Soochow Securities·2025-11-15 07:25Group 1: Report Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - In the primary market, from November 10 - 14, 2025, 35 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of about 69.108 billion yuan, an increase of 27.889 billion yuan from the previous week. The issuance terms were mostly 3 years, and the issuers had various natures, ratings, and were from different regions, with various bond types [1]. - In the secondary market, from November 10 - 14, 2025, the weekly trading volume of green bonds totaled 61.6 billion yuan, a decrease of 9.7 billion yuan from the previous week. Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the top three trading volumes. Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 82.39%. The top three industries in terms of trading volume were finance, public utilities, and real estate, and the top three regions were Beijing, Guangdong, and Shanghai [2]. - In the week from November 10 - 14, 2025, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, and the discount trading proportion was less than the premium trading. The top three discount bonds and premium bonds, along with their corresponding information such as issuer industries, ratings, and regions, are provided [3]. Group 3: Summary by Relevant Catalogs Primary Market Issuance - Issuance Quantity and Scale: 35 green bonds were newly issued, with a total scale of about 69.108 billion yuan, up 27.889 billion yuan from the previous week [1]. - Issuance Terms: Mostly 3 - year terms [1]. - Issuer Nature: Including local state - owned enterprises, central enterprise subsidiaries, large private enterprises, other enterprises, Sino - foreign joint - ventures, and central financial enterprises [1]. - Subject Ratings: Mostly AAA and AA + levels [1]. - Issuer Regions: Yunnan, Guangdong, Shaanxi, Beijing, Guangxi, Shandong, Jiangsu, Tianjin, Shanghai, Hebei, and Anhui [1]. - Bond Types: Medium - term notes, private placement corporate bonds, enterprise ABS, ABN of the National Association of Financial Market Institutional Investors, general corporate bonds, commercial bank ordinary bonds, private placement notes (PPN), and ultra - short - term financing bills [1]. Secondary Market Trading - Total Trading Volume: The weekly trading volume was 61.6 billion yuan, down 9.7 billion yuan from the previous week [2]. - By Bond Type: Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had trading volumes of 31.3 billion yuan, 21.1 billion yuan, and 5.3 billion yuan respectively, ranking in the top three [2]. - By Issuance Term: Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 82.39% [2]. - By Issuer Industry: The top three industries in terms of trading volume were finance (28.2 billion yuan), public utilities (13.2 billion yuan), and real estate (2.6 billion yuan) [2]. - By Issuer Region: The top three regions in terms of trading volume were Beijing (18.6 billion yuan), Guangdong (7.7 billion yuan), and Shanghai (6.4 billion yuan) [2]. Valuation Deviation of Top 30 Individual Bonds - Discount Bonds: The top three discount bonds were G19 Huangshi (- 1.6949%), 25 Shuineng G3 (- 0.9866%), and 25 Puzi G1 (- 0.8655%). The issuer industries were mainly finance, energy, and transportation, and the regions were mostly Beijing, Guangdong, and Guangxi [3]. - Premium Bonds: The top three premium bonds were 25 Tiancheng Leasing GN004 (carbon - neutral bond) (0.3998%), 25 Guangxin K2 (0.3949%), and 20 Sichuan 39 (0.3745%). The issuer industries were mainly transportation equipment, finance, and comprehensive, and the regions were mostly Guangdong, Shandong, and Beijing [3].