12月新增一般债累计发行384亿元 -2021年 -- 2022年 -- 2023年 -- 2024 -- 2025年 2020年 亿元 政府债发行追踪 -- 2025年第53周 固定收益组 程小庆 2026-01-05 从业资格号 F3083989 投资咨询业务资格: 证监许可【2012】669号 投资咨询号 Z0018635 固定收益组 甘青 从业资格号 F03124127 投资咨询号 Z0023461 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息 仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收 到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 截至12/31,新增专项债发行进度为104.4% 本周新增专项债发行145亿,环比增加125亿,下周计划发行874亿 亿元 2022年 2021年 2019年 2020年 ■2025年 ■过去2年平均 ·2024年 ·2025年 2023年 4000 120% 3500 100% 3000 80% 2500 2000 60% 1500 40% 1000 20% 500 9 11 13 15 17 19 21 23 25 ...

P信期货有限公司 CITIC Futures Company Limited 政府债发行追踪―2025年第52周 研究员:程小庆 从业资格号 F3083989 投资咨询号 Z0018635 甘 青 从业资格号 F03124127 投资咨询号Z0023461 报告日期: 2025/12/29 2025 近2年均值 800 600 400 200 0 -50 第1周 第5周 第9周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 本周新增专项债发行20亿,环比减少272亿, 截至12/28,新增专项债发行进度为104.0% 下周计划发行145亿 2025 | 近2年均值 - 2025 - 2024 - 2023 - 2022 - 2021 5000 1.2 [ 0. 9 4000 0. 6 3000 0.3 2000 1000 -0. 3 -500 -0.5 第1周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 第1周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 ...

P信期货有限公司 CITIC Futures Company Limited 政府债发行追踪―2025年第52周 研究员:程小庆 从业资格号 F3083989 投资咨询号 Z0018635 甘 青 从业资格号 F03124127 投资咨询号Z0023461 报告日期: 2025/12/29 本周新增专项债发行20亿,环比减少272亿, 截至12/28,新增专项债发行进度为104.0% 下周计划发行145亿 2025 | 近2年均值 - 2025 - 2024 - 2023 - 2022 - 2021 5000 1.2 [ 0. 9 4000 0. 6 3000 0.3 2000 1000 -0. 3 -500 -0.5 第1周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 第1周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第5周 第9周 第13周 第17周 第21周 第9周 截至12/28,12月新增一般债累计发行384亿元 截至12/28,12月新增专项债累计发行1204亿元 - 2025 - 2024 - 2023 ...

Report Summary Report Information - Report Title: Government Bond Issuance Tracking - Week 51, 2025 [2] - Researchers: Cheng Xiaoqing, Gan Qing [3] - Report Date: December 22, 2025 [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The issuance of new special bonds and general bonds shows a certain pattern, and the net financing scale of government bonds, local bonds, and national debt has changed significantly this week. The issuance progress of new local bonds and national debt net financing has reached a relatively high level. [4][10][12] Key Points by Category New Special Bond Issuance - This week, the issuance of new special bonds was 29.3 billion yuan, a decrease of 20.8 billion yuan from the previous week. As of December 21, the issuance progress of new special bonds was 104.0%. Next week, the planned issuance is 2 billion yuan. [4] - As of December 21, the cumulative issuance of new special bonds in December was 118.4 billion yuan. [4] New General Bond Issuance - This week, the issuance of new general bonds was 6 billion yuan, a decrease of 15 billion yuan from the previous week. As of December 21, the issuance progress of new general bonds was 96.3%. Next week, the planned issuance is 0 billion yuan. [4][18][19] - As of December 21, the cumulative issuance of new general bonds in December was 38.4 billion yuan. [4] New Local Bond Issuance - As of December 21, the issuance progress of new local bonds was 102.8%. [10] National Debt Net Financing - As of December 21, the national debt net financing progress was 95.5%. This week, the national debt net financing scale was -47.3 billion yuan, a decrease of 285.3 billion yuan from the previous week. Next week, the planned net financing is 118 billion yuan. [12] Government Bond Net Financing - This week, the government bond net financing was -19.2 billion yuan, a decrease of 319.5 billion yuan from the previous week. As of December 21, the national debt net financing + new local bond issuance progress was 98.7%. Next week, the planned net financing is 114.8 billion yuan. [12] Local Bond Net Financing - This week, the local bond net financing scale was 28.1 billion yuan, a decrease of 34.2 billion yuan from the previous week. Next week, the planned net financing is -3.2 billion yuan. [13]

