Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report provides a comprehensive analysis of local government bond issuance, including issuance forecasts, historical reviews, special bond issuance progress, regional issuance plans and actual issuance, and weighted average issuance terms [1][5][6]. Summary by Relevant Catalogs 1. Local Government Bond Issuance Forecast and Review - **2/9 - 2/15 Forecast**: Local government bonds are expected to issue 32.2136 billion yuan, including 25.6607 billion yuan of new bonds (6.1593 billion yuan of new general bonds and 19.5014 billion yuan of new special bonds) and 6.5529 billion yuan of refinancing bonds (2.0884 billion yuan of refinancing general bonds and 4.4645 billion yuan of refinancing special bonds) [1][5]. - **2/2 - 2/8 Review**: A total of 57.9673 billion yuan of local government bonds were issued, including 20.9811 billion yuan of new bonds (7.5535 billion yuan of new general bonds and 13.4276 billion yuan of new special bonds) and 36.9861 billion yuan of refinancing bonds (4.4282 billion yuan of refinancing general bonds and 32.5579 billion yuan of refinancing special bonds) [1][6]. 2. Special Bond Issuance Progress - **Special Refinancing Bonds**: As of February 8, the fifth - round second - batch special refinancing bonds totaled 200 billion yuan, and the fifth - round third - batch totaled 58.3985 billion yuan, with an additional 3.3291 billion yuan disclosed next week. The top three regions in the fifth - round third - batch are Jiangsu (8 billion yuan), Zhejiang (5.64 billion yuan), and Henan (4.8295 billion yuan) [7]. - **Special New Special Bonds**: As of February 8, 2026 special new special bonds totaled 6.9406 billion yuan, and since 2023, they totaled 255.4672 billion yuan. The top three regions in total disclosure are Jiangsu (24.4035 billion yuan), Hubei (13.7769 billion yuan), and Henan (13.2534 billion yuan). In 2026, the top three regions are Zhejiang (1.17 billion yuan), Guangdong (1.096 billion yuan), and Liaoning (0.8914 billion yuan) [7]. 3. Regional Issuance Plans and Actual Issuance - **February 2026**: The expected issuance is 85.89 billion yuan, an increase of 29.53 billion yuan compared to the same period in 2025. The actual disclosed issuance is 90.18 billion yuan, with an expected repayment of 8.49 billion yuan and a net financing of 69.27 billion yuan. - **March 2026**: The expected issuance is 85.89 billion yuan, a decrease of 33.01 billion yuan compared to the same period in 2025. The expected repayment is 16.62 billion yuan, and the net financing is 69.27 billion yuan [8]. 4. Weighted Average Issuance Term - This week, the weighted average issuance term of local government bonds is 16.12 years, and next week it is 15.48 years. As of February 6, the weighted average issuance term in February is 16.12 years, a 20.5% decrease compared to the same period in 2025. As of February 6, 2026, it is 17.04 years, a 0.8% decrease compared to the same period in 2025 [9].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - From January 12th to January 18th, the planned issuance of local bonds is 702.01 million yuan, including 227.56 million yuan of new bonds (0.00 million yuan of new general bonds and 227.56 million yuan of new special bonds) and 474.45 million yuan of refinancing bonds (85.69 million yuan of refinancing general bonds and 388.76 million yuan of refinancing special bonds) [1][5]. - From January 5th to January 11th, the actual issuance of local bonds is 1176.64 million yuan, including 884.34 million yuan of new bonds (10.00 million yuan of new general bonds and 874.34 million yuan of new special bonds) and 292.30 million yuan of refinancing bonds (0.00 million yuan of refinancing general bonds and 292.30 million yuan of refinancing special bonds) [1][6]. 3. Summary by Relevant Catalogs 3.1 Local Bond Actual Issuance and Forecast Issuance 3.1.1 Actual Issuance and Pre - issuance Disclosure - From January 5th to January 11th, the net supply of local bonds is 1147 million yuan; from January 12th to January 18th, the forecast net supply of local bonds is 639 million yuan [18]. - The issuance situation of different types of bonds from January 5th to January 11th and January 12th to January 18th is presented in figures [14][18]. 3.1.2 Comparison of Planned Issuance and Actual Issuance - The planned and actual issuance amounts of new bonds, new general bonds, new special bonds, and refinancing bonds are compared, and relevant data are shown in figures [16][20]. 3.2 Local Bond Net Supply 3.2.1 New Bond Issuance Progress - As of January 11th, the issuance progress of new general bonds is 0.13%, and the issuance progress of new special bonds is 1.75% [28][29]. 3.2.2 Refinancing Bond Net Supply - As of January 11th, the cumulative scale of refinancing bonds minus local bond maturities in the current year is presented in figures [28][29]. 