Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The issuance of new special bonds this week was 29.3 billion yuan, a decrease of 20.8 billion yuan compared to the previous week. As of December 21, the issuance progress of new special bonds reached 104.0%. Next week, 2 billion yuan of special bonds are planned to be issued [4]. - As of December 21, the issuance progress of new local bonds reached 102.8% [10]. - As of December 21, the net financing progress of treasury bonds was 95.5%. This week, the net financing scale of treasury bonds was -47.3 billion yuan, a decrease of 285.3 billion yuan compared to the previous week. Next week, the planned net financing is 118 billion yuan [12]. - This week, the net financing of government bonds was -19.2 billion yuan, a decrease of 319.5 billion yuan compared to the previous week. As of December 21, the progress of treasury bond net financing plus new local bond issuance reached 98.7%. Next week, the planned net financing is 114.8 billion yuan [12]. - This week, the net financing scale of local bonds was 28.1 billion yuan, a decrease of 34.2 billion yuan compared to the previous week. Next week, the planned net financing is -3.2 billion yuan [13]. - As of December 21, the issuance progress of new general bonds reached 96.3% [18]. - This week, the issuance of new general bonds was 6 billion yuan, a decrease of 15 billion yuan compared to the previous week. Next week, no general bonds are planned to be issued [19]. 3. Summary by Relevant Catalogs New Special Bonds - This week's issuance: 29.3 billion yuan, a decrease of 20.8 billion yuan compared to the previous week [4]. - Issuance progress as of December 21: 104.0% [4]. - Next week's planned issuance: 2 billion yuan [4]. New General Bonds - This week's issuance: 6 billion yuan, a decrease of 15 billion yuan compared to the previous week [19]. - Issuance progress as of December 21: 96.3% [18]. - Next week's planned issuance: 0 billion yuan [19]. New Local Bonds - Issuance progress as of December 21: 102.8% [10]. Treasury Bonds - Net financing progress as of December 21: 95.5% [12]. - This week's net financing scale: -47.3 billion yuan, a decrease of 285.3 billion yuan compared to the previous week [12]. - Next week's planned net financing: 118 billion yuan [12]. Government Bonds - This week's net financing: -19.2 billion yuan, a decrease of 319.5 billion yuan compared to the previous week [12]. - Progress of treasury bond net financing plus new local bond issuance as of December 21: 98.7% [12]. - Next week's planned net financing: 114.8 billion yuan [12]. Local Bonds - This week's net financing scale: 28.1 billion yuan, a decrease of 34.2 billion yuan compared to the previous week [13]. - Next week's planned net financing: -3.2 billion yuan [13].

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]