信用债周度观察（20260126-20260130）：信用债发行量整体环比上升，各行业信用利差涨跌互现-20260131

Report Industry Investment Rating There is no information about the report industry investment rating in the given content. Core Viewpoints - Credit bond issuance volume increased overall on a week - on - week basis, and credit spreads of various industries showed mixed trends [1] - The trading volume of credit bonds decreased on a week - on - week basis [4] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From January 26 to January 30, 2026, a total of 445 credit bonds were issued, with a total issuance scale of 470.374 billion yuan, a week - on - week increase of 21.90% [11] - In terms of issuance scale, 197 industrial bonds were issued, with a scale of 240.177 billion yuan, a week - on - week increase of 17.79%, accounting for 51.06% of the total credit bond issuance scale; 202 urban investment bonds were issued, with a scale of 118.297 billion yuan, a week - on - week increase of 28.38%, accounting for 25.15%; 46 financial bonds were issued, with a scale of 111.9 billion yuan, a week - on - week increase of 24.58%, accounting for 23.79% [11] - In terms of issuance term, the average issuance term of credit bonds was 2.63 years. The average issuance term of industrial bonds was 2.28 years, urban investment bonds was 3.25 years, and financial bonds was 1.80 years [14] - The average issuance coupon rate of credit bonds was 2.09%. The average issuance coupon rate of industrial bonds was 2.01%, urban investment bonds was 2.23%, and financial bonds was 1.83% [2] 1.2 Cancellation of Issuance Statistics - One credit bond's issuance was cancelled this week [23] 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed trends. Among Shenwan primary industries, for AAA - rated industries, the largest increase in credit spreads was in the automobile industry (3.6BP), and the largest decrease was in the light industry manufacturing (9.7BP); for AA + - rated industries, the largest increase was in the building materials industry (2.9BP), and the largest decrease was in the food and beverage industry (5.7BP); for AA - rated industries, the largest increase was in the media industry (20.8BP), and the largest decrease was in the agriculture, forestry, animal husbandry and fishery industry (5.6BP) [3] - Coal and steel credit spreads showed mixed trends. For coal, the credit spreads of AAA, AA + and AA levels decreased by 0.4BP, 2.5BP and increased by 1.6BP respectively. For steel, the credit spreads of AAA and AA + levels increased by 2.4BP and decreased by 4.3BP respectively [25] - Credit spreads of urban investment bonds at all levels showed mixed trends, while non - urban investment credit spreads decreased overall. The credit spreads of urban investment bonds at three levels increased by 0.3BP, decreased by 0.8BP and 1.3BP respectively; the credit spreads of non - urban investment bonds at three levels decreased by 0.1BP, 0.3BP and 1BP respectively [25] - State - owned enterprise credit spreads showed mixed trends, while private enterprise credit spreads decreased overall. The credit spreads of central state - owned enterprises at three levels increased by 1.2BP, decreased by 0.7BP and 2.1BP respectively; the credit spreads of local state - owned enterprises at three levels increased by 0.4BP, decreased by 0.2BP and 1BP respectively; the credit spreads of private enterprises at AAA and AA + levels decreased by 4.2BP and 2.1BP respectively [25] - Regional urban investment credit spreads showed mixed trends. The regions with the highest AAA - rated credit spreads were Yunnan, Liaoning and Shaanxi, with credit spreads of 90, 85 and 79BPs respectively; the regions with the highest AA + - rated credit spreads were Qinghai, Gansu and Yunnan, with credit spreads of 122, 118 and 115BPs respectively; the regions with the highest AA - rated credit spreads were Sichuan, Guangxi and Yunnan, with credit spreads of 133, 124 and 121BPs respectively. In terms of week - on - week changes, the region with the largest increase in AAA - rated credit spreads was Guangdong (2.8BP), and the largest decrease was Yunnan (7.9BP); the region with the largest increase in AA + - rated credit spreads was Gansu (1.6BP), and the largest decrease was Shaanxi (6.7BP); the region with the largest increase in AA - rated credit spreads was Shanghai (1.3BP), and the largest decrease was Shandong (3.9BP) [27] 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1601.302 billion yuan, a week - on - week decrease of 5.09%. Among various credit bonds, 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 545.925 billion yuan, a week - on - week decrease of 5.96%, accounting for 34.09% of the total credit bond trading volume; the trading volume of corporate bonds was 455.439 billion yuan, a week - on - week increase of 2.46%, accounting for 28.44%; the trading volume of medium - term notes was 338.276 billion yuan, a week - on - week decrease of 6.63%, accounting for 21.13% [28] 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]