【固收】信用债发行量整体环比上升，各行业信用利差涨跌互现——信用债周度观察（20260126-20260130）（张旭/秦方好）

Group 1: Primary Market - In the week from January 26 to January 30, 2026, a total of 445 credit bonds were issued, with a total issuance scale of 470.374 billion yuan, representing a week-on-week increase of 21.90% [4] - Among the issued bonds, industrial bonds accounted for 240.177 billion yuan (51.06% of total), city investment bonds accounted for 118.297 billion yuan (25.15%), and financial bonds accounted for 111.9 billion yuan (23.79%) [4] - The average issuance term for credit bonds was 2.63 years, with industrial bonds averaging 2.28 years, city investment bonds 3.25 years, and financial bonds 1.80 years [4] - The overall average coupon rate for credit bonds was 2.09%, with industrial bonds at 2.01%, city investment bonds at 2.23%, and financial bonds at 1.83% [4] Group 2: Secondary Market - The total trading volume of credit bonds was 1,601.302 billion yuan, reflecting a week-on-week decrease of 5.09% [8] - The top three categories by trading volume were commercial bank bonds (545.925 billion yuan, 34.09% of total), corporate bonds (455.439 billion yuan, 28.44%), and medium-term notes (338.276 billion yuan, 21.13%) [8] Group 3: Credit Spread - In the AAA-rated sector, the largest increase in credit spreads was seen in the automotive industry, which rose by 3.6 basis points, while the largest decrease was in light manufacturing, which fell by 9.7 basis points [7] - For AA+ rated sectors, the construction materials industry saw the largest increase of 2.9 basis points, while the food and beverage sector experienced a decrease of 5.7 basis points [7] - Among AA-rated sectors, the media industry had the largest increase in credit spreads at 20.8 basis points, while the agriculture, forestry, animal husbandry, and fishery sector saw a decrease of 5.6 basis points [7] - Regionally, the largest increase in AAA-rated credit spreads was in Guangdong (2.8 basis points), while the largest decrease was in Yunnan (7.9 basis points) [7]