Report Title - Government Bond Issuance Tracking - Week 33 of 2025 [2] Report Summary Government Bond Issuance Progress - As of August 17, the issuance progress of new special bonds was 64.5%, with 593 billion yuan issued in August [4][5] - As of August 17, the issuance progress of new general bonds was 72.0%, with 376 billion yuan issued in August [10][25] - As of August 17, the issuance progress of new local bonds was 65.6% [12] - As of August 17, the net financing progress of treasury bonds was 68.0% [18] - As of August 17, the combined progress of treasury bond net financing and new local bond issuance was 66.9% [20] Weekly Bond Issuance and Financing Data - This week, 190 billion yuan of new special bonds were issued, a decrease of 212 billion yuan from the previous week [4] - This week, 303 billion yuan of new general bonds were issued, an increase of 230 billion yuan from the previous week [8] - This week, the net financing scale of local bonds was -137 billion yuan, a decrease of 966 billion yuan from the previous week [12] - This week, the net financing scale of treasury bonds was 2146 billion yuan, a decrease of 1239 billion yuan from the previous week [16] - This week, the net financing of government bonds was 2009 billion yuan, a decrease of 2205 billion yuan from the previous week [20]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The issuance and net financing of local government bonds decreased on a week-on-week basis this period, but are expected to increase significantly next period. The weighted issuance term shortened. The spread between 10Y local government bonds and treasury bonds widened, while the spread for 30Y narrowed. The weekly turnover rate increased on a week-on-week basis. The current cost-effectiveness of exploring the spread between local government bonds and treasury bonds is not high [2]. Summary by Related Catalogs 1. Local Government Bond Issuance and Net Financing - This period (2025.8.11 - 2025.8.17), local government bonds issued a total of 914.32 billion yuan, with a net financing of -137.36 billion yuan (last period was 1654.59 billion yuan/828.48 billion yuan). Next period (2025.8.18 - 2025.8.24), it is expected to issue 3691.50 billion yuan and have a net financing of 2088.00 billion yuan [2][4][6]. 2. Issuance Progress - As of August 15, 2025, the cumulative issuance of new general bonds/new special bonds accounted for 71.9% and 63.9% of the annual quota respectively. Considering the expected issuance next period, it will be 73.1% and 69.3%. The cumulative issuance progress in 2024 was 58.3%/49.2% and 61.1%/52.1%, and in 2023 it was 70.4%/67.7% and 73.7%/69.0% [2][4][15]. 3. Planned Issuance in August - September 2025 - As of August 15, 2025, 31 regions have disclosed a total planned issuance of 1638.8 billion yuan for local government bonds in August - September 2025 (8 - 9 months are 963.3 billion yuan and 675.5 billion yuan respectively), including 969.3 billion yuan for new special bonds [2][4][17]. 4. Special Bond Issuance - This period, 12.4 billion yuan of special new special bonds were issued, and 1.2 billion yuan of special refinancing bonds for replacing hidden debts were issued. As of August 15, 2025, the cumulative issuance of special new special bonds was 807.7 billion yuan, and the cumulative issuance of special refinancing bonds for replacing hidden debts was 1883 billion yuan, with an issuance progress of 94.2%. 26 regions including Zhejiang have completed all issuances (Dalian was newly added this period) [2]. 5. Spreads and Turnover Rate - As of August 15, 2025, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 19.35BP and 11.25BP respectively, widening by 6.26BP and narrowing by 2.75BP compared to August 8, 2025. They are at the 51.50% and 34.70% historical quantiles since 2023. The weekly turnover rate of local government bonds this period was 0.65%, up from 0.57% last period [2][21][25]. 6. Cost - Effectiveness of Spread Exploration - Taking 10 - year local government bonds as the observation anchor, since 2018, the upper limit of the spread adjustment may be about 20 - 25BP above the lower limit of the issuance spread, and the lower limit may be near the lower limit of the issuance spread. Currently, the upper limit of the spread between local government bonds and treasury bonds may be around 30 - 35BP, and the lower limit may be around 5 - 10BP [2].

