1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - Overall, as of the end of August 2025, the balance of outstanding credit bonds in China was 30.35 trillion yuan. In August 2025, the issuance of credit bonds decreased month - on - month, with a net financing of 519.25 billion yuan [1][9]. - In August 2025, the trading volume and turnover rate of both urban investment bonds and industrial bonds decreased both month - on - month and year - on - year, and the credit spreads of all levels of urban investment and industrial bonds widened compared with the previous month [2][36][40]. 3. Summary According to the Directory 3.1 Credit Bond Issuance and Maturity 3.1.1 Credit Bond Issuance - As of the end of August 2025, the balance of outstanding credit bonds was 30.35 trillion yuan. From August 1 to August 31, 2025, the issuance of credit bonds was 1120.493 billion yuan, a month - on - month decrease of 7.94%, with a total repayment of 1068.568 billion yuan and a net financing of 519.25 billion yuan [1][9]. - **Urban Investment Bonds**: As of the end of August 2025, the balance of outstanding urban investment bonds was 15.32 trillion yuan. In August 2025, the issuance was 499.695 billion yuan, a month - on - month increase of 19.14% and a year - on - year decrease of 2.48%, with a net financing of 11.21 billion yuan. Regionally, Jiangsu had the highest issuance, followed by Shandong, Zhejiang, and Chongqing. Ratings - wise, AA + and AAA - rated urban investment bonds accounted for a relatively high proportion [10][13][20]. - **Industrial Bonds**: As of the end of August 2025, the balance of outstanding industrial bonds was 15.03 trillion yuan. In August 2025, the issuance was 620.798 billion yuan, a month - on - month decrease of 22.19% and a year - on - year decrease of 14.51%, with a net financing of 508.05 billion yuan. By industry, the utility sector had the highest issuance, and in terms of net financing, the utility and oil and petrochemical sectors had large negative net financing amounts [21][24][26]. 3.1.2 Credit Bond Maturity - **Urban Investment Bonds**: From September to December 2025, Jiangsu, Shandong, Zhejiang, and Sichuan had relatively large maturity scales of urban investment bonds [27]. - **Industrial Bonds**: From September to December 2025, the utility, non - banking finance, building decoration, transportation, and real estate sectors had relatively large maturity scales of credit bonds [32]. 3.2 Credit Bond Trading and Spreads 3.2.1 Credit Bond Trading - **Urban Investment Bonds**: In August 2025, the trading volume of urban investment bonds was 914.612 billion yuan, with a turnover rate of 5.97%, showing both month - on - month and year - on - year decreases [36]. - **Industrial Bonds**: In August 2025, the trading volume of industrial bonds was 1268.887 billion yuan, with a turnover rate of 8.44%, showing both month - on - month and year - on - year decreases [40]. 3.2.2 Credit Bond Spreads - **Urban Investment Bonds**: In August 2025, the credit spreads of all levels of urban investment bonds widened compared with the previous month. Regionally and by rating, different regions and ratings had different spread levels and changes [42][46]. - **Industrial Bonds**: In August 2025, the credit spreads of all levels of industrial bonds widened compared with the previous month. By industry and rating, different industries and ratings had different spread levels and changes [48][52].