信用债周度观察（20260112-20260116）：信用债发行量整体环比上升，各行业信用利差整体上行-20260117

Report Industry Investment Rating No relevant content provided. Core View of the Report - From January 12 to January 16, 2026, the issuance volume of credit bonds increased overall on a month - on - month basis, and the credit spreads of various industries also showed an overall upward trend [1]. Summary According to the Directory 1. Primary Market 1.1 Issuance Statistics - During January 12 - 16, 2026, a total of 342 credit bonds were issued, with a total issuance scale of 331.801 billion yuan, a month - on - month increase of 6.25%. Among them, 156 industrial bonds were issued, with a scale of 171.1 billion yuan (a 26.40% month - on - month increase, accounting for 51.57% of the total); 162 urban investment bonds were issued, with a scale of 92.801 billion yuan (a 33.19% month - on - month decrease, accounting for 27.97%); 24 financial bonds were issued, with a scale of 67.9 billion yuan (a 78.68% month - on - month increase, accounting for 20.46%) [1][11]. - The average issuance term of credit bonds this week was 2.67 years. The average issuance term of industrial bonds was 2.11 years, urban investment bonds was 3.40 years, and financial bonds was 1.68 years [1][13]. - The average issuance coupon rate of credit bonds this week was 2.17%. The average issuance coupon rate of industrial bonds was 2.04%, urban investment bonds was 2.33%, and financial bonds was 1.87% [2][17]. 1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [23]. 2. Secondary Market 2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement in the credit spread of AAA - rated industries was in real estate, up 6.9BP; the largest upward movement in the AA + - rated industries was in electrical equipment, up 12.3BP, and the largest downward movement was in leisure services, down 0.4BP; the largest upward movement in the AA - rated industries was in leisure services, up 21.6BP [3]. - By region for urban investment bonds, the largest upward movement in the AAA - rated credit spread was in Anhui, up 6.2BP; the largest upward movement in the AA + - rated was in Xinjiang, up 6BP, and the largest downward movement was in Henan, down 1.8BP; the largest upward movement in the AA - rated was in Shanghai, up 3BP, and the largest downward movement was in Guangxi, down 0.5BP [3]. - Overall, credit spreads in various sectors such as coal, steel, urban investment, non - urban investment, state - owned enterprises, and private enterprises showed an upward trend, while regional urban investment credit spreads showed mixed trends [25]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1521.829 billion yuan, a month - on - month increase of 8.40%. The top three types of credit bonds in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 506.172 billion yuan (an 8.35% month - on - month increase, accounting for 33.26%); corporate bonds was 398.637 billion yuan (an 8.05% month - on - month increase, accounting for 26.19%); medium - term notes was 362.973 billion yuan (a 19.35% month - on - month increase, accounting for 23.85%) [4][27]. 2.3 Actively Traded Bonds This Week - The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [29].