商业银行增配国债，广义基金减配信用债2025年9月中债登和上清所托管数据

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report In September 2025, the leverage ratio in the inter - bank bond market increased slightly month - on - month and was lower than the same period in previous years. The total bond custody scale of ChinaBond and Shanghai Clearing House increased month - on - month. Different institutions had different investment behaviors in different bond types, with commercial banks increasing their allocation of treasury bonds and broad - based funds reducing their allocation of credit bonds [1][2][4]. 3. Summary According to the Directory 3.1 Bank - inter Leverage Ratio - In late September, the inter - bank bond market leverage ratio was 106.90%, up 0.02 pct from 106.88% at the end of last month, and generally lower than the leverage ratio in the same period of previous years [1][10]. 3.2 Custody Data Overview - In September 2025, the total bond custody scale of ChinaBond and Shanghai Clearing House was 175.46 trillion yuan, a month - on - month increase of 921.2 billion yuan. Among them, ChinaBond increased by 888.7 billion yuan and Shanghai Clearing House by 32.4 billion yuan [2][13]. - Treasury bonds, local government bonds, policy - bank bonds, and medium - term notes contributed to the increase, with month - on - month increases of 761.3 billion yuan, 454.2 billion yuan, 46.3 billion yuan, and 102.2 billion yuan respectively. Corporate bonds, short - term and ultra - short - term financing bonds, directional instruments, and inter - bank certificates of deposit contributed to the decrease, with month - on - month decreases of 26.7 billion yuan, 20.9 billion yuan, 18 billion yuan, and 407.5 billion yuan respectively [13]. 3.3 By Bond Type 3.3.1 Interest - rate Bonds - Treasury bond custody scale was 39.21 trillion yuan, up 761.3 billion yuan month - on - month. Commercial banks were the main buyers, and insurance institutions, broad - based funds, and credit unions made small purchases [15]. - Policy - bank bond custody scale was 25.19 trillion yuan, up 46.3 billion yuan month - on - month. Commercial banks were the main buyers, while securities companies and broad - based funds sold [15]. - Local government bond custody scale was 53.46 trillion yuan, up 454.2 billion yuan month - on - month. Broad - based funds were the main buyers, and commercial banks were the main sellers [15]. 3.3.2 Credit Bonds - Corporate bond custody scale was 1.66 trillion yuan, down 26.7 billion yuan month - on - month. Most institutions sold [29]. - Medium - term note custody scale was 12.39 trillion yuan, up 102.2 billion yuan month - on - month. Commercial banks were the main buyers, and broad - based funds were the main sellers [29]. - Short - term financing bond custody scale was 521.3 billion yuan, up 47.2 billion yuan month - on - month. Commercial banks and broad - based funds were the main buyers [29]. - Ultra - short - term financing bond custody scale was 1.54 trillion yuan, down 68.1 billion yuan month - on - month. Broad - based funds were the main sellers, and commercial banks, overseas institutions, and securities companies also sold [29]. 3.3.3 Inter - bank Certificates of Deposit - The custody scale was 19.98 trillion yuan, down 407.5 billion yuan month - on - month. Most institutions sold, with commercial banks and broad - based funds being the main sellers and insurance institutions making small purchases [48]. 3.4 By Institution - Commercial banks' main bond custody scale was 85.82 trillion yuan, up 532.2 billion yuan month - on - month. They increased their holdings of interest - rate and credit bonds by 565.4 billion yuan and 108.6 billion yuan respectively and reduced their holdings of inter - bank certificates of deposit by 141.8 billion yuan [4][53]. - Broad - based funds' main bond custody scale was 37.23 trillion yuan, down 150.3 billion yuan month - on - month. They increased their holdings of interest - rate bonds by 50.4 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 107.2 billion yuan and 93.4 billion yuan respectively [4][53]. - Overseas institutions' main bond custody scale was 3.65 trillion yuan, down 43.3 billion yuan month - on - month. They increased their holdings of interest - rate bonds by 15.8 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 1 billion yuan and 58.1 billion yuan respectively [4][56]. - Insurance institutions' main bond custody scale was 4.33 trillion yuan, up 63 billion yuan month - on - month. They increased their holdings of interest - rate, credit bonds, and inter - bank certificates of deposit by 55.4 billion yuan, 2.6 billion yuan, and 5.1 billion yuan respectively [4][56]. - Securities companies' main bond custody scale was 2.58 trillion yuan, down 59 billion yuan month - on - month. They increased their holdings of credit bonds by 800 million yuan and reduced their holdings of interest - rate bonds and inter - bank certificates of deposit by 38 billion yuan and 21.8 billion yuan respectively [4][56]. - Credit unions' main bond custody scale was 2.04 trillion yuan, up 39.9 billion yuan month - on - month. They increased their holdings of interest - rate bonds by 56.4 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 2.1 billion yuan and 14.4 billion yuan respectively [5][57].