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医生你的太大了我坚持不住了 - 艺术爱好者不可错过的创作与交流新天地
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  韩国消防部门表示,当地时间25日11时6分左右,位于首尔江南区的一家大型商场内部发生火灾,消防部门正在灭火中。(总台记者张昀)

  文/国是直通车

  2025年超长期特别国债24日首次发行,其中20年期500亿元,30年期710亿元。

  什么是超长期特别国债?谁能买?怎么买?

  什么是超长期特别国债?

  国债是国家为筹集财政资金而发行的一种政府债券。超长期特别国债,从名字就能看出两个关键信息:“超长期”和“特别”。

  顾名思义,“超长期“即指发行期限较长;“特别”是指具有明确用途。

  在债券市场上,一般认为发行期限在10年以上的利率债为“超长期债券”。一般的国债期限为3年、5年。与之相比,超长期国债在财政资金的安排和调度上更具灵活性,使政府可以在较长时间内合理规划资金使用,优化财政资源配置。

  再看“特别”之处,超长期特别国债是为特定目标发行、有明确用途的国债,且资金专款专用。与普通国债资金用途相对广泛不同,超长期特别国债主要投向强国建设和民族复兴进程中的大事、难事。

  根据预算安排,我国今年拟发行超长期特别国债1.3万亿元,较2024年增加3000亿元。其中,8000亿元用于更大力度支持“两重”项目建设,5000亿元用于加力扩围实施“两新”政策。

  “两重”,指国家重大战略实施和重点领域安全能力建设。

  “两新”,指推动新一轮大规模设备更新和消费品以旧换新。

  中国社会科学院财经战略研究院财政研究室主任何代欣接受中新社国是直通车采访时表示,2025年超长期特别国债发行,是落实中央宏观调控部署、强化积极财政政策的关键举措。这类国债凭借规模优势与长周期特性,既能优化国债期限结构,还能降低发行成本。其本质是为积极财政政策“输血”,保障财政支出扩容,筑牢宏观经济稳定根基。

  在外部环境复杂多变、国内发展诉求升级背景下,超长期特别国债对稳增长、扩内需、促就业意义重大。回顾历史,此类国债在关键发展阶段,为中国经济稳健前行、社会转型突破注入强劲动能。

  根据安排,此次发行将通过财政部政府债券发行系统进行招标发行,两种期限的国债将在4月29日起上市交易。

  东方金诚研究发展部执行总监冯琳接受中新社国是直通车采访时指出,今年的超长期特别国债自4月起开闸发行,将为财政支出适当靠前发力,着力扩内需提供弹药,这样可以及时对冲二季度外部经贸环境变数骤然加大可能带来的外需放缓压力,稳定宏观经济运行。

  机构和个人投资者皆具备购买资格

  据了解,此次发行的超长期特别国债属于记账式国债,在投资主体方面具有广泛的参与性,机构和个人投资者皆具备购买资格。

  储蓄国债主要面向个人直接销售,而记账式国债在一级市场时,主要通过承销团向机构投资者发行,不过上市之后,个人投资者便可以在二级市场从机构投资者手中购入。

  个人投资者拥有多样化的购买渠道:

  一方面,可通过全国银行间债券市场柜台业务开办机构进行购买;

  另一方面,也能借助在证券交易所开展债券经纪业务的证券公司来参与投资。

  该超长期特别国债在持有期间还可进行流通和转让,为投资者提供了一定的灵活性。

  个人投资者需权衡持有与交易风险

  国债,被公认为是最安全的投资工具。超长期特别国债也不例外,违约风险极低,只要持有到期,基本能稳稳拿到本金和利息。

  不过,投资总是伴随着一定风险。

  冯琳提示,个人投资者购买超长期特别国债,可以持有至到期并获取稳定的票息收益。但超长期特别国债的期限很长(今年计划发行20年期、30年期和50年期),投资者会有更大概率在存续期内寻求在二级市场上卖出。这时候就可能会承担因为二级市场债券价格变化而导致出现亏损的风险,当然反过来也有可能会因为二级市场债券价格上涨而获得交易收益。

  所以对于不打算持有至到期的个人投资者来说,需要密切关注债券市场行情的变化,选择合适的时机进行交易。新闻结尾 医生你的太大了我坚持不住了 - 艺术爱好者不可错过的创作与交流新天地的相关文章
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