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]

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]

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 - Tianjin issued a 7-year special local government bond for housing renovation with a scale of 2.6 billion yuan and an issuance interest rate of 1.68% [1] - The marginal multiple for the 7-year bond was 1.85 times, with an expected multiple of 2.03 [1] - Tianjin also issued a 15-year special local government bond for healthcare with a scale of 1.2 billion yuan and an issuance interest rate of 1.91% [1] Group 2 - The marginal multiple for the 15-year healthcare bond was 1.00 times, with an expected multiple of 2.17 [1]

Core Points - Jiangxi issued a 5-year special local government bond for urban renovation with a scale of 659.27 million, an issuance rate of 1.5800%, and a marginal multiple of 1.85, compared to an expected multiple of 1.63 [1] - Jiangxi issued a 7-year special local government bond for urban renovation with a scale of 1.06901 billion, an issuance rate of 1.6400%, and a marginal multiple of 1.51, compared to an expected multiple of 1.69 [1] - Jiangxi issued a 10-year high-quality development special local government bond with a scale of 45.42 million, an issuance rate of 1.8300%, and a marginal multiple of 3.89, compared to an expected multiple of 1.76 [1] - Jiangxi issued a 15-year high-quality development special local government bond with a scale of 180.80 million, an issuance rate of 1.8500%, and a marginal multiple of 1.16, compared to an expected multiple of 1.96 [1] - Jiangxi issued a 20-year high-quality development special local government bond with a scale of 256.72 million, an issuance rate of 1.9700%, and a marginal multiple of 1.36, compared to an expected multiple of 2.05 [1]