企业预警通数据显示，截至目前，已有北京、河北、吉林等27地披露了2026年一季度的地方债券发行计 划，合计规模达20201.01亿元。 2025年，我国安排地方政府专项债券4.4万亿元。朱华雷分析，市场预测2026年新增专项债券额度或较 2025年增加5000亿元至6000亿元，达到4.9万亿元至5.0万亿元左右。增加额度主要是考虑满足"十五 五"开局之年基建投资稳增长、民生保障等多领域的资金需求。同时，今年的发行节奏或继续呈现出"两 头快、中间稳"的特点。 宋向清认为，2026年新增专项债券额度或达到4.8万亿元至5.0万亿元，发行节奏或前倾。整体看，2026 年新增专项债券发行将呈现规模扩大、结构优化、管理精细、效率提升的特点，在稳增长、补短板、惠 民生、防风险中发挥核心作用，为构建新发展格局提供强大支撑。 （文章来源：证券日报） 2026年地方债券发行正式启幕。1月5日，山东省发行723.81亿元地方政府债券，成为今年首个发行地方 债券的省份。 山东此次发行的723.81亿元地方债券中，有467.72亿元为新增专项债券，募集资金拟用于产业园区基础 设施、棚户区改造、民用机场、铁路、收费公路等项目；有25 ...

Core Viewpoint - The issuance of new special bonds and refinancing bonds marks a proactive fiscal policy, providing strong support for economic growth in 2026 while addressing local government hidden debt issues [1][2]. Group 1: Bond Issuance Details - Shandong Province issued 723.81 billion yuan in local government bonds, including 467.72 billion yuan in new special bonds for infrastructure projects and 256.09 billion yuan in refinancing bonds to replace existing hidden debts [1]. - The issuance of refinancing bonds signifies the commencement of this year's refinancing bond issuance [1]. Group 2: Economic Impact and Projections - The simultaneous issuance of new special and refinancing bonds is a key measure to balance short-term economic growth with long-term risk prevention, promoting high-quality local economic development [2]. - As of now, 27 regions, including Beijing, Hebei, and Jilin, have disclosed plans for local bond issuance in the first quarter of 2026, totaling 20,201.01 billion yuan [2]. - The market predicts that the quota for new special bonds in 2026 may increase by 500 billion to 600 billion yuan compared to 2025, reaching approximately 4.9 trillion to 5.0 trillion yuan [2]. Group 3: Future Outlook - The expected quota for new special bonds in 2026 is projected to be between 4.8 trillion and 5.0 trillion yuan, with an anticipated acceleration in the issuance pace [3]. - The overall issuance of new special bonds in 2026 is expected to feature expanded scale, optimized structure, refined management, and improved efficiency, playing a core role in stabilizing growth, addressing shortcomings, benefiting people's livelihoods, and preventing risks [3].

Group 1 - The core viewpoint of the article highlights the increasing financing efforts through government and corporate bonds, which are serving as alternatives to traditional loans [1] - Local government financing platforms are utilizing debt replacement to repay bank loans, potentially impacting the overall credit volume [1] - From last year's fourth quarter to the end of May this year, over 3.6 trillion yuan of replacement bonds have been issued, with an estimated 2.3 trillion yuan of loans being replaced [1] Group 2 - The growth rate of RMB loans remains around 8% after adjustments for the replacement bonds as of the end of May [1] - Industry experts believe that the transformation and upgrading of the economic structure require a financing system that aligns with these changes [1] - Direct financing is characterized by risk-sharing, benefit-sharing, and long-term support, making it more suitable for high-growth, research-intensive, and asset-light sectors [1]

今年更大规模的政府债券在一季度提速发行后，新增地方政府专项债券(以下简称"专项债券")和国债仍 留有较大规模的待发行额度。根据财政部最新安排，2025年首期超长期特别国债和中央金融机构注资特 别国债(以下合称"两类特别国债")都将在4月24日招标发行。面对国内外形势的新变化，受访专家认 为，两类特别国债"开闸"后，政府债券将继续保持较大供给力度，在二季度进一步加快发行速度。 仍有较大可用额度 今年一季度，以国债、地方政府债券为主的政府债券发行规模明显高于近5年同期水平。据证券时报记 者统计，一季度国债累计发行规模超3.3万亿元，地方政府债券累计发行规模超2.8万亿元。 "今年中央财政靠前发力，可能为后续超长期特别国债和支持银行补充资本金的特别国债发行腾挪空 间。"华西证券（002926）首席经济学家刘郁指出，一季度国债发行进度快于往年同期，但在中央加杠 杆背景下，国债剩余额度仍高于去年同期。 从地方政府债券发行情况看，年初以来地方化债工作进展积极。用于置换存量隐性债务的置换债券在一 季度集中发行，累积发行规模达1.34万亿元，约占当季地方政府债券发行规模的47%。 东方金诚研究发展部执行总监冯琳对证券时报记者 ...