光大证券研究·2025-09-25 23:06Group 1 - The total amount of bonds under custody has slightly increased, reaching 174.54 trillion yuan as of the end of August 2025, with a net increase of 1.51 trillion yuan compared to the previous month [6] - The structure of bond custody shows an increase in interest rate bonds and financial bonds, while credit bonds and interbank certificates of deposit have decreased [6] - Interest rate bonds account for 68.72% of the total custody, with a net increase of 1.80 trillion yuan, while credit bonds decreased by 14.24 billion yuan [6] Group 2 - The configuration of bondholders indicates that policy banks continue to increase their holdings in interest rate bonds, interbank certificates of deposit, and credit bonds, while commercial banks and credit cooperatives have increased interest rate bonds and credit bonds but reduced interbank certificates of deposit [7] - The custody of government bonds has continued to increase, with commercial banks significantly increasing their holdings, while non-legal entities have reduced their holdings [7] - The custody of corporate bonds has decreased, with major institutions showing a trend of reduction [7] Group 3 - The leverage ratio in the bond market has decreased, with the estimated balance of repurchase agreements at 11.23 trillion yuan, reflecting a leverage ratio of 106.88%, which is a slight increase from the previous month but a decrease year-on-year [8]