Group 1 - Xinjiang issued 10-year general local bonds with a scale of 37.75 billion yuan and an issuance interest rate of 1.81% with a marginal multiple of 5.42, exceeding the expected multiple of 1.78 [1] - Xinjiang issued 5-year general local bonds with a scale of 4.75 billion yuan and an issuance interest rate of 1.63% with a marginal multiple of 1.83, surpassing the expected multiple of 1.65 [1] - Xinjiang issued 10-year ordinary special local bonds with a scale of 19.32 billion yuan and an issuance interest rate of 1.83% with a marginal multiple of 2.16, higher than the expected multiple of 1.79 [1]

Core Insights - Shaanxi Province issued a 10-year general local government bond with a scale of 6.9583 billion, an issuance rate of 1.7800%, and a marginal multiple of 2.61, exceeding the expected multiple of 1.80 [1] - The province also issued a 7-year special local government bond for housing renovation with a scale of 200 million, an issuance rate of 1.6900%, and a marginal multiple of 1.35, below the expected multiple of 1.72 [1] - Additionally, Shaanxi issued two 20-year special local government bonds, one with a scale of 2.974 billion at an issuance rate of 2.1100% and a marginal multiple of 1.74, and another with a scale of 758 million at an issuance rate of 2.1200% and a significantly high marginal multiple of 10.32, both exceeding the expected multiple of 2.04 [1][1]

Group 1 - Sichuan issued 10-year general local bonds with a scale of 8.35498 billion, an issuance rate of 1.7400%, and a marginal multiple of 2.62 times, exceeding the expected multiple of 1.75 [1] - Sichuan also issued 10-year ordinary special local bonds with a scale of 1.09302 billion, an issuance rate of 1.7500%, and a marginal multiple of 2.33 times, matching the expected multiple of 1.75 [1]

Summary of Key Points Core Viewpoint - Chongqing has successfully issued multiple local government bonds with varying maturities and interest rates, indicating strong demand and investor confidence in the region's financial instruments [1]. Group 1: Bond Issuance Details - Chongqing issued 10-year general local bonds with a scale of 11.907 billion yuan and an interest rate of 1.75%, achieving a marginal multiple of 3.15 times against a forecast of 1.75 [1]. - The city also issued 15-year special local bonds totaling 2.727 billion yuan at an interest rate of 1.95%, with a marginal multiple of 5.02 times, exceeding the expected 1.94 [1]. - A 20-year special local bond was issued for 2.534 billion yuan at a rate of 2.05%, with a marginal multiple of 1.26 times, below the anticipated 2.03 [1]. - Chongqing issued 30-year special local bonds amounting to 14.645 billion yuan at an interest rate of 2.06%, achieving a remarkable marginal multiple of 35.56 times, significantly higher than the expected 2.04 [1]. - Additionally, another 15-year special local bond was issued for 2.8 billion yuan at a rate of 1.95%, with a marginal multiple of 3.02 times, aligning with the forecast of 1.94 [1].

Group 1 - Guangxi issued 20-year special local bonds with a scale of 87.73 billion yuan and an issuance interest rate of 2.05%, with a marginal multiple of 10.71 times, exceeding the expected multiple of 2.01 [1] - Guangxi issued 10-year general local bonds with a scale of 163.92 billion yuan and an issuance interest rate of 1.71%, with a marginal multiple of 1.34 times, below the expected multiple of 1.73 [1] - Guangxi issued 20-year ordinary special local bonds with a scale of 33.85 billion yuan and an issuance interest rate of 2.05%, with a marginal multiple of 14.76 times, exceeding the expected multiple of 2.02 [1]

Group 1 - Hebei issued 10-year general local bonds with a scale of 19.79 billion yuan and an issuance rate of 1.71% [1] - The marginal multiple for the general local bonds was 1.02 times, with an expected multiple of 1.74 [1] - Hebei also issued 10-year ordinary special local bonds with a scale of 4.7 billion yuan and an issuance rate of 1.74% [1] Group 2 - The marginal multiple for the ordinary special local bonds was 6.00 times, with an expected multiple of 1.74 [1]

Core Insights - Dalian issued 10-year general local bonds with a scale of 5.91405 billion, an issuance rate of 1.7100%, and a marginal multiple of 1.16 times, with an expected multiple of 1.75 [1] - Dalian also issued 20-year ordinary special local bonds with a scale of 723 million, an issuance rate of 2.0400%, and a marginal multiple of 3.53 times, with an expected multiple of 2.02 [1] Summary by Category - **Bond Issuance** - Dalian's 10-year general local bonds totaled 5.91405 billion with a rate of 1.7100% and a marginal multiple of 1.16 times [1] - The expected multiple for the 10-year bonds was 1.75 [1] - **Special Bonds** - The 20-year ordinary special local bonds issued by Dalian amounted to 723 million with a rate of 2.0400% and a marginal multiple of 3.53 times [1] - The expected multiple for the 20-year bonds was 2.02 [1]

Group 1 - Xinjiang issued 10-year general local bonds with a scale of 12.214 billion yuan and an issuance rate of 1.7400%, with a marginal multiple of 1.46 times, slightly below the expected multiple of 1.75 [1] - Xinjiang issued 10-year other special local bonds with a scale of 2.493 billion yuan and an issuance rate of 1.7800%, achieving a marginal multiple of 1.67 times, also below the expected multiple of 1.75 [1] - Xinjiang issued 15-year other special local bonds with a scale of 3.340 billion yuan and an issuance rate of 1.9500%, with a marginal multiple of 1.81 times, slightly below the expected multiple of 1.94 [1] Group 2 - Xinjiang issued 20-year other special local bonds with a scale of 1.686 billion yuan and an issuance rate of 2.0500%, achieving a significantly high marginal multiple of 6.96 times, exceeding the expected multiple of 2.03 [1] - Xinjiang issued 30-year other special local bonds with a scale of 8.600 billion yuan and an issuance rate of 2.0500%, with a marginal multiple of 6.03 times, also exceeding the expected multiple of 2.04 [1]

Group 1 - Heilongjiang issued a 5-year general local government bond with a scale of 1.22382 billion, an issuance rate of 1.5500%, and a marginal multiple of 3.91, exceeding the expected multiple of 1.57 [1] - Heilongjiang issued a 10-year special local government bond with a scale of 8.9 billion, an issuance rate of 1.7400%, and a marginal multiple of 13.40, surpassing the expected multiple of 1.75 [1] - Heilongjiang issued a 10-year general local government bond with a scale of 5.96794 billion, an issuance rate of 1.7000%, and a marginal multiple of 6.26, slightly above the expected multiple of 1.74 [1]

Group 1 - Ningbo issued 10-year general local bonds with a scale of 12.27065 billion yuan and an issuance rate of 1.6900% with a marginal multiple of 2.37, exceeding the expected multiple of 1.73 [1] - Ningbo issued 7-year ordinary special local bonds with a scale of 3.34233 billion yuan and an issuance rate of 1.6500% with a marginal multiple of 4.85, surpassing the expected multiple of 1.67 [1]