Wind万得·2026-01-10 14:07Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year [2] - The issuance of various bonds in 2025 amounted to 89.0 trillion yuan, representing a year-on-year growth of 11% [2] - Interest-bearing bonds issuance reached 33.0 trillion yuan, up 18% from the previous year, with government bonds increasing by 28% and local government bonds by 5% [2][4] - Credit bonds issuance was 22.2 trillion yuan, reflecting an 8% increase year-on-year [2][4] - Interbank certificates of deposit totaled 33.8 trillion yuan, marking a 7% growth [2][4] Bond Issuance Breakdown - Interest-bearing bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [4] - Corporate bonds: 5,871 issues, 44,593.6 billion yuan, 12% growth [5] Market Trends - The overall issuance cost in the bond market showed a downward trend in 2025, with the index reaching a high of 42.68 in mid-March and a low of 33.01 in mid-July [7] - The top three banks in bond underwriting for 2025 were China Bank, Industrial and Commercial Bank, and Construction Bank, with underwriting amounts of 16,765.2 billion yuan, 16,479.0 billion yuan, and 15,020.5 billion yuan respectively [10][11] Underwriting Rankings - The top three securities firms in bond underwriting (excluding local government bonds) were CITIC Securities, Guotai Junan, and CITIC Jinpu, with underwriting amounts of 16,136.2 billion yuan, 13,613.4 billion yuan, and 12,419.6 billion yuan respectively [19][20] - For local government bonds, the top three securities firms were CITIC Securities, CITIC Jinpu, and Guotai Junan, with underwriting amounts of 22,491.6 billion yuan, 17,333.3 billion yuan, and 16,426.2 billion yuan respectively [26]