点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 3、债市杠杆率观察 待购回债券余额环比减少，债市杠杆率环比下降。截至2025年11月底，待购回质押式回购余额（估算）为 11.05万亿元，环比减少3601.25亿元，杠杆率为106.61%，环比下降0.29个百分点，同比下降1.37个百分 点。 报告摘要 1、债券托管总量及结构 债券托管总量环比多增。截至2025年11月末，中债登和上清所的债券托管量合计为178.25万亿元，环比净 增1.48万亿元，较10月末环比多增0.17万亿元。 分品种看托管总量，利率债、信用债、金融债环比净增，同业存单环比净减。本月（2025年11月，下同） 利率债托管量123.94万亿元，环比净增加1.46万亿元；信用债托管量19.13万亿元，环比净增加0.2 ...

Group 1 - The total amount of bonds under custody increased significantly, reaching 176.77 trillion yuan by the end of October 2025, with a net increase of 1.31 trillion yuan compared to the previous month [4] - The structure of bond custody shows that interest rate bonds and credit bonds continued to increase, while financial bonds decreased. The total custody of interest rate bonds was 122.49 trillion yuan, accounting for 69.29% of the total [4] - The custody of interbank certificates of deposit saw its first net increase in the second half of the year, amounting to 20.70 trillion yuan, which is 11.67% of the total [4] Group 2 - The bond market's configuration showed a divergence in total custody among institutions, with trading accounts significantly increasing while foreign institutions continued to reduce holdings [5] - Policy banks and non-legal entities increased their holdings in interest rate bonds, credit bonds, and interbank certificates of deposit, while commercial banks reduced their holdings in interest rate bonds and interbank certificates of deposit [5] - The custody of government bonds continued to increase, with securities companies significantly increasing their holdings, while credit cooperatives and insurance institutions reduced theirs [5] Group 3 - The leverage ratio in the bond market remained stable month-on-month but decreased year-on-year, with the estimated balance of repurchase agreements at 11.41 trillion yuan, reflecting a net increase of 781.5 billion yuan [7] - The leverage ratio stood at 106.90%, indicating a slight year-on-year decline of 0.75 percentage points [7]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The total bond custody volume increased less month - on - month. As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - The custody volume of interest - rate bonds and credit bonds increased net month - on - month, while that of financial bonds and inter - bank certificates of deposit (NCDs) decreased net month - on - month [1][11]. - This month, the total custody volume of major bonds of allocation accounts continued to increase month - on - month, while that of trading accounts and overseas institutions continued to decrease month - on - month [2][27]. - The balance of bonds to be repurchased increased seasonally, and the bond market leverage ratio rose month - on - month. As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan, and the leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Volume and Structure - As of the end of September 2025, the total bond custody volume of CCDC and SHCH was 175.46 trillion yuan, with a net monthly increase of 0.92 trillion yuan, 0.58 trillion yuan less than the month - on - month increase at the end of August [1][11]. - In September 2025, the interest - rate bond custody volume was 122.01 trillion yuan, accounting for 69.54% of the inter - bank bond market custody volume, with a net monthly increase of 1.29 trillion yuan; the credit bond custody volume was 18.74 trillion yuan, accounting for 10.68%, with a net monthly increase of 5.0986 billion yuan; the non - policy financial bond custody volume was 12.76 trillion yuan, accounting for 7.27%, with a net monthly decrease of 4.823 billion yuan; the NCD custody volume was 19.97 trillion yuan, accounting for 11.38%, with a net monthly decrease of 0.41 trillion yuan [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody Volume by Institution Month - on - Month - Policy banks and commercial banks increased their holdings of interest - rate bonds and credit bonds and reduced their holdings of NCDs [2][27]. - Insurance institutions increased their holdings of interest - rate bonds, NCDs, and credit bonds across the board [2][27]. - Securities companies increased their holdings of credit bonds and reduced their holdings of interest - rate bonds and NCDs [2][27]. - Credit unions, non - legal entity products, and overseas institutions increased their holdings of interest - rate bonds and reduced their holdings of NCDs and credit bonds [2][27]. 