固定收益组 甘青 从业资格号 F03124127 投资咨询号 Z0023461 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 政府债发行追踪 -- 2025年第53周 截至12/31,新增一般债发行进度为96.3% 2019年 -2022年 2020年 2021年 2023年 2024年 ·2025年 120% 100% 80% 60% 40% 20% 0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 | 本周地方债净融资规模为174亿，环比增加206亿，下周计划净融资1177亿 | | | --- | --- | | 亿元 | ■2025年 ■过去2年平均 | | 5000 г | | 截至12/31,新增地方债发行进度为103.1% 2019年 2022年 2020年 2021年 2023年 2024年 ·2025年 120% г 4500 4000 3500 3000 2500 2000 15 ...

个人养老金走进更多家庭养老规划 12月15日是我国个人养老金制度全面实施一周年的日子。从三年前在36个城市先行试点，到去年推广至全国，作 为养老保险体系"第三支柱"的重要组成部分，个人养老金制度正稳步进入千家万户的养老规划中。 临近2025年末，个人养老金缴存进入冲刺期。截至12月中旬，市场上个人养老金产品已超1200只，涵盖储蓄、理 财、基金、保险四大类，2026年6月国债还将加入"货架"。 国家社会保险公共服务平台查询的数据显示，截至12月15日，个人养老金产品目录已达1256只，较二季度末增加 了196只。产品涵盖四大类：储蓄类产品466只，数量最多；保险类产品446只；基金类产品307只；理财类产品37 只。面对丰富的个人养老金产品，普通投资者该如何选择、实现收益与安全的平衡？是否赶在年底前开户？个人 养老金怎么买更划算？北京青年报记者帮你一一梳理。 与基本养老保险不同，个人养老金是一项按照国家有关规定享受税收优惠政策、个人自愿参加、市场化运营的补 充养老保险制度。它采用个人账户制，缴费完全由参加人自己承担，资金完全归个人所有，实行完全积累。 个人养老金采取递延纳税优惠。在缴费环节，个人向个人养老金资 ...

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].