Report Summary Core Viewpoints - As of November 30, the issuance progress of new special-purpose bonds reached 101.3%, new general bonds reached 91.5%, new local bonds reached 99.8%, the net financing progress of treasury bonds reached 93.2%, and the combined progress of treasury bond net financing and new local bond issuance reached 96.1% [3][8][10][14][15] Key Data Special-Purpose Bonds - This week, 225.3 billion yuan of new special-purpose bonds were issued, a week-on-week increase of 143 billion yuan, and 39 billion yuan is planned to be issued next week [3] - In November, a total of 492.2 billion yuan of new special-purpose bonds were issued [4] General Bonds - This week, 8.8 billion yuan of new general bonds were issued, a week-on-week decrease of 11.6 billion yuan, and 11.4 billion yuan is planned to be issued next week [7] - In November, a total of 41.6 billion yuan of new general bonds were issued [5] Local Bonds - This week, the net financing scale of local bonds was 325.9 billion yuan, a week-on-week increase of 199.2 billion yuan, and the planned net financing for next week is 60.5 billion yuan [9] Treasury Bonds - This week, the net financing scale of treasury bonds was 39.1 billion yuan, a week-on-week decrease of 62.5 billion yuan, and the planned net financing for next week is -133.8 billion yuan [13] Government Bonds - This week, the net financing scale of government bonds was 365 billion yuan, a week-on-week increase of 136.7 billion yuan, and the planned net financing for next week is -73.3 billion yuan [15]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report tracks the issuance of government bonds in the 32nd week of 2025, presenting the issuance progress and net financing scale of various types of bonds as of August 10, 2025 [1][3] 3. Summary by Bond Type 3.1 Special Bonds - As of August 10, the issuance progress of new special bonds is 64.0% [3] - This week, new special bonds worth 40.3 billion yuan were issued, a decrease of 142.9 billion yuan compared to the previous week [3] - As of August 10, the cumulative issuance of new special bonds in August is 40.3 billion yuan [4] 3.2 General Bonds - As of August 10, the issuance progress of new general bonds is 68.2% [7] - This week, new general bonds worth 7.3 billion yuan were issued, a decrease of 13.6 billion yuan compared to the previous week [6] - As of August 10, the cumulative issuance of new general bonds in August is 7.3 billion yuan [5] 3.3 Local Bonds - This week, the net financing scale of local bonds is 82.8 billion yuan, a decrease of 159.7 billion yuan compared to the previous week [8] - As of August 10, the issuance progress of new local bonds is 64.7% [9] 3.4 Treasury Bonds - This week, the net financing scale of treasury bonds is 338.6 billion yuan, an increase of 178.3 billion yuan compared to the previous week [12] - As of August 10, the net financing progress of treasury bonds is 64.7% [13] 3.5 Government Bonds - This week, the net financing scale of government bonds is 421.4 billion yuan, an increase of 1.86 billion yuan compared to the previous week [14] - As of August 10, the progress of treasury bond net financing plus new local bond issuance is 64.7% [14]