3.2.2 Changes in Custody Volume by Bond Type Month - on - Month - The custody volume of treasury bonds continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while policy banks continued to reduce their holdings [3][29]. - The custody volume of local government bonds continued to increase month - on - month. Except for commercial banks reducing their holdings, other major institutions increased their holdings [3][29]. - The custody volume of policy - financial bonds continued to increase month - on - month. Commercial banks continued to increase their holdings, while securities companies and non - legal entity products changed to reducing their holdings [3][29]. - The custody volume of NCDs continued to decrease month - on - month. Except for insurance institutions increasing their holdings, other major institutions reduced their holdings [3][29]. - The custody volume of enterprise bonds continued to decrease month - on - month. Commercial banks and non - legal entity products were the main entities reducing their holdings [3][30]. - The custody volume of medium - term notes continued to increase month - on - month. Commercial banks continued to significantly increase their holdings, while non - legal entity products changed to reducing their holdings [3][31]. - The custody volume of short - term financing bills and super - short - term financing bills continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. - The custody volume of non - publicly - oriented debt instruments continued to decrease month - on - month. Non - legal entity products were the main entity reducing their holdings [3][31]. 3.2.3 Holder Structure of Major Bond Types - As of the end of September 2025, for treasury bonds, commercial banks held 69.91%, overseas institutions held 5.41%, policy banks held 10.29%, etc. [34]. - For policy - financial bonds, commercial banks held 55.25%, non - legal entity products held 31.66%, overseas institutions held 2.95%, etc. [36]. - For local government bonds, commercial banks held 73.38%, non - legal entity products held 9.50%, policy banks held 10.66%, etc. [39]. - For enterprise bonds, non - legal entity products held 54.98%, commercial banks held 32.02%, securities companies held 9.02%, etc. [41]. - For medium - term notes, non - legal entity products held 60.71%, commercial banks held 24.15%, securities companies held 4.88%, etc. [43]. - For short - term financing bills and super - short - term financing bills, non - legal entity products held 63.46%, commercial banks held 29.83%, etc. [46]. - For non - publicly - oriented debt instruments, non - legal entity products held 62.06%, commercial banks held 20.31%, etc. [49]. - For NCDs, non - legal entity products held 60.68%, commercial banks held 23.57%, etc. [51]. 3.3 Bond Market Leverage Ratio Observation - As of the end of September 2025, the estimated balance of repurchase - style repo was 11.33 trillion yuan, a month - on - month increase of 99.39 billion yuan. The leverage ratio was 106.90%, a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 1.05 percentage points [4][53].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the second half of 2025, the economic growth rate may not decline significantly, and structural issues such as prices are expected to improve trend - wise [7]. - The allocation between stocks and bonds continues to shift, with bond yields and the stock market expected to rise continuously [7]. 3. Summaries Based on Relevant Catalogs 3.1 Overall Situation - The combined bond custody volume of Shanghai Clearing House and China Central Depository & Clearing Co., Ltd. (CCDC) increased less month - on - month in September. The combined custody volume was 175.46 trillion yuan, with a net monthly increase of 92.1157 billion yuan, a decrease in the month - on - month increase [3]. - The bond custody volume of Shanghai Clearing House was 48.66 trillion yuan, with a net monthly increase of 3.2441 billion yuan, a rebound in the month - on - month increase [3]. - The bond custody volume of CCDC was 126.80 trillion yuan, with a net monthly increase of 88.8716 billion yuan, a decrease in the month - on - month increase [3]. 3.2 By Bond Type - Interest - rate bonds contributed the main increment this month. The custody volume of interest - rate bonds was 120.45 trillion yuan, with a net monthly increase of 132.9742 billion yuan; the custody volume of credit bonds was 33.36 trillion yuan, with a net monthly increase of - 4.4188 billion yuan; the custody volume of inter - bank certificates of deposit was 19.97 trillion yuan, with a net monthly increase of - 40.7479 billion yuan [4]. - At Shanghai Clearing House, financial bonds (excluding policy - bank financial bonds) contributed the main increment, with a net monthly increase of 26.6 billion yuan; company credit - type bonds had a net monthly increase of 7.7706 billion yuan; interest - rate bonds had a net monthly increase of 6.8 billion yuan; inter - bank certificates of deposit had a net monthly increase of - 40.7479 billion yuan [4]. - At CCDC, treasury bonds contributed the main increment, with a net monthly increase of 76.1256 billion yuan; interest - rate bonds had a net monthly increase of 126.1742 billion yuan; credit bonds had a net monthly increase of - 37.3026 billion yuan [4]. 