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].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The issuance and net financing of local government bonds decreased on a week - on - week basis this period, and it is expected that both will continue to decline significantly next period. The current local government bond spread - hunting market may be approaching its end [2]. 3. Summary According to the Table of Contents 3.1 This period's local government bond issuance volume decreased, and the weighted issuance term shortened - This period (August 4 - 10, 2025), local government bonds issued a total of 165.459 billion yuan and had a net financing of 82.848 billion yuan (compared with 337.175 billion yuan and 243.062 billion yuan in the previous period). Next period (August 11 - 17, 2025), the expected issuance is 91.432 billion yuan and the net financing is - 13.736 billion yuan. The weighted issuance term of local government bonds this period was 14.23 years, shorter than 14.39 years in the previous period [2][9]. - As of August 8, 2025, the cumulative issuance of new general bonds and new special bonds accounted for 68.2% and 63.5% of the annual quota respectively. Considering the expected issuance next period, it will be 71.9% and 63.9%. The cumulative issuance progress in 2024 was 56.1%/46.2% and 58.3%/49.2%, and in 2023 it was 68.7%/66.7% and 70.4%/67.7% [2][18]. - The planned issuance of local government bonds from August to September 2025 totals 163.88 billion yuan, with new special bonds amounting to 96.93 billion yuan. As of August 8, 2025, 31 regions have disclosed the planned issuance, with 96.33 billion yuan in August and 67.55 billion yuan in September [2][22]. - This period, 4.03 billion yuan of special new special bonds were issued, and 0 yuan of special refinancing bonds for replacing hidden debts were issued. As of August 8, 2025, the cumulative issuance of special new special bonds was 79.54 billion yuan, and the cumulative issuance of special refinancing bonds for replacing hidden debts was 188.18 billion yuan, with an issuance progress of 94.1% [2][20]. 3.2 This period, the spread between 10 - year local government bonds and treasury bonds widened, the spread of 30 - year bonds narrowed, and the weekly turnover rate decreased on a week - on - week basis - As of August 8, 2025, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 13.09BP and 14.00BP respectively, widening by 0.68BP and narrowing by 0.10BP compared with August 1, 2025. They were at the 14.90% and 55.10% historical quantiles since 2023 respectively [2]. - The weekly turnover rate of local government bonds this period was 0.57%, a week - on - week decrease from 0.69% in the previous period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Yunnan, Anhui, and Sichuan were better than the national average [2].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The issuance and net financing of local government bonds decreased this period but remained at a high level. It is expected that both the issuance and net financing of local government bonds will continue to decline significantly in the next period [2]. - The issuance of new local government bonds continued to accelerate this period. The current cumulative issuance progress is faster than that in the same period of 2024 and comparable to that in the same period of 2023 [2]. - The planned issuance scale of local government bonds from August to September 2025 is 161.71 billion yuan, with new special bonds amounting to 96.43 billion yuan [2]. - The spreads between 10Y and 30Y local government bonds and treasury bonds widened this period, and the weekly turnover rate decreased month - on - month. The current profit - hunting market for local government bonds may be approaching the end [2]. Summary According to the Directory 1. This period's local government bond issuance volume decreased, and the weighted issuance term shortened - This period (2025.7.28 - 2025.8.3) local government bonds issued a total of 337.175 billion yuan (the previous period was 375.755 billion yuan), and the next period (2025.8.4 - 2025.8.10) is expected to issue 165.459 billion yuan. The net financing was 243.062 billion yuan this period (the previous period was 292.39 billion yuan), and the next period is expected to be 82.848 billion yuan [2][9]. - The weighted issuance term of local government bonds this period was 14.39 years, shorter than the 15.17 years of the previous period (2025.7.21 - 2025.7.27) [2][10]. - As of August 1, 2025, the cumulative issuance of new general bonds/new special bonds accounted for 67.2% and 62.5% of the annual quota respectively. Considering the expected issuance in the next period, it will be 68.2% and 63.5% [2][18]. - This period, 98.7 billion yuan of special new special bonds were issued, and 45.4 billion yuan of special refinancing bonds for replacing hidden debts were issued. As of August 1, 2025, the cumulative issuance of special new special bonds was 755.1 billion yuan, and the cumulative issuance of special refinancing bonds for replacing hidden debts was 1,881.8 billion yuan, with a issuance progress of 94.1% [2]. 2. This period, the spreads between 10Y and 30Y local government bonds and treasury bonds widened, and the weekly turnover rate decreased month - on - month - As of August 1, 2025, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 12.41BP and 14.10BP respectively, widening by 5.65BP and 1.35BP compared with July 25, 2025, and were at the 12.80% and 55.70% historical quantiles since 2023 respectively [2]. - The weekly turnover rate of local government bonds this period was 0.69%, a month - on - month decrease from 0.74% in the previous period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Inner Mongolia, Shandong, and Sichuan were better than the national average [2].

