1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In the current period (December 1 - 7, 2025), most of the issuance guidance rates announced by the National Association of Financial Market Institutional Investors declined, with an overall change range of -6 BP to 2 BP. The issuance scale of credit bonds decreased month - on - month. The issuance amount of enterprise bonds increased, while that of other varieties decreased. The net financing of credit bonds decreased month - on - month, with the net financing of enterprise bonds and commercial paper increasing, and that of other varieties decreasing. The net financing of enterprise bonds was negative, while that of other varieties was positive [2][13][60]. - In the secondary market, the trading amount of credit bonds decreased month - on - month. The trading amounts of private placement notes and commercial paper increased, while those of other varieties decreased. The yields of credit bonds all increased in the current period. The credit spreads of medium - and short - term notes, enterprise bonds, and urban investment bonds were differentiated, generally showing a widening at the short end and a narrowing at the medium - and long - ends [2][17][60]. - From the perspective of absolute returns, insufficient supply and relatively strong allocation demand will drive the credit bond market to continue its recovery. Although fluctuations and adjustments are inevitable under the influence of multiple factors, the conditions for a full - scale bear market in the credit bond market are still insufficient. In the long run, yields are still in a downward channel, and the strategy of increasing positions during adjustments is still feasible. Currently, the cost - effectiveness of most varieties for allocation has decreased, and caution is needed when chasing high prices. The coupon strategy can be moderately optimistic in the current allocation thinking, and the trading thinking should remain optimistic. When selecting bonds, the focus should be on the trend of interest - rate bonds while paying attention to the coupon value of individual bonds. From the perspective of relative returns, although the compression space of credit spreads at all tenors is insufficient at present, the probability of a one - sided correction in the short term is also low. Therefore, investors can still achieve the coupon strategy through credit - quality downgrading and extending the duration according to their own capital characteristics, but they need to pay attention to the rhythm during allocation [2][60]. - The central and local governments have been continuously optimizing real estate policies. The support policies have been continuously strengthened, actively releasing rigid and improving housing demand, which has played a positive role in promoting the stabilization of the real estate market. Although the real estate market is still in the transition period between the old and new models, with the effectiveness of various policies to stabilize the property market, the real estate market is moving towards stabilization. In the future, policies to promote the high - quality development of the real estate market are expected. For real estate bonds, the sales recovery process will have a significant impact on bond valuations. As the market shows signs of stabilization, funds with higher risk appetite can consider early layout, especially focusing on enterprises with outstanding performance in new financing and sales recovery. The focus of allocation should still be on central and state - owned enterprises with stable historical valuations and excellent performance, as well as high - quality private - enterprise bonds with strong guarantees. Investors can extend the duration to increase returns and also appropriately play the trading opportunities brought by the valuation repair of bonds of undervalued real - estate enterprises [3][61]. - For urban investment bonds, under the principle of coordinating development and security, the probability of default of urban investment bonds is very low, and they can still be a key allocation variety of credit bonds. Under the strict supervision of promoting the clearance of local financing platforms in an orderly and effective manner, the reform and transformation of financing platforms are accelerating. Attention should be paid to the reform and transformation opportunities of "entity - type" financing platforms. From the perspective of coupon income, investors can be appropriately active. The allocation strategy can give priority to credit - quality downgrading at the medium - and short - ends, and the trading strategy can still choose to extend the duration of medium - and high - grade bonds [4][61][62]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Situation 3.1.1 Issuance and Maturity Scale - In the current period (December 1 - 7, 2025), a total of 291 credit bonds, including enterprise bonds, corporate bonds, medium - term notes, commercial paper, and private placement notes, were