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 - Shandong issued 15-year special local bonds with a scale of 36.03 billion, an issuance rate of 1.94%, and a marginal multiple of 3.70 times, exceeding the expected multiple of 1.92 [1] - Shandong issued 7-year land reserve special local bonds with a scale of 42.88 billion, an issuance rate of 1.68%, and a marginal multiple of 3.29 times, exceeding the expected multiple of 1.70 [1] - Shandong issued 10-year ordinary special local bonds with a scale of 47.2891 billion, an issuance rate of 1.74%, and a marginal multiple of 1.11 times, below the expected multiple of 1.73 [1]

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 - Inner Mongolia issued 15-year special local bonds with a scale of 155 billion yuan and an issuance interest rate of 1.97% [1] - The marginal multiple for the 15-year bonds was 3.17 times, with an expected multiple of 1.96 [1] - Inner Mongolia also issued 20-year special local bonds for rail transit with a scale of 10 billion yuan and an issuance interest rate of 2.03% [1] Group 2 - The marginal multiple for the 20-year rail transit bonds was 10.33 times, with an expected multiple of 2.03 [1]

Group 1 - Xinjiang issued 10-year general local bonds with a scale of 27.53 billion yuan and an issuance rate of 1.74%, with a marginal multiple of 5.44 times, exceeding the expected multiple of 1.73 [1] - Xinjiang issued 7-year general local bonds with a scale of 17.12 billion yuan and an issuance rate of 1.63%, with a marginal multiple of 2.04 times, exceeding the expected multiple of 1.64 [1] - Xinjiang issued 10-year special local bonds for housing improvement with a scale of 0.26 billion yuan and an issuance rate of 1.77%, with a marginal multiple of 1.67 times, slightly below the expected multiple of 1.72 [1] - Xinjiang issued 15-year other special local bonds with a scale of 27.71 billion yuan and an issuance rate of 1.95%, with a marginal multiple of 2.21 times, exceeding the expected multiple of 1.93 [1]

Core Points - Liaoning issued a 10-year general local government bond with a scale of 15.96698 billion yuan and an issuance rate of 1.7800%, with a marginal multiple of 3.09 times, exceeding the expected multiple of 1.76 [1] - The province also issued a 10-year medical special local government bond with a scale of 105 million yuan and an issuance rate of 1.8000%, achieving a marginal multiple of 2.00 times, matching the expected multiple of 1.76 [1] - Additionally, a 15-year other special local government bond was issued with a scale of 740 million yuan and an issuance rate of 2.0300%, resulting in a marginal multiple of 1.25 times, below the expected multiple of 1.98 [1] - A 20-year other special local government bond was issued with a scale of 865 million yuan and an issuance rate of 2.0800%, with a marginal multiple of 1.05 times, lower than the expected multiple of 2.08 [1] - Lastly, a 30-year other special local government bond was issued with a scale of 500 million yuan and an issuance rate of 2.0800%, achieving a marginal multiple of 1.29 times, slightly below the expected multiple of 2.05 [1]

Core Insights - Jiangsu Province issued various local government bonds with different maturities and interest rates, indicating active participation in the bond market [1] Summary by Category 1-Year General Bonds - Issued amount: 73.1 billion - Issuance interest rate: 1.50% - Bid-to-cover ratio: 14.48 times, with an expected ratio of 1.50 [1] 10-Year General Bonds - Issued amount: 114.9 billion - Issuance interest rate: 1.76% - Bid-to-cover ratio: 4.12 times, with an expected ratio of 2.51 [1] 7-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.67% - Bid-to-cover ratio: 5.67 times, with an expected ratio of 3.10 [1] 15-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.92% - Bid-to-cover ratio: 2.66 times, with an expected ratio of 1.94 [1] 20-Year Other Special Bonds - Issued amount: 251 billion - Issuance interest rate: 2.03% - Bid-to-cover ratio: 2.93 times, with an expected ratio of 2.05 [1]

Core Points - Ningbo issued a 15-year special local government bond with a scale of 0.180 billion [1] - The issuance interest rate is set at 1.910 percent [1] - The marginal multiple of the bond issuance reached 5.00 times, with an expected multiple of 2.34 [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]