信用债周度观察（20251013-20251017）：信用债发行量环比增长，各行业信用利差整体下行-20251018

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Credit bond issuance volume increased month - on - month, and the credit spreads of various industries generally declined [1] 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - From October 13 to October 17, 2025, a total of 379 credit bonds were issued, with a total issuance scale of 433.329 billion yuan, a month - on - month increase of 206.54% [1][11] - In terms of issuance scale, 177 industrial bonds were issued, with a scale of 237.725 billion yuan, a month - on - month increase of 270.37%, accounting for 54.86% of the total credit bond issuance scale; 164 urban investment bonds were issued, with a scale of 101.634 billion yuan, a month - on - month increase of 132.16%, accounting for 23.45%; 38 financial bonds were issued, with a scale of 93.970 billion yuan, a month - on - month increase of 181.35%, accounting for 21.69% [1][11] - The average issuance term of credit bonds was 2.30 years, among which industrial bonds had an average issuance term of 1.86 years, urban investment bonds 2.87 years, and financial bonds 1.93 years [2][16] - The average issuance coupon rate of credit bonds was 2.20%, among which industrial bonds had an average issuance coupon rate of 2.09%, urban investment bonds 2.37%, and financial bonds 1.94% [2][20] 3.1.2 Cancellation of Issuance Statistics - Four credit bonds cancelled their issuance during the period [3][24] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - The overall industry credit spreads declined. Among Shenwan primary industries, for AAA - rated industries, the largest upward spread was in agriculture, forestry, animal husbandry and fishery (8.2BP), and the largest downward spread was in electronics (9.8BP); for AA + - rated industries, the largest upward spread was in non - ferrous metals (2.9BP), and the largest downward spread was in electrical equipment (25.4BP); for AA - rated industries, the largest upward spread was in real estate (10.1BP), and the largest downward spread was in machinery (12.9BP) [3][26] - The credit spreads of coal and steel both declined. The credit spreads of AAA and AA + - rated coal declined by 1.7BP and 7.7BP respectively, and those of AAA and AA + - rated steel declined by 6.8BP and 6.3BP respectively [26] - The credit spreads of urban investment and non - urban investment bonds at all levels declined. The credit spreads of three - level urban investment bonds declined by 3.8BP, 4.7BP, and 4.4BP respectively, and those of three - level non - urban investment bonds declined by 5BP, 4.4BP, and 5.3BP respectively [27] - The credit spreads of state - owned enterprises and private enterprises both declined. The credit spreads of three - level central state - owned enterprises declined by 4.9BP, 3.1BP, and 7.6BP respectively, those of three - level local state - owned enterprises declined by 4.9BP, 4.5BP, and 5.3BP respectively, and the credit spreads of AAA and AA + - rated private enterprises declined by 7.9BP and 8BP respectively [27] - The regional urban investment credit spreads showed mixed trends. In terms of spread levels, for AAA - rated regions, the three regions with the highest credit spreads were Shaanxi, Liaoning, and Jilin; for AA + - rated regions, they were Qinghai, Shaanxi, and Gansu; for AA - rated regions, they were Sichuan, Shaanxi, and Guangxi. In terms of month - on - month changes, for AAA - rated regions, the largest upward spread was in Shaanxi (8.8BP), and the largest downward spread was in Inner Mongolia (9.1BP); for AA + - rated regions, the largest downward spread was in Heilongjiang (9BP); for AA - rated regions, the largest upward spread was in Fujian (8.4BP), and the largest downward spread was in Yunnan (12.9BP) [28] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1457.824 billion yuan, a month - on - month increase of 70.45%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, commercial bank bonds had a trading volume of 380.333 billion yuan, a month - on - month increase of 49.20%, accounting for 26.09% of the total credit bond trading volume; corporate bonds had a trading volume of 406.552 billion yuan, a month - on - month increase of 71.21%, accounting for 27.89%; medium - term notes had a trading volume of 361.073 billion yuan, a month - on - month increase of 103.74%, accounting for 24.77% [4][29] 3.2.3 Actively Traded Bonds in the Current Period - The top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume were selected for investors' reference [31]