issued, with an issuance amount of 232.914 billion yuan, a month - on - month decrease of 32.35%. The net financing of credit bonds was 54.159 billion yuan, a month - on - month decrease of 6.974 billion yuan [13]. - By variety, 1 enterprise bond was issued, with an issuance amount of 1 billion yuan and a net financing of - 3.292 billion yuan, a month - on - month increase of 3.854 billion yuan. 110 corporate bonds were issued, with an issuance amount of 75.694 billion yuan, a month - on - month decrease of 6.20%, and a net financing of 17.749 billion yuan, a month - on - month decrease of 8.128 billion yuan. 78 medium - term notes were issued, with an issuance amount of 61.583 billion yuan, a month - on - month decrease of 62.30%, and a net financing of 14.611 billion yuan, a month - on - month decrease of 81.694 billion yuan. 80 commercial papers were issued, with an issuance amount of 82.462 billion yuan, a month - on - month decrease of 1.88%, and a net financing of 24.686 billion yuan, a month - on - month increase of 23.237 billion yuan. 22 private placement notes were issued, with an issuance amount of 12.175 billion yuan, a month - on - month decrease of 24.73%, and a net financing of 405 million yuan, a month - on - month decrease of 709 million yuan [13]. 3.1.2 Issuance Interest Rates - Most of the issuance guidance rates announced by the National Association of Financial Market Institutional Investors declined, with an overall change range of -6 BP to 2 BP. By tenor, the interest rate of 1 - year varieties changed from -6 BP to 1 BP, that of 3 - year varieties changed from -5 BP to 2 BP, that of 5 - year varieties changed from -5 BP to 0 BP, and that of 7 - year varieties changed from -3 BP to 0 BP. By rating, the interest rate of key AAA - rated and AAA - rated varieties changed from -2 BP to 2 BP, that of AA + - rated varieties changed from -1 BP to 0 BP, that of AA - rated varieties changed from -3 BP to -2 BP, and that of AA - - rated varieties changed from -6 BP to -3 BP [15]. 3.2 Secondary Market Situation 3.2.1 Market Trading Volume - In the current period (December 1 - 7, 2025), the total trading amount of credit bonds was 817.532 billion yuan, a month - on - month decrease of 7.60%. The trading amounts of enterprise bonds, corporate bonds, medium - term notes, commercial paper, and private placement notes were 17.007 billion yuan, 317.964 billion yuan, 281.89 billion yuan, 144.869 billion yuan, and 55.802 billion yuan respectively. The trading amount of credit bonds decreased month - on - month. The trading amounts of private placement notes and commercial paper increased, while those of other varieties decreased [17]. 3.2.2 Credit Spreads - For medium - and short - term notes, the credit spreads of each variety were differentiated. Specifically, the credit spreads of 1 - year and 5 - year notes widened, while those of 3 - year and 7 - year notes narrowed [20]. - For enterprise bonds, the credit spreads of each variety were differentiated. Specifically, the 1 - year credit spread widened; among the 3 - year bonds, the credit spread of AA + - rated varieties widened, while those of other varieties narrowed; among the 5 - year bonds, the credit spreads of AAA - rated and AA - - rated varieties narrowed, while those of AA + - rated and AA - rated varieties widened; the 7 - year credit spread narrowed [27]. - For urban investment bonds, the credit spreads of each variety were differentiated. Specifically, the 1 - year credit spread widened; among the 3 - year bonds, the credit spread of AA - - rated varieties widened, while those of other varieties narrowed; among the 5 - year bonds, the credit spread of AA + - rated varieties widened, while those of other varieties narrowed; the 7 - year credit spread narrowed [36]. 3.2.3 Term Spreads and Rating Spreads - For AA + medium - and short - term notes: In terms of term spreads, the 3Y - 1Y spread narrowed by 0.26 BP, the 5Y - 3Y spread widened by 2.87 BP, and the 7Y - 3Y spread widened by 1.94 BP. Currently, the 3Y - 1Y spread is at a relatively low historical level, at the 32.1% quantile, the 5Y - 3Y spread is at a relatively low historical level, at the 23.6% quantile, and the 7Y - 3Y spread is at a relatively low historical level, at the 29.0% quantile. In terms of rating spreads, the (AA - )-(AAA) spread of 3 - year medium - and short - term notes narrowed by 2.00 BP, the (AA)-(AAA) spread narrowed by 1.00 BP, and the (AA + )-(AAA) spread narrowed by 1.00 BP. Currently, the (AA - )-(AAA) spread is at a historical low, at the 0.0% quantile, the (AA)-(AAA) spread is at a historical low, at the 3.7% quantile, and the (AA + )-(AAA) spread is at a low level, at the 1.0% quantile [44]. - For AA + enterprise bonds: In terms of term spreads, the 3Y - 1Y spread widened by 2.92 BP, the 5Y - 3Y spread widened by 1.28 BP, and the 7Y - 3Y spread narrowed by 2.23 BP. Currently, the 3Y - 1Y spread is at a relatively low historical level, at the 31.7% quantile, the 5Y - 3Y spread is at a relatively