Report Summary 1. Key Data on Bond Issuance - This week, the issuance of new special bonds was 193.1 billion yuan, a week - on - week increase of 128.6 billion yuan, and the planned issuance for next week is 134.3 billion yuan [4] - As of January 31st, the cumulative issuance of new special bonds in January was 367.7 billion yuan [6] - This week, the issuance of new general bonds was 39.2 billion yuan, a week - on - week increase of 18.6 billion yuan, and the planned issuance for next week is 75.5 billion yuan [9] 2. Net Financing Scale - This week, the net financing scale of local bonds was 310.9 billion yuan, a week - on - week increase of 107.7 billion yuan, and the planned net financing for next week is 579.4 billion yuan [11] - This week, the net financing scale of national bonds was - 113.3 billion yuan, a week - on - week decrease of 457.6 billion yuan, and the planned net financing for next week is 142 billion yuan [14] - This week, the net financing of government bonds was 197.5 billion yuan, a week - on - week decrease of 349.9 billion yuan, and the planned net financing for next week is 721.4 billion yuan [16]

1. Report's Industry Investment Rating - No information provided on the report's industry investment rating 2. Core Viewpoints - The report tracks the issuance of government bonds, including the issuance and net financing scale of new special bonds, new general bonds, local government bonds, and national bonds in the week up to January 11, 2026, as well as the planned issuance and net financing scale for the following week [2][5][6] 3. Summary by Related Content New Special Bond Issuance - This week, new special bond issuance was 87.4 billion yuan, a 72.9 - billion - yuan increase from the previous week. Next week, the planned issuance is 22.8 billion yuan. As of January 11, the cumulative issuance of new special bonds in January was 87.4 billion yuan [2] New General Bond Issuance - This week, new general bond issuance was 1 billion yuan, a 1 - billion - yuan increase from the previous week. Next week, the planned issuance is 0 yuan. As of January 11, the cumulative issuance of new general bonds in January was 100 million yuan [2] Local Government Bond Net Financing - This week, the local government bond net financing scale was 114.7 billion yuan, a 97.2 - billion - yuan increase from the previous week. Next week, the planned net financing is 60.9 billion yuan [2] National Bond Net Financing - This week, the national bond net financing scale was 495 billion yuan, a 495 - billion - yuan increase from the previous week. Next week, the planned net financing is - 339.2 billion yuan [5] Government Bond Net Financing - This week, the government bond net financing was 609.7 billion yuan, a 592.2 - billion - yuan increase from the previous week. Next week, the planned net financing is - 278.3 billion yuan [6]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - The report tracks the issuance of government bonds in the 53rd week of 2025, presenting the issuance progress, weekly issuance amounts, and net financing scales of various types of bonds as of December 31, 2025, along with the planned issuance for the next week [3][7][9][13][15] 3. Summary by Relevant Catalog New Special Bonds - As of 12/31, the issuance progress of new special bonds was 104.4% [3] - This week, new special bonds worth 1.45 billion yuan were issued, a 1.25 - billion - yuan increase from the previous week, and 8.74 billion yuan is planned to be issued next week [3] - In December, the cumulative issuance of new special bonds was 13.49 billion yuan [4] New General Bonds - As of 12/31, the issuance progress of new general bonds was 96.3% [8] - This week, no new general bonds were issued, the same as the previous week, and 100 million yuan is planned to be issued next week [7] - In December, the cumulative issuance of new general bonds was 3.84 billion yuan [5] Local Bonds - This week, the net financing scale of local bonds was 1.74 billion yuan, a 2.06 - billion - yuan increase from the previous week, and 11.77 billion yuan is planned for next week [9] - As of 12/31, the issuance progress of new local bonds was 103.1% [10] Treasury Bonds - This week, the net financing scale of treasury bonds was 0 yuan, a 17.8 - billion - yuan decrease from the previous week, and 39.5 billion yuan is planned for next week [13] - As of 12/31, the net financing progress of treasury bonds was 98.2% [14] Government Bonds - This week, the net financing scale of government bonds was 1.74 billion yuan, a 15.74 - billion - yuan decrease from the previous week, and 51.27 billion yuan is planned for next week [15] - As of 12/31, the progress of treasury bond net financing plus new local bond issuance was 100.4% [15]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report tracks the issuance of government bonds in the 52nd week of 2025, presenting the issuance and net - financing progress of various types of bonds, including new special bonds, new general bonds, local bonds, and national debt [4][7][12]. 