Report Summary 1. Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - The report tracks the issuance of government bonds in the 30th week of 2025, presenting the issuance progress and net financing scale of various types of bonds as of July 27, 2025 [2][4]. 3. Summary by Bond Type 3.1 New Special Bonds - As of July 27, the issuance progress of new special bonds was 59.0%. This week, 205.4 billion yuan of new special bonds were issued, a week - on - week increase of 44 billion yuan. In July, a total of 433.7 billion yuan of new special bonds were issued [4]. 3.2 New General Bonds - As of July 27, the issuance progress of new general bonds was 64.7%. This week, 23.3 billion yuan of new general bonds were issued, a week - on - week decrease of 4.4 billion yuan. In July, a total of 65.4 billion yuan of new general bonds were issued [4][7][9]. 3.3 Local Bonds - This week, the net financing scale of local bonds was 292.4 billion yuan, a week - on - week increase of 139.5 billion yuan. As of July 27, the issuance progress of new local bonds was 59.8% [11]. 3.4 Treasury Bonds - This week, the net financing scale of treasury bonds was 1.07 billion yuan, a week - on - week decrease of 4.74 billion yuan. As of July 27, the net financing progress of treasury bonds was 57.2% [16][18]. 3.5 Government Bonds - This week, the net financing of government bonds was 303.1 billion yuan, a week - on - week increase of 92 billion yuan. As of July 27, the combined progress of treasury bond net financing and new local bond issuance was 58.4% [20].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The issuance and net financing of local government bonds increased significantly on a week-on-week basis this period, and it is expected that both the issuance and net financing of local government bonds will decrease slightly on a week-on-week basis next period but will still remain at a relatively high level. As of July 25, 2025, the cumulative issuance progress of new general bonds and new special bonds is faster than that of the same period in 2024 and is comparable to that of the same period in 2023. The current local government bond spread trading may be approaching its end [1]. Summary by Directory 1. This period's local government bond issuance volume increased, and the weighted issuance term lengthened - This period (July 21 - July 27, 2025) local government bonds issued a total of 375.755 billion yuan and had a net financing of 292.39 billion yuan (the previous period was 251.183 billion yuan and 152.933 billion yuan respectively). It is expected that the issuance/ net financing next period (July 28 - August 3, 2025) will be 337.175 billion yuan/ 243.062 billion yuan. The weighted issuance term of local government bonds this period was 15.17 years, which was longer than the 14.57 years of the previous period (July 14 - July 20, 2025) [1][5]. - As of July 25, 2025, the cumulative issuance of new general bonds/ new special bonds accounted for 64.6% and 59.0% of the annual quota respectively. Considering the expected issuance next period, it will be 67.2% and 63.1%. The cumulative issuance progress in 2024 was 48.8%/ 40.2% and 52.2%/ 42.7% respectively, and in 2023 it was 64.1%/ 60.7% and 65.8%/ 62.2% respectively [1]. - The planned issuance scale of local government bonds from July to September 2025 is 2935.3 billion yuan in total, of which new special bonds are 168.1 billion yuan. As of July 25, 2025, 31 regions have disclosed the planned issuance scale of local government bonds from July to September 2025, totaling 2935.3 billion yuan (July - September are 1341.4 billion yuan, 923.4 billion yuan, and 670.5 billion yuan respectively), of which new special bonds are 168.1 billion yuan [1]. - This period, 34.2 billion yuan of special new special bonds were issued, and 11.9 billion yuan of special refinancing bonds to replace hidden debts were issued. As of July 25, 2025, the cumulative issuance of special new special bonds was 656.4 billion yuan (34.2 billion yuan was issued this period); the cumulative issuance of special refinancing bonds to replace hidden debts was 1836.4 billion yuan (11.9 billion yuan was issued this period), and the issuance progress reached 91.8%, among which 24 regions such as Zhejiang have completed all issuances (no new regions this period) [1]. 