3.3 By Institution - Commercial banks were the main force in increasing bond holdings. The custody volume of commercial banks was 93.62 trillion yuan, with a net monthly increase of 60.6672 billion yuan [5]. - At Shanghai Clearing House, deposit - taking financial institutions, insurance companies, and securities institutions increased their bond holdings, with net monthly increases of 9.9437 billion yuan, 1.9957 billion yuan, and 0.3561 billion yuan respectively; policy - bank financial institutions, broad - based funds, and overseas institutions had negative net monthly increases in custody volume, which were - 6.6401 billion yuan, - 6.0279 billion yuan, and - 5.5686 billion yuan respectively [5]. - At CCDC, commercial banks were the main contributor to the increment, with a net monthly increase of 48.1213 billion yuan; securities and broad - based funds had negative net monthly increases in custody volume, which were - 3.8856 billion yuan and - 19.1230 billion yuan respectively [5]. 3.4 Leverage - The overall leverage ratio of the bond market increased slightly. In September, the overall leverage ratio of the bond market was 106.90% (previous value: 106.88%), a month - on - month increase of 0.03 percentage points [6]. - By institution, the leverage ratio of commercial banks was 104.40% (previous value: 104.58%), a month - on - month decrease of 0.18 percentage points; the leverage ratio of non - bank institutions was 109.96% (previous value: 109.66%), a month - on - month increase of 0.29 percentage points, among which the leverage ratio of securities companies was 141.28% (previous value: 138.54%), a month - on - month increase of 2.74 percentage points [6].

Group 1 - The total amount of bonds under custody has slightly increased, reaching 174.54 trillion yuan as of the end of August 2025, with a net increase of 1.51 trillion yuan compared to the previous month [6] - The structure of bond custody shows an increase in interest rate bonds and financial bonds, while credit bonds and interbank certificates of deposit have decreased [6] - Interest rate bonds account for 68.72% of the total custody, with a net increase of 1.80 trillion yuan, while credit bonds decreased by 14.24 billion yuan [6] Group 2 - The configuration of bondholders indicates that policy banks continue to increase their holdings in interest rate bonds, interbank certificates of deposit, and credit bonds, while commercial banks and credit cooperatives have increased interest rate bonds and credit bonds but reduced interbank certificates of deposit [7] - The custody of government bonds has continued to increase, with commercial banks significantly increasing their holdings, while non-legal entities have reduced their holdings [7] - The custody of corporate bonds has decreased, with major institutions showing a trend of reduction [7] Group 3 - The leverage ratio in the bond market has decreased, with the estimated balance of repurchase agreements at 11.23 trillion yuan, reflecting a leverage ratio of 106.88%, which is a slight increase from the previous month but a decrease year-on-year [8]

Investment Rating of the Report There is no information provided regarding the industry investment rating in the report. Core Viewpoints of the Report The report analyzes the bond custody data for July 2025, indicating that the total bond custody increased month - on - month, with different trends among various bond types and institutions. The leverage ratio of the bond market decreased month - on - month due to the seasonal reduction of the repurchase bond balance [1][2][3]. Summary by Directory 1. Bond Custody Total and Structure - The total bond custody increased month - on - month. As of the end of July 2025, the combined bond custody of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House was 173.03 trillion yuan, with a net monthly increase of 1.74 trillion yuan, 0.45 trillion yuan more than the month - on - month increase at the end of June [1][10]. - The custody of interest - rate bonds, credit bonds, and financial bonds increased month - on - month, while the custody of inter - bank certificates of deposit (ICDs) decreased. In July 2025, the custody of interest - rate bonds was 118.91 trillion yuan, accounting for 68.72% of the inter - bank bond market custody, with a net increase of 1.51 trillion yuan; the custody of credit bonds was 18.69 trillion yuan, accounting for 10.80%, with a net increase of 0.18 trillion yuan; the custody of non - policy financial bonds was 12.78 trillion yuan, accounting for 7.39%, with a net increase of 0.41 trillion yuan; the custody of ICDs was 20.74 trillion yuan, accounting for 11.99%, with a net decrease of 0.37 trillion yuan [1][10]. 2. Bond Holder Structure and Changes 2.1 Changes in Custody by Institution Month - on - Month - The custody of major bonds by various institutions in the bond market showed differentiation this month. Allocation accounts increased their custody, while trading accounts and overseas institutions decreased theirs. Specifically, policy banks, insurance institutions, and credit unions increased their holdings of major bonds across the board; commercial banks increased their holdings of major interest - rate and credit products but continued to reduce their holdings of ICDs; securities companies increased their holdings of ICDs but reduced their holdings of major interest - rate and credit products; non - legal entity products continued to increase their holdings of major credit products but reduced their holdings of major interest - rate products and ICDs; overseas institutions continued to reduce their holdings of major bonds across the board [2][24]. - In July, the "anti - involution" policy boosted the equity and commodity markets. Under the influence of factors such as the stock - bond seesaw, the bond market significantly corrected. Trading accounts such as securities and broad - based funds quickly took profits and sold, while allocation accounts such as commercial banks and insurance companies bought significantly, acting as a "stabilizer" for the bond market [24]. 