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  2025年超长期特别国债今天(24日)首次发行,其中20年期500亿元,30年期710亿元。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。超长期特别国债是什么?个人投资者怎么购买?有风险吗?

  我国今年拟发行

  超长期特别国债1.3万亿元

  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。

  今年,支持消费品以旧换新的超长期特别国债规模为3000亿元,较2024年增加1500亿元。

  超长期特别国债是什么?

  所谓超长期特别国债,包含三个关键词,超长期、特别、国债。

  超长期,指的是期限。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”。和普通国债相比,超长期债券能够缓解中短期偿债压力,以时间换空间。

  特别,是指资金用途。它是为特定目标发行的、具有明确用途的国债,资金需要专款专用。

  国债,是国家为了筹集财政资金而发行的一种政府债券,具有最高的信用度,被公认为是最安全的投资工具,所以也非常受老百姓欢迎。

  超长期特别国债,我国并不是第一次发行。

  我国最早在1998年,向国有四大行定向发行2700亿元特别国债,主要是为了补充国有独资商业银行资本金等问题。

  2007年,发行特别国债15500亿元,用于成立国家外汇投资公司的资本金。

  2020年,发行10000亿元抗疫特别国债。

  最近一次是2024年,全年发行超长期特别国债10000亿元。

  从经验来看,特别国债发行对经济社会稳定向好发展产生了积极影响。

  个人投资者怎么购买?

  目前我国的国债类型主要包括两种,按照不同的发售对象,可以分为储蓄国债和记账式国债两大类:

  储蓄国债直接面向个人销售;

  记账式国债在一级市场通过承销团主要面向机构投资者发行,上市后,个人投资者也可在二级市场向机构投资者购买。

  此次发行的超长期特别国债属于记账式国债,机构和个人投资者都能买。

  个人投资者可以通过全国银行间债券市场柜台业务开办机构购买,也可以通过在证券交易所开展债券经纪业务的证券公司购买,还可以流通和转让。

  专家提醒:

  “有赚有赔”,投资需谨慎!

  专家提醒,超长期特别国债如果一直拿到到期兑付,最为稳当,但非专业个人投资者仍需谨慎。

  粤开证券首席经济学家罗志恒解释,超长期特别国债可以在市场上交易,它的价格会随着市场的变化发生相对变化,也就是一方面得到的是利息,另一方面还有价格的差异。有价格差异,便“有涨有跌”“有赚有赔”。对于投资人来说,要注意市场波动风险,理性投资。

  中国邮政储蓄银行研究员娄飞鹏提示,对投资者而言,在充分认可特别国债投资价值的同时,需要充分考虑自身的投资能力、投资经验、投资期限、风险偏好、预期收益目标等因素,充分关注后续特别国债发行情况,在综合平衡的基础上理性开展投资。

  监制丨郑弘

  制片人丨张奇斌

  主编丨李冬

  编辑丨王丹妮

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