信用利差周报2025年第33期：央地政策联动推动债市助力城市建设，银行间通用回购机制迎来优化-20250905

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The combined policies of the central and local governments are expected to expand the scope of credit bond issuers and increase the supply of bonds in areas such as urban renewal and urban village renovation. The optimization of the general repurchase mechanism in the inter - bank bond market will improve the market's overall liquidity and the credit bond collateral financing environment, but also bring some risks [4][5]. - Although the allocation value of short - and medium - term credit bonds is emerging, risks such as long project return cycles, uncertain cash flows, and intensified credit stratification need to be vigilant, and the issue of new implicit debts should be prevented [4]. Summary by Relevant Catalogs Market Hotspots - Central - local cooperation for urban construction financing: The central government's "Opinions on Promoting High - quality Urban Development" and Shanghai's "Implementation Opinions on Accelerating the Renovation of Urban Villages in the City" are expected to expand the scope of credit bond issuers and increase bond supply in urban construction. However, risks such as long project return cycles, uncertain cash flows, and intensified credit stratification need to be noted, and new implicit debts should be prevented [4][11][12]. - Optimization of the inter - bank general repurchase mechanism: On September 1, the general repurchase business mechanism in the national inter - bank bond market was optimized. The scope of participating institutions was expanded, and the range of eligible collateral bonds was extended. This is expected to improve market liquidity and the credit bond collateral financing environment, but may also intensify the internal differentiation of credit bonds and has limited short - term boosting effects on low - quality bonds [5][14][15]. Macroeconomic Data - In August, the official manufacturing PMI rose slightly by 0.1 percentage points to 49.40% compared with the previous month but remained in the contraction range. The manufacturing production index increased by 0.3 percentage points to 50.8%, and the new export order index continued to contract for 12 months. The PMI of small and medium - sized enterprises was still below the boom - bust line [6][18]. Money Market - Last week, the central bank net - withdrew 40.39 billion yuan through open - market operations. The central bank injected liquidity through over - renewal of MLF and increased reverse repurchase. The overall money market was stable across the month. The pledged repurchase rates of each term fluctuated, and the 3 - month and 1 - year Shibor changed little [7][20]. Primary Market of Credit Bonds - The issuance scale of credit bonds last week was 256.145 billion yuan, an increase of 21.105 billion yuan from the previous period. The cancellation scale of credit bond issuance was 4.71 billion yuan, a decrease of 10.745 billion yuan from the previous period. The average issuance cost of credit bonds fluctuated between 2 - 20bp [23][25]. Secondary Market of Credit Bonds - The trading volume of cash bonds in the secondary market last week was 831.0473 billion yuan, and the average daily trading volume decreased by 7.6835 billion yuan from the previous period. The yields of treasury bonds and policy - bank bonds generally declined by 1 - 3bp, while the yield of 10 - year treasury bonds increased by 6bp to 1.84%. The yields of credit bonds showed long - and short - term differentiation, and the credit spreads and rating spreads fluctuated within a limited range [34][38][42].