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]

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]