Core Insights - Shandong issued a total of five types of local government bonds with varying maturities and interest rates, indicating active participation in the bond market [1] Group 1: Bond Issuance Details - Shandong issued a 7-year special local government bond for urban renovation with a scale of 12.03 billion and an interest rate of 1.68%, achieving a bid-to-cover ratio of 2.71 times, exceeding the expected ratio of 1.70 [1] - A 30-year special local government bond was issued with a scale of 70.86 billion and an interest rate of 2.03%, resulting in a bid-to-cover ratio of 2.29 times, above the expected ratio of 1.99 [1] - A 15-year special local government bond was issued with a scale of 40.34 billion and an interest rate of 1.94%, achieving a bid-to-cover ratio of 3.65 times, surpassing the expected ratio of 1.92 [1] - A 10-year special local government bond was issued with a scale of 10.19 billion and an interest rate of 1.74%, with a bid-to-cover ratio of 1.20 times, below the expected ratio of 1.73 [1] - Another 10-year special local government bond was issued with a scale of 18.93 billion and an interest rate of 1.75%, achieving a remarkable bid-to-cover ratio of 15.66 times, significantly higher than the expected ratio of 1.73 [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 - Guizhou issued 10-year special local bonds with a scale of 12.2 billion yuan and an issuance rate of 1.72% [1] - The marginal multiple for the 10-year bonds was 1.91 times, with an expected multiple of 1.75 [1] - Guizhou also issued 30-year ordinary special local bonds with a scale of 15 billion yuan and an issuance rate of 2.04% [1] Group 2 - The marginal multiple for the 30-year bonds was 8.33 times, with an expected multiple of 2.00 [1]

Core Insights - Yunnan has issued various special local bonds with different maturities and scales, indicating active financing efforts in infrastructure projects [1] Group 1: Bond Issuance Details - Yunnan issued a 30-year special local bond for toll roads with a scale of 2.00 billion and an interest rate of 2.05%, achieving a marginal multiple of 1.82, with an expected multiple of 2.00 [1] - A 7-year special local bond for urban renovation was issued with a scale of 1.10 billion and an interest rate of 1.64%, achieving a marginal multiple of 2.73, with an expected multiple of 1.65 [1] - A 10-year special local bond was issued with a scale of 17.04 billion and an interest rate of 1.70%, achieving a marginal multiple of 2.10, with an expected multiple of 1.74 [1] - Another 30-year special local bond was issued with a scale of 15.01 billion and an interest rate of 2.03%, achieving a marginal multiple of 1.64, with an expected multiple of 1.99 [1] - A 7-year special local bond was issued with a scale of 65.70 billion and an interest rate of 1.64%, achieving a marginal multiple of 2.00, with an expected multiple of 1.65 [1]

Group 1 - Guangdong issued 10-year special local bonds with a scale of 30.621 billion, an issuance rate of 1.7500%, and a marginal multiple of 3.51 times, exceeding the expected multiple of 1.73 [1] - Guangdong issued 20-year special local bonds with a scale of 45.7627 billion, an issuance rate of 2.0300%, and a marginal multiple of 1.33 times, below the expected multiple of 1.98 [1]

Group 1 - Chongqing issued a 10-year special local bond with a scale of 63 billion yuan [1] - The issuance interest rate is set at 1.69% [1] - The marginal multiple of the bond issuance is 1.13 times, with an expected multiple of 2.00 [1]

Summary of Key Points Core Viewpoint - Guangdong has issued various types of local government bonds with different maturities and interest rates, indicating active participation in the bond market to raise funds for local projects [1]. Group 1: Bond Issuance Details - Guangdong issued 7-year special local bonds with a scale of 12.94 billion, an interest rate of 1.67%, and a marginal multiple of 1.37, with an expected multiple of 2.31 [1]. - Guangdong issued 10-year special local bonds with a scale of 135.86 billion, an interest rate of 1.76%, and a marginal multiple of 1.11, with an expected multiple of 2.32 [1]. - Guangdong issued 20-year special local bonds with a scale of 151.75 billion, an interest rate of 2.12%, and a marginal multiple of 25.73, with an expected multiple of 2.07 [1]. - Guangdong issued 7-year general local bonds with a scale of 49.23 billion, an interest rate of 1.67%, and a marginal multiple of 2.02, with an expected multiple of 2.34 [1]. - Guangdong issued another set of 7-year general local bonds with a scale of 36.99 billion, an interest rate of 1.67%, and a marginal multiple of 1.85, with an expected multiple of 1.68 [1].

Group 1 - Xinjiang issued 15-year general local bonds with a scale of 43.49 billion yuan and an issuance rate of 2.02%, with a marginal multiple of 1.41 times, exceeding the expected multiple of 2.00 [1] - Xinjiang issued 5-year general local bonds with a scale of 5.83 billion yuan and an issuance rate of 1.62%, achieving a marginal multiple of 4.40 times, significantly higher than the expected multiple of 1.63 [1] - Xinjiang issued 10-year other special local bonds with a scale of 24.4 billion yuan and an issuance rate of 1.82%, with a marginal multiple of 2.00 times, matching the expected multiple of 1.82 [1] Group 2 - Xinjiang issued 10-year shantytown renovation special local bonds with a scale of 4 billion yuan and an issuance rate of 1.86%, resulting in a marginal multiple of 4.67 times, surpassing the expected multiple of 1.82 [1] - Xinjiang issued 15-year other special local bonds with a scale of 8.2 billion yuan and an issuance rate of 2.06%, with a marginal multiple of 1.23 times, below the expected multiple of 2.00 [1]

Group 1 - Shanxi issued 7-year general local bonds with a scale of 14.3018 billion yuan and an issuance rate of 1.6500%, with a marginal multiple of 3.78 times, exceeding the expected multiple of 1.68 [1] - Shanxi issued 10-year special local bonds for housing renovation with a scale of 5.8900 billion yuan and an issuance rate of 1.7100%, with a marginal multiple of 1.58 times, below the expected multiple of 1.80 [1] - Shanxi issued 10-year other special local bonds with a scale of 10.2200 billion yuan and an issuance rate of 1.7100%, with a marginal multiple of 1.14 times, below the expected multiple of 1.79 [1] - Shanxi issued 15-year other special local bonds with a scale of 12.9800 billion yuan and an issuance rate of 2.0500%, with a marginal multiple of 1.97 times, slightly below the expected multiple of 1.99 [1]