Report Industry Investment Rating - Not provided in the document Core Viewpoints - From November 24th to November 30th, the planned issuance of local government bonds is 329.69 billion yuan, including 224.12 billion yuan of new bonds (8.75 billion yuan of new general bonds and 215.37 billion yuan of new special bonds) and 105.57 billion yuan of refinancing bonds (66.39 billion yuan of refinancing general bonds and 39.19 billion yuan of refinancing special bonds) [1][5] - From November 17th to November 23rd, the actual issuance of local government bonds was 184.66 billion yuan, including 102.67 billion yuan of new bonds (20.36 billion yuan of new general bonds and 82.31 billion yuan of new special bonds) and 81.99 billion yuan of refinancing bonds (46.66 billion yuan of refinancing general bonds and 35.33 billion yuan of refinancing special bonds) [1][5] Summary by Directory Local Government Bond Actual Issuance and Forecasted Issuance - The net supply of local government bonds from November 17th to November 23rd was 126.7 billion yuan, and the forecasted net supply from November 24th to November 30th is 304.2 billion yuan [19] - There are differences between the planned issuance and actual issuance of local government bonds in October and November [15][20] Local Government Bond Net Supply - As of November 23rd, the issuance progress of new general bonds was 89.92%, and the issuance progress of new special bonds was 96.69% [26] - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of November 23rd is presented in the relevant chart [26] Special Bond Issuance Details - As of November 23rd, the total disclosed amount of the second batch of the fifth - round special refinancing bonds was 1998.887 billion yuan, and the total disclosed amount of the sixth - round special refinancing bonds was 217.56 billion yuan, with an additional 69.113 billion yuan disclosed next week. The top three regions in terms of the disclosed scale of the second batch of the fifth - round are Jiangsu (251.1 billion yuan), Hunan (128.8 billion yuan), and Henan (121.587 billion yuan) [5] - As of November 23rd, the total disclosed amount of special new special bonds in 2025 was 1296.705 billion yuan, and since 2023, it was 2484.569 billion yuan. The top three regions in terms of the disclosed scale are Jiangsu (244.035 billion yuan), Hubei (133.769 billion yuan), and Xinjiang (131.17 billion yuan). In 2025, the top three regions are Jiangsu (128.9 billion yuan), Guangdong (102.748 billion yuan), and Yunnan (72.997 billion yuan) [6] Local Government Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented in the relevant charts, including the overall first - level spread and the second - level spread by region [37][40] - The investment direction of new special bonds and the monthly statistics of project investment directions are also provided [42]