Report Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - In the week from August 11 to August 15, 2025, the issuance of credit bonds decreased month - on - month, and the total trading volume also declined month - on - month. The credit spreads showed different trends in various industries, regions, and enterprise types [1][4]. Summary by Directory 1. Primary Market 1.1 Issuance Statistics - A total of 409 credit bonds were issued, with a total issuance scale of 335.034 billion yuan, a month - on - month decrease of 23.50%. Among them, 185 industrial bonds were issued, with a scale of 167.545 billion yuan (down 4.78% month - on - month, accounting for 50.01%); 188 urban investment bonds were issued, with a scale of 107.989 billion yuan (down 9.87% month - on - month, accounting for 32.23%); 36 financial bonds were issued, with a scale of 59.5 billion yuan (down 58.16% month - on - month, accounting for 17.76%) [1][11]. - The average issuance term of credit bonds was 2.92 years. The average issuance term of industrial bonds was 2.55 years, urban investment bonds was 3.36 years, and financial bonds was 2.31 years [1][14]. - The average issuance coupon rate of credit bonds was 2.13%. The average issuance coupon rate of industrial bonds was 2.08%, urban investment bonds was 2.24%, and financial bonds was 1.88% [2][20]. 1.2 Cancellation of Issuance Statistics - Nine credit bonds cancelled their issuance this week [3][24]. 2. Secondary Market 2.1 Credit Spread Tracking - The overall industry credit spreads increased this week. Different industries, enterprise types, and regions showed different trends in credit spread changes. For example, among the Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in the public utilities sector (up 4.8BP), and the largest decrease was in the non - ferrous metals sector (down 0.9BP) [3][26]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 110.8575 billion yuan, a month - on - month decrease of 12.25%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][29]. 2.3 Actively Traded Bonds This Week - The report lists the top 20 actively traded urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week, including information such as security codes, security names, trading volumes, yields, and issuers [33][36].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a weekly observation of credit bonds from August 4th to August 8th, 2025. It shows that credit - bond issuance increased significantly on the primary market, while the total trading volume decreased on the secondary market. Industry and regional credit spreads showed mixed trends [1][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - From August 4th to August 8th, 2025, 411 credit bonds were issued, with a total issuance scale of 437.957 billion yuan, a 71.67% increase compared to the previous period [1][11]. - In terms of issuance scale, 185 industrial bonds were issued, with a scale of 175.948 billion yuan (a 37.05% increase and accounting for 40.17% of the total); 184 urban investment bonds were issued, with a scale of 119.809 billion yuan (a 35.62% increase and accounting for 27.36% of the total); 42 financial bonds were issued, with a scale of 142.2 billion yuan (a 270.31% increase and accounting for 32.47% of the total) [1][11]. - The average issuance term of credit bonds was 3.22 years, with industrial bonds at 2.89 years, urban investment bonds at 3.83 years, and financial bonds at 1.90 years [1][13]. - The average issuance coupon rate of credit bonds was 2.11%, with industrial bonds at 2.04%, urban investment bonds at 2.25%, and financial bonds at 1.78% [2][17]. 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [3][22]. 3.2 Secondary Market 3.2.1 Credit Spread Tracking - Industry credit spreads showed mixed trends. For AAA - rated industries, the credit spread of the automobile industry increased the most (2.3BP), while that of the mining industry decreased the most (1.5BP); for AA + - rated industries, the computer industry increased the most (6.5BP), and the non - ferrous metals industry decreased the most (11.8BP); for AA - rated industries, the commercial trade industry increased the most (6.7BP), and the media industry decreased the most (2.8BP) [3][24]. - Coal credit spreads decreased overall, while steel credit spreads showed mixed trends. AAA and AA + - rated coal credit spreads decreased by 0.4BP and 0.3BP respectively; AAA and AA + - rated steel credit spreads increased by 1BP and decreased by 2.1BP respectively [24]. - Urban investment credit spreads of all levels decreased overall, while non - urban investment credit spreads showed mixed trends. The three levels of urban investment credit spreads decreased by 0.5BP, 0.8BP, and 1.5BP respectively; the three levels of non - urban investment credit spreads increased by 0.1BP, 0.6BP, and decreased by 0.6BP respectively [24]. - State - owned enterprise credit spreads showed mixed trends, while private enterprise credit spreads decreased overall. The three levels of central state - owned enterprise credit spreads increased by 0.4BP, 1BP, and decreased by 2.3BP respectively; the three levels of local state - owned enterprise credit spreads decreased by 0.2BP, 0.7BP, and 0.9BP respectively; the three levels of private enterprise credit spreads decreased by 0.1BP, 0.1BP, and 6.3BP respectively [25]. - Regional urban investment credit spreads showed mixed trends. In terms of spread levels, for AAA - rated regions, the top three were Shaanxi, Yunnan, and Liaoning; for AA + - rated regions, the top three were Qinghai, Gansu, and Shaanxi; for AA - rated regions, the top three were Shaanxi, Yunnan, and Sichuan. In terms of month - on - month changes, for AAA - rated regions, Yunnan increased the most (0.4BP), and Jilin decreased the most (2BP); for AA + - rated regions, Qinghai increased the most (4.6BP), and Liaoning decreased the most (7BP); for AA - rated regions, Shaanxi increased the most (0.5BP), and Hebei decreased the most (21.8BP) [26]. 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1263.376 billion yuan, a decrease of 11.51% compared to the previous period. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Commercial bank bonds had a trading volume of 373.834 billion yuan (a 28.05% decrease and accounting for 29.59% of the total); corporate bonds had a trading volume of 352.34 billion yuan (an 11.18% increase and accounting for 27.89% of the total); medium - term notes had a trading volume of 315.271 billion yuan (a 1.98% decrease and accounting for 24.95% of the total) [4][27]. 3.2.3 Actively Traded Bonds This Week - The report selected the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [29].