配置盘续增，交易盘境外机构续减：——2025年9月份债券托管量数据点评

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The total bond custody volume increased less month - on - month. As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - The custody volume of interest - rate bonds and credit bonds increased net month - on - month, while that of financial bonds and inter - bank certificates of deposit (NCDs) decreased net month - on - month [1][11]. - This month, the total custody volume of major bonds of allocation accounts continued to increase month - on - month, while that of trading accounts and overseas institutions continued to decrease month - on - month [2][27]. - The balance of bonds to be repurchased increased seasonally, and the bond market leverage ratio rose month - on - month. As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan, and the leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Volume and Structure - As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - In September 2025, the interest - rate bond custody volume was 122.01 trillion yuan, accounting for 69.54% of the inter - bank bond market custody volume, with a net monthly increase of 1.29 trillion yuan; the credit bond custody volume was 18.74 trillion yuan, accounting for 10.68%, with a net monthly increase of 5.0986 billion yuan; the non - policy financial bond custody volume was 12.76 trillion yuan, accounting for 7.27%, with a net monthly decrease of 4.823 billion yuan; the NCD custody volume was 19.97 trillion yuan, accounting for 11.38%, with a net monthly decrease of 0.41 trillion yuan [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody Volume by Institution Month - on - Month - Policy banks and commercial banks increased their holdings of interest - rate bonds and credit bonds and reduced their holdings of NCDs [2][27]. - Insurance institutions increased their holdings of interest - rate bonds, NCDs, and credit bonds across the board [2][27]. - Securities companies increased their holdings of credit bonds and reduced their holdings of interest - rate bonds and NCDs [2][27]. - Credit unions, non - legal entity products, and overseas institutions increased their holdings of interest - rate bonds and reduced their holdings of NCDs and credit bonds [2][27]. 3.2.2 Changes in Custody Volume by Bond Type Month - on - Month - The custody volume of treasury bonds continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while policy banks continued to reduce their holdings [3][29]. - The custody volume of local government bonds continued to increase month - on - month. Except for commercial banks reducing their holdings, other major institutions increased their holdings [3][29]. - The custody volume of policy - financial bonds continued to increase month - on - month. Commercial banks continued to increase their holdings, while securities companies and non - legal entity products changed to reducing their holdings [3][29]. - The custody volume of NCDs continued to decrease month - on - month. Except for insurance institutions increasing their holdings, other major institutions reduced their holdings [3][29]. - The custody volume of enterprise bonds continued to decrease month - on - month. Commercial banks and non - legal entity products were the main entities reducing their holdings [3][30]. - The custody volume of medium - term notes continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while non - legal entity products changed to reducing their holdings [3][31]. - The custody volume of short - term financing bills and super - short - term financing bills continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. - The custody volume of non - publicly - oriented debt instruments continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. 3.2.3 Holder Structure of Major Bond Types - As of the end of September 2025, for treasury bonds, commercial banks held 69.91%, overseas institutions held 5.41%, policy banks held 10.29%, etc. [34]. - For policy - financial bonds, commercial banks held 55.25%, non - legal entity products held 31.66%, overseas institutions held 2.95%, etc. [36]. - For local government bonds, commercial banks held 73.38%, non - legal entity products held 9.50%, policy banks held 10.66%, etc. [39]. - For enterprise bonds, non - legal entity products held 54.98%, commercial banks held 32.02%, securities companies held 9.02%, etc. [41]. - For medium - term notes, non - legal entity products held 60.71%, commercial banks held 24.15%, securities companies held 4.88%, etc. [43]. - For short - term financing bills and super - short - term financing bills, non - legal entity products held 63.46%, commercial banks held 29.83%, etc. [46]. - For non - publicly - oriented debt instruments, non - legal entity products held 62.06%, commercial banks held 20.31%, etc. [49]. - For NCDs, non - legal entity products held 60.68%, commercial banks held 23.57%, etc. [51]. 3.3 Bond Market Leverage Ratio Observation - As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan. The leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53].