Tianfeng Securities·2025-09-24 15:19Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report In August 2025, the leverage ratio of the inter - bank bond market increased slightly month - on - month and was lower than the same period in previous years. The total bond custody scale of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House increased. Different institutions had different investment preferences for various bonds, with commercial banks increasing their allocation of treasury bonds and policy - financial bonds, and broad - based funds increasing their holdings of local government bonds [1][2][50]. 3. Summary by Relevant Catalogs 3.1 Bank - Inter Leverage Ratio In late August, the inter - bank bond market leverage ratio was 106.88%, up 0.07 pct from the end of the previous month, and generally lower than the leverage ratio in the same period of previous years [1]. 3.2 Custody Data Overview In August 2025, the total bond custody scale of CCDC and Shanghai Clearing House was 174.54 trillion yuan, a month - on - month increase of 1.506 trillion yuan. Among them, CCDC's custody scale increased by 1.5382 trillion yuan, and Shanghai Clearing House's decreased by 32.2 billion yuan. Treasury bonds, local government bonds, policy - bank bonds, and medium - term notes contributed to the increase, while enterprise bonds, short - term financing bills, ultra - short - term financing bills, directional instruments, and inter - bank certificates of deposit contributed to the decrease [2][12]. 3.3 By Bond Type - Interest - rate Bonds: In August 2025, the total custody scale of major interest - rate bonds was 116.60 trillion yuan, a month - on - month increase of 1.7871 trillion yuan. Commercial banks were the main buyers, increasing their holdings by 1.2979 trillion yuan. Broad - based funds, insurance institutions, etc. also increased their holdings, while overseas institutions reduced their holdings [3][49]. - Credit Bonds: The total custody scale of major credit bonds was 16.06 trillion yuan, a month - on - month increase of 23 billion yuan. Commercial banks were the main buyers, increasing their holdings by 54.4 billion yuan. Broad - based funds and securities companies were the main sellers, reducing their holdings by 18.1 billion yuan and 14.8 billion yuan respectively. Insurance institutions and overseas institutions also reduced their holdings [3][49]. - Inter - bank Certificates of Deposit: The custody scale was 20.38 trillion yuan, a month - on - month decrease of 355.6 billion yuan. Broad - based funds and commercial banks were the main sellers [3][49]. 3.4 By Institution - Commercial Banks: The custody scale of major bonds was 85.29 trillion yuan, a month - on - month increase of 1.153 trillion yuan. They increased their holdings of interest - rate bonds and credit bonds by 1.2979 trillion yuan and 54.4 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 199.3 billion yuan [4][50]. - Broad - based Funds: The custody scale of major bonds was 37.38 trillion yuan, a month - on - month decrease of 172.3 billion yuan. They increased their holdings of interest - rate bonds by 120.7 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 18.1 billion yuan and 274.9 billion yuan respectively [4][50]. - Overseas Institutions: The custody scale of major bonds was 3.69 trillion yuan, a month - on - month decrease of 98.8 billion yuan. They reduced their holdings of interest - rate bonds, credit bonds, and inter - bank certificates of deposit by 27.5 billion yuan, 3.5 billion yuan, and 67.8 billion yuan respectively [4][54]. - Insurance Institutions: The custody scale of major bonds was 4.26 trillion yuan, a month - on - month increase of 43.2 billion yuan. They increased their holdings of interest - rate bonds by 49.5 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 5.9 billion yuan and 0.4 billion yuan respectively [4][54]. - Securities Companies: The custody scale of major bonds was 2.64 trillion yuan, a month - on - month decrease of 2 billion yuan. They increased their holdings of interest - rate bonds by 13.4 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 14.8 billion yuan and 0.6 billion yuan respectively [4][54]. - Credit Unions: The custody scale of major bonds was 2 trillion yuan, a month - on - month increase of 11.9 billion yuan. They increased their holdings of interest - rate bonds and credit bonds by 22.1 billion yuan and 0.7 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 10.8 billion yuan [5][55].