浙商证券固收分析师杜渐指出，披露的收储对象显示，城投与地方国企占比在60%以上，而民企占比较 少，基本不涉及发债民营地产企业，即土储专项债向地方城投平台和国企倾斜，优先缓解区域自身债务 压力，民企受限于收储价格等因素，可能获益相对有限。 原标题：《土储专项债加速发行 今年已超5000亿 "自审自发"试点地区占主流》 下半年以来，土储专项债发行加速，目前已发行超过5000亿元。从发行区域看，专项债"自审自发"试点 地区的规模占比超过三分之二。业内指出，专项债"自审自发"的灵活度、土地自身价值高低等因素当前 依然决定着发行专项债收储的可行性，可关注未来非"自审自发"地区土储专项债发行的进展。 智通财经据企业预警通数据统计，截至最新，全国有27个省市公示了收购存量闲置土地项目的具体信 息。项目累计覆盖5182块宗地，资金规模（含拟定）达5780.48亿元。 在广州市今年初首次公布专项债收储项目后，各地积极响应。目前，广东、重庆、河南、江西和安徽五 地已公布的收储土地项目规模居前。其中，广东省以663.74亿元的规模位居首位，涉及地块299宗；重 庆市以626.50亿元紧随其后，涉及地块442宗。 齐晟认为，城投通过 ...

Core Insights - The article emphasizes the transition of urban development in China from large-scale expansion to enhancing existing resources and quality improvement, as highlighted in the Central Urban Work Conference [6] - Hangzhou's Land Reserve Trading Center is leveraging party-building initiatives to activate dormant land and enhance urban development through innovative financing and collaboration [7][12] Group 1: Land Resource Management - The Land Reserve Trading Center is focusing on both revitalizing existing land and developing new key urban areas, creating a new path for land resource allocation [7] - A successful case in Fuyang District involved the innovative use of special bond funds to repurchase underutilized land, marking a significant policy breakthrough [8] - The collaboration between the Land Reserve Trading Center and Hangzhou Investment Group exemplifies effective land development strategies, integrating multiple processes into a streamlined service chain [9][10] Group 2: Financial Innovation and Efficiency - The use of special bond funds has significantly accelerated project development timelines, with the project in the West Station area receiving over 100 million yuan in funding for land acquisition and preliminary work [9][10] - The establishment of a comprehensive regulatory mechanism for special bond funds ensures effective management and utilization of financial resources [12] - The Land Reserve Trading Center has implemented a "one-click refund" system for land bidding deposits, returning over 10 billion yuan to numerous enterprises this year [12] Group 3: Long-term Development Strategies - The integration of party-building initiatives with financial policies is driving sustainable development in urban land management [12][13] - The Land Reserve Trading Center aims to promote two models: "special bonds + stock repurchase" and "special bonds + area development," aligning with national urban development strategies [13] - The focus on both economic and social benefits in land reserve work reflects a commitment to high-quality urban development [13]

Core Viewpoint - The article discusses the "6+4" local government debt resolution plan for 2024, which primarily targets the 14.3 trillion yuan of hidden debts recognized by the central government, emphasizing the need to address overdue payments to enterprises for cash flow recovery [1][9][10]. Summary by Sections Government Debt Classification - Government debt is classified into explicit debt (82.1 trillion yuan), recognized hidden debt (10.5 trillion yuan, reduced by 3.8 trillion yuan from 2023), government payment responsibilities, and debts of state-owned enterprises [2][11][12]. Incremental Policies for Debt Clearance - Key policies include allocating special bond quotas to clear enterprise overdue payments and allowing local bonds to support government-related costs in existing PPP projects [3][13][19]. Special Bonds for Overdue Payments - In 2024, 4.4 trillion yuan of new special bonds will be allocated to repay overdue payments, with an estimated 400 billion yuan specifically for this purpose. The average proportion of special bonds for clearing debts in seven provinces is 23%, with a national estimate of around 10% [3][14][15]. Changes in Special Bond Issuance - By now, provinces have issued