Group 1 - The overall fiscal operation in the first half of 2025 is stable, with general public budget expenditure reaching 14.13 trillion yuan, a year-on-year increase of 3.4% [1][3] - National general public budget revenue is 11.56 trillion yuan, showing a slight decline of 0.3% year-on-year [1] - The issuance of new local government general and special bonds amounts to 2.6 trillion yuan, aimed at supporting major projects in key areas [1][3] Group 2 - Tax revenue for the first half of 2025 is 9.29 trillion yuan, down 1.2% year-on-year, but has shown a recovery with three consecutive months of growth starting from April [2] - Major tax categories such as domestic value-added tax, domestic consumption tax, and individual income tax have seen increases of 2.8%, 1.7%, and 8% respectively [2] - Non-tax revenue for the first half of 2025 is 2.27 trillion yuan, with a year-on-year growth of 3.7%, although the growth rate has decreased compared to the first quarter [2] Group 3 - Significant increases in spending on social security and employment (9.2%), education (5.9%), and scientific technology (9.1%) have been noted [3] - The issuance and utilization of bond funds have accelerated, with 2.43 trillion yuan spent from government fund budgets, leading to a 30% increase in government fund budget expenditure [3] - Central government transfer payments to local governments have reached 9.29 trillion yuan, accounting for 89.8% of the annual budget, which is an increase of 1.7 percentage points compared to the previous year [3] Group 4 - The issuance of national bonds has reached a historical high of 7.88 trillion yuan in the first half of 2025, an increase of 20.55 billion yuan or 35.28% year-on-year [4] - The special bond issuance has progressed well, with 555 billion yuan of ultra-long-term special bonds issued, accelerating by 18 percentage points compared to the previous year [4] - The "old-for-new" consumption initiative has resulted in sales of 1.6 trillion yuan in various consumer goods, contributing to a 5% year-on-year increase in total retail sales of consumer goods [4] Group 5 - The Ministry of Finance plans to arrange 2 trillion yuan in local government debt limits annually from 2024 to 2026 to support the replacement of existing hidden debts [5] - By the end of June 2025, 1.8 trillion yuan of the 2 trillion yuan replacement bonds for 2025 had been issued, with 1.44 trillion yuan already utilized [5] - The implementation of the replacement policy has alleviated liquidity pressure and facilitated the reform and transformation of financing platforms [5]

Core Viewpoint - Heilongjiang issued a 10-year general special local bond with a scale of 9.31374 billion yuan and an issuance interest rate of 1.7400% [1] Group 1 - The bond issuance scale is 9.31374 billion yuan [1] - The issuance interest rate is set at 1.7400% [1] - The marginal multiple for the bond issuance is 1.55 times, with an expected multiple of 1.75 [1]

Group 1 - Henan issued 7-year general local bonds with a scale of 18 billion yuan and an issuance interest rate of 1.63% [1] - The marginal multiple for the 7-year bonds was 2.33 times, with an expected multiple of 2.32 [1] - Henan also issued 15-year rural special local bonds with a scale of 7.45 billion yuan and an issuance interest rate of 1.93% [1] Group 2 - The marginal multiple for the 15-year rural bonds was 40 times, with an expected multiple of 2.30 [1]

Core Viewpoint - Chongqing issued a 7-year general local government bond with a scale of 5.21406 billion yuan and an issuance interest rate of 1.6300% [1] Summary by Categories Bond Issuance Details - The bond issuance scale is 5.21406 billion yuan [1] - The issuance interest rate is set at 1.6300% [1] - The marginal multiple achieved during the issuance was 1.82 times, with an expected multiple of 2.05 [1]

天津发行7年期棚改专项地方债，规模2.6000亿元，发行利率1.6800%，边际倍数1.85倍，倍数预期 2.03； 天津发行15年期医疗专项地方债，规模1.2000亿元，发行利率1.9100%，边际倍数1.00倍，倍数预期 2.17。 ...

甘肃发行5年期一般债地方债，规模86.8590亿元，发行利率1.6100%，边际倍数2.00倍，倍数预期2.06。 甘肃发行20年期收费公路专项地方债，规模9.0800亿元，发行利率2.1300%，边际倍数26.44倍，倍数预 期2.03； 甘肃发行20年期其他专项地方债，规模10.7750亿元，发行利率2.1300%，边际倍数26.79倍，倍数预期 2.03； ...

Core Viewpoint - Anhui Province issued a 10-year general special local bond with a scale of 6.72365 billion yuan and an issuance interest rate of 1.8700% [1] Group 1 - The bond issuance received a marginal multiple of 92.07 times, significantly higher than the expected multiple of 1.79 [1]

Group 1 - Tianjin issued a 7-year municipal infrastructure special local bond with a scale of 0.4 billion and an issuance rate of 1.80% [1] - Tianjin issued a 10-year water service special local bond with a scale of 0.4 billion and an issuance rate of 1.86% [1] - Tianjin issued a 5-year general local bond with a scale of 102.5 billion and an issuance rate of 1.59% [1] Group 2 - Tianjin issued a 5-year ordinary special local bond with a scale of 15.34 billion and an issuance rate of 1.59% [1] - Tianjin issued a 10-year ordinary special local bond with a scale of 39 billion and an issuance rate of 1.85% [1] Group 3 - The marginal multiples for the bonds issued include 1.00 for the 7-year bond, 3.00 for the 10-year water service bond, 1.35 for the 5-year general bond, 1.07 for the 5-year ordinary special bond, and 2.00 for the 10-year ordinary special bond [1] - The expected multiples for the bonds are 1.68 for the 7-year bond, 1.72 for the 10-year water service bond, 1.60 for the 5-year general bond, 1.60 for the 5-year ordinary special bond, and 1.75 for the 10-year ordinary special bond [1]