Group 1: Primary Market - In the week from December 22 to December 26, 2025, a total of 267 credit bonds were issued, with a total issuance scale of 427.70 billion, representing a week-on-week increase of 15.42% [4] - Among the issued bonds, industrial bonds accounted for 117 issues with a scale of 219.26 billion, a week-on-week increase of 34.26%, making up 51.26% of the total issuance [4] - City investment bonds totaled 110 issues with a scale of 71.36 billion, a week-on-week decrease of 18.87%, representing 16.69% of the total issuance [4] - Financial bonds had 40 issues with a scale of 137.08 billion, a week-on-week increase of 14.92%, accounting for 32.05% of the total issuance [4] - The average issuance term for credit bonds was 2.74 years, with industrial bonds averaging 2.36 years, city investment bonds 3.25 years, and financial bonds 2.35 years [4] - The overall average coupon rate for credit bonds was 2.26%, with industrial bonds at 2.12%, city investment bonds at 2.41%, and financial bonds at 2.23% [4] Group 2: Secondary Market - The total trading volume of credit bonds was 1782.75 billion, reflecting a week-on-week increase of 28.47% [7] - The top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes, with commercial bank bonds at 630.89 billion (up 38.88%), corporate bonds at 521.31 billion (up 15.93%), and medium-term notes at 347.64 billion (up 40.63%) [7] - In terms of credit spreads, the largest increase for AAA-rated industries was in pharmaceuticals, up 5.1 basis points, while the largest decrease was in real estate, down 1.3 basis points [6] - For AA+ rated industries, the largest increase was in household appliances, up 6.4 basis points, and the largest decrease was in textiles and apparel, down 9.8 basis points [6] - The AAA-rated credit spread increased the most in Gansu, up 8.7 basis points, while the largest decrease was in Jilin, down 2.9 basis points [6]

Primary Market - In the week from November 10 to November 14, 2025, a total of 330 credit bonds were issued, with a total issuance scale of 455.379 billion yuan, an increase of 25.31% week-on-week [4] - The issuance scale of industrial bonds was 169.680 billion yuan, a decrease of 4.09%, accounting for 37.26% of the total credit bond issuance [4] - City investment bonds issued totaled 81.729 billion yuan, down 19.25%, representing 17.95% of the total [4] - Financial bonds saw an issuance of 203.970 billion yuan, an increase of 139.20%, making up 44.79% of the total [4] - The average issuance term for credit bonds was 2.75 years, with industrial bonds averaging 2.25 years, city investment bonds 3.51 years, and financial bonds 2.13 years [4] - The overall average coupon rate for credit bonds was 2.12%, with industrial bonds at 2.06%, city investment bonds at 2.26%, and financial bonds at 1.94% [4] - Two credit bonds were canceled during the week [4] Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in agriculture, forestry, animal husbandry, and fishery, which rose by 6.5 basis points, while the largest decrease was in steel, down by 3.5 basis points [5] - For AA+ rated industries, the largest increase was in electronics, up by 1.4 basis points, and the largest decrease was in automobiles, down by 16.6 basis points [5] - The largest increase in AA-rated industries was in transportation, up by 0.9 basis points, while the largest decrease was in mining, down by 3.9 basis points [5] - For city investment bonds, the largest increase in AAA-rated credit spreads was in Zhejiang, up by 3 basis points, and the largest decrease was in Yunnan, down by 10.2 basis points [5] - The total trading volume of credit bonds was 1219.783 billion yuan, a decrease of 5.53% week-on-week [6] - The top three types of credit bonds by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 375.608 billion yuan, an increase of 3.93%, accounting for 30.79% of the total [6] - Corporate bonds had a trading volume of 414.081 billion yuan, a decrease of 7.86%, representing 33.95% of the total [6] - Medium-term notes had a trading volume of 243.078 billion yuan, down by 16.01%, accounting for 19.93% of the total [6]

Group 1: Primary Market - In the period from September 28 to October 11, 2025, a total of 119 credit bonds were issued, with a total issuance scale of 141.36 billion, representing a 75.82% decrease compared to the previous period [4] - Among the issued bonds, industrial bonds accounted for 39 issues with a scale of 64.19 billion, down 75.75%, making up 45.40% of the total issuance; local government bonds had 70 issues totaling 43.78 billion, down 72.63%, representing 30.97% of the total; and financial bonds had 10 issues totaling 33.40 billion, down 79.11%, accounting for 23.63% of the total [4] - The average issuance term for credit bonds was 2.44 years, with industrial bonds averaging 1.63 years, local government bonds 2.80 years, and financial bonds 3.16 years [4] Group 2: Secondary Market - The average issuance coupon rate for credit bonds was 2.34%, with industrial bonds at 2.12%, local government bonds at 2.45%, and financial bonds at 2.35% [5] - A total of 3 credit bonds were canceled during this period [5] Group 3: Credit Spread and Trading Volume - In terms of credit spreads, the largest increase for AAA-rated industries was in construction and decoration, up 2.6 basis points, while