【固收】信用债发行量环比增加，各行业信用利差涨跌互现——信用债周度观察（20251117-20251121）（张旭/秦方好）

Group 1: Primary Market - In the week from November 17 to November 21, 2025, a total of 455 credit bonds were issued, with a total issuance scale of 581.21 billion yuan, representing a week-on-week increase of 27.63% [4] - Among the issued bonds, industrial bonds accounted for 233 issues with an issuance scale of 251.51 billion yuan, a week-on-week increase of 48.22%, making up 43.27% of the total issuance [4] - Local government bonds had 166 issues with an issuance scale of 103.66 billion yuan, a week-on-week increase of 26.83%, representing 17.83% of the total issuance [4] - Financial bonds had 56 issues with an issuance scale of 226.05 billion yuan, a week-on-week increase of 10.83%, accounting for 38.89% of the total issuance [4] - The average issuance term for credit bonds was 2.83 years, with industrial bonds averaging 2.40 years, local government bonds averaging 3.48 years, and financial bonds averaging 2.53 years [4] - The overall average coupon rate for credit bonds was 2.12%, with industrial bonds at 2.05%, local government bonds at 2.27%, and financial bonds at 2.02% [4] Group 2: Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in leisure services, which rose by 1.9 basis points, while the largest decrease was in steel, which fell by 1.9 basis points [6] - For AA+ rated industries, the largest increase was in electrical equipment, which rose by 14.3 basis points, while the largest decrease was in textiles and apparel, which fell by 27.4 basis points [6] - The largest increase in credit spreads for AA-rated industries was in public utilities, which rose by 2.9 basis points, while the largest decrease was in commercial trade, which fell by 1.6 basis points [6] - For local government bonds, the largest increase in AAA-rated credit spreads was in Beijing, which rose by 1.8 basis points, while the largest decrease was in Gansu, which fell by 3.2 basis points [6] - The largest increase in AA+ rated credit spreads was in Shanxi, which rose by 3.3 basis points, while the largest decrease was in Liaoning, which fell by 3.4 basis points [6] - The largest increase in AA-rated credit spreads was in Hebei, which rose by 1 basis point, while the largest decrease was in Guangxi, which fell by 3.6 basis points [6] Group 3: Trading Volume - The total trading volume of credit bonds was 1,439.65 billion yuan, representing a week-on-week increase of 18.02% [7] - The top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [7] - Commercial bank bonds had a trading volume of 423.20 billion yuan, a week-on-week increase of 12.67%, accounting for 29.40% of the total trading volume [7] - Corporate bonds had a trading volume of 419.14 billion yuan, a week-on-week increase of 1.22%, representing 29.11% of the total trading volume [7] - Medium-term notes had a trading volume of 346.81 billion yuan, a week-on-week increase of 42.67%, accounting for 24.09% of the total trading volume [7]