信用债周度观察（20250928-20251011）：信用债发行量季节性下降，各行业信用利差涨跌互现-20251012

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The issuance volume of credit bonds decreased seasonally, and the credit spreads of various industries showed mixed trends [1][25]. Summary According to Relevant Catalogs 1. Primary Market 1.1 Issuance Statistics - From September 28 to October 11, 2025, a total of 119 credit bonds were issued, with a total issuance scale of 141.362 billion yuan, a month - on - month decrease of 75.82% [1][11]. - Among them, 39 industrial bonds were issued, with a scale of 64.185 billion yuan, a month - on - month decrease of 75.75%, accounting for 45.40% of the total credit bond issuance scale; 70 urban investment bonds were issued, with a scale of 43.777 billion yuan, a month - on - month decrease of 72.63%, accounting for 30.97%; 10 financial bonds were issued, with a scale of 33.4 billion yuan, a month - on - month decrease of 79.11%, accounting for 23.63% [1][11]. - The average issuance term of credit bonds was 2.44 years, with industrial bonds at 1.63 years, urban investment bonds at 2.80 years, and financial bonds at 3.16 years [2][14]. - The average issuance coupon rate of credit bonds was 2.34%, with industrial bonds at 2.12%, urban investment bonds at 2.45%, and financial bonds at 2.35% [2][18]. 1.2 Cancellation of Issuance Statistics - Three credit bonds were cancelled for issuance during the period [23]. 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, the largest upward adjustment of AAA - rated industry credit spreads was in the building decoration industry, up 2.6BP, and the largest downward adjustment was in the media industry, down 4BP; for AA + - rated industry credit spreads, the largest upward adjustment was in the chemical industry, up 6.6BP, and the largest downward adjustment was in the non - ferrous metals industry, down 8.6BP; for AA - rated industry credit spreads, the largest upward adjustment was in the non - bank finance industry, up 6.7BP, and the largest downward adjustment was in the machinery and equipment industry, down 5BP [3][25]. - Coal credit spreads generally increased, while steel credit spreads generally decreased. The AAA and AA + - rated coal credit spreads increased by 0.3BP and 0.5BP respectively, and the AAA and AA + - rated steel credit spreads decreased by 1.1BP and 2.7BP respectively [25]. - The credit spreads of urban investment bonds of each rating showed mixed trends, while non - urban investment credit spreads generally increased. The credit spreads of the three - level urban investment bonds decreased by 0.2BP, increased by 0.6BP, and increased by 1.7BP respectively; the credit spreads of the three - level non - urban investment bonds increased by 0.1BP, increased by 2.3BP, and increased by 1.3BP respectively [25]. - The credit spreads of state - owned enterprises showed mixed trends, while those of private enterprises generally increased. The credit spreads of the three - level central state - owned enterprises decreased by 0.7BP, decreased by 0.3BP, and decreased by 1.1BP respectively; the credit spreads of the three - level local state - owned enterprises increased by 0.6BP, increased by 1.8BP, and increased by 2BP respectively; the AAA and AA + - rated private enterprise credit spreads increased by 10.9BP and 0.8BP respectively [25][26]. - Regionally, the credit spreads of urban investment bonds showed mixed trends. The regions with the highest AAA - rated credit spreads were Liaoning, Shaanxi, and Jilin, with spreads of 101, 94, and 91BPs respectively; for AA + - rated, they were Qinghai, Shaanxi, and Gansu, with spreads of 144, 131, and 125BPs respectively; for AA - rated, they were Shaanxi, Sichuan, and Guangxi, with spreads of 154, 154, and 153BPs respectively. In terms of month - on - month changes, the largest upward adjustment of AAA - rated credit spreads was in Henan, up 7.2BP, and the largest downward adjustment was in Shaanxi, down 4.7BP; for AA + - rated, the largest upward adjustment was in Hunan, up 8BP, and the largest downward adjustment was in Yunnan, down 4.9BP; for AA - rated, the largest upward adjustment was in Guangxi, up 26.8BP, and the largest downward adjustment was in Yunnan, down 5BP [25][27]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 855.283 billion yuan, a month - on - month decrease of 47.12%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 254.914 billion yuan, a month - on - month decrease of 47.74%, accounting for 29.80% of the total credit bond trading scale; the trading volume of corporate bonds was 237.461 billion yuan, a month - on - month decrease of 52.14%, accounting for 27.76%; the trading volume of medium - term notes was 17.722 billion yuan, a month - on - month decrease of 45.30%, accounting for 20.72% [4][28]. 2.3 Actively Traded Bonds This Period - The report selects the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume for investors' reference [30].