2. This period, the spreads between 10Y and 30Y local government bonds and treasury bonds both narrowed, and the weekly turnover rate remained flat - As of July 25, 2025, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 6.76BP and 12.75BP respectively, narrowing by 3.72BP and 3.40BP compared to July 18, 2025 (which were 10.48BP and 16.15BP respectively on July 18, 2025), and were at the 0.30% and 47.80% historical quantiles since 2023 respectively [1]. - The weekly turnover rate of local government bonds this period was 0.74%, which was the same as the previous period's 0.74%. This period, the yields and liquidity of 20 - 30Y local government bonds in regions such as Liaoning, Fujian, and Shandong were better than the national average [1].

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].

Report Industry Investment Rating - No relevant content provided Core View - The report is a fixed - income weekly report, presenting basic data such as the China Bond Composite Index (254.4), the China Bond Long/Medium - Short - Term Index (245.4/209.1), the 10 - year inter - bank Treasury bond yield (1.65), and the scale of enterprise/company/convertible bonds (70.9/23.7/6.7 trillion) [4] Summary by Related Content Government Bond Net Financing - Government bond net financing was 221.6 billion yuan in the 27th week (6/30 - 7/6) and 303.2 billion yuan in the 28th week (7/7 - 7/13). As of the 27th week, the cumulative amount was 7.9 trillion yuan, exceeding the same period last year by 4.4 trillion yuan, mainly due to the misalignment of special bonds for replacing hidden debts and the rapid issuance of Treasury bonds [1][7] Treasury Bond and Local Bond - The sum of Treasury bond net financing and new local bond issuance was 257.4 billion yuan in the 27th week and 271.4 billion yuan in the 28th week. As of the 27th week, the cumulative generalized deficit was 6.2 trillion yuan, with a progress of 52.2% [1][7] - Treasury bond net financing was 199.9 billion yuan in the 27th week and 192.9 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 3.6 trillion yuan, with a progress of 53.8%, exceeding the average of the past five years. The total annual Treasury bond net financing is 6.66 trillion yuan, including a central deficit of 4.86 trillion yuan and special Treasury bonds of 1.8 trillion yuan in 2025 [8] - Local bond net financing was 21.6 billion yuan in the 27th week and 110.2 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 4.4 trillion yuan, exceeding the same period last year by 2.6 trillion yuan [10] New General Bond and New Special Bond - New general bond issuance was 6.6 billion yuan in the 27th week and 14.5 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 452 billion yuan, with a progress of 56.5%, exceeding last year's level. The local deficit in 2025 is 80 billion yuan [10][14] - New special bond issuance was 50.8 billion yuan in the 27th week and 64 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 2.2 trillion yuan, with a progress of 49.2%, exceeding last year's level. The planned new special bond issuance in 2025 is 4.4 trillion yuan [14] Special New Special Bond and Land Reserve Special Bond - Special new special bonds of 585.1 billion yuan have been issued, of which 120.3 billion yuan was issued in July, accounting for 72% of new special bonds. The 800 - billion - yuan quota may be issued by the third quarter [2][14] - Land reserve special bonds of 192.5 billion yuan have been issued. As of July 6, the disclosed projects for acquiring idle land covered 4,343 parcels, with a capital scale of 489.7 billion yuan [2][14] Special Refinancing Bond and Urban Investment Bond - Special refinancing bond issuance was 0 billion yuan in the 27th week and 28.6 billion yuan in the 28th week. As of the 27th week, the cumulative amount was 1.8 trillion yuan, with a progress of 91% [2][23] - Urban investment bond