low historical level, at the 26.5% quantile, and the 7Y - 3Y spread is at a relatively low historical level, at the 28.2% quantile. In terms of rating spreads, the (AA - )-(AAA) spread of 3 - year enterprise bonds narrowed by 1.00 BP, the (AA)-(AAA) spread remained the same as the previous period, and the (AA + )-(AAA) spread widened by 2.00 BP. Currently, the (AA - )-(AAA) spread is at a historical low, at the 0.7% quantile, the (AA)-(AAA) spread is at a historical low, at the 6.1% quantile, and the (AA + )-(AAA) spread is at a historical low, at the 1.5% quantile [50]. - For AA + urban investment bonds: In terms of term spreads, the 3Y - 1Y spread narrowed by 0.99 BP, the 5Y - 3Y spread widened by 1.12 BP, and the 7Y - 3Y spread narrowed by 0.73 BP. Currently, the 3Y - 1Y spread is at a relatively low historical level, at the 36.2% quantile, the 5Y - 3Y spread is at a relatively low historical level, at the 24.4% quantile, and the 7Y - 3Y spread is at a relatively low historical level, at the 30.1% quantile. In terms of rating spreads, the (AA - )-(AAA) spread of 3 - year urban investment bonds widened by 1.99 BP, the (AA)-(AAA) spread widened by 0.99 BP, and the (AA + )-(AAA) spread narrowed by 0.01 BP. Currently, the (AA - )-(AAA) spread is at a historical low, at the 10.1% quantile, the (AA)-(AAA) spread is at a historical low, at the 5.4% quantile, and the (AA + )-(AAA) spread is at a historical low, at the 0.8% quantile [53]. 3.3 Credit Rating Adjustment and Default Bond Statistics 3.3.1 Credit Rating Adjustment Statistics - According to iFinD statistics, there were no company rating (including outlook) adjustments in the current period (December 1 - 7, 2025) [58]. 3.3.2 Default and Extended - Maturity Bond Statistics - In terms of bond defaults, according to iFinD statistics, there were no credit bond defaults in the current period (December 1 - 7, 2025). - In terms of bond extensions, according to iFinD statistics, there were no credit bond extensions in the current period (December 1 - 7, 2025) [59]. 3.4 Investment Views - The views are consistent with the core viewpoints of the report, including the analysis of the primary and secondary markets of credit bonds, the judgment of the credit bond market from the perspectives of absolute and relative returns, the analysis of the real estate market and real estate bonds, and the analysis of urban investment bonds [60][61][62].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, credit bond yields continued to fluctuate slightly at a low level, and most credit spreads in different industries reached historical lows since early 2024. The short - term urban investment bond spreads within 3 years have been compressed to the 3% quantile or lower since early 2024, while the long - term spreads over 5 years still have some room to decline. The credit spreads of 3 - 5Y AA+ industrial bonds are currently in the range of 65 - 70BP, and the credit spreads of 3 - 5Y AA+ secondary perpetual bonds are in the range of 50 - 70BP, with some potential. Considering the support from the opening of amortized open - end bond funds in the next six months for 3 - 5Y credit bonds, investors are advised to pay appropriate attention to investment opportunities in 3 - 5Y general credit bonds and secondary perpetual bonds [5][57]. Summary by Directory 1. This Week's Credit Hot Events - **Low - price trading of Jiutai Rural Commercial Bank's secondary capital bonds**: Since the end of October, there have been multiple secondary transactions of Jiutai Rural Commercial Bank's outstanding secondary capital bond "21 Jiutai Rural Secondary" significantly below the valuation, with a transaction price of around 50 yuan. The bank has not released its 2024 annual report, 2025 quarterly reports, and its operation has been under pressure in recent years, with net profit continuously declining and a large loss in 2024, and the capital adequacy ratio approaching the warning line, which has raised market concerns about non - redemption or write - down [10]. - **Shanghai Stock Exchange's written warnings to 3 bond issuers**: Zhenjiang Urban Construction Industry Group, Guangning County Huiye Asset Operation Co., Ltd., and Hongda Xingye Group Co., Ltd. were warned for issues such as non - standard management of special accounts for raised funds, non - compliance with the use of raised funds as stipulated in the prospectus, and inaccurate and untimely information disclosure [13]. - **PBC Beijing Branch's support for science - and - technology innovation enterprises to raise funds through the bond market**: On November 18, 12 departments including the PBC Beijing Branch issued an implementation plan to support eligible enterprises in service consumption fields such as culture, tourism, and education to issue bonds, encourage science - and - technology innovation enterprises to raise funds through the bond market, and support consumer finance companies, auto finance companies, and financial leasing companies to issue financial bonds [14]. 