信用债双周跟踪

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents a comprehensive analysis of the credit bond market from April 28 to May 11, 2025, covering primary and secondary markets, along with major industry events. It shows that credit bond issuance had a negative net financing, and secondary - market trading volume decreased due to the May Day holiday. There were no rating adjustments for bond - issuing entities during this period [6][13][18]. 3. Summary by Directory 3.1 Credit Bond Market Five Major Hotspots - On May 6, 2025, the People's Bank of China and the China Securities Regulatory Commission announced policies to support the issuance of science - and - technology innovation bonds, including flexible bond terms, simplified issuance management, and inclusion in financial institution evaluations [12]. - On May 7, 2025, the State Council Information Office held a press conference announcing a series of "package monetary policy measures", such as reducing the deposit - reserve ratio, policy interest rates, and personal housing provident fund loan interest rates, and increasing re - loan quotas [12]. - The Q1 2025 China Monetary Policy Implementation Report shows that the GDP grew by 5.4% year - on - year, with stable financial aggregates, low financing costs, and optimized credit structure. It also emphasizes reducing bank liability costs and the sustainability of government debt [12]. - As of May 11, 2025, over 30 provinces and cities in China have piloted spot - housing sales, with some cities like Hefei and Zhengzhou implementing specific projects [12]. - From May 7, 2025, the inter - bank bond market will fully exempt trading fees for science - and - technology innovation bonds until 2027, and various institutions have announced issuance plans [12]. 3.2 Primary Market 3.2.1 Credit Bond Issuance and Net Financing During April 28 - May 11, 2025, the credit bond issuance scale was 287.076 billion yuan, with a net financing of - 76.073 billion yuan. The issuance scale of urban investment bonds was 73.701 billion yuan, with a net financing of - 81.507 billion yuan, while the issuance scale of industrial bonds was 213.375 billion yuan, with a net financing of 5.434 billion yuan [6][13]. 3.2.2 Credit Bond Issuance Interest Rates The weighted average issuance interest rate of credit bonds during this period was 2.05%, and the weighted average issuance interest rates of each bond type decreased compared to the previous period (April 14 - April 27, 2025) [6][16]. 3.3 Secondary Market 3.3.1 Credit Bond Trading Activity Affected by the May Day holiday, the secondary - market credit bond trading volume decreased, with a cumulative trading volume of 1199.34 billion yuan, a decrease of 562.13 billion yuan compared to the previous period. The trading volumes of each bond type decreased [6][18]. 3.3.2 Credit Bond Institutional Behavior - Credit bond long - short concentration: No specific data analysis was provided, only relevant charts were presented [21]. - Credit bond allocation power: The table shows the net purchases of credit bonds by different institutions from April 28 to May 9, 2025, and the total net purchases for last week and this week [24]. 3.3.3 Credit Bond Maturity Yields No specific data analysis was provided, only relevant charts were presented to show the yield trends of 1 - year and 3 - year urban investment bonds and the yield situations of urban investment and industrial bonds at the end of the period (May 9) [30][31]. 3.3.4 Credit Bond Credit Spreads No specific data analysis was provided, only relevant charts were presented to show the credit spreads of urban investment bonds, industrial bonds, commercial bank ordinary bonds, secondary - capital bonds, and perpetual bonds on May 9 [35][38][41]. 3.4 Credit Bond Market Early Warning There were no entities with rating upgrades or downgrades during this period [6][48].