信用利差周报2025年第43期：货币政策报告延续宽松基调，香港百亿数字绿债落地-20251125

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The central bank's monetary policy report maintains a loose tone, focusing on "stable growth" and aiming to lower interest rates and reduce the real - financing cost. It also emphasizes the development of the bond market's "science and technology board" and the use of risk - sharing tools for science and technology innovation bonds [3][11]. - The issuance of Hong Kong's HK$10 billion digital green bonds sets a global record, marks the transition from pilot to regular operation of tokenized bonds in Hong Kong, and provides a reference for the mainland's financial infrastructure construction and product innovation [4][15]. - In October, China's economic indicators weakened, with consumption, investment, and industrial production showing a slowdown, and social financing and credit continuing to decline [5][18]. 3. Summary by Directory Market Hotspots - The Q3 Monetary Policy Report continues the "moderately loose" liquidity management framework, focuses on "stable growth", and emphasizes the development of a multi - level bond market and the support for key areas such as science and technology innovation. It also highlights the use of risk - sharing tools for science and technology innovation bonds, which may guide more funds into the science and technology field [11][13]. - On November 11, Hong Kong issued HK$10 billion digital green bonds, covering four currencies with a 2 - 5 - year term and an over - subscription of about 12 times. It is the first to use tokenized central bank currency for on - chain "delivery versus payment", which improves settlement efficiency and reduces risks, and marks the transition from pilot to regular operation of tokenized bonds in Hong Kong [4][15]. Macroeconomic Data - In October, China's economic indicators weakened. From January to October, the cumulative year - on - year growth rate of fixed - asset investment decreased by 1.2% and was negative for two consecutive months. The growth rate of social retail sales was 2.9%, declining for five consecutive months. Industrial production also declined, affected by factors such as holidays and export slowdown. In terms of financial data, social financing and credit continued to decline in October, with new social financing of 815 billion yuan, a year - on - year decrease of 597 billion yuan for three consecutive months. M1 and M2 increased by 6.2% and 8.2% year - on - year respectively, with their scissors gap expanding to 2% [5][18]. Money Market - Last week, the central bank conducted five 7 - day reverse repurchase operations totaling 1.122 trillion yuan, with 495.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 626.2 billion yuan. Due to factors such as mid - month reserve requirements and tax payments, market capital demand was large, and capital prices generally increased. The pledged repurchase rates of all tenors increased by 2 - 10bp compared with the previous week [6][22]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds decreased slightly to 251.409 billion yuan, a decrease of 25.624 billion yuan from the previous value. The average daily issuance scale was 50.282 billion yuan, a decrease of 5.125 billion yuan from the previous period. Except for the short - term financing bonds and publicly issued corporate bonds, the issuance scale of other bond types decreased. The issuance scale of the infrastructure investment and financing industry decreased, while that of industrial bonds increased. The average issuance cost of credit bonds mostly declined [7][25]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 8.667564 trillion yuan, and the average daily trading volume decreased by 8.2813 billion yuan to 173.3513 billion yuan, with a slight decline in trading activity. The market still had a certain wait - and - see sentiment. Credit bonds performed slightly better than interest - rate bonds. The yields of most tenors of treasury bonds and policy - bank bonds decreased, with a maximum decline of 3bp, and the yield of the 10 - year treasury bond dropped to 1.81%. The yields of credit bonds showed a differentiated performance between short and long - term tenors, with a maximum change of 8bp. Most of the rating spreads narrowed [8][37].