2. Primary Market 2.1 Net Financing Scale - **Overall situation**: This week, the net financing of traditional credit bonds increased compared with last week, while the net financing of asset - backed securities decreased by 18.4 billion yuan. The net financing of urban investment bonds was 5.6 billion yuan, an increase of 3.11 billion yuan; the net financing of industrial bonds was 13.46 billion yuan, an increase of 6.31 billion yuan; and the net financing of financial bonds was 13.58 billion yuan, an increase of 7.65 billion yuan [3][16]. - **Issuance and redemption quantity**: The issuance quantity of urban investment bonds increased by 32, and the redemption quantity decreased by 22; the issuance quantity of industrial bonds increased by 65, and the redemption quantity increased by 19; the issuance quantity of financial bonds increased by 13, and the redemption quantity decreased by 13 [20]. 2.2 Issuance Cost - The issuance interest rates of AA urban investment bonds and industrial bonds decreased significantly this week, falling within the range of 2.6 - 2.8%. The issuance interest rates of other bonds with different ratings were in the range of 1.9 - 2.4%. Specifically, the average issuance interest rates of AA urban investment bonds and industrial bonds decreased by 24BP and 28BP respectively compared with last week. The average issuance interest rates of AA+ and AAA urban investment bonds increased slightly, and the average issuance interest rate of AAA financial bonds increased by 7BP. The average issuance interest rates of other credit bonds with different ratings decreased by 1 - 4BP [3][24]. 3. Secondary Market 3.1 Transaction Situation - **Trading volume**: The trading volume of credit bonds increased by 34.1 billion yuan compared with last week. The trading volume of urban investment bonds was 234.5 billion yuan, an increase of 14.9 billion yuan; the trading volume of industrial bonds was 381.1 billion yuan, an increase of 46.7 billion yuan; the trading volume of financial bonds was 470.5 billion yuan, a decrease of 27.5 billion yuan; the trading volume of asset - backed securities was 18.7 billion yuan, unchanged from last week [3]. - **Turnover rate**: The turnover rates of credit bonds showed mixed trends compared with last week. The turnover rate of urban investment bonds was 1.51%, an increase of 0.09 percentage points; the turnover rate of industrial bonds was 2.02%, an increase of 0.24 percentage points; the turnover rate of financial bonds was 3.07%, a decrease of 0.2 percentage points; the turnover rate of asset - backed securities was 0.52%, unchanged from last week [26]. 3.2 Yields - The yields of credit bonds with different ratings and maturities fluctuated slightly this week, with a fluctuation range of no more than 3BP. For example, the yields of AA, AAA -, and AAA+ credit bonds within 1 year fluctuated by no more than 1BP; the yields of 5Y AA and AAA+ credit bonds decreased by less than 1BP, and the yield of 5Y AAA - credit bonds increased by 3BP; the yields of AA, AAA -, and AAA+ credit bonds over 10 years increased by 1BP [29]. 3.3 Credit Spreads - **Overall situation**: Except for the relatively large fluctuations in the credit spreads of AA+ non - bank finance, leisure services, and textile and clothing industries compared with last week, the fluctuations of credit spreads in other industries and ratings were within 5BP. The credit spreads of AA+ pharmaceutical biology, textile and clothing, and food and beverage industries compressed by 4BP, 15BP, and 4BP respectively, while the credit spreads of AA+ non - bank finance and leisure services industries widened by 6BP [3]. - **Urban investment bonds**: The long - term credit spreads of urban investment bonds over 10 years compressed significantly this week, while the spreads of other maturities fluctuated by no more than 1BP. In terms of regions, the credit spread of AA urban investment bonds in Yunnan compressed by 11BP, and the fluctuations of credit spreads of urban investment bonds in other regions and ratings were within 3BP [42][44]. - **Industrial bonds**: The overall change in industrial credit spreads this week was not significant, and the change range of spreads with different maturities and ratings was within 5BP [48]. - **Bank capital bonds**: The credit spread of 5Y AA+ bank secondary capital bonds compressed by 5BP this week, and the fluctuations of credit spreads of bank secondary perpetual bonds with other maturities and ratings were within 2BP [51]. 4. This Week's Bond Market Public Opinions - There were 7 bond implicit ratings downgraded for 5 issuers this week. China Yintai Investment Co., Ltd. had 3 bond implicit ratings downgraded, and the other issuers included China Water Resources and Hydropower First Engineering Bureau Co., Ltd., PowerChina Commercial Factoring Co., Ltd., Liaoning Kangping County Zhonghe Rural Credit Micro - loan Co., Ltd., and Jilin Jiutai Rural Commercial Bank Co., Ltd. [4][54]. 5. Investment Recommendations - This week, the central bank achieved a net investment of 434 billion yuan through open - market operations. As of Friday's close, DR001 closed at 1.30%, down from 1.5% at the beginning of the week. Overall, except for the relatively large fluctuations in the credit spreads of AA+ non - bank finance, leisure services, and textile and clothing industries, the fluctuations of credit spreads in other industries and ratings were within 5BP. Considering the current situation of credit spreads and the support from the opening of amortized open - end bond funds in the next six months, investors are advised to pay appropriate attention to investment opportunities in 3 - 5Y general credit bonds and secondary perpetual bonds [56][57].

