信用利差周报2025年第42期：首单科创可转债获批加强股债联动，债券收益率走势分化-20251113

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The "Technology Board" of the bond market has achieved remarkable results after half a year of operation. As of November 7, the issuance scale of science - innovation bonds exceeded 1.8 trillion yuan, with a year - on - year increase of 77.98%. The approval of the first science - innovation convertible bond strengthens the stock - bond linkage, which is expected to optimize the credit market structure and promote the virtuous cycle of "science - industry - finance" [3][10]. - In October, the year - on - year CPI growth rate turned positive, and the import and export data showed resilience, indicating a certain recovery in consumer demand and domestic demand [4][13]. - Last week, the central bank net - withdrew funds through open - market operations, but under the support of monetary policy, most capital prices declined [5][16]. - In the primary market of credit bonds, the issuance scale continued to decline, and the issuance cost varied. In the secondary market, the trading activity decreased slightly, and the yields of credit bonds continued to decline [6][21][31]. 3. Summary According to the Table of Contents Market Hotspots - The "Technology Board" of the bond market has been in operation for half a year. As of November 7, 1668 science - innovation bonds were issued this year, with a cumulative issuance scale of 18139.71 billion yuan, a year - on - year increase of 77.98%. The new science - innovation bonds have features such as better - matched terms, lower issuance costs, and diversified issuer structures. The first science - innovation convertible bond was approved, which provides a more flexible financing solution for high - growth technology enterprises and is expected to promote the virtuous cycle of "science - industry - finance" [10][11][12]. Macroeconomic Data - In October, the year - on - year CPI growth rate turned positive at 0.2%, an increase of 0.5 percentage points from the previous month. The core CPI increased by 1.2% year - on - year, with the growth rate expanding for six consecutive months. The year - on - year PPI decline narrowed by 0.2 percentage points to - 2.1%. The export volume in October was 3053.5 billion US dollars, a year - on - year decrease of 1.1%, and the import volume was 2152.8 billion US dollars, a year - on - year increase of 1.0%. The Sino - US trade surplus in October was 900.7 billion US dollars, a year - on - year decrease of 5.9% [4][13][14]. Money Market - Last week, the central bank net - withdrew 15722 billion yuan through open - market operations. Under the support of monetary policy, most capital prices declined. Except for the 1 - day and 1 - month repurchase rates which increased by 1bp and 2bp respectively, the other term - pledged repurchase rates decreased, with a maximum decline of 5bp. The 3 - month and 1 - year Shibor decreased by 1bp and 2bp respectively, and the spread between them narrowed to 6bp [5][16]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds continued to decline to 2770.33 billion yuan, a decrease of 156.11 billion yuan from the previous period. The cancellation of credit bond issuance increased to 32 billion yuan. Except for the ultra - short - term financing bonds and private placement notes, the issuance scale of other bond types decreased. The infrastructure investment and financing industry's issuance scale decreased, while the industrial bond issuance scale changed little. The average issuance cost of credit bonds varied, with the issuance costs of 3 - year and 5 - year bonds mostly decreasing and those of 1 - year bonds mostly increasing, with a change range of 2bp to 38bp [6][21][29]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 90816.29 billion yuan, and the average daily trading volume decreased by 463.15 billion yuan to 18163.26 billion yuan, indicating a decline in trading activity. The yields of interest - rate bonds and credit bonds showed different trends. The yields of all - term treasury bonds and policy - bank bonds increased, with the 10 - year treasury bond yield increasing by 2bp to 1.81%. Most credit bond yields decreased, with a maximum decline of 9bp. The credit spreads of all terms generally narrowed, and most rating spreads also narrowed [7][31][41].