Wind万得·2025-06-30 22:33Core Viewpoint - The article discusses the performance and trends in China's bond market for the first half of 2025, highlighting the growth in various types of bonds and the issuance of technology innovation bonds, as well as the rankings of underwriting institutions in the bond market [1][2][8]. Bond Market Overview - As of mid-2025, the total bond market in mainland China reached 188.11 trillion yuan, an increase of 12.12 trillion yuan from the beginning of the year [1]. - The bond issuance in the first half of 2025 totaled 17.4 trillion yuan, reflecting a year-on-year growth of 6% [1]. - The issuance of interest rate bonds reached 16.9 trillion yuan, with a significant year-on-year increase of 37% [1]. Breakdown of Bond Issuance - Interest Rate Bonds: 16.87 trillion yuan, up 37% year-on-year [4]. - Government Bonds: 7.89 trillion yuan, up 35% year-on-year [4]. - Local Government Bonds: 5.49 trillion yuan, up 57% year-on-year [4]. - Policy Bank Bonds: 3.50 trillion yuan, up 19% year-on-year [4]. - Credit Bonds: 10.36 trillion yuan, up 6% year-on-year [4]. Technology Innovation Bonds - On May 7, 2025, the People's Bank of China, the China Securities Regulatory Commission, and the Trading Association released policies for technology innovation bonds, which sparked market interest [1]. - Wind established a corresponding bond sector to record all technology innovation bonds issued under the new regulations [1]. Green Bonds - Wind has launched a green bond underwriting ranking to reflect the issuance and underwriting situation in the green bond market [2]. Underwriting Rankings - The top three banks in bond underwriting for the first half of 2025 were China Bank, Industrial and Commercial Bank of China, and China Construction Bank, with underwriting amounts of 845.33 billion yuan, 814.30 billion yuan, and 757.49 billion yuan respectively [9][10]. - In the securities underwriting sector (excluding local bonds), the top three were CITIC Securities, Guotai Junan, and CITIC Jianzhong, with underwriting amounts of 727.07 billion yuan, 577.49 billion yuan, and 532.78 billion yuan respectively [20][35]. Financing Costs - The overall issuance cost in the bond market showed a trend of rising first and then falling in the first half of 2025, with the current cost remaining stable compared to the beginning of the year [7].