Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The issuance and net financing of local government bonds in the current period (2025.12.15 - 2025.12.21) decreased significantly compared to the previous period, and the expected issuance and net financing in the next period (2025.12.22 - 2025.12.28) will also decline significantly. The weighted issuance term of local government bonds in the current period has lengthened. The issuance of new special bonds has used part of the 500 billion yuan carry - over quota, and the cumulative issuance in the current and next periods exceeds the original quota. The current spread between local government bonds and treasury bonds shows a narrowing trend for the 10Y and a widening trend for the 30Y, and the weekly turnover rate has decreased. Attention should be paid to the cost - effectiveness of 3/10/15Y local government bonds [2]. Summary by Directory 1. The issuance volume of local government bonds in the current period decreased, and the weighted issuance term lengthened - The total issuance/net financing of local government bonds in the current period (2025.12.15 - 2025.12.21) was 40.037 billion yuan/28.157 billion yuan (compared with 106.955 billion yuan/62.187 billion yuan in the previous period), and the expected issuance/net financing in the next period (2025.12.22 - 2025.12.28) is 2.037 billion yuan/- 3.174 billion yuan. The weighted issuance term of local government bonds in the current period was 16.15 years, which was longer than 12.52 years in the previous period [2][9]. - As of December 19, 2025, the cumulative issuance of new general bonds/new special bonds accounted for 96.2% and 103.4% of the annual quota respectively. Considering the expected issuance in the next period, it remains at 96.2% and 103.4%. The cumulative issuance in the current and next periods exceeds the original 4.4 trillion yuan quota by 14.95 billion yuan/15.15 billion yuan. The cumulative issuance progress in 2024 was 92.0%/99.7% and 94.5%/99.8%, and in 2023, it was 97.2%/98.0% and 97.3%/98.1% [2]. - The planned issuance scale of local government bonds in December 2025 is 176.1 billion yuan in total, of which new special bonds are 58.4 billion yuan. As of December 19, 2025, 17 regions have disclosed a total planned issuance scale of 176.1 billion yuan, with new special bonds of 58.4 billion yuan. The previous year's issuance in the same regions was 420.3 billion yuan and 800 million yuan, and the national issuance in the same period of the previous year was 1091.3 billion yuan and 2.11 billion yuan [2]. - In the current period, the issuance of special new special bonds was 1.2 billion yuan, and there was no issuance of special refinancing bonds for replacing implicit debts and repaying existing debts. As of December 19, 2025, the cumulative issuance of special new special bonds was 1366.8 billion yuan (1.2 billion yuan in the current period); the cumulative issuance of special refinancing bonds for replacing implicit debts was 2000 billion yuan (0 billion yuan in the current period), with the issuance progress reaching 100%, and this year's quota has been fully issued; since October 2025, the cumulative issuance of special refinancing bonds for repaying existing debts (possibly from the 500 billion yuan carry - over quota mentioned in the press conference of the Ministry of Finance on October 17) was 287.5 billion yuan (0 billion yuan in the current period) [2]. 2. The spread between local government bonds and treasury bonds in the current period narrowed for the 10Y and widened for the 30Y, and the weekly turnover rate decreased - As of December 19, 2025, the spreads between 10 - year and 30 - year local government bonds and treasury bonds were 22.92BP and 21.48BP respectively, narrowing by 1.12BP and widening by 3.35BP compared with December 12, 2025 (which were 24.04BP and 18.13BP respectively on December 12, 2025), and were at the 72.20% and 83.20% historical quantiles since 2023 respectively. The weekly turnover rate of local government bonds in the current period was 0.77%, a decrease compared with 0.86% in the previous period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Yunnan, Jilin, and Guizhou were better than the national average [2]. - Regarding the cost - effectiveness of local government bonds, taking 10 - year local government bonds as an observation anchor, since 2018, the top of the spread adjustment may be about 20 - 25BP higher than the lower limit of the issuance spread, and the bottom may be near the lower limit of the issuance spread. Currently, the top of the spread between local government bonds and treasury bonds may be around 30 - 35BP, and the bottom may be around 5 - 10BP [2].