the largest decrease was in media, down 4 basis points; for AA+ rated industries, the largest increase was in chemicals, up 6.6 basis points, and the largest decrease was in non-ferrous metals, down 8.6 basis points [6] - The total trading volume of credit bonds was 855.28 billion, a decrease of 47.12% compared to the previous period; 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 254.91 billion, down 47.74%, accounting for 29.80% of the total; corporate bonds had 237.46 billion, down 52.14%, making up 27.76%; and medium-term notes had 177.22 billion, down 45.30%, representing 20.72% of the total [7]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - From September 22 to September 26, 2025, the issuance volume of credit bonds increased month - on - month, and the overall credit spreads of various industries rose [1] - The total trading volume of credit bonds increased month - on - month, with commercial bank bonds, corporate bonds, and medium - term notes ranking among the top three in trading volume [4] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - 501 credit bonds were issued, with a total issuance scale of 584.503 billion yuan, a month - on - month increase of 0.79% [1][11] - Industrial bonds: 200 were issued, with an issuance scale of 264.684 billion yuan, a month - on - month increase of 30.71%, accounting for 45.28% of the total issuance scale of credit bonds this week [1][11] - Urban investment bonds: 253 were issued, with an issuance scale of 159.939 billion yuan, a month - on - month increase of 13.21%, accounting for 27.36% of the total issuance scale of credit bonds this week [1][11] - Financial bonds: 48 were issued, with an issuance scale of 159.880 billion yuan, a month - on - month decrease of 32.29%, accounting for 27.35% of the total issuance scale of credit bonds this week [1][11] - The average issuance term of credit bonds was 2.71 years, with industrial bonds at 2.22 years, urban investment bonds at 3.31 years, and financial bonds at 1.88 years [1][14] - The average issuance coupon rate of credit bonds was 2.33%, with industrial bonds at 2.19%, urban investment bonds at 2.53%, and financial bonds at 1.91% [2][19] 1.2 Cancellation of Issuance Statistics - 13 credit bonds cancelled their issuance this week [22] 2. Secondary Market 2.1 Credit Spread Tracking - The overall industry credit spreads rose this week. Among Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in machinery and equipment (9BP), and the largest decrease was in media (3.1BP); the largest increase in AA + - rated industry credit spreads was in steel (44.2BP), and the largest decrease was in chemicals (1BP); the largest increase in AA - rated industry credit spreads was in electronics (7.9BP), and the largest decrease was in machinery and equipment (3.2BP) [3][24] - The credit spreads of coal and steel both increased. The credit spreads of AAA - and AA + - rated coal increased by 6.2BP and 6.3BP respectively; the credit spreads of AAA - and AA + - rated steel increased by 4.9BP and 44.2BP respectively [24] - The credit spreads of urban investment and non - urban investment at all levels increased. The credit spreads of three - level urban investment bonds increased by 7.2BP, 6.7BP, and 7.5BP respectively; the credit spreads of three - level non - urban investment bonds increased by 6.4BP, 6.1BP, and 5.9BP respectively [24] - The credit spreads of state - owned enterprises and private enterprises both increased. The credit spreads of three - level central state - owned enterprises increased by 5.6BP, 4.4BP, and 7.1BP respectively; the credit spreads of three - level local state - owned enterprises increased by 6BP, 6.1BP, and 6.5BP respectively; the credit spreads of three - level private enterprises increased by 5.3BP, 5.7BP, and 3.8BP respectively [26] - The credit spreads of regional urban investment bonds showed mixed trends. The regions with the highest AAA - rated credit spreads were Shaanxi, Liaoning, and Jilin; the regions with the highest AA + - rated credit spreads were Qinghai, Shaanxi, and Gansu; the regions with the highest AA - rated credit spreads were Shaanxi, Yunnan, and Sichuan. In terms of month - on - month changes, the largest increase in AAA - rated credit spreads was in Jilin (15.6BP); the largest increase in AA + - rated credit spreads was in Hebei (10.2BP), and the largest decrease was in Ningxia (2.6BP); the largest increase in AA - rated credit spreads was in Sichuan (11.8BP), and the largest decrease was in Shaanxi (0.1BP) [27] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.617515 trillion yuan, a month - on - month increase of 10.61%. The top three in trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 487.807 billion yuan, a month - on - month increase of 1.68%, accounting for 30.16% of the total trading volume of credit bonds this week; the trading volume of corporate bonds was 496.120 billion yuan, a month - on - month increase of 14.83%, accounting for 30.67% of the total trading volume of credit bonds this week; the trading volume of medium - term notes was 32.3965 billion yuan, a month - on - month increase of 4.08%, accounting for 20.03% of the total trading volume of credit bonds this week [4][28] 2.3 This Week's Actively Traded Bonds - The top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]