Report Industry Investment Rating - Not provided Core Viewpoints - The report tracks the issuance of government bonds in the 50th week of 2025, including new special bonds, new general bonds, local bonds, and national bonds, and provides data on issuance, net financing, and progress [1]. Summary by Relevant Catalog New Special Bond Issuance - This week, new special bond issuance was 50.1 billion yuan, a week - on - week change of 11 billion yuan [1]. - As of December 14, the issuance progress of new special bonds was 103.3% [1]. - Next week, the planned issuance is 29.3 billion yuan [1]. - As of December 14, the cumulative issuance of new special bonds in December was 89.1 billion yuan [1]. New General Bond Issuance - This week, new general bond issuance was 21 billion yuan, a week - on - week increase of 9.6 billion yuan [1]. - As of December 14, the issuance progress of new general bonds was 95.5% [1]. - Next week, the planned issuance is 6 billion yuan [1]. - As of December 14, the cumulative issuance of new general bonds in December was 32.4 billion yuan [1]. Local Bond Net Financing - This week, the local bond net financing scale was 62.3 billion yuan, a week - on - week increase of 1.8 billion yuan [1]. - As of December 14, the issuance progress of new local bonds was 102.1% [1]. - Next week, the planned net financing is 28.1 billion yuan [3]. National Bond Net Financing - As of December 14, the national bond net financing progress was 96.2% [6]. - This week, the national bond net financing scale was 238.1 billion yuan, a week - on - week increase of 271.9 billion yuan [14]. - Next week, the planned net financing is - 147.3 billion yuan [14]. Government Bond Net Financing - This week, the government bond net financing was 300.3 billion yuan, a week - on - week increase of 273.6 billion yuan [9]. - Next week, the planned net financing is - 119.2 billion yuan [9]. - As of December 14, the progress of national bond net financing plus new local bond issuance was 98.8% [9].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report tracks the issuance of government bonds in the 50th week of 2025, presenting the issuance, progress, and planned issuance of various types of bonds [1] 3. Summary by Relevant Categories 3.1 New Special Bonds - This week, new special bond issuance was 50.1 billion yuan, a 11 - billion - yuan increase from the previous week [1] - As of December 14, the issuance progress of new special bonds was 103.3% [1] - Next week, the planned issuance is 29.3 billion yuan [1] - As of December 14, the cumulative issuance of new special bonds in December was 89.1 billion yuan [1] 3.2 New General Bonds - This week, new general bond issuance was 21 billion yuan, a 9.6 - billion - yuan increase from the previous week [1] - As of December 14, the issuance progress of new general bonds was 95.5% [1] - Next week, the planned issuance is 6 billion yuan [1] - As of December 14, the cumulative issuance of new general bonds in December was 32.4 billion yuan [1] 3.3 Local Government Bonds - This week, the net financing scale of local government bonds was 62.3 billion yuan, a 1.8 - billion - yuan increase from the previous week [1] - As of December 14, the issuance progress of new local government bonds was 102.1% [1] - Next week, the planned net financing is 28.1 billion yuan [3] 3.4 Treasury Bonds - This week, the net financing scale of treasury bonds was 238.1 billion yuan, a 271.9 - billion - yuan increase from the previous week [14] - As of December 14, the net financing progress of treasury bonds was 96.2% [6] - Next week, the planned net financing is - 147.3 billion yuan [14] 3.5 Government Bonds - This week, the net financing of government bonds was 300.3 billion yuan, a 273.6 - billion - yuan increase from the previous week [9] - As of December 14, the combined progress of treasury bond net financing and new local government bond issuance was 98.8% [9] - Next week, the planned net financing is - 119.2 billion yuan [9]

Group 1: Government Bond Issuance Overview - This week, the net financing scale of government bonds was 267 billion yuan, a decrease of 3383 billion yuan compared to the previous week. Next week, the planned net financing is -5102 billion yuan [11] - As of December 7, the issuance progress of new special bonds was 102.2%, the issuance progress of new general bonds was 92.9%, the issuance progress of new local bonds was 100.8%, the net financing progress of treasury bonds was 92.7%, and the progress of treasury bond net financing + new local bond issuance was 96.2% [3][17][8][12] Group 2: Special Bond Issuance - This week, the issuance of new special bonds was 39 billion yuan, a decrease of 186.2 billion yuan compared to the previous week. As of December 7, the cumulative issuance of new special bonds in December was 39 billion yuan. Next week, the planned issuance is 50.1 billion yuan [3] Group 3: General Bond Issuance - This week, the issuance of new general bonds was 11.4 billion yuan, an increase of 2.6 billion yuan compared to the previous week. As of December 7, the cumulative issuance of new general bonds in December was 11.4 billion yuan. Next week, the planned issuance is 21 billion yuan [18] Group 4: Treasury Bond Issuance - This week, the net financing scale of treasury bonds was -33.8 billion yuan, a decrease of 72.9 billion yuan compared to the previous week. Next week, the planned net financing is -572.4 billion yuan (750 billion yuan of special treasury bonds are due, and the roll - over should be noted) [8] Group 5: Local Bond Issuance - This week, the net financing scale of local bonds was 60.5 billion yuan, a decrease of 265.4 billion yuan compared to the previous week. Next week, the planned net financing is 62.3 billion yuan [20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report tracks the issuance of government bonds in the 42nd week of 2025, presenting the issuance, net financing scale, and progress of various types of bonds as of October 19, 2025, along with next - week's plans [4][6][7]. 3. Summary by Bond Type 3.1 Special Bonds - This week, the issuance of new special bonds was 2.01 billion yuan, a 2.01 - billion - yuan increase from the previous week. As of 10/19, the issuance progress of new special bonds was 84.0%. Next week, 11.24 billion yuan is planned to be issued [4]. - As of 10/19, the cumulative issuance of new special bonds in October was 2.01 billion yuan [5]. 3.2 General Bonds - This week, the issuance of new general bonds was 0 yuan, with no change from the previous week. As of 10/19, the issuance progress of new general bonds was 84.0%. Next week, 0.13 billion yuan is planned to be issued [6]. - As of 10/19, the cumulative issuance of new general bonds in October was 0 yuan [5]. 3.3 Local Bonds - This week, the net financing scale of local bonds was - 1.98 billion yuan, a 0.48 - billion - yuan increase from the previous week. As of 10/19, the issuance progress of new local bonds was 84.0%. Next week, the planned net financing is 16.58 billion yuan [7]. 3.4 Government Bonds (Treasury Bonds + Local Bonds) - As of 10/19, the progress of treasury bond net financing plus new local bond issuance was 83.8%. This week, the government bond net financing was - 0.32 billion yuan, a 16.29 - billion - yuan decrease from the previous week. Next week, the planned net financing is 13.33 billion yuan [11]. 3.5 Treasury Bonds - As of 10/19, the treasury bond net financing progress was 83.6%. This week, the treasury bond net financing scale was 1.66 billion yuan, a 16.77 - billion - yuan decrease from the previous week. Next week, the planned net financing is - 3.25 billion yuan [17][18].

