信用债发行规模季节性减少，各行业信用利差涨跌互现：信用债月度观察（2025.10）-20251104

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - As of the end of October 2025, the balance of outstanding credit bonds in China was 30.81 trillion yuan. In October 2025, the issuance of credit bonds decreased by 5.19% month - on - month, with a net financing of 3178.45 billion yuan [1][9]. - The issuance of urban investment bonds decreased both month - on - month and year - on - year in October 2025, with a net financing of - 87.1 billion yuan. In contrast, the issuance of industrial bonds increased both month - on - month and year - on - year, with a net financing of 3265.55 billion yuan [1][10][18]. - In October 2025, the trading volume of urban investment bonds decreased both month - on - month and year - on - year, while the trading volume of industrial bonds decreased month - on - month but increased year - on - year [2][34][37]. - The credit spreads of urban investment bonds and industrial bonds of different ratings showed different trends in October 2025, with some widening and some narrowing [2][37][43]. 3. Summary According to the Directory 3.1 Credit Bond Issuance and Maturity 3.1.1 Credit Bond Issuance - As of the end of October 2025, the balance of outstanding credit bonds was 30.81 trillion yuan. In October 2025, credit bonds issued 11714.32 billion yuan, a 5.19% month - on - month decrease, with a net financing of 3178.45 billion yuan [1][9]. - Urban Investment Bonds: As of the end of October 2025, the balance of outstanding urban investment bonds was 15.3 trillion yuan. In October 2025, the issuance was 3936.19 billion yuan, a 21.89% month - on - month and 2.63% year - on - year decrease, with a net financing of - 87.1 billion yuan. Regionally, Jiangsu had the highest issuance. In terms of ratings, AAA - rated urban investment bonds accounted for 44.63% of the total issuance [10][13][18]. - Industrial Bonds: As of the end of October 2025, the balance of outstanding industrial bonds was 15.51 trillion yuan. In October 2025, the issuance was 7778.13 billion yuan, a 6.31% month - on - month and 71.19% year - on - year increase, with a net financing of 3265.55 billion yuan. By industry, the utility industry had the highest issuance. In terms of ratings, AAA - rated industrial bonds accounted for 91.39% of the total issuance [18][22][26]. 3.1.2 Credit Bond Maturity - Urban Investment Bonds: From November to December 2025, Jiangsu, Shandong, and Zhejiang had relatively large maturity scales of urban investment bonds [28]. - Industrial Bonds: From November to December 2025, the utility, construction and decoration, non - banking finance, transportation, and real estate industries had relatively large maturity scales of industrial bonds [31]. 3.2 Credit Bond Trading and Spreads 3.2.1 Credit Bond Trading - Urban Investment Bonds: In October 2025, the trading volume was 8522.19 billion yuan, decreasing both month - on - month and year - on - year, with a turnover rate of 5.57% [34]. - Industrial Bonds: In October 2025, the trading volume was 12564.51 billion yuan, decreasing month - on - month but increasing year - on - year, with a turnover rate of 8.1% [37]. 3.2.2 Credit Bond Spreads - Urban Investment Bonds: In October 2025, the credit spreads of AAA and AA - rated urban investment bonds widened compared to the previous month, while the spreads of AA + - rated urban investment bonds remained the same. Regionally, the spreads of different regions and ratings showed different trends [37][41]. - Industrial Bonds: In October 2025, the credit spreads of AAA - rated industrial bonds narrowed compared to the previous month, while the spreads of AA + and AA - rated industrial bonds widened. By industry, the spreads of different industries and ratings also showed different trends [43][45].