Group 1: Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - The report presents the issuance progress and net financing scale of government bonds in the 32nd week of 2025, including new special bonds, new general bonds, local bonds, and national bonds [3][6][8]. Group 3: Summary by Category New Special Bonds - As of August 10, the issuance progress of new special bonds was 64.0% [3]. - This week, new special bonds issued 4.03 billion yuan, a decrease of 14.29 billion yuan from the previous week [3]. - As of August 10, the cumulative issuance of new special bonds in August was 4.03 billion yuan [4]. New General Bonds - As of August 10, the issuance progress of new general bonds was 68.2% [7]. - This week, new general bonds issued 730 million yuan, a decrease of 1.36 billion yuan from the previous week [6]. - As of August 10, the cumulative issuance of new general bonds in August was 730 million yuan [5]. Local Bonds - This week, the net financing scale of local bonds was 8.28 billion yuan, a decrease of 15.97 billion yuan from the previous week [8]. - As of August 10, the issuance progress of new local bonds was 64.7% [9]. National Bonds - This week, the net financing scale of national bonds was 33.86 billion yuan, an increase of 17.83 billion yuan from the previous week [12]. - As of August 10, the net financing progress of national bonds was 64.7% [13]. Government Bonds - This week, the net financing scale of government bonds was 42.14 billion yuan, an increase of 1.86 billion yuan from the previous week [14]. - As of August 10, the progress of national bond net financing plus new local bond issuance was 64.7% [14].

在一季度前置发行的基础上，二季度以来，新增专项债在新发行地方债中的占比明显提升，用于支 持"两新""两重"的超长期特别国债也正有序发行。专家认为，后续新增专项债、超长期特别国债等将进 一步加快发行，资金使用效率也有望提升，及时发挥扩内需、稳增长的积极作用。 新增专项债发行提速 进入二季度，政府债发行进一步提速。 国债方面，Wind数据显示，截至5月12日，二季度已发行和计划将发行的国债规模达2.39万亿元， 已超过一季度实际发行规模的七成。 其中，自4月下旬启动发行以来，超长期特别国债已发行1920亿元。根据前期财政部公布的国债发 行有关安排，5月、6月拟分别发行4只、3只超长期特别国债。 地方债方面，今年一季度，各地发行的地方债中，用于置换存量隐性债务的再融资专项债占比较 高。进入二季度，新增专项债的占比明显提升。企业预警通数据显示，截至5月12日，二季度已发行和 计划将发行的新增专项债共计4078亿元，在地方债中的占比超过40%。 兴业研究分析师胡晓莉预测，二季度政府债发行规模可能达到7.8万亿元，其中，国债发行规模4.6 万亿元，地方债发行规模3.3万亿元。从地方债发行节奏来看，一季度发行进度较2024 ...