Report Summary 1. Report Industry Investment Rating No industry investment rating was provided in the report. 2. Core Viewpoints - The report tracks the issuance of government bonds in the 41st week of 2025, presenting the issuance and net financing scale of different types of bonds and their progress [4][14]. 3. Summary by Relevant Categories 3.1. General Bond Issuance - This week, the new issuance of general bonds was 0 billion, a decrease of 9.9 billion compared to the previous week, and the planned issuance for next week is 0 billion [8]. - As of October 12, the issuance progress of new general bonds was 84.0% [10]. - In October, the cumulative issuance of new general bonds was 0 billion [4]. 3.2. Special Bond Issuance - This week, the new issuance of special bonds was 0 billion, a decrease of 16 billion compared to the previous week, and the planned issuance for next week is 20.1 billion [4]. - As of October 12, the issuance progress of new special bonds was 83.6% [4]. - In October, the cumulative issuance of new special bonds was 0 billion [5]. 3.3. Local Bond Issuance - As of October 12, the issuance progress of new local bonds was 83.6% [13]. - This week, the net financing scale of local bonds was -24.6 billion, a decrease of 87.8 billion compared to the previous week, and the planned net financing for next week is -19.8 billion [14]. 3.4. Treasury Bond Issuance - This week, the net financing scale of treasury bonds was 184.4 billion, an increase of 184.4 billion compared to the previous week, and the planned net financing for next week is -38.4 billion [17]. - As of October 12, the net financing progress of treasury bonds was 83.4% [19]. 3.5. Government Bond Issuance - This week, the net financing of government bonds was 159.8 billion, an increase of 96.6 billion compared to the previous week, and the planned net financing for next week is -58.2 billion [21]. - As of October 12, the progress of treasury bond net financing plus new local bond issuance was 83.5% [21].

Report Summary 1. Report Title - Government Bond Issuance Tracking - Week 40, 2025 [2] 2. Researcher and Report Date - Researcher: Cheng Xiaoqing, Qualification Number: F3083989, Investment Consultation Number: Z0018635 - Report Date: October 9, 2025 [3] 3. Key Data New Special Bond - This week's new special bond issuance was 16 billion yuan, a decrease of 133.6 billion yuan from the previous week. Next week's planned issuance is 0 billion yuan. As of October 5, the issuance progress of new special bonds was 83.6%. In September, the cumulative issuance of new special bonds was 413.1 billion yuan [4]. New General Bond - This week's new general bond issuance was 9.9 billion yuan, an increase of 4.3 billion yuan from the previous week. Next week's planned issuance is 0 billion yuan. As of October 5, the issuance progress of new general bonds was 84.0% [5][7]. Local Bond Net Financing - This week's local bond net financing scale was 63.2 billion yuan, a decrease of 59.3 billion yuan from the previous week. Next week's net financing is expected to be about -24.6 billion yuan. As of October 5, the issuance progress of new local bonds was 83.6% [10]. Treasury Bond Net Financing - This week's treasury bond net financing scale was 0 billion yuan, an increase of 144.1 billion yuan from the previous week. Next week's net financing is expected to be about 184.4 billion yuan. As of October 5, the net financing progress of treasury bonds was 80.6% [15]. 4. Data Sources - Wind, iFinD, CITIC Futures Research Institute, updated to October 5, 2025 [19]