信用债周度观察（20250804-20250808）：信用债发行环比增长，总成交量环比下降-20250809

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a weekly observation of credit bonds from August 4th to August 8th, 2025. It shows that credit - bond issuance increased significantly on the primary market, while the total trading volume decreased on the secondary market. Industry and regional credit spreads showed mixed trends [1][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - From August 4th to August 8th, 2025, 411 credit bonds were issued, with a total issuance scale of 437.957 billion yuan, a 71.67% increase compared to the previous period [1][11]. - In terms of issuance scale, 185 industrial bonds were issued, with a scale of 175.948 billion yuan (a 37.05% increase and accounting for 40.17% of the total); 184 urban investment bonds were issued, with a scale of 119.809 billion yuan (a 35.62% increase and accounting for 27.36% of the total); 42 financial bonds were issued, with a scale of 142.2 billion yuan (a 270.31% increase and accounting for 32.47% of the total) [1][11]. - The average issuance term of credit bonds was 3.22 years, with industrial bonds at 2.89 years, urban investment bonds at 3.83 years, and financial bonds at 1.90 years [1][13]. - The average issuance coupon rate of credit bonds was 2.11%, with industrial bonds at 2.04%, urban investment bonds at 2.25%, and financial bonds at 1.78% [2][17]. 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [3][22]. 3.2 Secondary Market 3.2.1 Credit Spread Tracking - Industry credit spreads showed mixed trends. For AAA - rated industries, the credit spread of the automobile industry increased the most (2.3BP), while that of the mining industry decreased the most (1.5BP); for AA + - rated industries, the computer industry increased the most (6.5BP), and the non - ferrous metals industry decreased the most (11.8BP); for AA - rated industries, the commercial trade industry increased the most (6.7BP), and the media industry decreased the most (2.8BP) [3][24]. - Coal credit spreads decreased overall, while steel credit spreads showed mixed trends. AAA and AA + - rated coal credit spreads decreased by 0.4BP and 0.3BP respectively; AAA and AA + - rated steel credit spreads increased by 1BP and decreased by 2.1BP respectively [24]. - Urban investment credit spreads of all levels decreased overall, while non - urban investment credit spreads showed mixed trends. The three levels of urban investment credit spreads decreased by 0.5BP, 0.8BP, and 1.5BP respectively; the three levels of non - urban investment credit spreads increased by 0.1BP, 0.6BP, and decreased by 0.6BP respectively [24]. - State - owned enterprise credit spreads showed mixed trends, while private enterprise credit spreads decreased overall. The three levels of central state - owned enterprise credit spreads increased by 0.4BP, 1BP, and decreased by 2.3BP respectively; the three levels of local state - owned enterprise credit spreads decreased by 0.2BP, 0.7BP, and 0.9BP respectively; the three levels of private enterprise credit spreads decreased by 0.1BP, 0.1BP, and 6.3BP respectively [25]. - Regional urban investment credit spreads showed mixed trends. In terms of spread levels, for AAA - rated regions, the top three were Shaanxi, Yunnan, and Liaoning; for AA + - rated regions, the top three were Qinghai, Gansu, and Shaanxi; for AA - rated regions, the top three were Shaanxi, Yunnan, and Sichuan. In terms of month - on - month changes, for AAA - rated regions, Yunnan increased the most (0.4BP), and Jilin decreased the most (2BP); for AA + - rated regions, Qinghai increased the most (4.6BP), and Liaoning decreased the most (7BP); for AA - rated regions, Shaanxi increased the most (0.5BP), and Hebei decreased the most (21.8BP) [26]. 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1263.376 billion yuan, a decrease of 11.51% compared to the previous period. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Commercial bank bonds had a trading volume of 373.834 billion yuan (a 28.05% decrease and accounting for 29.59% of the total); corporate bonds had a trading volume of 352.34 billion yuan (an 11.18% increase and accounting for 27.89% of the total); medium - term notes had a trading volume of 315.271 billion yuan (a 1.98% decrease and accounting for 24.95% of the total) [4][27]. 3.2.3 Actively Traded Bonds This Week - The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [29].