Report Summary 1. Core Viewpoints - From November 10 - 16, local government bonds are scheduled to be issued worth 2850.66 billion yuan, including 1519.16 billion yuan of new bonds (125.18 billion yuan of new general bonds and 1393.99 billion yuan of new special bonds) and 1331.50 billion yuan of refinancing bonds (854.25 billion yuan of refinancing general bonds and 477.25 billion yuan of refinancing special bonds) [2][6]. - From November 3 - 9, local government bonds were actually issued worth 916.07 billion yuan, including 452.11 billion yuan of new bonds (0.00 billion yuan of new general bonds and 452.11 billion yuan of new special bonds) and 463.97 billion yuan of refinancing bonds (336.64 billion yuan of refinancing general bonds and 127.33 billion yuan of refinancing special bonds) [2][7]. 2. Summary by Directory 2.1 Local Government Bond Actual and Forecasted Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: Compares the actual issuance of local government bonds with pre - issuance disclosures, but specific data presentation is mainly through figures [14]. - **Planned Issuance vs. Actual Issuance**: Compares planned and actual issuances of new and refinancing bonds, with specific data presented in figures [16]. - **Local Government Bond Net Supply**: From November 3 - 9, the net supply of local government bonds was - 360 billion yuan; from November 10 - 16, the forecasted net supply is 2428 billion yuan [19]. - **New Bond Issuance Progress**: As of November 9, the issuance progress of new general bonds was 85.81%, and that of new special bonds was 91.65% [28]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local government bond maturities as of November 9 is presented in a figure [28]. 2.2 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of November 9, the fifth - round second - batch special refinancing bonds totaled 19962.24 billion yuan, the sixth - round totaled 1111.43 billion yuan, with an additional 537.69 billion yuan newly disclosed for the next week. The top three regions in the fifth - round second - batch disclosure were Jiangsu (2511.00 billion yuan), Hunan (1288.00 billion yuan), and Henan (1189.24 billion yuan) [8]. - **Special New Special Bond Issuance Statistics**: As of November 9, 2025 special new special bonds totaled 12518.43 billion yuan, and since 2023, a total of 24397.06 billion yuan has been disclosed. The top three regions in 2025 were Jiangsu (1189.00 billion yuan), Guangdong (1027.48 billion yuan), and Yunnan (729.97 billion yuan) [8]. 2.3 Local Government Bond Investment and Trading - **Primary - Secondary Spread**: Compares the primary - secondary spreads of local government bonds on November 2 and November 9, presented in figures [40]. - **Regional Secondary Spread**: Compares regional secondary spreads of local government bonds, presented in a figure [41]. - **New Special Bond Investment Directions**: Presents the investment directions of new special bonds, with the latest month's statistics only considering issued new bonds, presented in a figure [42].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - 10月27日至11月2日地方债披露发行2706.82亿元，其中新增债1719.10亿元，再融资债987.72亿元 [1][5] - 10月20日至10月26日地方债共发行2472.28亿元，其中新增债1136.52亿元，再融资债1335.76亿元 [1][6] - 截至10月26日，第五轮第二批特殊再融资债共披露19934.09亿元，第六轮特殊再融资债共披露544.89亿元，下周新增披露245.84亿元；2025年特殊新增专项债共披露12379.89亿元，2023年以来共披露24258.52亿元 [7] Summary by Related Catalogs Local Bond Actual Issuance and Forecast Issuance - 10月20日至10月26日地方债净供给1658亿元，10月27日至11月2日地方债预告净供给1780亿元 [15] - 展示9月和10月地方债计划与实际发行情况，以及地方债近月发行计划与实际发行、净融资情况 [16][23] Local Bond Net Supply - 截至10月26日，新增一般债发行进度83.69%，新增专项债发行进度87.11% [28] - 截至10月26日，再融资债减地方债到期当年累计规模情况展示 [29] Special Bond Issuance Details - 截至10月26日，特殊再融资债统计情况展示，包括各轮发行额及各地区情况 [34] - 截至10月26日，特殊新增专项债统计情况展示，包括2023 - 2025年各地区情况 [37][38] Local Bond Investment and Trading - 展示地方债一二级利差及分区域二级利差情况 [41][42] - 展示新增专项债投向情况，最新月份统计只考虑已发行的新增债 [43]

Report Industry Investment Rating No information provided in the content. Core Viewpoint The report mainly focuses on the issuance of local government bonds, including the actual and forecasted issuance of local bonds, the progress of new bond issuance, the net supply of refinancing bonds, and the issuance details of special bonds. It also analyzes the investment and trading aspects of local bonds, such as the primary - secondary spread and the regional secondary spread [2][6][7]. Summary by Directory Local Bond Actual Issuance and Forecasted Issuance - **Actual Issuance and Pre - issuance Disclosure**: From September 29 to October 12, local bonds were issued with a total of 825.28 billion yuan, including 258.89 billion yuan of new bonds (99.20 billion yuan of new general bonds and 159.69 billion yuan of new special bonds) and 566.38 billion yuan of refinancing bonds (454.33 billion yuan of refinancing general bonds and 112.05 billion yuan of refinancing special bonds). From October 13 to October 19, the forecasted issuance of local bonds is 213.46 billion yuan, including 153.65 billion