【固收】产业债发行量保持增长，各行业信用利差整体收窄——信用债周度观察（20251103-20251107）（张旭/秦方好）

Group 1 - The total issuance of credit bonds this week was 334, with a total scale of 363.403 billion yuan, a decrease of 7.66% week-on-week [4] - Industrial bonds accounted for 48.68% of the total issuance, with 162 bonds issued and a scale of 176.92 billion yuan, an increase of 5.36% [4] - City investment bonds saw a decrease of 20.60%, with 145 bonds issued and a scale of 101.213 billion yuan, representing 27.85% of the total issuance [4] - Financial bonds issued 27 bonds with a scale of 85.270 billion yuan, down 13.12%, making up 23.46% of the total issuance [4] - The average issuance term for credit bonds was 3.01 years, with industrial bonds averaging 2.93 years, city investment bonds 3.19 years, and financial bonds 2.55 years [4] - The overall average coupon rate for credit bonds was 2.18%, with industrial bonds at 2.15%, city investment bonds at 2.25%, and financial bonds at 1.96% [4] Group 2 - The total trading volume of credit bonds was 1,291.166 billion yuan, a decrease of 17.33% week-on-week [6] - The top three types of credit bonds by trading volume were corporate bonds, commercial bank bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 361.397 billion yuan, down 21.28%, accounting for 27.99% of the total trading volume [7] - Corporate bonds had a trading volume of 449.388 billion yuan, down 6.83%, making up 34.80% of the total trading volume [7] - Medium-term notes had a trading volume of 289.413 billion yuan, down 26.27%, representing 22.41% of the total trading volume [7]