央行：截至2025年末债券市场托管余额196.7万亿元

Group 1 - In 2025, the net financing of government bonds is projected to be 13.8 trillion yuan, an increase of 2.5 trillion yuan compared to 2024 [1] - The net financing of corporate bonds is expected to reach 2.4 trillion yuan, an increase of 482.3 billion yuan from 2024 [1] - By the end of 2025, the bond market custody balance is anticipated to be 196.7 trillion yuan [1] Group 2 - The transaction volume in the cash market is forecasted to be 425.3 trillion yuan in 2025, reflecting a 1.4% increase from 2024 [1] - The turnover rate of the interbank bond market is projected to be 230%, a decrease of 25 percentage points compared to 2024 [1] - The bid-ask spread for actively traded 10-year government bonds is expected to be 0.44 basis points [1] Group 3 - The yield on 10-year government bonds is projected to be 1.85% by the end of 2025 [1] - The yield spread between 10-year and 1-year government bonds is expected to narrow by 8 basis points to 51 basis points compared to the end of 2024 [1] - The yield spread between 3-year AAA-rated medium-term notes and 3-year government bonds is anticipated to narrow by 4 basis points to 51 basis points compared to the end of 2024 [1]