yuan of new bonds (0.00 billion yuan of new general bonds and 153.65 billion yuan of new special bonds) and 59.81 billion yuan of refinancing bonds (24.96 billion yuan of refinancing general bonds and 34.86 billion yuan of refinancing special bonds) [2][6][7]. - **Comparison between Planned and Actual Issuance**: There are differences between the planned and actual issuance of local bonds in different months and regions, which are presented in relevant figures and tables [17][21]. Local Bond Net Supply - **New Bond Issuance Progress**: As of October 12, the issuance progress of new general bonds is 83.53%, and that of new special bonds is 84.10% [31]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local bond maturities as of October 12 is presented in a figure, with the statistical scope including both issued and disclosed - but - not - issued bonds [32][33]. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of October 12, the fifth - round second - batch special refinancing bonds have a total disclosed amount of 19958.85 billion yuan, with no new disclosure this week. The top three regions in terms of disclosed scale are Jiangsu (2511.00 billion yuan), Hunan (1290.00 billion yuan), and Guizhou (1271.32 billion yuan). The statistical scope includes both issued and disclosed - but - not - issued bonds [8]. - **Special New Special Bond Issuance Statistics**: As of October 12, the total disclosed amount of special new special bonds in 2025 is 12029.16 billion yuan, and since 2023, it is 23907.80 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 (1027.48 billion yuan), and Yunnan (729.97 billion yuan). The statistical scope includes both issued and disclosed - but - not - issued bonds [8]. Local Bond Investment and Trading - **Primary - Secondary Spread**: The primary and secondary spreads of local bonds are presented in figures, showing the spreads for different maturities and the changes over time [45]. - **Regional Secondary Spread**: The regional secondary spreads of local bonds for different regions from July 11, 2025, to October 10, 2025, are presented in a table [46]. - **New Special Bond Investment Direction**: The investment direction of new special bonds is presented in a figure, with the latest month's statistics only considering the issued new bonds [48].

Report Title - 9 月地方债计划发行 7658 亿——政府债周报（8/31） [1][4] Report Core View - 报告对 8 月 25 日 - 9 月 7 日地方债发行情况进行复盘与预告，同时展示特殊债发行进展 [2][4][5] Report Key Points 地方债发行情况 - 9 月 1 日 - 9 月 7 日地方债披露发行 933.91 亿元，其中新增债 178.37 亿元（新增专项债 178.37 亿元），再融资债 755.54 亿元 [2][4] - 8 月 25 日 - 8 月 31 日地方债共发行 3515.97 亿元，其中新增债 2232.89 亿元（新增一般债 353.10 亿元，新增专项债 1879.79 亿元），再融资债 1283.08 亿元 [2][5] 特殊债发行进展 - 截至 8 月 31 日，第四轮特殊再融资债共披露 44093.73 亿元，2025 年已披露 20208.48 亿元，下周新增披露 0.00 亿元，披露规模前三为江苏 5647.00 亿元、湖南 2787.32 亿元、河南 2556.26 亿元 [6] - 截至 8 月 31 日，2025 年特殊新增专项债共披露 4407.33 亿元，2023 年以来共披露 16312.46 亿元，披露规模前三为江苏 2102.35 亿元、湖北 1287.69 亿元、新疆 1188.60 亿元；2025 年披露规模前三为江苏 951.00 亿元、河北 391.43 亿元、湖北 369.13 亿元 [6] 地方债净供给与发行进度 - 8 月 25 日 - 8 月 31 日地方债净供给 2435 亿元，9 月 1 日 - 9 月 7 日地方债预告净供给 367 亿元 [12][13][19] - 截至 8 月 31 日，新增一般债发行进度 77.60%，新增专项债发行进度 74.18% [12][24] 特殊债发行统计 - 展示截至 8 月 31 日特殊再融资债统计情况，包含四轮发行额及各省市数据 [28][29] - 展示截至 8 月 31 日特殊新增专项债统计情况，包含 2023 - 2025 年各省市数据 [31][32] 地方债投资与交易 - 展示地方债一二级利差情况 [35][36] - 展示分区域二级利差情况，涉及多个省市不同时间数据 [37] 新增专项债投向 - 涉及新增专项债投向及项目投向逐月统计 [11][39]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - From August 11th to August 17th, local government bonds issued a total of 9.1432 billion yuan, including 4.9356 billion yuan in new bonds (3.0321 billion yuan in new general bonds and 1.9034 billion yuan in new special bonds) and 4.2076 billion yuan in refinancing bonds (2.8632 billion yuan in refinancing general bonds and 1.3445 billion yuan in refinancing special bonds). From August 18th to August 24th, local government bonds are expected to issue 36.915 billion yuan, including 24.8807 billion yuan in new bonds (953.9 million yuan in new general bonds and 23.9268 billion yuan in new special bonds) and 12.0343 billion yuan in refinancing bonds (4.6873 billion yuan in refinancing general bonds and 7.347 billion yuan in refinancing special bonds) [2][4][5] - As of August 17th, the fourth round of special refinancing bonds has a total disclosed amount of 435.5743 billion yuan, with 196.7218 billion yuan disclosed in 2025 and an additional 9.164 billion yuan to be disclosed next week. The top three provinces or municipalities with separate planning in terms of the fourth - round disclosure scale are Jiangsu (56.47 billion yuan), Hunan (27.8732 billion yuan), and Shandong (24.1398 billion yuan). As of August 17th, the special new special bonds in 2025 have a total disclosed amount of 44.0733 billion yuan, and since 2023, a total of 163.1246 billion yuan has been disclosed. The top three in terms of disclosure scale are Jiangsu (21.0235 billion yuan), Hubei (12.8769 billion yuan), and Xinjiang (11.886 billion yuan). The top three provinces or municipalities with separate