信用债周度观察（20251222-20251226）：信用债发行量环比上升，各行业信用利差涨跌互现-20251227

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - From December 22 to December 26, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends [1] 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - During the week from December 22 to December 26, 2025, 267 credit bonds were issued, with a total issuance scale of 427.702 billion yuan, a month - on - month increase of 15.42%. Among them, 117 industrial bonds were issued, with a scale of 219.258 billion yuan (a 34.26% month - on - month increase, accounting for 51.26% of the total); 110 urban investment bonds were issued, with a scale of 71.364 billion yuan (an 18.87% month - on - month decrease, accounting for 16.69% of the total); 40 financial bonds were issued, with a scale of 137.08 billion yuan (a 14.92% month - on - month increase, accounting for 32.05% of the total) [1][11] - The average issuance term of credit bonds this week was 2.74 years. The average issuance term of industrial bonds was 2.36 years, urban investment bonds was 3.25 years, and financial bonds was 2.35 years [1][14] - The average issuance coupon rate of credit bonds this week was 2.26%. The average issuance coupon rate of industrial bonds was 2.12%, urban investment bonds was 2.41%, and financial bonds was 2.23% [2][19] 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [2][23] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement of the AAA - rated industry credit spread was in the pharmaceutical and biological industry (up 5.1BP), and the largest downward movement was in the real estate industry (down 1.3BP); the largest upward movement of the AA + - rated industry credit spread was in the household appliances industry (up 6.4BP), and the largest downward movement was in the textile and clothing industry (down 9.8BP); the largest upward movement of the AA - rated industry credit spread was in the building materials industry (up 11BP), and the largest downward movement was in the commercial trade industry (down 1BP) [3] - By region for urban investment bonds, this week, the largest upward movement of the AAA - rated credit spread was in Gansu (up 8.7BP), and the largest downward movement was in Jilin (down 2.9BP); the largest upward movement of the AA + - rated credit spread was in Liaoning (up 6.7BP), and the largest downward movement was in Fujian (down 3.2BP); the largest upward movement of the AA - rated credit spread was in Jiangxi (up 4.5BP), and the largest downward movement was in Anhui (down 3.3BP) [3] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.782747 trillion yuan, a month - on - month increase of 28.47%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 630.894 billion yuan (a 38.88% month - on - month increase, accounting for 35.39% of the total); the trading volume of corporate bonds was 521.309 billion yuan (a 15.93% month - on - month increase, accounting for 29.24% of the total); the trading volume of medium - term notes was 347.636 billion yuan (a 40.63% month - on - month increase, accounting for 19.50% of the total) [4][28] 3.2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]