.33% [24][25] Refinancing Bond Net Supply The report provides a chart showing the cumulative scale of refinancing bonds minus local bond maturities from 2020 - 2025 as of 9/21 [25] Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: The report provides a chart showing the issuance of special refinancing bonds in different rounds by regions as of 9/21, with notes on the definition of each round [28][29][30] - Special New Special Bond Issuance Statistics: As of 9/21, the report shows the issuance of special new special bonds by region from 2023 - 2025 [31][32] Local Bond Investment and Trading - One - Two - Level Spread: Charts show the one - level spread and two - level spread of local bonds, as well as the two - level spread by region [35][36][37] - New Special Bond Investment Direction: The report mentions the investment direction of new special bonds, with the latest month's statistics only considering issued new bonds [39]

Report Overview - The report is a fixed-income review report focusing on local government bonds, covering actual and forecasted issuance, special bond issuance progress, and investment and trading aspects [1][9]. Report Highlights 1. Local Government Bond Issuance - **Actual and Forecasted Issuance**: From June 23 - 29, local government bonds issued a total of 6416.4 billion yuan, including 4794.7 billion yuan in new bonds and 1621.7 billion yuan in refinancing bonds. From June 30 - July 6, the forecasted issuance was 721.4 billion yuan, with 574.3 billion yuan in new bonds and 147.1 billion yuan in refinancing bonds [2][6][7]. - **Special Bond Issuance Progress**: As of June 29, the fourth round of special refinancing bonds totaled 41653.80 billion yuan, with 17768.55 billion yuan in 2025. The top three regions in terms of disclosure scale were Jiangsu, Shandong, and Sichuan. In 2025, special new special-purpose bonds totaled 4407.33 billion yuan, and since 2023, 16312.46 billion yuan. The top three regions were Jiangsu, Hubei, and Xinjiang [8]. 2. Local Government Bond Net Supply - **New Bond Issuance Progress**: As of June 29, the issuance progress of new general bonds was 55.68%, and that of new special-purpose bonds was 48.02% [26]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local government bond maturities as of June 29 was presented in the report [26]. 3. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of June 29, the statistics of special refinancing bonds were provided, with different rounds of issuance amounts for various regions [30]. - **Special New Special-Purpose Bond Issuance Statistics**: As of June 29, the statistics of special new special-purpose bonds from 2023 - 2025 were presented, showing the issuance amounts in different regions [33]. 4. Local Government Bond Investment and Trading - **Primary - Secondary Spread**: The primary and secondary spreads of local government bonds were analyzed [37]. - **Regional Secondary Spread**: The secondary spreads of local government bonds in different regions were presented, showing the changes over time [40]. - **New Special-Purpose Bond Investment Direction**: The investment direction of new special-purpose bonds was analyzed, with the latest month's statistics considering only issued new bonds [42].