3.3 Special Bond Issuance Details 3.3.1 Special Refinancing Bond Issuance Statistics - As of January 11th, the fifth round of the second batch of special refinancing bonds has a total planned issuance of 20000.00 million yuan, and the fifth round of the third batch has a total planned issuance of 511.06 million yuan, with an additional 218.76 million yuan newly disclosed this week. The top - three regions in terms of the disclosed scale of the fifth round of the third batch are Shandong (256.09 million yuan), Ningbo (114.74 million yuan), and Hubei (104.02 million yuan) [7]. - The issuance statistics of special refinancing bonds from different rounds are presented in figures [34]. 3.3.2 Special New Special Bond Issuance Statistics - As of January 11th, the total planned issuance of special new special bonds in 2026 is 33.30 million yuan, and since 2023, the total planned issuance is 25546.72 million yuan. The top - three regions in terms of the disclosed scale are Jiangsu (2440.35 million yuan), Hubei (1377.69 million yuan), and Henan (1325.34 million yuan). The top - two regions in terms of the 2026 disclosed scale are Shandong (22.30 million yuan) and Zhejiang (11.00 million yuan) [7]. - The issuance statistics of special new special bonds from 2023 to 2026 are presented in figures [37]. 3.4 Local Bond Investment and Trading 3.4.1 Primary - Secondary Spread - The primary and secondary spreads of local bonds are presented in figures, showing the spreads and their changes on different terms on January 4th and January 11th, 2026 [41]. 3.4.2 Regional Secondary Spread - The regional secondary spreads of local bonds in different regions from October 2025 to January 2026 are presented in tables [42]. 3.5 New Special Bond Investment Directions 3.5.1 Project Investment Direction Monthly Statistics - The investment directions of new special bonds are presented in figures, with the latest month's statistics only considering the investment directions of issued new bonds [44].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - From January 5th to January 11th, local bonds are expected to be issued worth 1.17664 billion yuan, including new bonds worth 884.34 million yuan (new general bonds worth 10 million yuan and new special - purpose bonds worth 874.34 million yuan) and refinancing bonds worth 292.3 million yuan (refinancing general bonds worth 0 yuan and refinancing special - purpose bonds worth 292.3 million yuan). From December 29th, 2025 to January 4th, 2026, a total of 260 million yuan of local bonds were issued, including new bonds worth 145 million yuan (new general bonds worth 0 yuan and new special - purpose bonds worth 145 million yuan) and refinancing bonds worth 115 million yuan (refinancing general bonds worth 85 million yuan and refinancing special - purpose bonds worth 30 million yuan) [2][6][7]. 3. Summary by Related Catalogs 3.1 Local Bond Actual and Forecasted Issuance - **Actual Issuance and Pre - issuance Disclosure**: From December 29th, 2025 to January 4th, 2026, the issuance details of local bonds are presented, including the issuance of new general bonds, new special - purpose bonds, special refinancing bonds, and net financing [14][15]. - **Comparison of Planned and Actual Issuance**: The comparison shows the differences between planned and actual issuance of new bonds, new general bonds, new special - purpose bonds, and refinancing bonds, with data presented for multiple periods [16][17][23]. 3.2 Local Bond Net Supply - **New Bond Issuance Progress**: As of January 4th, the issuance progress of new general bonds and new special - purpose bonds was 0.00% [27][28]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local bond maturities as of January 4th is presented, with specific data and statistical details [27][28][29]. 3.3 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: The issuance statistics of special refinancing bonds as of January 4th are shown, including different rounds of issuance in various regions, with detailed data and statistical notes [31][32][33]. - **Special New Special - purpose Bond Issuance Statistics**: The issuance statistics of special new special - purpose bonds as of January 4th are provided, covering different years and regions, with statistical notes [34][35][36]. 3.4 Local Bond Investment and Trading - **Primary - Secondary Spread**: The primary - secondary spread of local bonds is presented, including the spread for different maturities and changes over time [38][39]. - **Regional Secondary Spread**: The regional secondary spread of local bonds is shown [40]. - **New Special - purpose Bond Investment Direction**: The investment direction of new special - purpose bonds is presented, with a note on the statistical scope [41].

