Report Summary 1. Core Data - As of November 2, the issuance progress of new special bonds was 90.1%. This week, 154.9 billion yuan of new special bonds were issued, a week-on-week increase of 42.5 billion yuan, and 45.2 billion yuan is planned to be issued next week [4]. - As of October 31, the cumulative issuance of new special bonds in October was 287.4 billion yuan, and the cumulative issuance of new general bonds was 18.3 billion yuan [5]. - As of November 2, the issuance progress of new general bonds was 86.3%. This week, 17 billion yuan of new general bonds were issued, a week-on-week increase of 15.7 billion yuan, and 0 yuan is planned to be issued next week [6]. - This week, the net financing scale of local bonds was 175.7 billion yuan, a week-on-week increase of 9.9 billion yuan. Next week, the planned net financing scale is -36 billion yuan. As of November 2, the issuance progress of new local bonds was 89.5% [9]. - As of November 2, the net financing progress of treasury bonds was 84.0% [12]. - This week, the net financing of government bonds was 175.7 billion yuan, a week-on-week decrease of 13.6 billion yuan. Next week, the planned net financing scale is 114.5 billion yuan. As of November 2, the net financing of treasury bonds + the issuance progress of new local bonds was 86.4% [15]. - This week, the net financing scale of treasury bonds was 0 yuan, a week-on-week decrease of 23.6 billion yuan. Next week, the planned net financing scale is 150.4 billion yuan [19]. 2. Core View The report tracks the issuance of government bonds in the 44th week of 2025, presenting the issuance progress, issuance scale, and net financing scale of new special bonds, new general bonds, local bonds, and treasury bonds, as well as their week-on-week changes and future issuance plans [4][6][9]

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].

Core Viewpoint - The issuance of new special bonds and ultra-long-term treasury bonds is accelerating, which is expected to enhance fund utilization efficiency and support domestic demand and economic growth [1][5]. Group 1: Bond Issuance Trends - In the second quarter, the issuance of government bonds has significantly increased, with a total planned issuance of 2.39 trillion yuan, surpassing 70% of the first quarter's actual issuance [2]. - As of May 12, 2023, 4,078 billion yuan of new special bonds have been issued or are planned for issuance in the second quarter, accounting for over 40% of local government bonds [2][3]. - The issuance of ultra-long-term treasury bonds has also commenced, with 192 billion yuan issued since late April, and further issuances planned for May and June [2]. Group 2: Support for Project Construction - The government bond issuance is effectively supporting the expansion of domestic demand and boosting consumption, with 810 billion yuan allocated for consumer goods replacement programs [4]. - As of April 27, 2023, the replacement programs have led to significant sales, including 2.814 million vehicles and 49.416 million home appliances, generating approximately 720 billion yuan in related sales [4]. - The government has arranged 800 billion yuan in ultra-long-term treasury bonds to support major infrastructure projects, with ongoing efforts to accelerate project implementation [4]. Group 3: Fiscal Policy and Spending - The recent Central Political Bureau meeting emphasized the need to accelerate the issuance and utilization of local government special bonds and ultra-long-term treasury bonds, indicating a focus on increasing fiscal spending [5]. - Experts predict that the pace of new special bond issuance will quicken, with potential increases in the issuance amounts for May and June [5][6]. - Recommendations include advancing fiscal expenditures planned for the second half of the year to the second quarter to stimulate domestic consumption and economic activity [6].