2.2 Changes in Custody by Bond Type Month - on - Month - Treasury bond custody continued to increase this month, with commercial banks being the main buyers [2][26]. - Local government bond custody continued to increase this month, and commercial banks continued to significantly increase their holdings [2][26]. - Policy - financial bond custody continued to increase this month, with commercial banks being the main buyers [2][26]. - ICD custody continued to decrease this month, with commercial banks being the main sellers. The continuous decline in ICD custody was mainly due to the slowdown in issuance and relatively large maturity of existing bonds [2][26]. - Corporate bond custody continued to decrease this month, with non - legal entity products being the main sellers [2][29]. - Medium - term note custody continued to increase this month, and non - legal entity products continued to significantly increase their holdings [2][29]. - Short - term and super - short - term financing custody turned to an increase this month, with commercial banks being the main buyers [29]. - Non - publicly - oriented instrument custody continued to decrease this month, with non - legal entity products being the main sellers [30]. 2.3 Holder Structure of Major Bonds - As of the end of July 2025, the holder structure of major bonds varied. For example, commercial banks were the largest holders of treasury bonds, local government bonds, and policy - financial bonds, while non - legal entity products were the largest holders of medium - term notes, short - term and super - short - term financing, and ICDs [33][34][37]. 3. Observation of Bond Market Leverage Ratio - The balance of bonds to be repurchased decreased seasonally, and the bond market leverage ratio decreased month - on - month. As of the end of July 2025, the estimated balance of repurchase - style pledged repos was 110,279.78 billion yuan, a decrease of 11,233.91 billion yuan month - on - month. The leverage ratio was 106.81%, a decrease of 0.83 percentage points month - on - month and 0.24 percentage points year - on - year [3][48].

Group 1 - The total amount of bonds under custody has slightly increased, reaching 171.29 trillion yuan as of June 2025, with a net increase of 1.30 trillion yuan compared to the previous month [3] - The custody of interest rate bonds is 117.40 trillion yuan, accounting for 68.54% of the total, with a net increase of 1.67 trillion yuan [3] - The custody of credit bonds is 18.51 trillion yuan, representing 10.81% of the total, with a net increase of 0.17 trillion yuan [3] Group 2 - Policy banks and insurance institutions have increased their holdings of major bond types, while commercial banks have increased their holdings of interest rate products but reduced their holdings of interbank certificates and major credit bonds [4] - Non-legal person products have significantly increased their holdings of government bonds and medium-term notes, while commercial banks have reduced their holdings of corporate bonds and non-public directed tools [5] Group 3 - The leverage ratio in the bond market has slightly increased, with the estimated balance of repurchase agreements reaching 121.51 trillion yuan, resulting in a leverage ratio of 107.64%, which is an increase of 0.90 percentage points from the previous month [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report As of the end of June 2025, the total bond custody decreased on a month - on - month basis. The custody of inter - bank certificates of deposit decreased significantly due to concentrated maturities, while other bonds increased. Different institutions showed distinct trends in bond holding, and the bond market leverage ratio increased slightly [1][11]. 3. Summary by Relevant Catalogs 3.1 Bond Custody Total and Structure - The total bond custody increased less on a month - on - month basis. As of the end of June 2025, the combined bond custody of CCDC and SHCH was 171.29 trillion yuan, with a net increase of 1.30 trillion yuan, 0.87 trillion yuan less than the month - on - month increase at the end of May [1][11]. - Affected by concentrated maturities, the custody of inter - bank certificates of deposit decreased by 0.72 trillion yuan, the largest decline in recent years. The custody of interest - rate bonds, credit bonds, and non - policy financial bonds increased by 1.67 trillion yuan, 0.17 trillion yuan, and 0.20 trillion yuan respectively [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Month - on - month Changes in Custody by Institution - Policy banks and insurance institutions increased their holdings of major bond types comprehensively. - Commercial banks increased their holdings of major interest - rate products but continued to reduce their holdings of inter - bank certificates of deposit and major credit products. - Credit unions and overseas institutions reduced their holdings of major bond types comprehensively. - Securities companies and non - legal entity products increased their holdings of major interest - rate and credit products but reduced their holdings of inter - bank certificates of deposit [2][24]. 