点击上图 ▲立即加入 2万亿再融资专项置换债发行超八成 5月29日消息，今年全国已有33个地区（省和计划单列市）启动再融资专项置换债发行，累计完成发行规模16291.11亿元。以2万亿额度计算， 今年的置换再融资债发行进程已达81.45%。其中，江苏省已完成2511亿元的置换债发行，是唯一一个发行规模超过千亿的地区。 5月至今，全国置换债只发行了211亿元，较前期的千亿规模明显降速。在置换债发行降速的同时，新增专项债开始放量。5月新增专项债发行 4432亿元，前四个月的发行规模分别为2048亿、3920亿、3635亿、2301亿元。今年前五个月新增专项债累计发行1.63万亿，达到今年4.4万亿 额度的37%。（财联社） ｜点评｜ 今年置换债发行逐渐进入尾声，地方政府新增债券的发行即将提速。置换债的发行是为了缓解地方政府存量债务压力，将短期高利率 债券置换为中长期低利率债券，减少地方政府利息支出。地方政府支出项减少后，对新项目的投资包袱将减轻不少，更有余力支持促消费等增 量政策的实施。 今年地方政府和国债发行力度明显加大，对市场的流动性形成一定扰动，债市供给增多，商业银行、保险机构等部门对债券购买的热情有所降 ...

Core Insights - The aviation industry continues to exhibit a "price for volume" characteristic, with airlines experiencing lower-than-expected operational efficiency, leading to a situation where passenger numbers are high but financial performance is weak [1][3][19] Pricing Adjustments - Starting April 5, 2025, domestic fuel surcharges will be reduced: 20 yuan for flights over 800 kilometers and 10 yuan for flights 800 kilometers or less, marking a decrease of 20 yuan and 10 yuan respectively compared to previous rates [4][6] - The last adjustment to fuel surcharges occurred in February 2025, which had increased the fees, indicating that the current reduction returns the charges to early-year levels [6] Ticket Pricing Trends - Average ticket prices for the Qingming holiday are approximately 672.9 yuan, reflecting a 2.7% decrease compared to 2019 and a 7.0% decrease compared to 2024 [6] - International ticket prices have also decreased, with flights to destinations like Bangkok and Singapore showing nearly a 10% drop compared to last year [16] Passenger Demand and Flight Volume - Daily passenger volume during the Qingming holiday is expected to reach approximately 1.876 million, a 10.3% increase from 2024, while the growth in flight numbers is smaller, with an expected increase of 5.7% [9] - Among the top 20 airlines, 15 are projected to see year-on-year growth in flight numbers, with some airlines like Tibet Airlines and China National Aviation experiencing significant increases [9] Airport Activity - 38 major airports are expected to see an increase in flight volumes compared to 2024, with Guangzhou Baiyun and Shenzhen Baoan airports showing the highest growth rates [13] Market Dynamics - The international flight market is recovering, with March 2025 seeing nearly 54,000 international flights, reaching 85.5% of pre-pandemic levels [19] - The competition between airlines and high-speed rail is intensifying, leading to a structural shift in passenger demographics, with high-end travelers moving to rail and budget travelers shifting to air travel [22]