固收点评20250920：绿色债券周度数据跟踪（20250915-20250919）-20250920

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report conducts a weekly data tracking of green bonds from September 15 to September 19, 2025, covering primary market issuance, secondary market trading, and the valuation deviation of the top 30 individual bonds [1][2][3]. 3. Summary by Related Catalogs 3.1 Primary Market Issuance - Number and Scale: 34 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 3.1388 billion yuan, an increase of 1.1336 billion yuan compared to last week [1]. - Issuance Term: Most issuance terms are 3 years [1]. - Issuer Nature: Issuers include local state - owned enterprises, large - scale private enterprises, and central enterprise subsidiaries [1]. - Subject Rating: Most subject ratings are AAA and AA+ [1]. - Issuer Region: Issuers are from Beijing, Fujian, Hunan, Guangdong, Guizhou, Hainan, Hebei, Jiangxi, Shandong, Shanghai, Sichuan, Tianjin, Xinjiang Uygur Autonomous Region, and Zhejiang [1]. - Bond Types: Bond types include general corporate bonds, commercial bank ordinary bonds, enterprise ABS, medium - term notes, private placement corporate bonds, and ultra - short - term financing bills [1]. 3.2 Secondary Market Trading - Total Turnover: The weekly turnover of green bonds totaled 6.04 billion yuan, an increase of 0.95 billion yuan compared to last week [2]. - By Bond Type: The top three in trading volume are non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds, with trading volumes of 2.64 billion yuan, 2.56 billion yuan, and 0.74 billion yuan respectively [2]. - By Issuance Term: Green bonds with a term of less than 3 years had the highest trading volume, accounting for about 83.10%, indicating continuous market popularity [2]. - By Issuer Industry: The top three industries in trading volume are finance, public utilities, and transportation equipment, with trading volumes of 2.45 billion yuan, 1.14 billion yuan, and 0.18 billion yuan respectively [2]. - By Issuer Region: The top three regions in trading volume are Beijing, Guangdong, and Hubei, with trading volumes of 1.53 billion yuan, 0.74 billion yuan, and 0.44 billion yuan respectively [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - Overall Situation: The overall deviation of the weekly average trading price valuation of green bonds is not large. The discount trading amplitude is smaller than the premium trading, and the discount trading proportion is less than the premium trading [3]. - Discount Bonds: The top three discount bonds are 25 Shui Neng G1 (- 0.7382%), 24 Nan Hu Green Bond 01 (- 0.4538%), and GC San Xia K3 (- 0.3254%). The issuer industries are mainly finance, public utilities, and building materials, and the regions are mainly Beijing, Fujian, and Jiangsu [3]. - Premium Bonds: The top four premium bonds are 25 Shui Neng G3 (0.9662%), 24 Kang Fu Lease MTN004 (Carbon - neutral Bond) (0.5175%), 22 Guangdong Bond 07 (0.4758%), and 25 Fuzhou Metro GN003 (Carbon - neutral Bond) (0.4274%). The issuer industries are mainly finance, public utilities, and transportation, and the regions are mainly Guangdong, Beijing, Shanghai, and Tianjin [3].