证券研究报告 固收定期报告 hyzqdatemark 2025 年 08 月 03 日 关注税收新规后的信用价值提升 ——信用分析周报（2025/7/28-2025/8/1） 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 投资要点： 本周（7/28-8/1）市场概览： 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均大幅减少；资 产支持证券净融资额环比上周减少 465 亿元；本周产业债、城投债加权平均发行利 率均有所上行，金融债发行成本有不同程度下降。 联系人 2）二级市场：本周信用债成交量环比上周减少 738 亿元；换手率方面，本周信用债 换手率较上周涨跌互现，资产支持证券换手率较上周有所回升。本周不同期限不同 评级的信用债收益率大多下行，10Y 以上 AAA+信用债收益率小幅上升。总体来看， 本周不同行业不同评级的信用利差有涨有跌，但波动幅度均不超过 5BP。具体来看， 本周 AA 银行、AA+采掘和非银金融、AAA ...

Group 1 - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, providing approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point reduction in policy interest rates [2] - The credit bond ETF from Bosera has seen a recent increase of 0.02%, with a latest price of 100.42 yuan, and a turnover rate of 0.6% during the trading session [2] - The average daily trading volume of the Bosera credit bond ETF over the past month reached 2.165 billion yuan [2] Group 2 - West Securities predicts a significant likelihood of a downward trend in credit bond yields in May, influenced by fundamental and monetary factors [3] - The Bosera credit bond ETF closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the Shenzhen credit bond market [3] - The latest scale of the Bosera credit bond ETF reached 5.504 billion yuan, marking a new high since its inception and ranking in the top quarter among comparable funds [3] Group 3 - The Bosera credit bond ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 100 million yuan, totaling 155 million yuan in net inflows [3] - Since its inception, the Bosera credit bond ETF has recorded a maximum drawdown of 0.89%, with a relative benchmark drawdown of 0.10% [4] - The management fee for the Bosera credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]