3.2.2 Month - on - month Changes in Custody by Bond Type - Treasury bond custody continued to increase, with non - legal entity products being the main buyers. - Local government bond custody continued to increase, with commercial banks as the main buyers and policy banks as the main sellers. - Policy financial bond custody continued to increase, with non - legal entity products turning to large - scale buying. - Inter - bank certificate of deposit custody turned to a decrease, with non - legal entity products as the main sellers. - Corporate bond custody continued to decrease, with commercial banks as the main sellers. - Medium - term note custody continued to increase, with non - legal entity products as the main buyers. - Short - term financing and super short - term financing custody continued to decrease, with commercial banks and non - legal entity products as the main sellers. - Non - public directional instrument custody continued to decrease, with non - legal entity products and commercial banks as the main sellers [3][26][27]. 3.2.3 Holder Structure of Major Bond Types - Treasury bonds: Commercial banks held 67.07%, policy banks 11.24%, and non - legal entity products 8.93%. - Policy financial bonds: Commercial banks held 53.65%, non - legal entity products 33.11%. - Local government bonds: Commercial banks held 75.08%, policy banks 9.35%. - Corporate bonds: Non - legal entity products held 53.90%, commercial banks 32.37%. - Medium - term notes: Non - legal entity products held 62.18%, commercial banks 23.01%. - Short - term and super short - term financing: Non - legal entity products held 62.85%, commercial banks 20.05%. - Non - public directional instruments: Non - legal entity products held 59.26%, commercial banks 25.20%. - Inter - bank certificates of deposit: Non - legal entity products held 64.91%, commercial banks 28.17% [32][34][37]. 3.3 Bond Market Leverage Ratio Observation As of the end of June 2025, the estimated balance of repurchase - to - be - acquired pledged repos was 12.151369 trillion yuan, an increase of 1.417041 trillion yuan month - on - month. The leverage ratio was 107.64%, up 0.90 percentage points month - on - month and 0.05 percentage points year - on - year [4][49].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the bond custody volume data in May 2025, indicating that the month - on - month increase in the total bond custody volume has widened, with different trends in various bond types and significant differences in the custody volume changes of different institutions. The bond market leverage ratio has slightly increased [1][22]. 3. Summary by Directory 3.1 Bond Custody Volume and Structure - The total bond custody volume has a wider month - on - month increase. As of the end of May 2025, the total bond custody volume of CCDC and SHCH was 169.99 trillion yuan, with a net month - on - month increase of 2.16 trillion yuan, 0.56 trillion yuan more than that at the end of April [10]. - The total credit bond custody volume slightly decreased, while the custody volumes of other bonds all increased month - on - month. In May 2025, the interest - rate bond custody volume was 115.73 trillion yuan, accounting for 68.08% of the inter - bank bond market custody volume, with a net increase of 1.70 trillion yuan; the credit bond custody volume was 18.35 trillion yuan, accounting for 10.79%, with a slight month - on - month decrease of 5254 million yuan; the non - policy financial bond custody volume was 12.17 trillion yuan, accounting for 7.16%, with a net increase of 0.22 trillion yuan; the inter - bank certificate of deposit (NCD) custody volume was 21.83 trillion yuan, accounting for 12.84%, with a net increase of 0.27 trillion yuan [10]. 3.2 Bond Holder Structure and Changes 3.2.1 Month - on - Month Changes in Custody Volume by Institution - Policy banks continued to increase their holdings of NCDs and major credit products while continuously reducing their holdings of major interest - rate products. - Commercial banks continued to increase their holdings of major interest - rate products while reducing their holdings of NCDs and major credit products. - Credit unions and non - legal entity products comprehensively increased their holdings of major bond types. - Insurance institutions increased their holdings of major interest - rate products and major credit products while continuously reducing their holdings of NCDs. - Securities companies and overseas institutions comprehensively reduced their holdings of major bond types [22]. 