信用债市场周度回顾 251103：关注中长期信用债的骑乘收益空间-20251103

Group 1 - The report emphasizes a duration strategy for credit bonds, suggesting a focus on the relative value and steepness of the yield curve for medium to long-term credit bonds due to the recent recovery since late September [1][6]. - The net financing for major credit bond types decreased to 36 billion yuan for the week of October 27 to October 31, 2025, compared to 1953.1 billion yuan in the previous week [6][8]. - The issuance of corporate bonds reached 881.1 billion yuan, while the total issuance of major credit bond types was 2186.8 billion yuan, indicating a slight reduction in market activity [6][7]. Group 2 - Secondary market trading saw an increase, with total transactions amounting to 9653.12 billion yuan, up by 632.69 billion yuan from the previous week [6][11]. - The yields on medium-term notes (MTNs) generally declined, with the 3-year AAA MTN yield falling by 4.79 basis points to 1.88% [6][11]. - The credit spreads for MTNs widened, with the spreads for 3-year notes across different ratings showing significant differentiation, indicating a more pronounced risk perception in the market [11][12]. Group 3 - No credit rating upgrades were reported for issuers in the domestic market during the week, and there were no downgrades or defaults noted [6][8]. - The report highlights that AAA-rated issuers accounted for 51.04% of the total issuance, with the construction industry being the largest contributor at 24.65% [6][7].