1. Report Industry Investment Rating No relevant content provided 2. Core Viewpoints of the Report - The issuance term of local government bonds in Q1 2026 may set the tone for the whole year, and the issuance in 2026 is expected to further balance issuance costs and maturity repayment pressure [2] - The issuance of new local government bonds before the Spring Festival in 2026 may not result in physical work, and the peak issuance of new local government bonds may occur in the second and third quarters [2] 3. Summary According to the Table of Contents 3.1 Two - year Increase in Long - term Local Government Bond Supply, Mainly Due to the Lengthening of Special Refinancing Bond Issuance Terms - Since the implementation of debt resolution policies, the supply of long - term local government bonds has continued to increase. In 2025, compared with 2023, the issuance term increased by 3.0 years. The issuance term of special refinancing bonds increased by 10.3 years, and those of new bonds and refinancing bonds increased by 0.3 years and 1.3 years respectively [2][7] - In 2025, the average issuance term of special refinancing bonds was 18.9 years, an increase of 10.3 years compared with 2023. Seven provinces had an average issuance term of over 25 years, with more than half being key provinces [7] - In 2025, the average issuance term of new bonds was 16.8 years, with little change in the past 3 years, but significant regional differentiation. Four provinces saw an increase of over 5 years in issuance terms [7] - In 2025, the average issuance term of refinancing bonds was 9.6 years, an increase of 1.3 years compared with 2023. Twenty - four out of 31 provinces had lengthened issuance terms, and three provinces had an increase of over 5 years [7] 3.2 The Issuance Term of Local Government Bonds in Q1 2026 May Set the Tone for the Whole Year - As of December 27, 22 provinces and municipalities had announced their Q1 2026 issuance plans, with a total amount of 1593.4 billion yuan. The amount of new general bonds was 116.4 billion yuan, new special bonds was 483.5 billion yuan, and refinancing bonds was 993.5 billion yuan. The front - loading of replacement bonds is clear [2][8] - The issuance term of local government bonds in Q1 2026 may set the tone for the whole year. The proportion of replacement bonds in the Q1 2026 issuance plan may be relatively high. The lengthening of replacement bond terms was the main reason for the increase in long - term local government bond supply in the past two years [2][9] - In 2026, the issuance of local government bonds will further balance issuance costs and maturity repayment pressure. From the perspective of refinancing, the principal repayment ratio after local government bond maturity is between 10% - 15%. In volatile and bull markets, reducing the proportion of 15 - year, 20 - year (curve convex points), and 30 - year (high issuance cost) local government bonds is more advantageous; during interest rate adjustment periods, lengthening the term can lock in issuance costs. The issuance term in 2026 may be reduced compared with 2024 and 2025 [2][10][11] 3.3 Supply Rhythm: Replacement Bonds May Be Front - loaded, and the Peak of Special Bond Issuance May Occur in the Second and Third Quarters - In 2026, the Spring Festival falls in mid - to - late February. Issuing new local government bonds before the Spring Festival may not result in physical work. The first - quarter issuance may be mainly replacement bonds, and the peak issuance of new local government bonds may occur in the second and third quarters [13] - Q1: The issuance of replacement bonds is expected to be front - loaded to promote the repayment of implicit debts of financing platforms and the exit of financing platforms [13] - Q2 and Q3: After the second batch of local government bond quotas is released, there may be a peak in the issuance of new local government bonds. Historically, the monthly issuance scale during the peak may reach 800 - 1000 billion yuan, and the issuance progress of new local government bonds may reach around 90% by the end of September each year [13] - Q4: The remaining quotas and unused limits of new local government bonds will be issued. The unused limits in 2024 and 2025 were 400 billion yuan and 500 billion yuan respectively, and the Ministry of Finance issued them in the fourth quarter [13]

