2025年债券承销机构成绩单出炉：中国银行、中信证券领跑

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]