Report Information - Report Date: December 23, 2025 [1] - Report Title: 2025 November Bond Market Custody Data Review [2] - Research Team: Fixed Income Research Team - Analysts: Chen Xi, Wang Shuaizhong [3] 1. Report Industry Investment Rating No information provided. 2. Report's Core View - In the second half of 2025, the economic growth rate may not decline significantly [8] - Structural issues such as prices are expected to improve trend - wise [8] - Stock - bond allocation continues to shift: Bond yields are expected to rise continuously [8] 3. Summary by Relevant Catalogs Overall Bond Custody Volume - The total bond custody volume of Shanghai Clearing House and China Central Depository & Clearing Co., Ltd. (CCDC) increased month - on - month. In November, it was 178.25 trillion yuan, with a net monthly increase of 147.9847 billion yuan, and the month - on - month increment rebounded [4] - The bond custody volume of Shanghai Clearing House was 50.09 trillion yuan, with a net monthly increase of 38.4053 billion yuan, and the month - on - month increment decreased [4] - The bond custody volume of CCDC was 128.16 trillion yuan, with a net monthly increase of 109.5794 billion yuan, and the month - on - month increment increased [4] Bond Types - Interest rate bonds contributed the main increment this month. The custody volume of interest rate bonds was 122.45 trillion yuan, with a net monthly increase of 147.7602 billion yuan [5] - Credit bonds in Shanghai Clearing House contributed the main increment, with a net monthly increase of 65.8673 billion yuan; corporate credit bonds had a net monthly increase of 29.2743 billion yuan; interest rate bonds had a net monthly increase of 7.3 billion yuan; negotiable certificates of deposit decreased by 38.5737 billion yuan month - on - month [5] - At CCDC, treasury bonds contributed the main increment, with a net monthly increase of 64.5687 billion yuan; interest rate bonds had a net monthly increase of 140.4602 billion yuan; credit bonds had a net monthly decrease of 30.8808 billion yuan [5] - The custody volume of credit bonds was 33.72 trillion yuan, with a net monthly increase of 33.745 billion yuan; the custody volume of negotiable certificates of deposit was 20.31 trillion yuan, with a net monthly decrease of 38.5737 billion yuan [5] Institutions - Commercial banks were the main buyers of bonds. The custody volume of commercial banks was 94.15 trillion yuan, with a net monthly increase of 78.4824 billion yuan [6] - At Shanghai Clearing House, deposit - taking financial institutions, insurance companies, and broad - based funds increased their bond holdings, with net monthly increases of 17.7653 billion yuan, 2.9458 billion yuan, and 34.9638 billion yuan respectively; policy banks, securities firms, and overseas institutions had negative net monthly increases, at - 7.456 billion yuan, - 1.2799 billion yuan, and - 10.0046 billion yuan respectively [6] - At CCDC, commercial banks were the main buyers of bonds, with a net monthly increase of 60.9657 billion yuan; the custody volumes of insurance companies, securities firms, broad - based funds, and overseas institutions had negative net monthly increases, at - 0.0937 billion yuan, - 12.9269 billion yuan, - 12.807 billion yuan, and - 1.6703 billion yuan respectively [6] - The custody volume of securities firms was 3.15 trillion yuan, with a net monthly decrease of 14.2068 billion yuan; the custody volume of broad - based funds was 48.96 trillion yuan, with a net monthly increase of 22.1568 billion yuan; the custody volume of overseas institutions was 3.61 trillion yuan, with a net monthly decrease of 11.6749 billion yuan [6] Leverage - The overall leverage ratio of the bond market decreased. In November, it was 106.61% (compared with 106.90% previously), a month - on - month decrease [7] - The leverage ratios of commercial banks, non - bank institutions, and securities firms all decreased. The leverage ratio of commercial banks was 104.42% (compared with 104.61% previously), a month - on - month decrease of 0.19 percentage points; the leverage ratio of non - bank institutions was 109.19% (compared with 109.61% previously), a month - on - month decrease of 0.42 percentage points; among them, the leverage ratio of securities firms was 140.99% (compared with 142.36% previously), a month - on - month decrease of 1.37 percentage points [7]