Report Investment Rating - No investment rating information provided in the report Core Viewpoints - From December 15 - 21, local government bonds are scheduled to be issued worth 400.4 billion yuan, including 352.2 billion yuan of new bonds (59.6 billion yuan of new general bonds and 292.6 billion yuan of new special bonds) and 48.2 billion yuan of refinancing bonds (39.2 billion yuan of refinancing general bonds and 9.0 billion yuan of refinancing special bonds) [1][5] - From December 8 - 14, local government bonds worth 1069.6 billion yuan were issued, including 710.5 billion yuan of new bonds (210.0 billion yuan of new general bonds and 500.5 billion yuan of new special bonds) and 359.0 billion yuan of refinancing bonds (187.4 billion yuan of refinancing general bonds and 171.6 billion yuan of refinancing special bonds) [1][5] - As of December 14, the fifth - round second - batch special refinancing bonds totaled 20,000.00 billion yuan, the sixth - round totaled 2881.00 billion yuan, and no new disclosure was made this week. The top three provinces or municipalities with separately - planned status in the fifth - round second - batch disclosure were Jiangsu (2511.00 billion yuan), Hunan (1288.00 billion yuan), and Henan (1227.00 billion yuan) [5] - As of December 14, the special new special bonds in 2025 totaled 13656.08 billion yuan, and since 2023, a total of 25534.72 billion yuan has been disclosed. The top three in terms of disclosure scale are Jiangsu (2440.35 billion yuan), Hubei (1377.69 billion yuan), and Henan (1325.34 billion yuan). The top three provinces or municipalities with separately - planned status in 2025 disclosure are Jiangsu (1289.00 billion yuan), Guangdong (1239.28 billion yuan), and Henan (759.60 billion yuan) [6] Summary by Directory Local Bond Actual Issuance and Forecast Issuance - Actual Issuance and Pre - issuance Disclosure: From December 8 - 14, the net supply of local government bonds was 623 billion yuan; from December 15 - 21, the forecast net supply of local government bonds is 281 billion yuan [12] - Comparison of Planned and Actual Issuance: Data shows the comparison between planned and actual issuance of local government bonds in November and December, as well as the comparison of monthly issuance and net financing in recent months [15][18][21] Local Bond Net Supply - New Bond Issuance Progress: As of December 14, the issuance progress of new general bonds was 95.06%, and that of new special bonds was 99.32%. The calculation denominator of the issuance progress includes the 200 billion yuan of used carry - over quota, so there is a certain difference in the caliber compared with the previous progress (before November) [25] - Refinancing Bond Net Supply: As of December 14, the cumulative scale of refinancing bonds minus local government bond maturities for the year is shown in the figure, and the statistical caliber includes both issued and disclosed but not yet issued bonds [27][28] Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of December 14, the special refinancing bond statistics are presented in the figure, including different rounds of issuance in various regions, and the statistical caliber includes both issued and disclosed but not yet issued bonds [31][32] - Special New Special Bond Issuance Statistics: As of December 14, the special new special bond statistics are presented in the figure, showing the issuance in 2023, 2024, and 2025 in various regions, and the statistical caliber includes both issued and disclosed but not yet issued bonds [34][35] Local Bond Investment and Trading - Primary - Secondary Spread: The primary and secondary spreads of local government bonds are presented in the figure, showing the spreads of different maturities on December 7 and December 14, 2025, and the changes [38] - Regional Secondary Spread: The regional secondary spreads of local government bonds from September 5, 2025, to December 12, 2025, in different regions are presented in the figure [39] New Special Bond Investment Directions - Project Investment Direction Monthly Statistics: The latest month's statistics only consider the investment directions of issued new bonds, and do not consider the pre - issuance disclosure of new bond investment directions [41]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - From November 24th to November 30th, the planned issuance of local government bonds is 329.69 billion yuan, including 224.12 billion yuan of new bonds (8.75 billion yuan of new general bonds and 215.37 billion yuan of new special bonds) and 105.57 billion yuan of refinancing bonds (66.39 billion yuan of refinancing general bonds and 39.19 billion yuan of refinancing special bonds) [1][5] - From November 17th to November 23rd, the actual issuance of local government bonds was 184.66 billion yuan, including 102.67 billion yuan of new bonds (20.36 billion yuan of new general bonds and 82.31 billion yuan of new special bonds) and 81.99 billion yuan of refinancing bonds (46.66 billion yuan of refinancing general bonds and 35.33 billion yuan of refinancing special bonds) [1][5] Summary by Directory Local Government Bond Actual Issuance and Forecasted Issuance - The net supply of