债券市场和评级行业周报：本周信用债发行规模环比上升11.37%，但净融资额环比增速由正转负-2025-03-25

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In the week from March 10 - 16, 2025, the credit bond issuance scale increased by 11.37% week - on - week, but the net financing growth rate turned negative. The economy faced pressure in imports and exports from January - February, yet the trade surplus grew significantly. Policies were introduced to boost consumption, and the central bank's open - market operations led to a net capital withdrawal while keeping the capital market stable. The bond market saw the implementation of policies to optimize the financing environment for private enterprises, and new bond types emerged [1][4]. 3. Summary by Directory 3.1 Macro - dynamics - Economic Data: From January - February 2025, China's imports and exports were under pressure. Exports grew by 2.3% year - on - year to $539.94 billion, but the growth rate dropped by 8.4 percentage points compared to December 2024. Imports decreased by 8.4% to $369.43 billion. The trade surplus reached $170.52 billion, a 36.9% year - on - year increase. Exports to major economies slowed down, with different performances in different regions. In terms of specific commodities, exports of mechanical and electrical products were strong, while labor - intensive products declined. Imports of commodities decreased, but high - tech products increased [5][6][7]. - Policy: On March 16, the "Boosting Consumption Special Action Plan" was issued, aiming to increase consumption ability, create effective demand, and enhance consumption willingness through supply - demand coordination [8]. - Funding: From March 10 - 14, the central bank's open - market operations led to a net capital withdrawal of 19.17 billion yuan. The inter - bank capital interest rates remained stable, with DR001 and DR007 showing slight upward trends [9][10]. 3.2 Bond Market Observation - Bond Market Policy: On March 14, the "Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market" was released, aiming to optimize the financing environment for private enterprises and promote the issuance of new bond types [11]. - Bond Issuance: This week, 1,203 bonds were issued with a total scale of 2.097928 trillion yuan and a net financing of 373.225 billion yuan. The number of credit bond issuances increased by 23.33% week - on - week, and the scale increased by 11.37%. However, due to a large increase in repayment, the net financing turned negative, with an outflow of 122.5 billion yuan. The average issuance interest rate of most bond types increased by 6.41BP [12][13][14]. - New Bond Types: The first high - growth industrial bond in the cultural and tourism industry, "25 Shaanxi Tourism Y1", was successfully issued, with a scale of 500 million yuan and a coupon rate of 4.33%. This year, the issuance of high - growth bonds has accelerated, with 7 bonds issued and a total amount of 7.06 billion yuan [15]. 3.3 Risk Warning - Subject Rating Downgrade: This week, the subject ratings of 2 issuers were downgraded, including China Gezhouba Group Co., Ltd. and China Gezhouba Group Co., Limited [17][18]. - Subject Outlook Downgrade: This week, the rating outlook of 1 issuer, Nanjing Bank Co., Ltd., was downgraded [19].