SMM: after the Ministry of Finance issued a document at the end of July demanding to speed up the issuance of special bonds, local bond issuance returned to the fast track, with a total of 1.199722 trillion yuan of local government bonds issued in August. The size of the single-month issue is second only to May this year, the second highest in history. Due to the volume of local bond issuance, institutions expect a substantial increase in social integration in August, both year-on-year and month-on-month. Tianfeng Securities expects the increase in social finance to reach 3 trillion in August, mainly from government bonds.