对整体市场供给的影响较为有限。 近日，浙江省成功发行了首批存量房专项债，引起市场关注。根据浙江省财政厅发布的《2025年浙江省 政府专项债券（十三至二十期）信息披露文件》（下称《文件》），此次专项债券的发行规模为552.67 亿元，其中16.53亿元专项用于收购存量商品房。 业内人士称，此次专项债中用于收购存量商品房的部分仅占总规模的3%，但这一举措具有显著的创新 性和重要的政策导向作用。随着相关项目运作模式的不断完善，未来可能会进一步提高专项债券在该领 域的配置比例。 展望未来，市场机构认为，二季度可能会成为地方债集中发行的高峰期，需警惕在"自审自发"等政策推 动下，地方债发行速度加快可能带来的超预期影响。 首批存量房专项债融资总额达16.53亿元 《文件》显示，2025年浙江省政府专项债券（十三至二十期）发行总额为552.67亿元。其中，首批16.53 亿元资金将专项用于支持湖州、温州、嘉兴三市（湖州4个、温州3个、嘉兴1个）合计8个保障性住房项 目建设。 上述项目对应的专项债券已同步发行。据Wind数据，本次浙江共发行了8只政府专项债券，期限涵盖3 年、5年、7年、10年、15年、20年和30年等多种类 ...

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints of the Report - In Q1 2025, the issuance scale of local government bonds reached a record high for the same period, with the issuance of government special bonds for implicit debt replacement advancing rapidly. The supply of new special bonds will gradually increase in Q2. [2] - In 2025, the central government implemented a series of more proactive fiscal policies for counter - cyclical adjustment. Considering the global tariff uncertainties in April, fiscal policies are expected to be moderately strengthened to stabilize economic growth. [2] - The strict supervision of local government debt will continue, and the debt resolution approach is shifting towards "balancing risk prevention and development", which may lead to further differentiation in debt resolution resources and local investment and financing space. [2] Summary by Relevant Catalogs I. Review of Local Government Bond - Related Policies - **Implementation of a more proactive fiscal policy**: The fiscal deficit rate was increased to about 4%, and the deficit scale reached 5.66 trillion yuan. A larger - scale government bond issuance was arranged, including ultra - long - term special treasury bonds of 1.3 trillion yuan, special treasury bonds of 500 billion yuan, and new local government special bond quotas of 4.4 trillion yuan. Policies were also introduced to support land reserve work and promote the stability of the real estate market. [3][4] - **Promotion of implicit debt replacement**: In 2024 - 2026, 2 trillion yuan of local government debt quotas were approved annually for implicit debt replacement. In Q1 2025, nearly 70% of the 2 - trillion - yuan replacement quota was issued, effectively alleviating local debt pressure. [5] - **Improvement of debt management mechanisms**: The Ministry of Finance emphasized not adding new implicit debts, improving local debt monitoring and risk indicator systems, and optimizing special bond management mechanisms, such as expanding investment areas and pilot "self - review and self - issuance" projects. [6][7] II. Review of the Local Government Bond Market in Q1 2025 1. Issuance Overview - **Record - high scale**: In Q1 2025, local government bonds were issued 463 times, with a total amount of 2.84 trillion yuan, an 80.58% increase year - on - year. Special bonds accounted for 85.57% of new issuances. New bonds and refinancing bonds were issued at 1.24 trillion yuan and 1.60 trillion yuan respectively, with replacement implicit debt special bonds accounting for 83.44% of refinancing bonds. The net financing amount was 2.63 trillion yuan, a 174.70% increase year - on - year. [9][10] - **Longer average remaining term**: As of the end of March 2025, the national local government debt balance was 50.17 trillion yuan, and the average remaining term of local government bonds was 10 years (9.1 years at the end of March 2024). [10] - **Regional differentiation**: The top three regions in terms of issuance scale were Jiangsu, Guangdong, and Shandong. Economically active regions were the main issuers of new bonds, while key provinces mainly issued refinancing bonds. [17] 2. Interest Rate and Spread Analysis - **Slight increase in interest rates**: In Q1 2025, the average issuance interest rate of local government bonds was 1.94%, with 1.78% for general bonds and 1.98% for special bonds. [21] - **Widening spread**: The average spread of local government bonds widened to 11.28bp in Q1 2025. There were significant differences in spread trends among provinces, with Qinghai, Jilin, and Guizhou having relatively high spreads. [22] 3. Investment Areas of Local Government Special Bonds - **Infrastructure as the main focus**: In Q1 2025, the top three investment areas of special bonds were transportation infrastructure construction, urban - rural development, and urban infrastructure. The issuance amount of special bonds for transportation infrastructure accounted for over 20%. [30][31] - **Restart of land reserve special bonds**: Single - purpose land reserve special bonds for recycling idle land restarted this year, with an issuance amount accounting for 5.27%, all issued by Guangdong Province. [31] III. Future Outlook of Local Government Bonds - **Increasing supply of new special bonds in Q2**: In Q1 2025, new special bonds were issued at 0.96 trillion yuan, only 21.82% of the annual quota. With the implementation of the "self - review and self - issuance" pilot and the restart of land reserve special bonds in some regions, the supply of new special bonds is expected to increase in Q2. [32] - **Possible strengthening of fiscal policies**: Considering the global tariff uncertainties in April, fiscal policies are expected to be moderately strengthened to stabilize economic growth. The deficit rate was increased to 4%, and new local special bond quotas were increased by 0.5 trillion yuan. [2][35] - **Downward potential and increased volatility of interest rates**: There is still room for the overall downward movement of local government bond issuance interest rates, but volatility may increase due to factors such as external tariff shocks and stock market fluctuations. [36][37] - **Shift in debt resolution approach**: Local debt management will remain strictly supervised, and the debt resolution approach is shifting from "risk prevention" to "balancing risk prevention and development". Future debt resolution resources and local investment and financing space may further differentiate. [38]

