信用债周度观察（20251020-20251024）：信用债发行量环比增长，各行业信用利差整体下行-20251025

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Credit bond issuance volume increased month-on-month, and industry credit spreads generally declined [1][24] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From October 20 to October 24, 2025, a total of 545 credit bonds were issued, with a total issuance scale of 578.28 billion yuan, a month-on-month increase of 33.45% [1][11] - Industrial bonds: 267 were issued, with a scale of 310.475 billion yuan, a month-on-month increase of 30.60%, accounting for 53.69% of the total issuance scale [1][11] - Urban investment bonds: 232 were issued, with a scale of 152.105 billion yuan, a month-on-month increase of 49.66%, accounting for 26.30% of the total issuance scale [1][11] - Financial bonds: 46 were issued, with a scale of 115.7 billion yuan, a month-on-month increase of 23.12%, accounting for 20.01% of the total issuance scale [1][11] - The average issuance period of credit bonds was 2.61 years, with industrial bonds at 2.09 years, urban investment bonds at 3.27 years, and financial bonds at 2.09 years [1][14] - The average issuance coupon rate of credit bonds was 2.24%, with industrial bonds at 2.14%, urban investment bonds at 2.40%, and financial bonds at 1.98% [2][18] 1.2 Cancellation of Issuance Statistics - Two credit bonds cancelled their issuance this week [3][23] 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, the largest increase in AAA - grade industry credit spreads was in electronics (up 0.9BP), and the largest decrease was in communications (down 9.3BP); for AA + - grade, the largest increase was in textile and apparel (up 52.9BP), and the largest decrease was in steel (down 56.4BP); for AA - grade, the largest increase was in machinery and equipment (up 2.7BP), and the largest decrease was in media (down 17.4BP) [3][24] - By region for urban investment bonds, this week, the largest increase in AAA - grade credit spreads was in Yunnan (up 6.4BP), and the largest decrease was in Liaoning (down 9.7BP); for AA + - grade, the largest increase was in Yunnan (up 11.1BP), and the largest decrease was in Sichuan (down 10.8BP); for AA - grade, the largest decrease was in Hebei (down 11.7BP) [3][26] - Coal and steel credit spreads both declined. AAA and AA + - grade coal credit spreads decreased by 4.2BP and 4.4BP respectively; AAA and AA + - grade steel credit spreads decreased by 4.7BP and 56.4BP respectively [25] - Credit spreads of urban investment and non - urban investment at all levels declined. The three levels of urban investment credit spreads decreased by 6.2BP, 4.6BP, and 5.7BP respectively; the three levels of non - urban investment credit spreads decreased by 5.3BP, 5.7BP, and 5.2BP respectively [25] - Credit spreads of state - owned enterprises and private enterprises both declined. The three levels of central state - owned enterprise credit spreads decreased by 3.2BP, 3.1BP, and 5.3BP respectively; the three levels of local state - owned enterprise credit spreads decreased by 5.4BP, 5.7BP, and 5.6BP respectively; AAA and AA + - grade private enterprise credit spreads decreased by 5.3BP and 3.7BP respectively [25] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1426.37 billion yuan, a month-on-month decrease of 2.16%. The top three in trading volume were corporate bonds, medium - term notes, and commercial bank bonds [4][27] - Commercial bank bonds: trading volume reached 354.669 billion yuan, a month-on-month decrease of 6.75%, accounting for 24.87% of the total trading scale [4][27] - Corporate bonds: trading volume reached 436.845 billion yuan, a month-on-month increase of 7.45%, accounting for 30.63% of the total trading scale [4][27] - Medium - term notes: trading volume reached 357.797 billion yuan, a month-on-month decrease of 0.91%, accounting for 25.08% of the total trading scale [4][27] 2.3 This Week's Actively Traded Bonds - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [29]