Core Insights - The total issuance of special new bonds reached 1.3583 trillion yuan as of December 5, 2025, with 7.4 billion yuan issued in the current period [1] - The cumulative issuance of refinancing bonds for replacing hidden debts has reached 2 trillion yuan, with 1.1 billion yuan issued in the current period, achieving a 100% issuance progress for this year's quota [1] - Since October 2025, the cumulative issuance of special refinancing bonds for repaying existing debts has reached 270.6 billion yuan, with 50.2 billion yuan issued in the current period [1] Summary by Region - **Guangdong**: Issued 1.127 billion yuan of special new bonds in 2025, with a total of 4.66 billion yuan for the year, achieving 109.4% of the issuance target [2] - **Shandong**: Issued 472 million yuan of ordinary/project income bonds, with a total of 3.521 billion yuan of special new bonds issued in 2025, achieving 106.0% of the target [2] - **Zhejiang**: Issued 528 million yuan of ordinary/project income bonds, with a total of 3.12 billion yuan of special new bonds issued in 2025, achieving 111.0% of the target [2] - **Jiangsu**: Issued 1.289 billion yuan of ordinary/project income bonds, with a total of 2.785 billion yuan of special new bonds issued in 2025, achieving 117.8% of the target [2] - **Sichuan**: Issued 633 million yuan of ordinary/project income bonds, with a total of 2.388 billion yuan of special new bonds issued in 2025, achieving 110.7% of the target [2] - **Henan**: Issued 737 million yuan of ordinary/project income bonds, with a total of 2.003 billion yuan of special new bonds issued in 2025, achieving 105.0% of the target [2] - **Anhui**: Issued 414 million yuan of ordinary/project income bonds, with a total of 1.760 billion yuan of special new bonds issued in 2025, achieving 103.9% of the target [2] - **Hubei**: Issued 459 million yuan of ordinary/project income bonds, with a total of 1.872 billion yuan of special new bonds issued in 2025, achieving 112.7% of the target [2] - **Jiangxi**: Issued 250 million yuan of ordinary/project income bonds, with a total of 1.562 billion yuan of special new bonds issued in 2025, achieving 100.7% of the target [2] - **Hebei**: Issued 702 million yuan of ordinary/project income bonds, with a total of 2.177 billion yuan of special new bonds issued in 2025, achieving 140.5% of the target [2] - **Xinjiang**: Issued 364 million yuan of ordinary/project income bonds, with a total of 1.238 billion yuan of special new bonds issued in 2025, achieving 82.1% of the target [2] - **Hunan**: Issued 615 million yuan of ordinary/project income bonds, with a total of 1.461 billion yuan of special new bonds issued in 2025, achieving 102.6% of the target [2] - **Fujian**: Issued 338 million yuan of ordinary/project income bonds, with a total of 1.505 billion yuan of special new bonds issued in 2025, achieving 105.9% of the target [2] - **Beijing**: Issued 151 million yuan of ordinary/project income bonds, with a total of 1.233 billion yuan of special new bonds issued in 2025, achieving 117.7% of the target [2] - **Tianjin**: Issued 362 million yuan of ordinary/project income bonds, with a total of 880 million yuan of special new bonds issued in 2025, achieving 98.0% of the target [2] - **Yunnan**: Issued 730 million yuan of ordinary/project income bonds, with a total of 845 million yuan of special new bonds issued in 2025, achieving 113.7% of the target [2] - **Ningxia**: Issued 91 million yuan of ordinary/project income bonds, with a total of 213 million yuan of special new bonds issued in 2025, achieving 625.0% of the target [2] Overall Summary - The total issuance of special new bonds across all regions in 2025 reached 1.3583 trillion yuan, with a total of 4.4962 trillion yuan planned for the year, achieving 112.3% of the issuance target [2] - The cumulative issuance of refinancing bonds for replacing hidden debts reached 2 trillion yuan, with 100% of the issuance target met [2]

Core Viewpoint - The article discusses the completion of the issuance of 2 trillion yuan in special bonds for the replacement of hidden debts, indicating a significant step in local government debt management [2] Group 1: Special Bonds Issuance - A total of 2 trillion yuan in special bonds aimed at replacing hidden debts has been fully issued this year [2] - This issuance is part of a broader strategy to manage local government debt and improve financial stability [2] - The completion of this issuance is expected to have positive implications for local government financing and infrastructure projects [2]

Core Viewpoint - The issuance of local government bonds has accelerated, with a notable increase in the scale of new special bonds and refinancing special bonds, indicating a heightened market demand for risk premiums on local government debt [2][3][4] Group 1: Bond Issuance Data - As of the end of August, local government bond issuance reached 977.6 billion yuan, exceeding the previously announced issuance plan of 940.8 billion yuan [1] - The existing stock of local government debt stands at 53.05 trillion yuan, comprising 17.1 trillion yuan in general bonds and 35.95 trillion yuan in special bonds [1] - The issuance scale of general bonds since 2025 has been 1.83 trillion yuan, while special bonds issued in 2025 amount to 5.88 trillion yuan [1] Group 2: Market Trends and Regional Analysis - The issuance of special refinancing bonds has increased significantly, with their proportion reaching 5.6% [3] - The average issuance scale of bonds post the new tax regulations on August 8 is 37.53 million yuan, with a total of 226 local bonds issued amounting to 848.1 billion yuan [1][3] - Provinces with issuance exceeding 50 billion yuan in August include Anhui (92.7 billion yuan), Guangdong (92.1 billion yuan), and Zhejiang (76 billion yuan) [3] Group 3: Bond Repayment and Future Outlook - As of August 31, 1583 local government bond issues have been completed this year, with 122 bonds adopting annual repayment, totaling 268.7 billion yuan, which is 3.5% of the total issuance [3] - The average term for newly issued local bonds in 2025 is 15.49 years, with an average interest rate of 1.92%, while new special bonds have an average term of 17.76 years and an average interest rate of 1.96% [3] - The issuance of "replacement hidden debt special bonds" is nearing completion, with only four regions remaining, suggesting a potential slight decrease in new bond issuance in September [4]

Group 1 - The issuance of local government bonds has significantly accelerated, with over 4 trillion yuan issued this year, of which nearly 40% are new special bonds [1] - The new special bonds are primarily directed towards major project construction, with 16.457 billion yuan in new local bonds issued [1] - The issuance of land reserve special bonds has reached 108.348 billion yuan, accounting for 7.75% of the new special bond funds [1] Group 2 - Land reserve activities are concentrated in economically stable regions, with third and fourth-tier cities showing high participation rates, accounting for nearly 75% of acquisition amounts [2] - More than half of the local bonds issued this year are for "borrowing new to repay old," primarily to replace hidden debts, with 82.8% of the planned total already disclosed [2] - The issuance of new local bonds is expected to accelerate, with June's issuance projected at around 1 trillion yuan [3] Group 3 - Infrastructure investment remains a key focus for the funding from new special bonds, with a significant emphasis on construction projects in the real estate sector [3] - The issuance pace of local government bonds is anticipated to increase in the second quarter, with an estimated total of 1.2 trillion yuan for the entire quarter [3]