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints of the Report - The credit strategy in November can remain relatively optimistic. There are three reasons: First, the historical quantiles of medium - and long - term credit bonds are still at relatively high levels since the beginning of the year, especially the 5Y secondary and perpetual bonds still have room to decline. Second, the restart of Treasury bond trading, the overall loose capital interest rates, and the decline in market risk appetite due to the recent adjustment of the equity market are expected to continue the phased upward trend of credit bonds, and there are more positive factors than negative factors in the bond market currently. Third, the rapid decline in bank liability costs supports banks to significantly increase bond investments [4][42]. Summary According to the Directory 1. This Week's Credit Hot Events - Guangxi Jintou's former Party secretary and chairman are under disciplinary review, with the remaining bond balance of the entity being 19.4 billion yuan [1][9]. - Minister of Finance Lan Fuan stated that not increasing implicit debt should be regarded as an "iron - clad discipline" [1][10]. - On November 5, the National Association of Financial Market Institutional Investors warned four institutions including Dongjin Huai Investment and Jintang Xingjin for non - market - based bond issuance [1][11]. - Two bonds, 25 Xiaoshan Airport MTN002B (green) and 25 Jinneng Coal Industry MTN017, cancelled their issuance due to market factors, with a total planned issuance scale of 1.45 billion yuan [1][12]. 2. Primary Market 2.1 Net Financing Scale - The net financing of traditional credit bonds this week increased compared to last week, and the net financing of asset - backed securities increased by 1.17 billion yuan compared to last week. Among different product types, the net financing of urban investment bonds and industrial bonds increased, while that of financial bonds decreased [2][13]. - In terms of the number of issuances and redemptions, the number of urban investment bond issuances and redemptions decreased, the number of industrial bond issuances increased and redemptions decreased, and the number of financial bond issuances decreased and redemptions increased [15]. 2.2 Issuance Cost - Except for a slight increase in the issuance interest rate of AA urban investment bonds, the issuance interest rates of other bonds with different ratings declined to varying degrees. Specifically, the issuance interest rates of industrial and financial bonds with different ratings decreased by 11 - 29BP compared to last week, the AA urban investment bond issuance interest rate increased by 9BP, and the AA + and AAA urban investment bond issuance interest rates decreased by 19BP and 7BP respectively [18]. 3. Secondary Market 3.1 Trading Volume - The trading volume of credit bonds decreased by 53.4 billion yuan compared to last week. Among them, the trading volume of urban investment bonds and industrial bonds decreased, while that of financial bonds increased slightly. The trading volume of asset - backed securities also decreased [19]. - In terms of turnover rate, the turnover rate of most credit bonds decreased compared to last week [20]. 3.2 Yield - The yield of 5Y AA credit bonds decreased by 7BP compared to last week, and the yield of 3Y AAA + credit bonds increased by 4BP. The yield fluctuations of other credit bonds with different ratings and maturities were within 3BP compared to last week [21]. - Taking the 5Y AA + bonds of each variety as an example, the yields of different varieties rose and fell this week [25]. 3.3 Credit Spreads - Overall, except for a slight widening of the credit spread of the AA + non - ferrous metal industry compared to last week, the credit spreads of other industries and ratings compressed to varying degrees. For example, the credit spread of the AA + non - ferrous metal industry widened by 1BP, and the credit spread of the AA non - banking financial industry compressed by 7BP [28]. 3.3.1 Urban Investment Bonds - By maturity, the 3 - 5Y urban investment credit spreads compressed significantly by 8BP, and the compression of other maturities was within the range of 3 - 5BP [31]. - By region, the urban investment credit spreads in different regions compressed to varying degrees, and many regions have reached historical lows since the beginning of 2024 [33]. 