Group 1: Bond Market Overview - In November 2025, the bond market issued a total of 70,179.3 billion yuan across various types of bonds, including government bonds (10,444.2 billion yuan), local government bonds (9,126.9 billion yuan), financial bonds (11,955.0 billion yuan), corporate credit bonds (13,948.8 billion yuan), credit asset-backed securities (327.2 billion yuan), and interbank certificates of deposit (24,009.2 billion yuan) [1] - As of the end of November 2025, the bond market's custody balance reached 196.3 trillion yuan, with the interbank market holding 173.0 trillion yuan and the exchange market holding 23.2 trillion yuan [1] Group 2: Trading Activity - In November 2025, the interbank bond market recorded a transaction volume of 30.5 trillion yuan, with an average daily transaction of 1.5 trillion yuan, reflecting a year-on-year increase of 7.6% and a month-on-month increase of 3.2% [2] - The exchange bond market had a transaction volume of 3.8 trillion yuan, with an average daily transaction of 188.7 billion yuan [2] - The commercial bank counter bond transactions totaled 860.4 billion yuan across 8.1 million transactions [2] Group 3: Foreign Participation - As of the end of November 2025, foreign institutions held a custody balance of 3.6 trillion yuan in the Chinese bond market, accounting for 1.9% of the total custody balance [2] - Among foreign holdings, 2.0 trillion yuan (56.2%) were in government bonds, 0.7 trillion yuan (19.1%) in interbank certificates of deposit, and 0.8 trillion yuan (21.1%) in policy bank bonds [2] Group 4: Money Market Conditions - In November 2025, the interbank lending market recorded a transaction volume of 7.4 trillion yuan, a year-on-year decrease of 17.3% but a month-on-month increase of 9.6% [2] - The bond repurchase transactions totaled 149.8 trillion yuan, showing a year-on-year decrease of 6.8% but a month-on-month increase of 13.9% [2] Group 5: Interest Rates and Commercial Paper - The weighted average interest rate for interbank lending was 1.42%, up by 2.5 basis points month-on-month, while the weighted average interest rate for pledged repos was 1.44%, up by 3.2 basis points [3] - In November 2025, the commercial bill acceptance amount was 4.0 trillion yuan, and the discount amount was 3.1 trillion yuan [3] - As of the end of November 2025, the acceptance balance of commercial bills was 20.9 trillion yuan, and the discount balance was 16.2 trillion yuan [3] Group 6: Stock Market Performance - By the end of November 2025, the Shanghai Composite Index closed at 3,888.6 points, a decrease of 66.2 points or 1.7% month-on-month, while the Shenzhen Component Index closed at 12,984.1 points, down 394.1 points or 2.9% [3] - The average daily trading volume in the Shanghai market was 808.5 billion yuan, down 16.0% month-on-month, while the Shenzhen market's average daily trading volume was 1,089.8 billion yuan, down 7.9% month-on-month [3] Group 7: Holder Structure in Interbank Bond Market - As of the end of November 2025, there were 3,987 institutional members in the interbank bond market, all of which were financial institutions [4] - The top 50 investors in corporate credit bonds held 53.4% of the total bonds, primarily concentrated among state-owned commercial banks, public funds, and insurance financial institutions [4] - The top 200 investors accounted for 84.6% of the holdings, indicating a high concentration of ownership [4]
2025年11月债券市场 共发行各类债券70179.3亿元
Jin Rong Shi Bao·2026-01-05 01:07