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].