2025年债券一级市场回顾

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In 2025, the primary market for industrial bonds witnessed significant growth in issuance scale and net financing, with the contribution of generalized platforms being evident [2][5] - The issuance and net - financing of industrial bonds showed different trends across various dimensions such as bond types, enterprise nature, regional distribution, and industry distribution Summary by Catalog 1. Bond Types - In 2025, the issuance proportion of general medium - term notes continued to rise, exceeding 40%. The proportions of general corporate bonds and private placement bonds also increased, while the proportion of ultra - short - term financing bonds decreased by 3.3 percentage points to 30.6%. The proportion of private placement issuance increased by about 1.18 percentage points to 6.18% [4] - In terms of net financing, general medium - term notes had the highest net - financing scale of about 1.59 trillion yuan, followed by general corporate bonds with 529.8 billion yuan. Among the main varieties, only the net financing of general short - term financing bonds decreased and turned negative. The net financing of exchange - traded general corporate bonds and private placement bonds increased by 87.5% and 267.9% respectively, and that of association - issued ultra - short - term financing bonds and general medium - term notes increased by 806.3% and 13.6% respectively [10] 2. Enterprise Nature - In 2025, the issuance scale of state - owned enterprises and private enterprises increased, with state - owned enterprises growing by about 10.0% and private enterprises by 26.6%. Collective enterprises also grew by about 8.3%, while the issuance scale of public enterprises decreased by about 13.2%. The proportion of state - owned enterprises continued to rise to 92.5%, and the proportion of private enterprises increased by about 0.5 percentage points to 3.71% [13] - In terms of net financing, state - owned enterprises dominated, with a net financing of about 2.38 trillion yuan, contributing almost all of the industrial bond net financing. Public enterprises' net financing remained negative, and private enterprises ended seven consecutive years of negative net financing, turning positive with a scale of about 3.75 billion yuan. Collective enterprises maintained positive net financing but with a small scale [15] 3. Regional Distribution - Beijing led in industrial bond issuance scale, exceeding 3 trillion yuan in 2025. Guangdong ranked second with nearly 90 billion yuan, and Shanghai third with slightly over 70 billion yuan. There were 14 regions with issuance scale less than 10 billion yuan in 2025, 2 less than in 2024 [19] - In 2025, the issuance scale decreased in 12 regions, mostly in the lower - ranking areas. Among the top 10 regions, only Guangdong's issuance scale declined by less than 10%. Regions with a decline of over 20% included Shaanxi, Yunnan, Hong Kong, Guizhou, and Heilongjiang. Regions with an increase of over 20% included Beijing, Liaoning, Xinjiang, Gansu, Hainan, Qinghai, Ningxia, and Tibet, with Tibet being the only one with an increase of over 100% but still having the lowest total [19] - In terms of net financing, Heilongjiang and Chongqing were the only two regions with negative net financing in 2025. Beijing was the only region with a net - financing scale exceeding 1 trillion yuan, and Shandong and Shanghai ranked second and third with over 10 billion yuan. Ten regions had a net - financing scale of less than 1 billion yuan. Twenty - one regions achieved net - financing growth, accounting for about 64%, with Liaoning having the most significant growth, turning positive. Other regions with a net - financing growth of over 100% included Hunan, Gansu, Hong Kong, Inner Mongolia, and Qinghai [20][21] 4. Industry Distribution - In 2025, the power industry surpassed industrial holding to become the industry with the largest issuance scale, approaching 2 trillion yuan. Industrial holding was another industry with an issuance scale exceeding 1 trillion yuan, and these two industries accounted for 34.5% of the total industrial bond issuance scale. Among the industries with an issuance scale of over 20 billion yuan, 4 industries including industrial holding, toll roads, coal, and real - estate development saw a decline in issuance volume. Industries with significant growth in issuance scale included aviation, machinery, and power [24] - In terms of net financing, the power industry was the only one with a net - financing scale exceeding 50 billion yuan, with a year - on - year increase of 156.8%. The top five industries in net financing also included industrial holding, financial holding, construction, and diversified finance. Construction was the only one among the top five industries with a decline, about 13.0%. Among the top 10 industries, the toll - road industry also saw a decline in net financing. The semiconductor and machinery industries had prominent net - financing performance. The real - estate development industry had the worst net - financing performance, turning negative year - on - year and dropping significantly, and was the only industry with a financing gap of over 10 billion yuan [26] 5. Maturity and Cost - In a low - interest - rate environment, most industries chose to lengthen bond maturities. Among the top 10 industries in terms of issuance scale, only the proportions of bonds with a maturity of over 3 years in the commercial leasing and trading industries were less than 50%, at 22.8% and 40.7% respectively. Industries with mainly short - term bonds also included food and beverage, aviation, communication, and retail. In the long - term segment, industries with a proportion of bonds with a maturity of over 3 years exceeding 70% included industrial holding, financial holding, real - estate development, and diversified finance [28] - In terms of cost, textile was the only industry with a weighted coupon rate exceeding 3% in 2025. The comprehensive, commercial real - estate, and real - estate development industries had a weighted coupon rate of 2.5% or above, while other industries were below 2.5%, and many were below 2%. Among industries with a large issuance scale, the weighted average coupon rates of power, financial holding, toll roads, and oil and gas were all below 2% [29]