Xin Hua Cai Jing·2026-01-27 11:15Core Viewpoint - The Ministry of Finance's Debt Management Office released the trading statistics for the 2025 book-entry treasury bonds, highlighting the rankings of underwriting syndicate members and related institutions in the treasury bond spot and OTC trading markets [1] Group 1: Trading Activity - There is a significant differentiation in trading activity among various institutions, with banking institutions dominating the spot market while securities companies also show strong performance [1] - In the total ranking of the 2025 book-entry treasury bond underwriting syndicate's spot trading, Ping An Bank ranked first, followed by CITIC Securities and Orient Securities, indicating strong trading activity from both banks and securities firms [1] Group 2: Category Rankings - Among banking members, the top three in spot trading volume are Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications [1] - For non-banking members, the leading firms in spot trading volume are CITIC Securities, Orient Securities, and Huatai Securities [1] Group 3: Retail Trading - In the ranking of bank counter treasury bond trading volume aimed at individual and small investors, Agricultural Bank of China ranked first, followed by Shanghai Pudong Development Bank and Bank of China, showcasing the market influence of state-owned banks and certain joint-stock banks in retail treasury bond services [1] Group 4: Market Insights - Industry insiders indicate that the rankings objectively reflect the trading activity levels of various participating institutions in the 2025 treasury bond market, aiding market participants in understanding the industry landscape and promoting the sustainable and healthy development of the treasury bond market [1]