1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The issuance scale of government bonds using the remaining quota for debt resolution has exceeded 280 billion yuan. The report provides a weekly update on local government bond issuance and special bond issuance progress [1][6] 3. Summary by Relevant Catalog 3.1 Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: From December 1st - 7th, local bonds were issued at 108.72 billion yuan, including 50.44 billion yuan of new bonds (21 billion yuan of new general bonds and 39.05 billion yuan of new special bonds) and 58.28 billion yuan of refinancing bonds (41.31 billion yuan of refinancing general bonds and 16.97 billion yuan of refinancing special bonds). From December 8th - 14th, local bonds are expected to be issued at 106.96 billion yuan, including 71.05 billion yuan of new bonds (21 billion yuan of new general bonds and 50.05 billion yuan of new special bonds) and 35.9 billion yuan of refinancing bonds (18.74 billion yuan of refinancing general bonds and 17.16 billion yuan of refinancing special bonds) [2][6] - **Comparison of Planned and Actual Issuance**: The report shows the planned and actual issuance of local bonds in November and December, as well as the monthly issuance plan, actual issuance, and net financing situation of local bonds from May to December 2025 [20][21] 3.2 Local Bond Net Supply - From December 1st - 7th, the net supply of local bonds was 6.05 billion yuan; from December 8th - 14th, the forecast net supply of local bonds is 6.23 billion yuan [16] 3.3 New Bond Issuance Progress - As of December 7th, the issuance progress of new general bonds was 92.44%, and the issuance progress of new special bonds was 98.23%. The calculation denominator of the issuance progress includes the 200 - billion - yuan part of the used remaining quota, so it differs from the previous calculation method [25] 3.4 Refinancing Bond Net Supply - The report shows the cumulative scale of the difference between refinancing bonds and local bond maturities from January to December from 2020 to 2025, with the statistical scope including both issued and unissued but disclosed bonds [27][28] 3.5 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of December 7th, the fifth - round second - batch special refinancing bonds totaled 200 billion yuan, the sixth - round special refinancing bonds totaled 28.81 billion yuan, and an additional 1.6821 billion yuan was newly disclosed for the next week. The top three provinces or municipalities with separately - planned budgets in the fifth - round second - batch disclosure were Jiangsu (25.11 billion yuan), Hunan (12.88 billion yuan), and Henan (12.27 billion yuan) [6] - **Special New Special Bond Issuance Statistics**: As of December 7th, the total disclosed amount of special new special bonds in 2025 was 135.0841 billion yuan, and since 2023, the total disclosed amount was 253.8705 billion yuan. The top three in terms of disclosed scale were Jiangsu (24.4035 billion yuan), Hubei (13.7769 billion yuan), and Xinjiang (13.117 billion yuan). The top three provinces or municipalities with separately - planned budgets in 2025 were Jiangsu (12.89 billion yuan), Guangdong (11.9268 billion yuan), and Yunnan (7.2997 billion yuan) [7] 3.6 Local Bond Investment and Trading - **Primary - Secondary Spread**: The report shows the primary and secondary spreads of local bonds on December 7th and November 30th, 2025, including spreads for different maturities (1Y, 2Y, 3Y, 5Y, 7Y, 10Y, 15Y, 20Y, 30Y) and the overall spread [38] - **Regional Secondary Spread**: The report presents the regional secondary spreads of local bonds, but specific data is not detailed in the text [39] 3.7 New Special Bond Investment Directions - The report shows the investment directions of new special bonds, with the statistics for the latest month only considering the investment directions of issued new bonds and not pre - issuance disclosures [40]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report focuses on the issuance of local government bonds, including the issuance scale, types, and progress of different periods, as well as the issuance progress of special bonds [1][5]. Summary by Directory 1. Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance and Pre - issuance Disclosure**: From December 1st to December 7th, local bonds are expected to be issued at 1087.2 billion yuan, including 504.4 billion yuan of new bonds (113.9 billion yuan of new general bonds and 390.5 billion yuan of new special bonds) and 582.8 billion yuan of refinancing bonds (413.1 billion yuan of refinancing general bonds and 169.7 billion yuan of refinancing special bonds). From November 24th to November 30th, local bonds were issued at 3513.6 billion yuan, including 2340.2 billion yuan of new bonds (87.5 billion yuan of new general bonds and 2252.7 billion yuan of new special bonds) and 1173.4 billion yuan of refinancing bonds (687.7 billion yuan of refinancing general bonds and 485.6 billion yuan of refinancing special bonds) [1][5]. - **Comparison of Planned and Actual Issuance**: The report presents the planned and actual issuance of local bonds in different months and regions through multiple figures, showing the differences between planned and actual issuance in different periods and regions [21][22]. 2. Local Bond Net Supply - **New Bond Issuance Progress**: As of November 30th, the issuance progress of new general bonds is 91.02%, and that of new special bonds is 101.81% [27]. - **Refinancing Bond Net Supply**: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of November 30th through a figure [27]. 3. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of November 30th, the fifth - batch second - round special refinancing bonds total 20000.00 billion yuan, the sixth - round special refinancing bonds total 2712.79 billion yuan, and an additional 513.43 billion yuan will be issued next week. The top three regions in the fifth - batch second - round disclosure scale are Jiangsu (2511.00 billion yuan), Hunan (1288.00 billion yuan), and Henan (1227.00 billion yuan) [5]. - **Special New Special Bond Issuance Statistics**: As of November 30th, the special new special bonds in 2025 total 13508.41 billion yuan, and since 2023, a total of 25387.05 billion yuan has been disclosed. The top three regions in the disclosure scale are Jiangsu (2440.35 billion yuan), Hubei (1377.69 billion yuan), and Xinjiang (1311.70 billion yuan). The top three regions in the 2025 disclosure scale are Jiangsu (1289.00 billion yuan), Guangdong (1192.68 billion yuan), and Yunnan (729.97 billion yuan) [6]. 4. Local Bond Investment and Trading - **Primary - Secondary Spread**: The report shows the primary and secondary spreads of local bonds through figures, including the spreads of different maturities and their changes [38]. - **Regional Secondary Spread**: The report presents the regional secondary spreads of local bonds through a figure [39]. 5. New Special Bond Investment Direction - **Project Investment Monthly Statistics**: The report shows the investment direction of new special bonds through a figure, and the latest month's statistics only consider the issued new bonds [40].