信用债周度观察（20251103-20251107）：产业债发行量保持增长，各行业信用利差整体收窄-20251108

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the weekly observation of credit bonds from November 3, 2025, to November 7, 2025. It shows that the issuance volume of industrial bonds increased, while that of urban investment bonds and financial bonds decreased. The overall credit spread of the industry declined, and the total trading volume of credit bonds decreased [1][3]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - From November 3 to 7, 2025, a total of 334 credit bonds were issued, with a total issuance scale of 363.403 billion yuan, a week - on - week decrease of 7.66% [1][10]. - Industrial bonds: 162 were issued, with a scale of 176.92 billion yuan, a week - on - week increase of 5.36%, accounting for 48.68% of the total credit bond issuance scale [1][10]. - Urban investment bonds: 145 were issued, with a scale of 101.213 billion yuan, a week - on - week decrease of 20.60%, accounting for 27.85% of the total credit bond issuance scale [1][10]. - Financial bonds: 27 were issued, with a scale of 85.27 billion yuan, a week - on - week decrease of 13.12%, accounting for 23.46% of the total credit bond issuance scale [1][10]. - The average issuance term of credit bonds was 3.01 years. The average issuance terms of industrial bonds, urban investment bonds, and financial bonds were 2.93 years, 3.19 years, and 2.55 years respectively [1][13]. - The average issuance coupon rate of credit bonds was 2.18%. The average issuance coupon rates of industrial bonds, urban investment bonds, and financial bonds were 2.15%, 2.25%, and 1.96% respectively [2][17]. 3.1.2 Cancellation of Issuance Statistics One credit bond was cancelled for issuance during the week [3][22]. 3.2 Secondary Market 3.2.1 Credit Spread Tracking - Overall, the industry credit spread declined this week. Among Shenwan primary industries, the largest decline in AAA - rated industry credit spread was in agriculture, forestry, animal husbandry, and fishery, down 6.1BP; the largest increase in AA + - rated industry credit spread was in steel, up 0.8BP, and the largest decline was in textile and clothing, down 30.4BP; the largest decline in AA - rated industry credit spread was in mining, down 6.6BP [3][23]. - For urban investment bonds by region, the largest decline in AAA - rated credit spread was in Guizhou, down 9.1BP; the largest increase in AA + - rated credit spread was in Tianjin, up 0.9BP, and the largest decline was in Yunnan, down 23.9BP; the largest decline in AA - rated credit spread was in Chongqing, down 11.6BP [3][26]. 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 129.1166 billion yuan, a week - on - week decrease of 17.33%. The top three in trading volume were corporate bonds, commercial bank bonds, and medium - term notes [3][27]. - Commercial bank bonds: The trading volume was 36.1397 billion yuan, a week - on - week decrease of 21.28%, accounting for 27.99% of the total credit bond trading volume [3][27]. - Corporate bonds: The trading volume was 44.9388 billion yuan, a week - on - week decrease of 6.83%, accounting for 34.80% of the total credit bond trading volume [3][27]. - Medium - term notes: The trading volume was 28.9413 billion yuan, a week - on - week decrease of 26.27%, accounting for 22.41% of the total credit bond trading volume [3][27]. 3.2.3 Actively Traded Bonds This Week The report selects the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference, providing details such as security codes, abbreviations, trading volumes, yields, and issuers [29][30][31].