Group 1 - The U.S. Treasury auctioned $44 billion in seven-year bonds with a winning yield of 4.092%, an increase from the previous rate of 4.022% reported on June 26 [1] - The bid-to-cover ratio was 2.79, which is higher than the previous ratio of 2.53, indicating stronger demand for the bonds [1]

今年以来，财政运行总体平稳，预算资金快速下达，基本民生保障力度进一步加大。 财政部7月25日公布的2025年上半年财政收支数据显示，上半年全国一般公共预算收入（下称"公共财政 收入"）11.56万亿元，同比下降0.3%；全国一般公共预算支出（下称"公共财政支出"）14.13万亿元，同 比增长3.4%。 从收入表现看，被视为经济"晴雨表"的税收收入自二季度以来逐步回升，连续3个月同比保持增长。27 个省份在上半年实现地方一般公共预算本级收入增长。从财政支出看，上半年支出力度持续加大，支出 结构向民生、科技创新等领域倾斜，地方财力获得更大力度保障。 上半年，财政部各类政府债券保持较大发行力度。其中，国债发行规模创历史同期新高，共发行国债 7.88万亿元，同比增长35.28%，投资者认购积极踊跃。 在当天召开的新闻发布会上，财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟接受证券 时报记者提问时透露，上半年全国发行新增地方政府专项债券2.16万亿元，同比增长45%，发行使用进 度明显加快。同时，上半年各地发行专项债券用作项目资本金同比增长16%。 李大伟表示，财政部将继续实施好更加积极的财政政策，加快预算执 ...

Group 1 - Jiangsu issued 5-year general local bonds with a scale of 8.95 billion yuan and an issuance rate of 1.61%, with a marginal multiple of 7.73 times, exceeding the expected multiple of 3.34 [1] - Jiangsu issued 7-year general local bonds with a scale of 76.12 billion yuan and an issuance rate of 1.70%, with a marginal multiple of 7.70 times, exceeding the expected multiple of 3.22 [1] - Jiangsu issued 7-year ordinary special local bonds with a scale of 2.3 billion yuan and an issuance rate of 1.70%, with a marginal multiple of 6.40 times, exceeding the expected multiple of 3.09 [1]

江苏发行30年期普通专项地方债，规模52.5100亿元，发行利率2.0300%，边际倍数2.79倍，倍数预期 4.95。 江苏发行20年期普通专项地方债，规模289.3200亿元，发行利率2.0400%，边际倍数3.97倍，倍数预期 2.40； ...

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - In the first half of 2025, the cumulative issuance of local government bonds reached 5.49 trillion yuan, a year - on - year increase of 57.18%, hitting a record high for the same period. The issuance of government special bonds for implicit debt replacement reached 1.80 trillion yuan, completing 90% of the annual quota of 2 trillion yuan, and the implicit debt replacement was basically completed within the year [2]. - The third - quarter planned issuance scale will not change much compared with the first and second quarters. The proactive fiscal policy will be implemented more quickly. In the short term, the downward space for the issuance interest rate of local government bonds is limited, and there is a possibility of periodic fluctuations. The strict supervision of local government debt will continue, and the debt - resolution thinking will shift to "both risk prevention and development promotion", with further differentiation in debt - resolution resources and local investment and financing space [2]. 3. Summary by Relevant Catalogs 3.1 Local Government Bond - Related Policy Review - Implement a more proactive fiscal policy, arrange a larger - scale government bond, and continue to standardize and promote the work of land reserve special bonds. In 2025, the fiscal deficit rate is set at about 4%, an increase of 1 percentage point from the previous year, and the deficit scale is 5.66 trillion yuan, an increase of 1.6 trillion yuan. The total new government debt scale in 2025 is 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year. Policies are also introduced to support land reserve work and promote the stabilization of the real estate market [4][5]. - Promote local implementation of the implicit debt replacement policy and improve government investment efficiency. From 2024 - 2026, 2 trillion yuan of local government debt quota is approved each year to replace the stock implicit debt. In the first half of 2025, 90% of the 2 - trillion - yuan replacement quota has been issued, effectively relieving the local debt - resolution pressure [6]. - Improve the local debt monitoring system and government debt risk indicator system, optimize the special bond management mechanism, and strengthen the in - depth supervision of local government special bonds. The "iron - clad rule" of no new implicit debt is emphasized, and the accountability for illegal debt - raising and false debt - resolution is strengthened. Measures are also taken to optimize the special bond management mechanism and prevent new implicit debt [8]. 3.2 Review of the Local Government Bond Market in the First Half of 2025 3.2.1 Issuance Overview - In the first half of 2025, 1,086 local government bonds were issued, with a total amount of 5.49 trillion yuan, a year - on - year increase of 57.18%. Special bonds accounted for 78.52% of the newly issued local government bonds. Newly issued bonds totaled 2.61 trillion yuan, and refinancing bonds totaled 2.88 trillion yuan, with 1.80 trillion yuan for implicit debt replacement [11][12]. - The land reserve special bonds totaled 1,708.76 billion yuan in the first half of 2025, with an accelerated issuance in the second quarter. The net financing amount was 4.41 trillion yuan, a year - on - year increase of 135.69% [12]. - The issuance proportion of local government bonds with a term of 10 years or more increased significantly, with a weighted average issuance term of 15.88 years. Economically active regions such as Guangdong and Fujian were the main issuers of new bonds, while key provinces mainly issued refinancing bonds [16]. 3.2.2 Interest Rate and Spread Analysis - The average issuance interest rate of local government bonds decreased in the second quarter of 2025 after a slight increase in February. The average issuance interest rates in the first and second quarters were 1.94% and 1.85% respectively [22]. - The spreads in the first and second quarters of 2025 widened quarter - on - quarter, with significant differentiation among provinces. In the second quarter of 2025, Inner Mongolia had the highest average issuance spread for 10 - year local bonds, followed by Hunan and Guangxi [25]. 3.2.3 Investment Areas of Local Government Special Bonds - In the first half of 2025, infrastructure remained the main focus of special bond funds, and many cities restarted the issuance of land reserve special bonds. The top three investment areas were transportation infrastructure construction, urban - rural development, and railway tracks, accounting for 48.43% of the issuance amount. The issuance amount of land reserve special bonds accounted for 6.80% [30]. 3.3 Future Outlook for Local Government Bonds - The issuance rhythm in the third quarter is expected to be similar to that in the first and second quarters. The planned issuance of local government bonds in the third quarter is 2.73 trillion yuan, including 1.49 trillion yuan of new special bonds [33]. - The proactive fiscal policy will be implemented more quickly, and the acceleration of construction projects in the second half of the year may drive social investment. The deficit rate in 2025 has reached about 4%, and the new local special bonds are arranged at 4.40 trillion yuan [34]. - In the short term, the downward space for the issuance interest rate of local government bonds is limited, and there is a possibility of periodic fluctuations. The local debt - resolution thinking is shifting to "both risk prevention and development promotion", with further differentiation in debt - resolution resources and local investment and financing space [36][37].