planning in terms of the 2025 disclosure scale are Jiangsu (9.51 billion yuan), Hebei (3.9143 billion yuan), and Hubei (3.6913 billion yuan) [6] Summary by Directory Local Bond Actual Issuance and Forecast Issuance - From August 11th to August 17th, the net supply of local government bonds was - 1.37 billion yuan; from August 18th to August 24th, the forecast net supply of local government bonds is 20.88 billion yuan [10][15] - A comparison of the planned and actual issuance of local government bonds in July and August is presented, showing differences in the issuance of new bonds, new general bonds, new special bonds, and refinancing bonds [13][17] - The monthly issuance plan, actual issuance, and net financing situation of local government bonds are also shown [21] Local Bond Net Supply - As of August 17th, the issuance progress of new general bonds was 70.47%, and the issuance progress of new special bonds was 64.10% [25] - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of August 17th is presented [25] Special Bond Issuance Details - As of August 17th, the statistics of special refinancing bonds show the issuance amounts in different rounds for various provinces and municipalities [29] - As of August 17th, the statistics of special new special bonds show the issuance amounts from 2023 to 2025 for various provinces and municipalities [31] Local Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented, including the spreads for different maturities and the changes over time [36] - The second - level spreads of local government bonds in different regions are presented, showing the spread changes in different regions from May to August 2025 [39] New Special Bond Investment Directions - The investment directions of new special bonds are presented, with the latest month's statistics only considering the issued new bonds [42]

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The report focuses on the issuance progress of local government bonds and special refinancing bonds in 2025. It details the actual and forecasted issuance amounts of local government bonds from August 4 - 10 and August 11 - 17, as well as the issuance status of special refinancing bonds and special new special - purpose bonds as of August 10 [2][4][6]. 3. Summary by Relevant Catalogs 3.1 Local Bond Actual Issuance and Forecasted Issuance - From August 4 - 10, local bonds issued a total of 1654.59 billion yuan, including 475.49 billion yuan of new bonds (72.83 billion yuan of new general bonds and 402.66 billion yuan of new special - purpose bonds) and 1179.10 billion yuan of refinancing bonds (819.06 billion yuan of refinancing general bonds and 360.04 billion yuan of refinancing special - purpose bonds) [2][5]. - From August 11 - 17, the disclosed issuance of local bonds is 914.32 billion yuan, including 493.56 billion yuan of new bonds (303.21 billion yuan of new general bonds and 190.34 billion yuan of new special - purpose bonds) and 420.76 billion yuan of refinancing bonds (286.32 billion yuan of refinancing general bonds and 134.45 billion yuan of refinancing special - purpose bonds) [2][4]. - The plan and actual issuance of local bonds in July and August are compared, and the monthly issuance plan, actual issuance, and net financing of local bonds in recent months are presented [15][17][21]. 3.2 Local Bond Net Supply - As of August 10, the issuance progress of new general bonds is 66.68%, and that of new special - purpose bonds is 63.67% [26]. - The cumulative scale of the difference between refinancing bonds and local bond maturities as of August 10 is presented [26]. 3.3 Special Bond Issuance Details - As of August 10, the fourth - round special refinancing bonds have a total disclosed amount of 43557.43 billion yuan, with 19672.18 billion yuan disclosed in 2025 and an additional 12.11 billion yuan to be disclosed next week. The top three regions in terms of disclosed scale are Jiangsu (5647.00 billion yuan), Hunan (2787.32 billion yuan), and Shandong (2413.98 billion yuan) [6]. - As of August 10, the total disclosed amount of special new special - purpose bonds in 2025 is 4407.33 billion yuan, and since 2023, it is 16312.46 billion yuan. The top three regions in terms of disclosed scale are Jiangsu (2102.35 billion yuan), Hubei (1287.69 billion yuan), and Xinjiang (1188.60 billion yuan). In 2025, the top three regions are Jiangsu (951.00 billion yuan), Hebei (391.43 billion yuan), and Hubei (369.13 billion yuan) [6]. 3.4 Local Bond Investment and Trading - The first - and second - level spreads of local bonds are presented, including the spreads of different tenors and the changes over time [39]. - The second - level spreads of local bonds in different regions from May to August 2025 are provided [42]. 3.5 New Special - Purpose Bond Investment Directions The monthly statistics of the investment directions of new special - purpose bonds are presented, and the latest month's statistics only consider the issued new bonds [45].