Core Insights - The total issuance of special new bonds reached 1.3583 trillion yuan as of December 5, 2025, with 7.4 billion yuan issued in the current period [1] - The cumulative issuance of refinancing bonds for replacing hidden debts has reached 2 trillion yuan, with 1.1 billion yuan issued in the current period, achieving a 100% issuance progress for this year's quota [1] - Since October 2025, the cumulative issuance of special refinancing bonds for repaying existing debts has reached 270.6 billion yuan, with 50.2 billion yuan issued in the current period [1] Summary by Region - **Guangdong**: Issued 1.127 billion yuan of special new bonds in 2025, with a total of 4.66 billion yuan for the year, achieving 109.4% of the issuance target [2] - **Shandong**: Issued 472 million yuan of ordinary/project income bonds, with a total of 3.521 billion yuan of special new bonds issued in 2025, achieving 106.0% of the target [2] - **Zhejiang**: Issued 528 million yuan of ordinary/project income bonds, with a total of 3.12 billion yuan of special new bonds issued in 2025, achieving 111.0% of the target [2] - **Jiangsu**: Issued 1.289 billion yuan of ordinary/project income bonds, with a total of 2.785 billion yuan of special new bonds issued in 2025, achieving 117.8% of the target [2] - **Sichuan**: Issued 633 million yuan of ordinary/project income bonds, with a total of 2.388 billion yuan of special new bonds issued in 2025, achieving 110.7% of the target [2] - **Henan**: Issued 737 million yuan of ordinary/project income bonds, with a total of 2.003 billion yuan of special new bonds issued in 2025, achieving 105.0% of the target [2] - **Anhui**: Issued 414 million yuan of ordinary/project income bonds, with a total of 1.760 billion yuan of special new bonds issued in 2025, achieving 103.9% of the target [2] - **Hubei**: Issued 459 million yuan of ordinary/project income bonds, with a total of 1.872 billion yuan of special new bonds issued in 2025, achieving 112.7% of the target [2] - **Jiangxi**: Issued 250 million yuan of ordinary/project income bonds, with a total of 1.562 billion yuan of special new bonds issued in 2025, achieving 100.7% of the target [2] - **Hebei**: Issued 702 million yuan of ordinary/project income bonds, with a total of 2.177 billion yuan of special new bonds issued in 2025, achieving 140.5% of the target [2] - **Xinjiang**: Issued 364 million yuan of ordinary/project income bonds, with a total of 1.238 billion yuan of special new bonds issued in 2025, achieving 82.1% of the target [2] - **Hunan**: Issued 615 million yuan of ordinary/project income bonds, with a total of 1.461 billion yuan of special new bonds issued in 2025, achieving 102.6% of the target [2] - **Fujian**: Issued 338 million yuan of ordinary/project income bonds, with a total of 1.505 billion yuan of special new bonds issued in 2025, achieving 105.9% of the target [2] - **Beijing**: Issued 151 million yuan of ordinary/project income bonds, with a total of 1.233 billion yuan of special new bonds issued in 2025, achieving 117.7% of the target [2] - **Tianjin**: Issued 362 million yuan of ordinary/project income bonds, with a total of 880 million yuan of special new bonds issued in 2025, achieving 98.0% of the target [2] - **Yunnan**: Issued 730 million yuan of ordinary/project income bonds, with a total of 845 million yuan of special new bonds issued in 2025, achieving 113.7% of the target [2] - **Ningxia**: Issued 91 million yuan of ordinary/project income bonds, with a total of 213 million yuan of special new bonds issued in 2025, achieving 625.0% of the target [2] Overall Summary - The total issuance of special new bonds across all regions in 2025 reached 1.3583 trillion yuan, with a total of 4.4962 trillion yuan planned for the year, achieving 112.3% of the issuance target [2] - The cumulative issuance of refinancing bonds for replacing hidden debts reached 2 trillion yuan, with 100% of the issuance target met [2]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The issuance and net financing of local government bonds increased significantly on a weekly basis this period but are expected to decline significantly next period. As of November 28, 2025, the cumulative issuance of new general bonds and new special-purpose bonds accounted for 91.4% and 100.7% of the annual quota respectively, and 92.8% and 101.6% considering the expected issuance next period [4]. - As of November 28, 2025, the issuance of