3.2.2 Month - on - Month Changes in Custody Volume by Bond Type - The custody volume of treasury bonds continued to increase month - on - month, with commercial banks continuously increasing their holdings and policy banks continuously reducing their holdings. - The custody volume of local government bonds continued to increase month - on - month, with commercial banks continuously increasing their holdings and policy banks continuously reducing their holdings. - The custody volume of policy financial bonds changed to an increase, with commercial banks being the main buyers. - The custody volume of NCDs continued to increase month - on - month, with non - legal entity products continuously increasing their holdings and commercial banks continuously reducing their holdings. - The custody volume of enterprise bonds continued to decrease month - on - month, and all institutions reduced their holdings. - The custody volume of medium - term notes continued to increase month - on - month, with non - legal entity products significantly increasing their holdings and commercial banks changing to reducing their holdings. - The custody volume of short - term commercial paper and super short - term commercial paper changed to a decrease, with non - legal entity products being the main sellers. - The custody volume of privately placed bonds continued to decrease month - on - month, with commercial banks being the main sellers [24]. 3.2.3 Holder Structure of Major Bond Types - As of the end of May 2025, the holder structure of treasury bonds: commercial banks accounted for 67.72%, overseas institutions 6.11%, policy banks 10.97%, non - legal entity products 8.38%, securities companies 3.10%, insurance institutions 2.56%, and credit unions 1.16% [29]. - The holder structure of policy financial bonds: commercial banks accounted for 54.39%, non - legal entity products 32.12%, overseas institutions 3.32%, credit unions 3.23%, insurance institutions 2.10%, securities companies 1.01%, and policy banks 3.83% [31]. - The holder structure of local government bonds: commercial banks accounted for 75.11%, non - legal entity products 9.07%, policy banks 9.50%, insurance institutions 4.82%, securities companies 0.93%, credit unions 0.55%, and overseas institutions 0.02% [35]. - The holder structure of enterprise bonds: non - legal entity products accounted for 53.61%, commercial banks 32.85%, securities companies 9.09%, insurance institutions 3.29%, policy banks 0.74%, credit unions 0.33%, and overseas institutions 0.09% [37]. - The holder structure of medium - term notes: non - legal entity products accounted for 62.74%, commercial banks 20.49%, nominal holder accounts (domestic) 7.16%, policy banks 4.85%, securities companies 4.32%, others 0.24%, credit unions 0.17%, overseas institutions 0.01%, and insurance institutions 0.00% [41]. - The holder structure of privately placed bonds: non - legal entity products accounted for 59.37%, commercial banks 25.05%, policy banks 1.35%, credit unions 2.10%, others 3.26%, nominal holder accounts (domestic) 2.01%, securities companies 1.18%, overseas institutions 5.60%, and insurance institutions 0.09% [44]. - The holder structure of NCDs: non - legal entity products accounted for 64.77%, commercial banks 28.59%, nominal holder accounts (domestic) 3.32%, securities companies 0.81%, policy banks 1.39%, others 0.25%, insurance institutions 0.09%, credit unions 0.05%, and overseas institutions 0.74% [46]. 3.3 Observation of Bond Market Leverage Ratio As of the end of May 2025, the estimated balance of repurchase - to - be - bought under pledged repurchase was 107,343.28 billion yuan, with a month - on - month increase of 1,870.36 billion yuan. The leverage ratio was 106.74%, with a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 0.05 percentage points [47].

Group 1 - The total amount of bonds under custody has slightly increased, reaching 167.82 trillion yuan as of the end of April 2025, with a net increase of 1.61 trillion yuan compared to the previous month [3] - The structure of bond custody shows that interest rate bonds account for 67.95% of the total, with a net increase of 0.99 trillion yuan, while credit bonds and financial bonds also saw slight increases [3] - The bond holding structure indicates that most institutions, except for policy banks, have increased their bond holdings, with commercial banks continuing to increase their holdings of major interest rate products and credit products [4] Group 2 - The custody of government bonds has continued to increase, while policy banks have significantly reduced their holdings, and commercial banks have increased theirs [6] - The custody of local government bonds has also seen an increase, with policy banks reducing their holdings and commercial banks increasing theirs [6] - The leverage ratio in the bond market has decreased, with the estimated balance of repurchase agreements at 10.55 trillion yuan, down by 1.78 trillion yuan, resulting in a leverage ratio of 106.71% [7]