EBSCN·2025-11-29 11:32Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints of the Report - From November 24 to November 28, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries generally rose [1] - The total trading volume of credit bonds in the secondary market increased month - on - month, with commercial bank bonds, corporate bonds, and medium - term notes ranking in the top three in terms of trading volume [4] Group 3: Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From November 24 to November 28, 2025, a total of 433 credit bonds were issued, with a total issuance scale of 589.011 billion yuan, a month - on - month increase of 1.34%. Among them, industrial bonds accounted for 52.37%, urban investment bonds accounted for 20.08%, and financial bonds accounted for 27.55% [1][11] - The average issuance term of credit bonds was 2.80 years, with industrial bonds at 2.56 years, urban investment bonds at 3.19 years, and financial bonds at 2.41 years [1][13] - The average issuance coupon rate of credit bonds was 2.16%, with industrial bonds at 2.09%, urban investment bonds at 2.29%, and financial bonds at 1.95% [2][18] 1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week, including 25ShaanxiJiaotongMTN012, 25JinnengMeiyeMTN019, etc. [22][23] 2. Secondary Market 2.1 Credit Spread Tracking - The industry credit spreads generally rose this week. For example, among the Shenwan primary industries, the AAA - rated real estate industry's credit spread increased by 8.1BP, and the AA + - rated textile and clothing industry's credit spread increased by 15.4BP [3][24] - The credit spreads of coal showed mixed trends, while those of steel generally rose. The credit spreads of coal at the AAA, AA +, and AA levels increased by 3.3BP, 5.1BP, and decreased by 1.4BP respectively; the credit spreads of steel at the AAA and AA + levels increased by 5.5BP and 2.3BP respectively [24] - The credit spreads of urban investment and non - urban investment bonds at all levels generally rose. The credit spreads of urban investment bonds at three levels increased by 2.4BP, 5.3BP, and 6.8BP respectively; the credit spreads of non - urban investment bonds at three levels increased by 4.4BP, 5.4BP, and 4.9BP respectively [24] - The credit spreads of state - owned enterprises generally rose, while those of private enterprises showed mixed trends. The credit spreads of central state - owned enterprises at three levels increased by 4BP, 5.1BP, and 4.2BP respectively; the credit spreads of local state - owned enterprises at three levels increased by 3.3BP, 4.6BP, and 5.6BP respectively; the credit spreads of private enterprises at the AAA and AA + levels increased by 7BP and decreased by 0.1BP respectively [25] - The regional urban investment credit spreads showed mixed trends. The regions with the highest credit spreads at the AAA, AA +, and AA levels were Shaanxi, Qinghai, and Guangxi respectively. In terms of month - on - month changes, Gansu, Ningxia, and Xinjiang had the largest increases, while Yunnan had the largest decrease [26] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1499.033 billion yuan, a month - on - month increase of 4.12%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][27] 2.3 Actively Traded Bonds This Week - The report lists the top 20 actively traded urban investment bonds, industrial bonds, and financial bonds this week, including information such as bond codes, names, trading volumes, yields, and issuers [30][31][32]