special new special-purpose bonds this period was 541 billion yuan, the issuance of special refinancing bonds for replacing hidden debts was 27 billion yuan, and the issuance of special refinancing bonds for repaying existing debts was 788 billion yuan. The cumulative issuance of special new special-purpose bonds reached 13,508 billion yuan, the cumulative issuance of special refinancing bonds for replacing hidden debts reached 19,989 billion yuan with a progress of 99.9%, and the cumulative issuance of special refinancing bonds for repaying existing debts since October 2025 was 2,204 billion yuan [4]. - The spread between local government bonds and treasury bonds widened for 10Y and 30Y, and the weekly turnover rate decreased on a weekly basis. As of November 28, 2025, the spreads of 10-year and 30-year local government bonds over treasury bonds were 17.88BP and 22.49BP respectively, up 3.54BP and 4.25BP from November 21, 2025. The weekly turnover rate of local government bonds this period was 0.69%, down from 0.80% last period [4]. - Currently, the spreads of 15/20/30Y, especially 15Y, local government bonds over treasury bonds have certain value for investment. Since 2018, the top of the spread adjustment may be about 20 - 25BP above the lower limit of the issuance spread, and the bottom may be near the lower limit of the issuance spread. Currently, the top of the spread between local government bonds and treasury bonds may be around 30 - 35BP, and the bottom may be around 5 - 10BP [4]. 3. Summary According to the Table of Contents 3.1 This Period: Local Government Bond Issuance Increased and the Weighted Issuance Term Lengthened - This period (November 24 - 30, 2025), the total issuance/net financing of local government bonds was 351.359 billion yuan/326.212 billion yuan (last period was 184.659 billion yuan/126.343 billion yuan), and next period (December 1 - 7, 2025), the expected issuance/net financing is 108.717 billion yuan/60.494 billion yuan [4][11]. - The weighted issuance term of local government bonds this period was 15.41 years, longer than 14.30 years last period (November 17 - 23, 2025) [4][12]. - As of November 28, 2025, the cumulative issuance of new general bonds and new special-purpose bonds accounted for 91.4% and 100.7% of the annual quota respectively, and 92.8% and 101.6% considering the expected issuance next period. The part exceeding 100% may come from the 500 billion yuan of remaining quota mentioned in the press conference of the Ministry of Finance on October 17 [4][20]. - The planned issuance of local government bonds in December 2025 is 105 billion yuan in total, including 21.3 billion yuan of new special-purpose bonds. As of November 28, 2025, 11 regions have disclosed a total planned issuance of 105 billion yuan, compared with 242.6 billion yuan and 8 billion yuan in the same regions and 1,091.3 billion yuan and 21.1 billion yuan nationwide in the same period last year [4][26]. - As of November 28, 2025, the cumulative issuance of special new special-purpose bonds was 13,508 billion yuan (54.1 billion yuan issued this period); the cumulative issuance of special refinancing bonds for replacing hidden debts was 19,989 billion yuan (2.7 billion yuan issued this period) with a progress of 99.9%, and 32 regions including Zhejiang have completed the issuance (only 1.1 billion yuan of quota in Henan remains to be issued); since October 2025, the cumulative issuance of special refinancing bonds for repaying existing debts (possibly from the 500 billion yuan of remaining quota mentioned in the press conference of the Ministry of Finance on October 17) was 2,204 billion yuan (78.8 billion yuan issued this period) [4][22]. 3.2 This Period: The Spread between Local Government Bonds and Treasury Bonds Widened for 10Y and 30Y, and the Weekly Turnover Rate Decreased on a Weekly Basis - As of November 28, 2025, the spreads of 10-year and 30-year local government bonds over treasury bonds were 17.88BP and 22.49BP respectively, up 3.54BP and 4.25BP from November 21, 2025, and were at the 42.70% and 88.00% historical percentiles since 2023 respectively [4][36]. - The weekly turnover rate of local government bonds this period was 0.69%, down from 0.80% last period. The yields and liquidity of 7 - 10Y local government bonds in regions such as Yunnan, Inner Mongolia, and Tianjin were better than the national average [4].

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].