approximately 1.2 trillion yuan in special bonds for debt clearance, exceeding initial plans by 400 billion yuan. There is a notable shift in issuance among provinces, with significant increases in regions like Beijing, Shanghai, and Guangdong [3][15][17]. Distinction of Current Special Bonds - The current special bonds for enterprise overdue payments are distinct from previous allocations, focusing solely on overdue payments rather than mixing with other project costs [4][17][18]. Support for PPP Projects - Local bonds are now permitted to support government costs in existing PPP projects, which is crucial given the total government expenditure responsibility for PPP projects is projected to reach 14.34 trillion yuan by 2026 [5][19][20]. Land Purchase Bonds - Special bonds are also allowed for repurchasing idle land, with 3.131 billion yuan issued for this purpose, which helps alleviate local debt pressure [6][22][23]. Impact on Enterprises - Previous debt clearance policies have benefited infrastructure-related enterprises, but the transmission efficiency remains slow. The pressure on accounts receivable in small and micro enterprises continues to be the highest among industries [7][25][26]. Future Policy Directions - The article suggests that future policies will likely continue to focus on improving cash flow for enterprises and addressing overdue payments, with potential expansions in the scale of special bonds for these purposes [8][31][32].

Core Viewpoint - The issuance of local government bonds remains strong, with a focus on special bonds for debt replacement, stabilizing the real estate market, and funding government investment projects [1][3][5]. Group 1: Local Government Bond Issuance - In August, the issuance of local government bonds reached 977.6 billion yuan, with new special bonds accounting for 486.6 billion yuan, representing about half of the total [1]. - From January to August, the cumulative issuance of new special bonds was 3.26 trillion yuan, which is 74% of the annual quota of 4.4 trillion yuan [3]. - The issuance of special bonds has accelerated in recent months, with amounts of 443.2 billion yuan, 527.1 billion yuan, 616.9 billion yuan, and 486.6 billion yuan from May to August [3]. Group 2: Debt Replacement and Financial Management - Over 40% of the new special bonds issued in August were allocated for government stock investment projects, primarily for debt replacement [1][3]. - The issuance of refinancing special bonds for replacing hidden debts reached 1.93 trillion yuan from January to August, with only about 70 billion yuan remaining for the year [1][3]. - The total issuance of special bonds for debt replacement from January to August was 9.68 trillion yuan, accounting for 30% of all new special bonds issued [3]. Group 3: Funding Allocation and Project Focus - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social services [3][4]. - The issuance of land reserve special bonds has increased, with a total of 324 billion yuan issued across ten provinces from January to August [4]. - Special bonds for "stabilizing the real estate market" amounted to approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5]. Group 4: Support for Government Investment Funds - A significant portion of the special bonds issued in August was directed towards government investment funds to support technological innovation and emerging industries [7][8]. - Various provinces, including Beijing and Shanghai, have issued special bonds to inject capital into government investment funds, with amounts ranging from 50 billion yuan to 100 billion yuan [7][8]. - The shift in the use of special bonds towards supporting strategic emerging industries reflects a broader trend of reallocating funds from traditional infrastructure to new infrastructure and innovation-driven projects [8][9].