net financing was - 20.3 billion yuan in the 27th week and is expected to be - 15.8 billion yuan in the 28th week. The balance of urban investment bonds as of this week is about 10.3 trillion yuan [2][24][28]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week of July 06, 2025. It points out that the net financing of local government bonds decreased in the primary market, with long - term issuance proportion declining, the issuance spread narrowing, and the proportion of land reserve investment increasing. In the secondary market, the secondary spreads of 3Y and 15Y local government bonds are advantageous, and the trading volume and turnover rate have slightly increased [1][4][5]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 721 billion yuan, with a repayment of 505 billion yuan and a net financing of 216 billion yuan. The issuance volume and net financing decreased [1]. - **Issuance Term**: The issuance proportion of 10Y local government bonds was the highest at 21%, and the proportion of 10Y and above decreased to 69% compared with last week. The issuance proportion of 20Y local government bonds decreased significantly by about 8 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: No special refinancing bonds were issued this week. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, totaling 18,246 billion yuan. Among them, Jiangsu, Sichuan, Shandong, and Guizhou plan to issue 2,511 billion yuan, 1,148 billion yuan, 1,113 billion yuan, and 1,059 billion yuan respectively [2]. - **Issuance Spread**: The weighted average issuance spread of local government bonds this week was 8.6bp, narrowing compared with last week. The weighted average issuance spread of 30Y local government bonds was the highest at 12.9bp. Except for the 3Y and 5Y local government bonds, the issuance spreads of other terms narrowed [1]. - **Fund - Raising Direction**: As of the end of this week, the main investment directions of newly - added special bonds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (30%), transportation infrastructure (20%), affordable housing projects (13%), and social undertakings (12%). The proportion of land reserve investment increased by 11.3% compared with 2024, while that of cold - chain logistics, municipal and industrial park infrastructure construction decreased by 7.2% [2]. - **Issuance Plan**: As of the end of this week, 30 regions have disclosed their local government bond issuance plans for the third quarter of 2025, with a total of 2.62 trillion yuan. Among them, the planned issuance in July is 12,796 billion yuan. The planned issuance of new bonds and refinancing bonds in the third quarter is 16,585 billion yuan and 9,623 billion yuan respectively. Next week, the planned issuance of local government bonds is 2,250 billion yuan, with a repayment of 1,216 billion yuan and a net financing of 1,034 billion yuan, an increase of 818 billion yuan compared with this week [3]. 3.2 Secondary Market Situation - **Secondary Spread**: This week, the secondary spreads of 3Y and 15Y local government bonds are advantageous, and the secondary spreads of local government bonds over 10Y narrowed significantly. The secondary spreads of 3Y and 15Y local government bonds are relatively high, reaching 16.9bp and 15.8bp respectively. From the historical quantile of the past 3 years, the historical quantile of the secondary spread of 30Y local government bonds is relatively high at 68%. Regionally, the secondary spreads of local government bonds over 20Y and 3 - 5Y in various regions are relatively high [4][5]. - **Trading Situation**: This week, the trading volume and turnover rate of local government bonds increased slightly compared with last week. The turnover rates of local government bonds in Sichuan, Jiangxi, and Fujian are relatively high. The trading volume of local government bonds this week reached 5,475 billion yuan, with a turnover rate of 1.06%. Sichuan had the highest turnover rate at 7.0%, and the turnover rates in Jiangxi, Fujian, Guangdong, Hunan and other places were at relatively high levels, all above 1.0% [5].