信用利差周报2025 年第 24 期：六部门加力推动消费领域企业发债，上证信用分层可转债指数发布-20250707

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The implementation of the "Opinions on Financial Support for Boosting and Expanding Consumption" is expected to promote the release of residents' consumption potential and the upgrading of service supply, inject new impetus into the credit bond market, and optimize the industry and product structure of credit bonds [13]. - The release of the Shanghai Stock Exchange Sub - credit - rated Convertible Bond and Exchangeable Bond Index Series is of positive significance for the high - quality development of the bond market, but its actual impact depends on the differentiation of the domestic credit rating system and the liquidity of different segments [16]. - The official manufacturing PMI continued to improve in June, but industrial enterprise profit growth turned negative year - on - year from January to May. The equipment manufacturing industry played a prominent supporting role, and private enterprises showed strong resilience [5][19]. Summary by Directory Market Hotspots - Six - department policy on promoting corporate bond issuance in the consumption field: The "Opinions" aims to improve the long - term mechanism for expanding consumption. It supports service consumption and technology - related enterprises in issuing bonds and promotes the development of retail loan ABS. It is expected to optimize the credit bond structure and increase market activity, but also requires attention to the credit risks of relevant issuers [10][11][13]. - Release of the Shanghai Stock Exchange Credit - stratified Convertible Bond Index: The index series provides a diversified performance benchmark and investment target, which helps to improve market transparency and pricing efficiency, and promotes the development of passive investment products. However, its effectiveness depends on the credit rating system and market liquidity [14][15][16]. Macroeconomic Data - Manufacturing PMI: In June, the official manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month, with continued improvement but still below the expansion range. Large and medium - sized enterprises' PMIs increased, while small enterprises' PMI decreased [5][18]. - Industrial enterprise profits: From January to May, the total profit of industrial enterprises above designated size was 2.72 trillion yuan, with a year - on - year decrease of 1.1%. The profit of the equipment manufacturing industry increased by 7.2% year - on - year, and private enterprises showed strong resilience [19]. Money Market - The central bank net - injected 13672 billion yuan through open - market operations last week. It carried out a 3000 - billion - yuan 6 - month MLF operation on June 25, which was the fourth consecutive month of over - renewal of MLF since March. The 7 - day and 14 - day repurchase rates increased, while other term repurchase rates decreased slightly. The spread between 3 - month and 1 - year Shibor narrowed [23]. Primary Market of Credit Bonds - Issuance scale: The issuance of credit bonds heated up last week, with a total issuance scale of 4133.93 billion yuan, an increase of 797.13 billion yuan from the previous period. The infrastructure investment and financing industry's issuance increased, while the industrial bond issuance decreased slightly [7][27]. - Industry distribution: The infrastructure investment and financing industry had a net outflow of financing, while in the industrial bond sector, the number of industries with net inflows and outflows was similar. The power production and supply and transportation industries had large net inflows, while the electronics and light manufacturing industries had large net outflows [27][30]. - Issuance cost: The average issuance interest rates of most term - grade bonds decreased by 4 - 22bp [7][27][35]. Secondary Market of Credit Bonds - Trading activity: The secondary - market bond trading volume was 97543.2 billion yuan, and the average daily trading volume decreased by 963.06 billion yuan, indicating a decline in trading activity [37]. - Yield trends: Treasury and policy - bank bond yields showed a long - short differentiation, with the 10 - year treasury bond yield rising 1bp to 1.65%. Most credit bond yields decreased, credit spreads mostly widened, and rating spreads mostly narrowed [37][42][44].