丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 中小银行专项债再现 ——政府债周报（7/20） 报告要点 [Table_Summary] 7 月 14 日-7 月 20 日地方债共发行 2511.8 亿元。其中新增债 1890.5 亿元（新增一般债 276.2 亿元，新增专项债 1614.2 亿元），再融资债 621.4 亿元（再融资一般债 451.2 亿元，再融资专 项债 170.1 亿元）。 7 月 21 日-7 月 27 日地方债披露发行 3757.5 亿元。其中新增债 2287.1 亿元（新增一般债 232.7 亿元，新增专项债 2054.4 亿元），再融资债 1470.5 亿元（再融资一般债 527.5 亿元，再融资 专项债 943.0 亿元）。 分析师及联系人 [Table_Author] SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 赵增辉 赖逸儒 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 中小银行专项债再现 2] ——政府债 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 新增专项债即将放量 ——政府债周报（6/22） 报告要点 [Table_Summary] 6 月 23 日-6 月 29 日地方债披露发行 5856.5 亿元。其中新增债 4583.2 亿元（新增一般债 515.2 亿元，新增专项债 4068.0 亿元），再融资债 1273.2 亿元（再融资一般债 586.8 亿元，再融资 专项债 686.4 亿元）。 6 月 16 日-6 月 22 日地方债共发行 2617.5 亿元。其中新增债 697.2 亿元（新增一般债 272.5 亿元，新增专项债 424.8 亿元），再融资债 1920.3 亿元（再融资一般债 630.5 亿元，再融资专 项债 1289.8 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 请阅读最后评级说明和重要声明 SFC：BVN394 SFC：BVZ968 %% %% %% %% research.95579.com 1 [Table_Title 新增专项债即将放量 2] ——政府债 ...

Report Industry Investment Rating - No relevant content provided Core View - The report presents basic data including the ChinaBond Composite Index at 254.4, the ChinaBond Long/Medium and Short - term Index at 245.4/209.1, the 10 - year inter - bank treasury bond yield at 1.65, and the enterprise/company/convertible bond scales at 70.2/23.7/6.9 trillion respectively [4] Summary by Related Catalog Government Debt Issuance - **Total Net Financing of Treasury Bonds and New Local Bonds**: In the 24th week (6/9 - 6/15), it was 2704 billion yuan, and in the 25th week (6/16 - 6/22), it was 2048 billion yuan. As of the 24th week, the cumulative general deficit was 5.1 trillion yuan, with a progress of 43.4%, exceeding the same period last year [1][7] - **Net Financing of Government Bonds**: In the 24th week, it was 2190 billion yuan, and in the 25th week, it was 2594 billion yuan. As of the 24th week, the cumulative amount was 6.8 trillion yuan, 3.6 trillion yuan more than the same period last year, mainly due to the rapid issuance of special bonds for replacing implicit debts and treasury bonds [1][7] - **Net Financing of Treasury Bonds**: In the 24th week, it was 2621 billion yuan, and in the 25th week, it was 1351 billion yuan. The total annual net financing of treasury bonds is 6.66 trillion yuan. As of the 24th week, the cumulative amount was 3.1 trillion yuan, with a progress of 47.1%, exceeding the same period in the past five years [1][8] - **Net Financing of Local Bonds**: In the 24th week, it was - 430 billion yuan, and in the 25th week, it was 1243 billion yuan. As of the 24th week, the cumulative amount was 3.7 trillion yuan, 2.1 trillion yuan more than the same period last year [1][10] - **New General Bonds**: In the 24th week, 13 billion yuan was issued, and in the 25th week, 272 billion yuan was issued. The local deficit in 2025 is 8000 billion yuan. As of the 24th week, the cumulative issuance was 3610 billion yuan, with a progress of 45.1%, exceeding the same period last year [1][10] - **New Special Bonds**: In the 24th week, 71 billion yuan was issued, and in the 25th week, 425 billion yuan was issued. The planned issuance of new special bonds in 2025 is 4.4 trillion yuan. As of the 24th week, the cumulative issuance was 1.6 trillion yuan, with a progress of 37.5%, exceeding the same period last year. Special new special bonds of 3196 billion yuan and land reserve special bonds of 1699 billion yuan have been issued. The cumulative disclosed acquisition of idle land projects covers 4176 parcels, with a capital scale (including proposed) of about 4564 billion yuan [2][14] - **Special Refinancing Bonds**: In the 24th week, 267 billion yuan was issued, and in the 25th week, 527 billion yuan was issued. As of the 24th week, the cumulative issuance was 1.7 trillion yuan, with an issuance progress of 84% [2][28] - **Urban Investment Bonds**: In the 24th week, the net financing was - 6 billion yuan, and in the 25th week, it is expected to be - 383 billion yuan. As of this week, the balance of urban investment bonds is about 10.4 trillion yuan [2][30]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 2025 年特殊再融资债累计供给逾 1.6 万亿 ——政府债周报（6/8） 报告要点 [Table_Summary] 6 月 9 日-6 月 15 日地方债披露发行 1077.86 亿元。其中新增债 83.72 亿元（新增一般债 13.00 亿元，新增专项债 70.72 亿元），再融资债 994.14 亿元（再融资一般债 593.43 亿元，再融资 专项债 400.70 亿元）。 6 月 2 日-6 月 8 日地方债共发行 1095.95 亿元。其中新增债 159.80 亿元（新增一般债 86.76 亿元，新增专项债 73.04 亿元），再融资债 936.15 亿元（再融资一般债 600.79 亿元，再融资 专项债 335.36 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 请阅读最后评级说明和重要声明 SFC：BVN394 SFC：BVZ968 %% %% [Table_Summary2] 发行预告 6 月 9 日-6 月 15 日地方债披露 ...