陕西发行20年期其他专项地方债，规模7.5800亿元，发行利率2.1200%，边际倍数10.32倍，倍数预期 2.04。 陕西发行7年期棚改专项地方债，规模2.0000亿元，发行利率1.6900%，边际倍数1.35倍，倍数预期 1.72； 陕西发行20年期其他专项地方债，规模29.7400亿元，发行利率2.1100%，边际倍数1.74倍，倍数预期 2.04； 陕西发行10年期一般债地方债，规模69.5830亿元，发行利率1.7800%，边际倍数2.61倍，倍数预期 1.80； ...

Group 1 - The Ministry of Finance of China issued a 1-year bond with a scale of 124 billion, an issuance rate of 1.3300%, and a marginal rate of 1.3600%, with a bid-to-cover ratio of 2.53 times [1] - The Ministry of Finance of China issued a 5-year bond with a scale of 108 billion, an issuance rate of 1.5500%, and a marginal rate of 1.5700%, with a bid-to-cover ratio of 3.44 times [1] - The Ministry of Finance of China issued a 30-year bond with a scale of 83 billion, an issuance rate of 1.9724%, with a bid-to-cover ratio of 3.26 times [1] Group 2 - The marginal bid-to-cover ratio for the 1-year bond was 1.64 times, while for the 5-year bond it was 6.90 times, and for the 30-year bond it was 6.11 times [1] - The expected issuance rate for the 30-year bond was 1.9600%, indicating a slight increase in the actual issuance rate [1]

美国财政部拍卖四个月期国债，得标利率4.225%（7月16日为4.230%），投标倍数3.55（前次为 3.02）。 ...

Group 1 - Sichuan issued 10-year general local bonds with a scale of 8.35498 billion, an issuance rate of 1.7400%, and a marginal multiple of 2.62 times, exceeding the expected multiple of 1.75 [1] - Sichuan also issued 10-year ordinary special local bonds with a scale of 1.09302 billion, an issuance rate of 1.7500%, and a marginal multiple of 2.33 times, matching the expected multiple of 1.75 [1]

重庆发行7年期一般债地方债，规模175.5500亿元，发行利率1.6900%，边际倍数3.12倍，倍数预期 1.69； 重庆发行15年期普通专项地方债，规模22.7700亿元，发行利率1.9500%，边际倍数2.97倍，倍数预期 1.94。 重庆发行30年期其他专项地方债，规模50.0800亿元，发行利率2.0600%，边际倍数17.43倍，倍数预期 2.02； ...