中债指数2025年统计及分析4月报-20250522

Report Industry Investment Rating No relevant information provided. Core View of the Report In April 2025, the overall wealth index return of the domestic RMB bond market increased. Interest rate bond yields declined, and long - term interest rate bond indices performed well. Credit bond yields also decreased, with positive overall wealth index returns, and the spreads between various industries and treasury bonds narrowed. The green bond market had positive returns and stable scale [8]. Summary According to the Directory 1. This Month's Bond Market Review - The overall wealth index return of the domestic RMB bond market rose. Interest rate bond yields declined, and long - term interest rate bond indices performed well. Credit bond yields decreased, and the overall wealth index return was positive. The spreads between various industries and treasury bonds narrowed [8]. - The net price index and wealth index returns of the ChinaBond - New Composite Index were 0.93% and 1.14% respectively. The corresponding returns of the ChinaBond - Investment Preferred Composite Index were 0.89% and 1.10%. The returns of the ChinaBond - Investment Preferred Treasury Bond Index were 0.90% and 1.09%, and those of the ChinaBond - Investment Preferred Credit Bond Index were 0.23% and 0.45% [8]. - The market volatility slightly increased, with the monthly standard deviation of the daily return of the ChinaBond - New Composite wealth index at about 0.139%, up 0.011 percentage points from last month. The monthly trading volume slightly decreased to about 24.48 trillion yuan [10]. - The overall return of the Chinese green bond market was positive. The wealth index return of the ChinaBond - China Green Bond Index was 1.25%. The market scale remained stable, with the market value of "green - oriented" bonds at 6.47 trillion yuan, up 2.78% from last month [14]. 2. This Month's Interest Rate Bond Market Review - At the end of the month, treasury bond yields declined overall, and the term spread of treasury bonds slightly narrowed. The spread between China Development Bank bonds and treasury bonds fluctuated slightly [18]. - The wealth index of the ChinaBond - Aggregate Index, which reflects the overall trend of the RMB interest rate bond market, rose 1.22%. Long - term treasury bond indices had slightly stronger returns. The ChinaBond - Investment Preferred Treasury Bond Index performed better than the ChinaBond - Investment Preferred Policy Financial Bond Index [24]. - In the interest rate bond indices, long - term interest rate bond indices performed well. For example, the ChinaBond - 30 - Year Treasury Bond Index had a return of 4.19% [28][29]. 3. This Month's Credit Bond Market Review - Credit bond yields declined, and the overall wealth index return of the credit bond market was positive. The wealth index of the ChinaBond - Credit Bond Aggregate Index rose 0.36% [32]. - Currently, the spreads of high - grade credit bonds slightly widened. Taking the 3 - year period as an example, the spreads between the yield curves of AAA, AAA -, AA +, and AA - rated ChinaBond enterprise bonds and treasury bonds were at the 36%, 35%, 35%, and 27% percentiles of the past 3 years respectively [35]. - This month, the spreads between various industries and treasury bonds narrowed. All industries had positive wealth index returns, and the ChinaBond - Real Estate Industry Credit Bond Index had a return of about 0.55%, performing the best [38]. - The credit bond index returns were generally positive. The ChinaBond - China Railway Bond Index and the secondary capital bond index performed well [42]. - In terms of risk statistics, 3 new default issuers and 20 new default bonds emerged this month, with a remaining scale of 251.84 billion yuan [46]. 4. Appendix: Correlation of Returns of Major Types of Bonds The report presents the correlation coefficients of the daily wealth index returns of different bond indices in the past 3 months as of April 30, 2025 [50].