Core Viewpoint - The issuance of local government bonds in August reached 977.6 billion yuan, maintaining strong momentum despite a decline compared to June and July, with special bonds accounting for about half of the total issuance [1] Group 1: Bond Issuance and Utilization - From January to August, the cumulative issuance of new special bonds reached 3.26 trillion yuan, accounting for 74% of the annual quota of 4.4 trillion yuan, with a notable acceleration in issuance since May [2][3] - In August, 44% of the newly issued special bonds were allocated for debt repayment, totaling 212.9 billion yuan, while the cumulative amount for debt repayment from January to August was 968 billion yuan, representing 30% of the total new special bonds issued [2] - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social projects, with significant allocations for municipal and industrial park infrastructure [2][5] Group 2: Land Reserve Bonds - The issuance of land reserve special bonds has increased, with a total of 3.24 trillion yuan issued by ten provinces from January to August, with Shanghai leading at 568 billion yuan [3] - Local governments are utilizing special bonds to recover idle land, which helps alleviate financial pressure on developers and promotes stability in the real estate market [3] Group 3: Acquisition of Existing Properties - Some provinces are initiating projects to acquire existing residential properties, with 32 projects identified across four provinces, primarily funded by special bonds [4][5] - The total funding for "stabilizing the housing market" through special bonds reached approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5] Group 4: Support for Innovation and Emerging Industries - A significant trend in August was the issuance of special bonds to support government investment funds aimed at enhancing local technological innovation and strategic emerging industries [6][7] - Various provinces, including Beijing and Shanghai, have allocated special bonds to government investment funds, indicating a shift in investment focus from traditional infrastructure to new infrastructure and emerging sectors [7][8]

Group 1 - The issuance of land reserve special bonds has accelerated, alleviating liquidity pressure for urban investment platforms [1][5] - As of now, over 2.6 trillion yuan of land reserve special bonds have been issued, with significant growth starting in the second quarter [1][3] - The total issuance scale of land reserve special bonds is expected to reach around 600 billion yuan by 2025, with a concentrated issuance period anticipated in the third quarter [1][3] Group 2 - The scale of land acquisition public announcements has exceeded 500 billion yuan, covering 4,658 plots of idle land [2] - Major provinces such as Guangdong and Chongqing have announced significant land acquisition projects, with Guangdong leading at 61.41 billion yuan [2] - The disclosed land acquisition projects indicate that over 60% of the resources are directed towards urban investment platforms and state-owned enterprises, limiting benefits for private enterprises [2][4] Group 3 - The current round of land reserve special bonds can be used for acquiring idle land, differing from the previous round which primarily focused on land development [4] - The issuance of these bonds is aimed at replacing high-interest debt, thereby easing interest payment pressures for urban investment platforms [4] - Challenges in implementation include pricing discrepancies and a lengthy negotiation process, with some projects requiring fiscal subsidies to cover revenue gaps [4]

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation on July 17, with a fixed rate and quantity tendering of 450.5 billion yuan, at an interest rate of 1.4%, with a total bid and winning amount of 450.5 billion yuan. The net injection for the day was calculated to be 360.5 billion yuan after accounting for 90 billion yuan of reverse repos maturing on the same day [1]. Group 2: Funding Conditions - The overall funding situation remains balanced, with the overnight pledged repo rate for deposit-taking institutions slightly declining to 1.46%. The 7-day pledged repo rate has decreased by less than 1 basis point, currently at 1.52%. In the U.S., the latest overnight financing rate stands at 4.37% [3]. Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.62%, showing little change from the previous day [6]. Group 4: Bond Market - The yields on major interbank bonds have shown mixed movements. The closing prices for government bond futures indicate a slight increase for most maturities, with the 10-year and 5-year contracts rising by 0.02%, while the 30-year contract fell by 0.02% [11]. Group 5: Government Bond Issuance - The Ministry of Finance plans to issue several government bonds on July 24, including a 30-year bond of 83 billion yuan, a new 1-year bond of 124 billion yuan, and a 5-year bond of 108 billion yuan [12]. Group 6: Climate Bonds - A report from the Climate Bonds Initiative indicates that Hong Kong's issuance of green, social, and sustainable development bonds, as well as sustainability-linked bonds, is expected to exceed 43.1 billion USD in 2024, representing a year-on-year growth of 43.2% and accounting for 45% of the Asian international GSS+ bond market [12]. Group 7: Corporate Developments - Postal Savings Bank has invested 10 billion yuan to establish China Post Investment, completing the AIC layout for the six major state-owned banks [17]. - China Construction Bank Financial Leasing plans to issue 2 billion yuan in financial bonds, with an option for an additional 500 million yuan in oversubscription [17]. - Longfor Group's main task for the second half of the year remains focused on inventory reduction [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report focuses on the characteristics of local government bonds in the first half of 2025, including primary issuance, secondary trading, and institutional behavior, aiming to provide a comprehensive review of the local government bond market in this period [9]. 3. Summary According to the Directory 1.1. Local Government Bond Primary Issuance Characteristics - **Feature 1: Record - high issuance and net financing scale in the same period** - In H1 2025, the local government bond issuance scale reached 5490.2 billion yuan, the highest in the same period in the past decade. The net financing scale was 4413.3 billion yuan, a year - on - year increase of 2540.8 billion yuan. The issuance of 2 trillion yuan of special bonds for replacing hidden debts was front - loaded, mainly concentrated in January - April, with the overall issuance progress close to 90% [10][13][15]. - **Feature 2: Issuance structure: New special bonds have the highest proportion, but the proportion is declining** - In H1 2025, new special bonds and refinancing special bonds accounted for 40% and 39% respectively, with issuance scales of 2160.7 billion yuan and 2150.2 billion yuan. The proportion of new special bonds slightly decreased, while that of refinancing special bonds increased. New general bonds accounted for the lowest at 8%, with an issuance scale of 452 billion yuan [19]. - **Feature 3: Special bond issuance rhythm: Overall progress is relatively stable** - In H1 2025, the issuance progress of new special bonds was relatively stable, with a relatively balanced monthly issuance scale compared to 2024. As of June 2025, the cumulative issuance of new special bonds was 21606.53 billion yuan, compared with 23008.50 billion yuan and 14934.68 billion yuan in the same period of 2023 and 2024 respectively [21]. - **Feature 4: The underlying logic of debt - resolution quota allocation is still the resolution of hidden debts** - Debt resolution remained the top priority in H1 2025. The issuance scale of local government bonds for debt resolution remained large, including 464.8 billion yuan of special new special bonds for debt resolution and 1794.4 billion yuan of refinancing special bonds for replacing hidden debts. The proportion of key areas in local government bonds for debt resolution in H1 2025 was 31%, the same as in 2024 but significantly lower than the 66% in 2023 [22][27]. - **Feature 5: Land reserve special bonds restarted, but there is a gap between actual issuance and announced scale** - In H1 2025, 9 provinces (including municipalities directly under the Central Government) issued land reserve special bonds, with a total scale of 192.5 billion yuan. As of mid - July 2025, the announced land acquisition scale was 426.2 billion yuan [30]. - **Feature 6: The proportion of special bond issuance scale in "self - review and self - issuance" provinces has increased** - The proportion of new special bond issuance scale in "self - review and self - issuance" provinces increased significantly. From 2020 - 2023, the proportion of special bond issuance scale in the pilot areas was about 53%, and in H1 2025, it rose to 69%, possibly related to the faster approval of special bonds in these provinces [34]. - **Feature 7: Issuance term has been extended** - In H1 2025, the average issuance term of local government bonds was 14.69 years, an extension of 1.46 years compared to 2024. The proportion of local government bonds with a term of over 15 years in terms of both scale and quantity increased [38][43]. - **Feature 8: Issuance cost has decreased, while issuance spread has widened** - In H1 2025, the issuance spread of local government bonds rebounded to 12.22BP, an increase of 3.73BP compared to 2024, and the average issuance interest rate decreased to 1.89%, a decrease of 0.39pct compared to 2024. The "flying" phenomenon of local government bonds was significant in the first half of the year, mainly in 30 - year bonds [46][48]. - **Feature 9: Regional issuance spreads continue to diverge in a low - interest - rate environment** - In H1 2025, regional