Core Viewpoint - The issuance of 30-year special government bonds is a significant move to enhance fiscal policy effectiveness and support major projects, while also reducing debt pressure for the government [4][6]. Group 1: Issuance Details - The first issuance of the 30-year special government bonds occurred on May 17, with distribution ending on May 20 and trading starting on May 22 [1]. - The average issuance scale for this year's special government bonds is 455 billion yuan, with a total of 1 trillion yuan planned for issuance over several years [5][6]. - The weighted average bidding rate for the first 30-year bond was 2.57%, which is favorable for reducing interest payment pressure [5]. Group 2: Market Response - Some banks, such as China Merchants Bank and Zheshang Bank, quickly sold out their quotas for the special bonds on the first day of availability [2]. - The demand for these bonds indicates strong interest from individual investors, although some banks have not yet received notifications to sell them [2]. Group 3: Economic Implications - The issuance of long-term bonds is expected to provide ample funding for long-term projects, thereby supporting economic recovery and reducing overall debt costs [4][6]. - Compared to international standards, China's proportion of long-term bonds is relatively low at 16.9%, indicating room for growth [6].

据悉，今年的超长期特别国债期限包括20年期、30年期、50年期，均为按半年付息。20年期在5月份至 11月份期间发行，首发2次，续发5次；30年期也在5月份至11月份期间发行，首发3次，续发9次；50年 期在6月份至10月份期间发行，首发1次，续发2次。此前在5月17日，30年期超长期特别国债已完成首 发。5月24日为20年期超长期特别国债首次招标发行，50年期超长期特别国债最早将于6月14日发行。 在分析人士看来，超长期特别国债的发行对资金面的影响有限。中信证券首席经济学家明明对《证券日 报》记者表示，超长期特别国债发行周期较长，发行节奏平缓，单期规模不会太大，有助于减少对资金 面的冲击，平滑市场利率波动。 从数据看，5月17日首发的30年期超长期特别国债于5月22日在二级市场上市交易。中国货币网数据显 示，当日DR007（银行间市场存款类机构7天期回购加权平均利率）报1.8421%，保持在当前短期政策利 率附近运行，并未出现明显的大幅波动。 从债市影响来看，东方金诚研究发展部总监冯琳对《证券日报》记者表示，今年以来，政府债券供给节 奏较慢而机构配债需求旺盛，加深了债市的"资产荒"局面。超长期特别国债发行可 ...

根据财政部发布的2024年超长期特别国债发行安排，今年拟发行的超长期特别国债期限有3种，分别为 20年、30年和50年。截至5月29日，20年期、30年期均已首发并上市交易，50年期则最早将在6月14日进 行招标发行。除50年期超长期特别国债将在6月份首发外，6月份还将有2次30年期超长期特别国债续发 和1次20年期超长期特别国债续发。 从债券市场角度看，中国银行研究院研究员范若滢在接受《证券日报》记者采访时表示，超长期特别国 债的陆续发行增加了债券市场供给。超长期特别国债分期发行，可避免对资金面造成较大扰动。在此背 景下，央行对市场流动性的调节空间更大，既可通过降准也可通过公开市场操作来释放流动性。 （责任编辑：关婧） 从首日交易表现看，Wind数据显示，截至5月29日收盘，"24特国02"收报100.590元，涨幅为0.59%，成 交金额达13.77亿元；"特国2402"收报100.0736元，涨幅为0.07%，成交金额达4509.66万元。 巨丰投顾高级投资顾问朱华雷对《证券日报》记者表示，超长期特别国债的发行是为了专项支持国家重 大战略实施和重点领域安全能力建设，这有助于促进经济社会稳定向好发展。20 ...

Group 1 - The Ministry of Finance conducted the first re-issuance of the 2025 ultra-long special government bonds, with a total competitive bidding amount of 35 billion yuan and a coupon rate of 2.10% [1] - In July, three issues of ultra-long special government bonds were completed, totaling 206 billion yuan, making it the second-largest monthly issuance this year [1] - As of August 1, 2023, 7,960 billion yuan of ultra-long special government bonds have been issued, achieving 61% of the annual target of 13 trillion yuan [1] Group 2 - The National Development and Reform Commission announced that the project list for "two major" construction projects has been fully allocated, with a total of 800 billion yuan, and 7,350 billion yuan of central budget investment has been largely disbursed [2] - The issuance of ultra-long special government bonds and accelerated fund allocation is expected to support economic development by boosting infrastructure investment and enhancing consumer demand [2][3] - The issuance of ultra-long special government bonds has effectively stimulated consumer willingness to spend by providing direct subsidies, thereby promoting consumption upgrades [3]