Group 1 - Chongqing issued 30-year special local bonds with a scale of 50.08 billion and an issuance rate of 2.06% with a marginal multiple of 17.43 times, exceeding the expected multiple of 2.02 [1] - Chongqing issued 7-year general local bonds with a scale of 175.55 billion and an issuance rate of 1.69% with a marginal multiple of 3.12 times, surpassing the expected multiple of 1.69 [1] - Chongqing issued 15-year ordinary special local bonds with a scale of 22.77 billion and an issuance rate of 1.95% with a marginal multiple of 2.97 times, above the expected multiple of 1.94 [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].

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]

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 - Sichuan issued 7-year general local bonds with a scale of 6.81889 billion, an issuance rate of 1.6300%, and a marginal multiple of 1.79 times, exceeding the expected multiple of 1.71 [1] - Sichuan issued 30-year ordinary special local bonds with a scale of 16.379 billion, an issuance rate of 2.0400%, and a marginal multiple of 6.00 times, surpassing the expected multiple of 1.94 [1] - Sichuan issued 30-year other special local bonds with a scale of 3.619 billion, an issuance rate of 2.0400%, and a marginal multiple of 7.22 times, also exceeding the expected multiple of 1.94 [1]

Group 1 - Guizhou issued a 15-year special local government bond for urban renovation with a scale of 3.208 billion and an issuance rate of 1.9500%, achieving a marginal multiple of 2.78 times against an expected multiple of 1.94 [1] - Guizhou issued a 30-year special local government bond with a scale of 4.000 billion and an issuance rate of 2.0400%, achieving a remarkable marginal multiple of 47.25 times against an expected multiple of 1.99 [1] - Guizhou issued a 7-year general local government bond with a scale of 89.3999 billion and an issuance rate of 1.6300%, achieving a marginal multiple of 1.20 times against an expected multiple of 1.64 [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]

Group 1 - Xinjiang issued a 15-year special local bond for toll roads with a scale of 2.00 billion and an issuance interest rate of 2.07% [1] - The marginal multiple for the 15-year bond was 1.17 times, with an expected multiple of 1.99 [1] - Xinjiang also issued a 20-year special local bond with a scale of 6.80 billion and an issuance interest rate of 2.13% [1] Group 2 - The marginal multiple for the 20-year bond was 43.50 times, with an expected multiple of 2.09 [1] - Additionally, a 30-year special local bond was issued with a scale of 2.90 billion and an issuance interest rate of 2.12% [1] - The marginal multiple for the 30-year bond was 3.53 times, with an expected multiple of 2.05 [1]

Group 1 - Sichuan issued a 30-year general special local bond with a scale of 115.41 billion and an issuance interest rate of 2.11% [1] - The marginal multiple for the 30-year general special local bond was 9.97 times, with an expected multiple of 2.04 [1] - Sichuan also issued a 30-year other special local bond with a scale of 135.56 billion and the same issuance interest rate of 2.11% [1] Group 2 - The marginal multiple for the 30-year other special local bond was 6.95 times, with an expected multiple of 2.04 [1]