1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target range for the 10 - year Treasury bond is 2 - 3%, with a central value of around 2.5%. Economic recovery is accelerating, inflation is rising, and the bond market's overall leverage ratio has increased. The report also analyzes the changes in bond custody volume and the behavior of different institutions in the bond market [7]. 3. Summary by Relevant Catalogs Overall Situation - In December, the total bond custody volume of Shanghai Clearing House and China Central Depository & Clearing Co., Ltd. (CCDC) was 178.55 trillion yuan, with a net monthly increase of 302.571 billion yuan, showing a decline in the incremental increase compared to the previous month. The custody volume of Shanghai Clearing House decreased by 204.504 billion yuan, while that of CCDC increased by 507.075 billion yuan, both with a slowdown in the incremental increase [2][3]. Bond Types - Interest - bearing bonds contributed the main increment in December. The custody volume of interest - bearing bonds was 123.15 trillion yuan, with a net monthly increase of 695.865 billion yuan; the custody volume of credit bonds was 33.88 trillion yuan, with a net monthly increase of 154.092 billion yuan; the custody volume of inter - bank certificates of deposit was 19.69 trillion yuan, with a net monthly decrease of 622.378 billion yuan [4]. Institutions - Commercial banks were the main purchasers of bonds. Their custody volume was 94.40 trillion yuan, with a net monthly increase of 256.262 billion yuan. Securities, broad - based funds, and overseas institutions all had a net decrease in custody volume [5]. Leverage - The overall leverage ratio of the bond market rose to 107.14% in December. The leverage ratios of commercial banks and non - bank institutions increased, while that of securities firms decreased [6].

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]