local government bonds from November 17th to November 23rd was 126.7 billion yuan, and the forecasted net supply from November 24th to November 30th is 304.2 billion yuan [19] - There are differences between the planned issuance and actual issuance of local government bonds in October and November [15][20] Local Government Bond Net Supply - As of November 23rd, the issuance progress of new general bonds was 89.92%, and the issuance progress of new special bonds was 96.69% [26] - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of November 23rd is presented in the relevant chart [26] Special Bond Issuance Details - As of November 23rd, the total disclosed amount of the second batch of the fifth - round special refinancing bonds was 1998.887 billion yuan, and the total disclosed amount of the sixth - round special refinancing bonds was 217.56 billion yuan, with an additional 69.113 billion yuan disclosed next week. The top three regions in terms of the disclosed scale of the second batch of the fifth - round are Jiangsu (251.1 billion yuan), Hunan (128.8 billion yuan), and Henan (121.587 billion yuan) [5] - As of November 23rd, the total disclosed amount of special new special bonds in 2025 was 1296.705 billion yuan, and since 2023, it was 2484.569 billion yuan. The top three regions in terms of the disclosed scale are Jiangsu (244.035 billion yuan), Hubei (133.769 billion yuan), and Xinjiang (131.17 billion yuan). In 2025, the top three regions are Jiangsu (128.9 billion yuan), Guangdong (102.748 billion yuan), and Yunnan (72.997 billion yuan) [6] Local Government Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented in the relevant charts, including the overall first - level spread and the second - level spread by region [37][40] - The investment direction of new special bonds and the monthly statistics of project investment directions are also provided [42]

Report Summary 1. Core Viewpoints - From November 10 - 16, local government bonds are scheduled to be issued worth 2850.66 billion yuan, including 1519.16 billion yuan of new bonds (125.18 billion yuan of new general bonds and 1393.99 billion yuan of new special bonds) and 1331.50 billion yuan of refinancing bonds (854.25 billion yuan of refinancing general bonds and 477.25 billion yuan of refinancing special bonds) [2][6]. - From November 3 - 9, local government bonds were actually issued worth 916.07 billion yuan, including 452.11 billion yuan of new bonds (0.00 billion yuan of new general bonds and 452.11 billion yuan of new special bonds) and 463.97 billion yuan of refinancing bonds (336.64 billion yuan of refinancing general bonds and 127.33 billion yuan of refinancing special bonds) [2][7]. 2. Summary by Directory 2.1 Local Government Bond Actual and Forecasted Issuance - **Actual Issuance vs. Pre - issuance Disclosure**: Compares the actual issuance of local government bonds with pre - issuance disclosures, but specific data presentation is mainly through figures [14]. - **Planned Issuance vs. Actual Issuance**: Compares planned and actual issuances of new and refinancing bonds, with specific data presented in figures [16]. - **Local Government Bond Net Supply**: From November 3 - 9, the net supply of local government bonds was - 360 billion yuan; from November 10 - 16, the forecasted net supply is 2428 billion yuan [19]. - **New Bond Issuance Progress**: As of November 9, the issuance progress of new general bonds was 85.81%, and that of new special bonds was 91.65% [28]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local government bond maturities as of November 9 is presented in a figure [28]. 2.2 Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of November 9, the fifth - round second - batch special refinancing bonds totaled 19962.24 billion yuan, the sixth - round totaled 1111.43 billion yuan, with an additional 537.69 billion yuan newly disclosed for the next week. The top three regions in the fifth - round second - batch disclosure were Jiangsu (2511.00 billion yuan), Hunan (1288.00 billion yuan), and Henan (1189.24 billion yuan) [8]. - **Special New Special Bond Issuance Statistics**: As of November 9, 2025 special new special bonds totaled 12518.43 billion yuan, and since 2023, a total of 24397.06 billion yuan has been disclosed. The top three regions in 2025 were Jiangsu (1189.00 billion yuan), Guangdong (1027.48 billion yuan), and Yunnan (729.97 billion yuan) [8]. 2.3 Local Government Bond Investment and Trading - **Primary - Secondary Spread**: Compares the primary - secondary spreads of local government bonds on November 2 and November 9, presented in figures [40]. - **Regional Secondary Spread**: Compares regional secondary spreads of local government bonds, presented in a figure [41]. - **New Special Bond Investment Directions**: Presents the investment directions of new special bonds, with the latest month's statistics only considering issued new bonds, presented in a figure [42].