11月信用债行情或仍可保持乐观：信用分析周报（2025/11/3-2025/11/7）-20251109

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints of the Report - The credit strategy in November can remain relatively optimistic. There are three reasons: First, the historical quantiles of medium - and long - term credit bonds are still at relatively high levels since the beginning of the year, especially the 5Y secondary and perpetual bonds still have room to decline. Second, the restart of Treasury bond trading, the overall loose capital interest rates, and the decline in market risk appetite due to the recent adjustment of the equity market are expected to continue the phased upward trend of credit bonds, and there are more positive factors than negative factors in the bond market currently. Third, the rapid decline in bank liability costs supports banks to significantly increase bond investments [4][42]. Summary According to the Directory 1. This Week's Credit Hot Events - Guangxi Jintou's former Party secretary and chairman are under disciplinary review, with the remaining bond balance of the entity being 19.4 billion yuan [1][9]. - Minister of Finance Lan Fuan stated that not increasing implicit debt should be regarded as an "iron - clad discipline" [1][10]. - On November 5, the National Association of Financial Market Institutional Investors warned four institutions including Dongjin Huai Investment and Jintang Xingjin for non - market - based bond issuance [1][11]. - Two bonds, 25 Xiaoshan Airport MTN002B (green) and 25 Jinneng Coal Industry MTN017, cancelled their issuance due to market factors, with a total planned issuance scale of 1.45 billion yuan [1][12]. 2. Primary Market 2.1 Net Financing Scale - The net financing of traditional credit bonds this week increased compared to last week, and the net financing of asset - backed securities increased by 1.17 billion yuan compared to last week. Among different product types, the net financing of urban investment bonds and industrial bonds increased, while that of financial bonds decreased [2][13]. - In terms of the number of issuances and redemptions, the number of urban investment bond issuances and redemptions decreased, the number of industrial bond issuances increased and redemptions decreased, and the number of financial bond issuances decreased and redemptions increased [15]. 2.2 Issuance Cost - Except for a slight increase in the issuance interest rate of AA urban investment bonds, the issuance interest rates of other bonds with different ratings declined to varying degrees. Specifically, the issuance interest rates of industrial and financial bonds with different ratings decreased by 11 - 29BP compared to last week, the AA urban investment bond issuance interest rate increased by 9BP, and the AA + and AAA urban investment bond issuance interest rates decreased by 19BP and 7BP respectively [18]. 3. Secondary Market 3.1 Trading Volume - The trading volume of credit bonds decreased by 53.4 billion yuan compared to last week. Among them, the trading volume of urban investment bonds and industrial bonds decreased, while that of financial bonds increased slightly. The trading volume of asset - backed securities also decreased [19]. - In terms of turnover rate, the turnover rate of most credit bonds decreased compared to last week [20]. 3.2 Yield - The yield of 5Y AA credit bonds decreased by 7BP compared to last week, and the yield of 3Y AAA + credit bonds increased by 4BP. The yield fluctuations of other credit bonds with different ratings and maturities were within 3BP compared to last week [21]. - Taking the 5Y AA + bonds of each variety as an example, the yields of different varieties rose and fell this week [25]. 3.3 Credit Spreads - Overall, except for a slight widening of the credit spread of the AA + non - ferrous metal industry compared to last week, the credit spreads of other industries and ratings compressed to varying degrees. For example, the credit spread of the AA + non - ferrous metal industry widened by 1BP, and the credit spread of the AA non - banking financial industry compressed by 7BP [28]. 3.3.1 Urban Investment Bonds - By maturity, the 3 - 5Y urban investment credit spreads compressed significantly by 8BP, and the compression of other maturities was within the range of 3 - 5BP [31]. - By region, the urban investment credit spreads in different regions compressed to varying degrees, and many regions have reached historical lows since the beginning of 2024 [33]. 3.3.2 Industrial Bonds - Except for a slight widening of the industrial credit spreads of a few maturities and ratings, most industrial credit spreads compressed to varying degrees [35]. 3.3.3 Bank Capital Bonds - Except for a 5BP and 4BP widening of the credit spreads of 5Y AAA - and AA + bank perpetual bonds respectively, the credit spreads of other secondary and perpetual bonds with different maturities and ratings fluctuated slightly within 2BP [37]. 4. This Week's Bond Market Sentiment - "Xiangyiyou" issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted in essence, and the implied ratings of "17 Fucheng A" and "17 Fucheng B" issued by Fujian Fucheng Group Co., Ltd. were downgraded [40]. 5. Investment Suggestions - Overall, except for a slight widening of the credit spread of the AA + non - ferrous metal industry, the credit spreads of other industries and ratings compressed to varying degrees. In terms of urban investment bonds, the 3 - 5Y urban investment credit spreads compressed significantly, and in terms of industrial bonds, most credit spreads compressed. In terms of bank capital bonds, most credit spreads fluctuated slightly [4][42].