3. Summary by Bond Type New Special Bonds - This week, new special bond issuance was 2 billion yuan, a decrease of 27.2 billion yuan compared to last week. As of December 28, the issuance progress of new special bonds was 104.0%. Next week, 14.5 billion yuan is planned for issuance [4]. - As of December 28, the cumulative issuance of new special bonds in December was 120.4 billion yuan [4]. New General Bonds - This week, new general bond issuance was 0 billion yuan, a decrease of 6 billion yuan compared to last week. As of December 28, the issuance progress of new general bonds was 96.3% [7][16]. - As of December 28, the cumulative issuance of new general bonds in December was 38.4 billion yuan [4]. Local Bonds - As of December 28, the issuance progress of new local bonds was 102.8% [10]. - This week, the net - financing scale of local bonds was - 0.32 billion yuan, a decrease of 3.12 billion yuan compared to last week. Next week, 1.74 billion yuan of net - financing is planned [16]. National Debt - As of December 28, the net - financing progress of national debt was 98.2%. This week, the net - financing scale of national debt was 178 billion yuan, an increase of 225.3 billion yuan compared to last week. Next week, the planned net - financing is 0 billion yuan [12]. Government Bonds - This week, the net - financing of government bonds was 174.8 billion yuan, a decrease of 194 billion yuan compared to last week. As of December 28, the progress of national debt net - financing plus new local bond issuance was 100.2%. Next week, 1.74 billion yuan of net - financing is planned [12].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The issuance progress of new special bonds as of 12/28 is 104.0%, with new special bonds issued this week amounting to 2 billion, a decrease of 27.2 billion compared to the previous week, and a planned issuance of 14.5 billion next week [4] - The cumulative issuance of new general bonds in December as of 12/28 is 3.84 billion, and the cumulative issuance of new special bonds in December is 12.04 billion [4] - The issuance progress of new local bonds as of 12/28 is 102.8%, and the issuance progress of new general bonds is 96.3% [10][16] - The net financing progress of national debt as of 12/28 is 98.2%. The net financing scale of national debt this week is 178 billion, an increase of 225.3 billion compared to the previous week, and the planned net financing next week is 0. The net financing of government bonds this week is 174.8 billion, a decrease of 194 billion compared to the previous week, and the planned net financing next week is 1.74 billion [12] - The net financing scale of local bonds this week is -0.32 billion, a decrease of 3.12 billion compared to the previous week, and the planned net financing next week is 1.74 billion [16] 3. Summary by Related Catalogs - **New Special Bonds** - This week's issuance: 2 billion, a decrease of 27.2 billion compared to the previous week [4] - Issuance progress as of 12/28: 104.0% [4] - Next week's planned issuance: 14.5 billion [4] - **New General Bonds** - This week's issuance: 0, a decrease of 6 billion compared to the previous week [7] - Cumulative issuance in December as of 12/28: 3.84 billion [4] - Issuance progress as of 12/28: 96.3% [16] - **New Local Bonds** - Issuance progress as of 12/28: 102.8% [10] - This week's net financing scale: -0.32 billion, a decrease of 3.12 billion compared to the previous week [16] - Next week's planned net financing: 1.74 billion [16] - **National Debt** - Net financing progress as of 12/28: 98.2% [12] - This week's net financing scale: 178 billion, an increase of 225.3 billion compared to the previous week [12] - Next week's planned net financing: 0 [12] - **Government Bonds** - This week's net financing: 174.8 billion, a decrease of 194 billion compared to the previous week [12] - Next week's planned net financing: 1.74 billion [12]

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].