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From September 29 to October 5, local bonds are expected to be issued at 10.7153 billion yuan, including 5.9341 billion yuan in new bonds (992 million yuan in new general bonds and 4.9421 billion yuan in new special bonds) and 4.7811 billion yuan in refinancing bonds (3.5178 billion yuan in refinancing general bonds and 1.2633 billion yuan in refinancing special bonds) [2][4] - From September 22 to September 28, local bonds were actually issued at 19.6051 billion yuan, including 15.5194 billion yuan in new bonds (560.4 million yuan in new general bonds and 14.959 billion yuan in new special bonds) and 4.0857 billion yuan in refinancing bonds (582.7 million yuan in refinancing general bonds and 3.503 billion yuan in refinancing special bonds) [2][5] - As of September 28, 2025, the total disclosed amount of special new special bonds in 2025 is 120.1225 billion yuan, and since 2023, the total disclosed amount is 238.9088 billion yuan. The top three regions in terms of disclosed scale are Jiangsu (23.4035 billion yuan), Xinjiang (13.117 billion yuan), and Hubei (12.8769 billion yuan). In 2025, the top three provinces or municipalities directly under the central government in terms of disclosed scale are Jiangsu (11.89 billion yuan), Guangdong (10.2748 billion yuan), and Yunnan (7.2997 billion yuan) [6] Summaries According to Relevant Catalogs Local Bond Actual Issuance and Forecast Issuance - **Actual Issuance and Pre - issuance Disclosure**: From September 22 to September 28, the net supply of local bonds was 12.25 billion yuan; from September 29 to October 5, the forecast net supply of local bonds is 9.81 billion yuan [10][12][15] - **Comparison of Planned and Actual Issuance**: The planned and actual issuance of local bonds in August and September are presented through charts, showing the differences between planned and actual issuance amounts of new bonds, new general bonds, new special bonds, and refinancing bonds [10][14][16] Local Bond Net Supply - **New Bond Issuance Progress**: As of September 28, the issuance progress of new general bonds is 82.29%, and that of new special bonds is 83.73% [10][25] - **Refinancing Bond Net Supply**: The chart shows the cumulative scale of refinancing bonds minus local bond maturities as of September 28 [10][25] Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: The chart shows the issuance amounts of special refinancing bonds in different rounds in various regions as of September 28, including five rounds and two batches in the fifth round. The statistical scope includes both issued and disclosed - but - not - issued bonds [28][29][30] - **Special New Special Bond Issuance Statistics**: As of September 28, the statistical situation of special new special bonds in different regions from 2023 to 2025 is presented, and the statistical scope includes both issued and disclosed - but - not - issued bonds [31][32][33] Local Bond Investment and Trading - **Primary - Secondary Spread**: The charts show the primary - secondary spreads of local bonds and the secondary spreads by region, including the changes from September 19 to September 26 [35][36][37] - **New Special Bond Investment Direction**: The chart shows the investment direction of new special bonds, and the latest monthly statistics only consider the investment directions of issued new bonds [38]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From September 15th to September 21st, the planned issuance of local government bonds is 18.8519 billion yuan, including 11.8538 billion yuan of new bonds (2.0715 billion yuan of new general bonds and 9.7823 billion yuan of new special bonds) and 6.9981 billion yuan of refinancing bonds (2.3888 billion yuan of refinancing general bonds and 4.6093 billion yuan of refinancing special bonds) [2][4]. - From September 8th to September 14th, the actual issuance of local government bonds is 30.1672 billion yuan, including 14.6601 billion yuan of new bonds (1.4732 billion yuan of new general bonds and 13.1868 billion yuan of new special bonds) and 15.5072 billion yuan of refinancing bonds (8.7045 billion yuan of refinancing general bonds and 6.8026 billion yuan of refinancing special bonds) [2][5]. - As of September 14, 2025, the total disclosed amount of special new special bonds in 2025 is 102.7566 billion yuan, and since 2023, the total disclosed amount is 221.8079 billion yuan. The top three regions in terms of disclosed scale are Jiangsu (23.4035 billion yuan), Hubei (12.8769 billion yuan), and Xinjiang (12.7460 billion yuan). In 2025, the top three provinces or municipalities