Summary of Key Points Core Viewpoint - Guangdong has issued various types of local government bonds with different maturities and interest rates, indicating active participation in the bond market to raise funds for local projects [1]. Group 1: Bond Issuance Details - Guangdong issued 7-year special local bonds with a scale of 12.94 billion, an interest rate of 1.67%, and a marginal multiple of 1.37, with an expected multiple of 2.31 [1]. - Guangdong issued 10-year special local bonds with a scale of 135.86 billion, an interest rate of 1.76%, and a marginal multiple of 1.11, with an expected multiple of 2.32 [1]. - Guangdong issued 20-year special local bonds with a scale of 151.75 billion, an interest rate of 2.12%, and a marginal multiple of 25.73, with an expected multiple of 2.07 [1]. - Guangdong issued 7-year general local bonds with a scale of 49.23 billion, an interest rate of 1.67%, and a marginal multiple of 2.02, with an expected multiple of 2.34 [1]. - Guangdong issued another set of 7-year general local bonds with a scale of 36.99 billion, an interest rate of 1.67%, and a marginal multiple of 1.85, with an expected multiple of 1.68 [1].

美国财政部拍卖四个月期国债，得标利率4.220%（5月21日报4.230%），投标倍数3.36（前次为 3.21）。 ...

美国财政部拍卖六周期国债，得标利率4.235%（5月20日为4.235%），投标倍数3.00（前次报2.97）。 ...

Group 1 - Liaoning issued 7-year general local bonds with a scale of 112.545 billion yuan and an issuance rate of 1.6700%, with a marginal multiple of 2.11 times, exceeding the expected multiple of 1.70 [1] - Liaoning also issued 30-year ordinary special local bonds with a scale of 50.200 billion yuan and an issuance rate of 2.1200%, achieving a marginal multiple of 9.51 times, surpassing the expected multiple of 2.06 [1]

Group 1 - The U.S. Treasury auctioned four-week and eight-week Treasury bills with a winning yield of 4.220% and 4.235% respectively, indicating a stable interest rate environment [1] - The bid-to-cover ratio for the four-week bills was 2.78, slightly down from the previous auction's 2.91, suggesting a decrease in demand [1] - The bid-to-cover ratio for the eight-week bills was 2.89, which is an increase from the prior auction's 2.85, indicating a slight improvement in demand [1]

Group 1 - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 4.230%, a decrease from the previous rate of 4.240% reported on May 14 [1] - The bid-to-cover ratio was 3.21, slightly lower than the previous auction's ratio of 3.28, indicating a decrease in demand for the securities [1]

新疆发行30年期其他专项地方债，规模2.9000亿元，发行利率2.1200%，边际倍数3.53倍，倍数预期 2.05。 新疆发行15年期收费公路专项地方债，规模2.0000亿元，发行利率2.0700%，边际倍数1.17倍，倍数预 期1.99； 新疆发行20年期其他专项地方债，规模6.8000亿元，发行利率2.1300%，边际倍数43.50倍，倍数预期 2.09； ...

Core Insights - The U.S. Treasury auctioned six-month Treasury bills with a winning yield of 4.235%, slightly down from 4.245% on May 13 [1] - The bid-to-cover ratio was 2.97, indicating stronger demand compared to the previous auction's ratio of 2.77 [1]