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 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].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The issuance and net financing of local government bonds in the current period (2025.06.23 - 2025.06.29) increased significantly compared to the previous period, but are expected to decline significantly in the next period (2025.06.30 - 2025.07.04). The weighted issuance term of local government bonds in the current period was 14.95 years, longer than the previous period's 10.86 years [2]. - The issuance of new local government bonds accelerated significantly in the current period but is expected to slow down in the next period. As of June 27, 2025, the cumulative issuance of new general bonds and new special bonds accounted for 55.6% and 48.0% of the annual quota respectively, and 56.5% and 49.2% considering the next - period's expected issuance. The cumulative issuance progress is lower than that of 2023 but higher than that of 2024 during the same period [2]. - 29 regions have disclosed that the planned issuance of local government bonds from July to September 2025 totals 254.99 billion yuan, including 139.54 billion yuan of new special bonds [2]. - In the current period, 16.93 billion yuan of special new special bonds and 5.97 billion yuan of special refinancing bonds to replace hidden debts were issued. As of June 27, 2025, the cumulative issuance of special new special bonds reached 44.23 billion yuan, and the cumulative issuance of special refinancing bonds to replace hidden debts reached 179.59 billion yuan, with an issuance progress of 89.8%. 24 regions including Zhejiang have completed the issuance (Shandong and Sichuan were added in the current period) [2]. - In the current period, the spreads between 10 - year and 30 - year local government bonds and treasury bonds first decreased and then increased, with a slight overall widening. The weekly turnover rate decreased slightly. As of June 27, 2025, the spreads of 10 - year and 30 - year local government bonds over treasury bonds were 15.38BP and 20.04BP respectively, 0.34BP and 0.80BP wider than on June 13, 2025. The weekly turnover rate of local government bonds was 0.99%, basically the same as the previous period's 1.00%. The yields and liquidity of 7 - 10 - year local government bonds in regions such as Inner Mongolia, Guizhou, and Heilongjiang were better than the national average [2]. - Currently, local government bonds still have certain allocation and trading values. For institutions such as bank self - operations, insurance, and securities firm self - operations, local government bonds have allocation value, especially those with a term of 7 years and above, with 15 - year and 30 - year bonds being more cost - effective. For public funds and other institutions, local government bonds still have trading value. It is recommended to focus on 7 - year, 10 - year, 15 - year (with considerable riding gains and good trading activity), and 20 - 30 - year (high absolute coupon and high trading activity) local government bonds and select regions with high valuation cost - effectiveness and good liquidity [2]. Summary According to the Table of Contents 1. The Issuance Volume of Local Government Bonds in the Current Period Increased, and the Weighted Issuance Term Lengthened - The total issuance of local government bonds in the current period was 641.64 billion yuan (261.753 billion yuan in the previous period), and the announced issuance in the next period is 72.139 billion yuan. The weighted issuance term of local government bonds in the current period was 14.95 years, longer than the previous period's 10.86 years [2][10]. - As of June 27, 2025, the cumulative issuance of new general bonds and new special bonds accounted for 55.6% and 48.0% of the annual quota respectively, and 56.5% and 49.2% considering the next - period's expected issuance. The cumulative issuance progress in 2024 was 42.9%/36.6% and 46.6%/38.5%, and in 2023 it was 57.3%/54.2% and 60.3%/57.2% [2][19]. - As of June 27, 2025, the cumulative issuance of special new special bonds reached 44.23 billion yuan (16.93 billion yuan in the current period), and the cumulative issuance of special refinancing bonds to replace hidden debts reached 179.59 billion yuan (5.97 billion yuan in the current period), with an issuance progress of 89.8%. 24 regions including Zhejiang have completed the issuance (Shandong and Sichuan were added in the current period) [2][21]. - 29 regions have disclosed that the planned issuance of local government bonds from July to September 2025 totals 254.99 billion yuan (129.7 billion yuan, 71.35 billion yuan, and 53.95 billion yuan from July to September respectively), including 139.54 billion yuan of new special bonds. In the same period last year, the issuance in the same regions was 258.49 billion yuan and 170.54 billion yuan, and the national issuance was 319.48 billion yuan and 210.59 billion yuan [2][7]. 2. The Spreads between 10 - Year and 30 - Year Local Government Bonds and Treasury Bonds in the Current Period First Decreased and then Increased, with a Slight Overall Widening, and the Weekly Turnover Rate was Basically Flat - As of June 27, 2025, the spreads of 10 - year and 30 - year local government bonds over treasury bonds were 15.38BP and 20.04BP respectively, 0.34BP and 0.80BP wider than on June 13, 2025, and were at the 21.8% and 76.4% historical quantiles since 2023 respectively [2][34]. - The weekly turnover rate of local government bonds in the current period was 0.99%, basically the same as the previous period's 1.00%. The yields and liquidity of 7 - 10 - year local government bonds in regions such as Inner Mongolia, Guizhou, and Heilongjiang were better than the national average [2].