issuance spreads continued to diverge significantly, following the rule that "the stronger the fiscal strength, the lower the spread". Economically strong regions maintained low spreads, while some less - developed regions had high spreads [50]. - **Feature 10: The spread of special refinancing bonds is higher than that of ordinary refinancing bonds** - The spread of special refinancing bonds is higher than that of ordinary refinancing bonds, mainly because the issuance term of special refinancing bonds is generally longer. Nationally, the spreads of special refinancing bonds and special new special bonds are 16.53BP and 13.96BP respectively, higher than those of ordinary refinancing bonds (9.56BP) and ordinary new special bonds (12.55BP) [52]. 1.2. Local Government Bond Secondary Trading Characteristics - **Feature 11: Trading volume has increased, trading price has risen, and turnover rate has decreased** - In H1 2025, the trading volume of local government bonds was 10.87 trillion yuan, an increase of 1690.3 billion yuan compared to the same period in 2024. The turnover rate was 3.65%, a year - on - year decrease of 0.04 percentage points, mainly due to the significant decline in the turnover rate of general bonds. The trading volume and turnover rate of special bonds are higher than those of general bonds. Regionally, Jiangsu, Zhejiang, and Shandong have higher turnover rates [55][61]. 1.3. Local Government Bond Institutional Behavior Characteristics - **Feature 13: There are differences in institutional buying and selling behaviors and term preferences** - From the buying side, insurance, funds, and wealth management prefer to sell short - term bonds and buy long - term bonds, while rural commercial banks prefer to buy bonds with a term of 7 - 20 years. From the selling side, large - scale banks, joint - stock banks, city commercial banks, and securities firms were net sellers in H1 2025. Large - scale banks, joint - stock banks, and city commercial banks prefer to buy short - term and sell long - term bonds, while securities firms reduced their holdings across all terms [3].

Group 1 - The core viewpoint of the articles highlights the effectiveness of debt replacement policies in alleviating local government debt risks, with over 1.6 trillion yuan of replacement bonds issued by the end of May, achieving over 80% of the annual target of 2 trillion yuan [1][2] - The issuance of replacement bonds has led to a significant reduction in hidden debts, with more than 170 regions declaring "full clearance" of hidden debts, and some areas experiencing a decrease in the average cost of financing by 71 basis points [1][2] - The introduction of special bonds for land reserves has also contributed to debt alleviation, with over 1.2 trillion yuan of these bonds issued, although the actual issuance may differ from publicized figures [3][4] Group 2 - The exit of local government financing platforms has accelerated, with 72 city investment companies announcing their withdrawal from government debt financing roles in the first five months of the year [2][3] - Experts suggest that the issuance of special bonds should be expedited to improve the relationship between land supply and demand, and to support the transformation of city investment companies [3][4] - There is a need for continuous optimization of debt alleviation measures, with expectations for an increase in the issuance of special government bonds in the second half of the year to support key areas such as technology innovation and environmental protection [4][5]

Group 1 - The core viewpoint of the articles indicates that local government bond issuance has slowed down in the first half of the year, with a total issuance of approximately 5.36 trillion yuan, and a net issuance of about 2.48 trillion yuan, which is a decrease of over 4 trillion yuan compared to the same period last year [1][2] - Analysts expect that the issuance of local government bonds will accelerate in the third quarter, as the pace of replacement bond issuance has been notably advanced [1][2][6] - The issuance of special bonds for refinancing has begun to speed up, with 33 regions disclosing plans to issue refinancing special bonds totaling nearly 1.8 trillion yuan, aimed at replacing hidden debts [5][6] Group 2 - The government bond supply has shown significant growth compared to last year, with a year-on-year increase of 4.1 trillion yuan in issuance and a net financing increase of 4.4 trillion yuan, providing substantial support for social financing [2] - As of June 27, the total issuance volume of local bonds in June reached over 1 trillion yuan, with a net issuance of 7028.51 billion yuan, indicating a more proactive fiscal policy [6] - The 2025 plan for local bond issuance in the third quarter is estimated at 21.83 trillion yuan, with new special bonds accounting for 12.18 trillion yuan, reflecting a significant increase compared to the previous year [6][8]