信用利差周报：央行四举措促离岸人民币债市发展，信用利差全面走阔-20250929

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The central bank's four measures will promote the internationalization of the offshore RMB bond market, enhance the willingness of overseas funds to allocate and market liquidity, and inject lasting impetus into the internationalization of the bond market [2][9][10] - In August, the profits of large - scale industrial enterprises above the national level increased significantly year - on - year, driving the cumulative profit growth rate from January to August to turn positive, indicating a gradual recovery of micro - entity vitality [3][11][12] - In the money market, due to the approaching National Day holiday and end - of - quarter disturbances, most capital prices rose, and the central bank conducted net capital injections through open - market operations [4][14] - In the primary market of credit bonds, the issuance scale increased significantly last week, with different performance among industries and fluctuations in issuance costs [5][17] - In the secondary market of credit bonds, trading activity increased, bond yields mostly rose, credit spreads widened across the board, and rating spreads changed slightly [6][30] 3. Summary According to Relevant Catalogs Market Hotspots - On September 25th, the central bank announced four measures to accelerate the development of the offshore RMB market, including supporting overseas institutional investors' participation in the repurchase business of the domestic bond market, expanding the "Swap Connect" quotation dealer team and increasing the daily north - bound trading quota, increasing the supply of RMB assets such as treasury bonds in the Hong Kong market, and accelerating the listing of RMB treasury bond futures in Hong Kong. These measures will form a complete closed - loop of "asset supply - trading convenience - risk hedging" [2][9] Macroeconomic Data - In August, the profits of large - scale industrial enterprises above the national level increased by 20.4% year - on - year, driving the cumulative profit growth rate from January to August to turn from - 1.7% in January - July to 0.9%. Low base in the same period of 2024, "anti - involution" policies, and effective cost control contributed to this improvement. In terms of industries, the equipment manufacturing and raw material manufacturing industries performed well. At the enterprise level, private, medium - sized, and small enterprises showed good profit growth [3][11][12] Money Market - Last week, the central bank conducted a net capital injection of 1122.3 billion yuan through open - market operations. Affected by the approaching National Day holiday and end - of - quarter disturbances, most capital prices rose. Except for the 1 - day pledged repurchase rate, which decreased by 15bp, other term pledged repurchase rates increased by 2 - 18bp. The 3 - month and 1 - year Shibor slightly increased, and the spread between them narrowed [4][14] Primary Market of Credit Bonds - The issuance scale of credit bonds increased significantly last week, reaching 447.423 billion yuan, with an average daily issuance scale of 89.485 billion yuan. The cancellation scale of issuance also increased. In terms of bond types, the issuance scale of ultra - short - term financing bills and medium - term notes increased significantly. In terms of industries, the infrastructure investment and financing industry and the power production and supply industry in the industrial bond sector had large increases in issuance scale. The infrastructure investment and financing industry had a net capital outflow, while the power production and transportation industries in the industrial bond sector had large net inflows, and the light manufacturing industry had a large net outflow. The average issuance cost of credit bonds fluctuated, with changes ranging from 1bp to 59bp [5][17][26] Secondary Market of Credit Bonds - The trading volume of cash bonds in the secondary market last week was 9387.09 billion yuan, with an average daily trading volume increase of 2.5216 billion yuan. Trading activity continued to rise. Bond yields mostly rose. For interest - rate bonds, the yields of treasury bonds and policy - bank bonds mostly increased, with a maximum increase of 5bp, and the 10 - year treasury bond yield remained stable at 1.88%. For credit bonds, yields increased by 3 - 12bp. Credit spreads widened by 5 - 12bp across the board, and rating spreads changed within 3bp [6][30] Appendix - The report lists bond market credit risk events, including bond defaults, extensions, etc. of several companies [42] - It also summarizes regulatory and market innovation dynamics, such as policies to support digital consumption, sports industry, and debt financing of mature - layer enterprises, as well as measures to optimize market mechanisms and simplify procedures [43][44] - The monthly net financing amounts of major credit bond types from January 2024 to August 2025 are presented [45]