directly under the central government in terms of disclosed scale are Jiangsu (11.89 billion yuan), Guangdong (8.7087 billion yuan), and Yunnan (7.2997 billion yuan) [6]. Summary by Related Catalogs Local Debt Actual Issuance and Forecast Issuance - **Actual Issuance and Pre - issuance Disclosure**: From September 8th to September 14th, the net supply of local government bonds is 19.28 billion yuan; from September 15th to September 21st, the forecast net supply of local government bonds is 3.09 billion yuan [14][17]. - **Comparison between Planned and Actual Issuance**: In August, there are differences between the planned and actual issuance of local government bonds; in September, there are also differences between the disclosed plan and the actual issuance [16][18]. Local Debt Net Supply - **New Bond Issuance Progress**: As of September 14, the issuance progress of new general bonds is 77.18%, and the issuance progress of new special bonds is 75.83% [25]. - **Refinancing Bond Net Supply**: The cumulative scale of refinancing bonds minus local government bond maturities as of September 14 shows the net supply situation of refinancing bonds [25]. Special Debt Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of September 14, it shows the issuance statistics of special refinancing bonds in different rounds for various regions [29]. - **Special New Special Bond Issuance Statistics**: As of September 14, it shows the issuance statistics of special new special bonds in 2023 - 2025 for various regions [32]. Local Debt Investment and Trading - **Primary - Secondary Spread**: It shows the primary - secondary spread and regional secondary spread of local government bonds [36][37]. - **New Special Bond Investment Direction**: It shows the investment direction of new special bonds and the monthly statistics of project investment directions [39].

Report Industry Investment Rating No information provided. Core Viewpoints - From August 25th to August 31st, the planned issuance of local government bonds is 351.597 billion yuan, including 223.289 billion yuan of new bonds (35.31 billion yuan of new general bonds and 187.979 billion yuan of new special bonds) and 128.308 billion yuan of refinancing bonds (65.693 billion yuan of refinancing general bonds and 62.615 billion yuan of refinancing special bonds) [2][4]. - From August 18th to August 24th, the actual issuance of local government bonds is 369.15 billion yuan, including 248.807 billion yuan of new bonds (9.539 billion yuan of new general bonds and 239.268 billion yuan of new special bonds) and 120.343 billion yuan of refinancing bonds (46.873 billion yuan of refinancing general bonds and 73.47 billion yuan of refinancing special bonds) [2][5]. Summary by Directory 1. Local Government Bond Actual Issuance and Forecast Issuance - **Actual Issuance and Pre - issuance Disclosure**: From August 18th to August 24th, the net supply of local government bonds is 208.8 billion yuan [13]. - **Comparison between Plan and Actual Issuance**: In July, there are differences between the planned and actual issuance of local government bonds. In August, there are also differences between the disclosed plan and the actual issuance [16][20]. - **Net Supply of Local Government Bonds**: The forecasted net supply of local government bonds from August 25th to August 31st is 243.5 billion yuan [18]. - **Issuance Progress of New Bonds**: As of August 24th, the issuance progress of new general bonds is 71.67%, and that of new special bonds is 69.54% [28]. - **Net Supply of Refinancing Bonds**: As of August 24th, the cumulative scale of refinancing bonds minus local government bond maturities is presented in the report [28]. 2. Special Bond Issuance Details - **Special Refinancing Bond Issuance Statistics**: As of August 24th, the fourth - round special refinancing bonds have a total disclosed amount of 4409.373 billion yuan, with 2020.848 billion yuan disclosed in 2025 and an additional 29.123 billion yuan disclosed next week. The top three regions in terms of disclosed scale are Jiangsu, Hunan, and Henan [6]. - **Special New Special Bond Issuance Statistics**: As of August 24th, the special new special bonds in 2025 have a total disclosed amount of 440.733 billion yuan, and since 2023, a total of 1631.246 billion yuan has been disclosed. The top three regions in terms of disclosed scale are Jiangsu, Hubei, and Xinjiang [6]. 3. Local Government Bond Investment and Trading - **Primary - Secondary Spread**: The report presents the primary and secondary spreads of local government bonds and the secondary spreads by region [39][40]. - **New Special Bond Investment Directions**: The report shows the investment directions of new special bonds and the monthly statistics of project investment directions [42].