Da Gong Guo Ji·2025-12-08 07:02Report Summary 1. Industry Investment Rating - Not mentioned in the provided content 2. Core View - In the week from 2025.11.24 - 2025.11.30, the issuance volume and scale of credit bonds decreased by over 10% week - on - week, and the average issuance cost increased by 8.18BP. The 11 - month composite PMI fell below the boom - bust line, with the non - manufacturing PMI being the main drag on the economy. The central bank's open - market operations led to a net withdrawal of 642 billion yuan, but the end - of - month liquidity was ample and capital prices were stable. There were new bond types issued, and 2 issuers had their main body ratings downgraded [1][4] 3. Summary by Directory 3.1 Macroeconomic Dynamics - Economic Data: The November composite PMI output index dropped 0.3 percentage points to 49.7%, the lowest of the year. The manufacturing PMI rose 0.2 percentage points to 49.2%, showing a "weak stabilization" pattern. The non - manufacturing PMI declined 0.6 percentage points to 49.5%, mainly due to the fading of the "National Day" holiday effect and the drag of the real - estate chain [6] - Funding Situation: From November 24th to 28th, the central bank conducted 7 - day reverse repurchase operations of 15,118 billion yuan, with 16,760 billion yuan of large - scale reverse repurchases maturing. The MLF was net - injected with 1,000 billion yuan, and the central bank's open - market operations had a net withdrawal of 642 billion yuan. The end - of - month funding was looser, and the DR001 and DR007 averaged 1.31% and 1.46%, respectively, down 11.69BP and 3.5BP from the previous week [7][8] 3.2 Bond Market Observation - Bond Issuance: A total of 1,084 bonds were issued in the primary market this week, with a total issuance scale of 18,812.79 billion yuan and a net financing of 4,990.95 billion yuan. The number and scale of credit bond issuances decreased by 13.47% and 11.93% week - on - week respectively, but the net financing remained positive at 2,643.19 billion yuan. The average issuance cost of most bond types increased by 8.18BP [9][10] - New Bond Types: On November 28th, Zhejiang Erqing successfully issued the country's first special science - innovation bond to support intelligent ships, with a total issuance scale of 10 billion yuan and a current issuance of 3 billion yuan at a coupon rate of 2.00%. Recently, the science - innovation bond market has been actively innovating, with multiple first - of - its - kind bonds issued [12] 3.3 Risk Warning - Main Body Rating Downgrade: This week, the main body ratings of 2 issuers, Vanke Enterprise Co., Ltd. and Vanke Real Estate (Hong Kong) Co., Ltd., were downgraded by S&P [14] - Main Body Outlook Downgrade: No issuer's rating outlook was downgraded this week [15]