3.3.2 Industrial Bonds - Except for a slight widening of the industrial credit spreads of a few maturities and ratings, most industrial credit spreads compressed to varying degrees [35]. 3.3.3 Bank Capital Bonds - Except for a 5BP and 4BP widening of the credit spreads of 5Y AAA - and AA + bank perpetual bonds respectively, the credit spreads of other secondary and perpetual bonds with different maturities and ratings fluctuated slightly within 2BP [37]. 4. This Week's Bond Market Sentiment - "Xiangyiyou" issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted in essence, and the implied ratings of "17 Fucheng A" and "17 Fucheng B" issued by Fujian Fucheng Group Co., Ltd. were downgraded [40]. 5. Investment Suggestions - Overall, except for a slight widening of the credit spread of the AA + non - ferrous metal industry, the credit spreads of other industries and ratings compressed to varying degrees. In terms of urban investment bonds, the 3 - 5Y urban investment credit spreads compressed significantly, and in terms of industrial bonds, most credit spreads compressed. In terms of bank capital bonds, most credit spreads fluctuated slightly [4][42].

Group 1: Report Overview - The report is a weekly credit bond research report by Xiangcai Securities, dated November 9, 2025 [1][2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The credit bond market showed a mixed performance this week. The primary market saw an increase in issuance and net financing, while the secondary market experienced slower trading and a narrowing of most credit spreads. Looking ahead, the credit bond market is expected to continue its volatile pattern, and investors could consider moderately extending the duration and focusing on the narrowing spread opportunities of 5 - year credit bonds [3][4][6] Group 4: Primary Market of Credit Bonds - From November 3 - 9, 2025, a total of 337 credit bonds (excluding policy - bank bonds) were issued, with a scale of about 457.667 billion yuan, and 155 bonds matured, with a total repayment of about 250.715 billion yuan, resulting in a net financing of about 206.952 billion yuan. The issuance volume increased, and the total repayment decreased, leading to a significant rise in net financing [3][9] - By category, enterprise bonds issued 1 bond with a scale of about 1.6 billion yuan, a net financing of about - 3.066 billion yuan; corporate bonds issued 131 bonds with a scale of about 103.88 billion yuan, a net financing of about 34.5 billion yuan; medium - term notes issued 94 bonds with a scale of 91.915 billion yuan, a net financing of about 30.254 billion yuan; and short - term financing issued 68 bonds with a scale of about 78.532 billion yuan, a net financing of about 29.684 billion yuan [10] Group 5: Secondary Market of Credit Bonds - From November 3 - 9, 2025, the inter - bank market traded 484.495 billion yuan, and the exchange traded 406.434 billion yuan, with a total trading volume of 890.929 billion yuan, indicating slower trading. Secondary trading was mainly concentrated in corporate bonds and medium - term notes [4][17] - Credit bond yields varied. For medium - and short - term notes, short - end yields generally increased, while 3 - year and 5 - year yields showed different changes. Enterprise bond yields of high - grade bonds mostly increased, while those of medium - and low - grade bonds generally decreased. For urban investment bonds, 1 - year yields increased, and 5 - year yields decreased [21] - Due to the general increase in the risk - free rate, most credit spreads narrowed. The narrowing range of medium - and short - term note credit spreads was between 1 - 12BP; enterprise bond credit spreads narrowed by 2 - 9BP; and urban investment bond credit spreads changed between - 11 - 2BP [4][21] Group 6: Credit Bond Default or Extension - No credit bonds defaulted or were extended from November 3 - 9, 2025 [5][22] Group 7: Investment Recommendations - The central bank maintained a net withdrawal this week, the risk - free rate fluctuated weakly, and the credit bond market showed a mixed performance. In terms of the yield structure, short - end yields of credit bonds generally increased, while long - end yields mostly decreased [6][23] - In October, exports decreased by 1.1% year - on - year, affected by the high base last year and the weakening of the "rush - to - export" effect, while imports increased by 1% year - on - year, showing continuous domestic demand recovery. In terms of capital, the central bank's net investment in open - market treasury bond trading in October was 20 billion yuan, which, although smaller than the same period last year, helps release liquidity in the long run. Coupled with the alleviation of banks' liability - side pressure, most capital interest rates decreased [6][23] - Looking ahead, the credit bond market is expected to continue its volatile pattern. Investors could consider moderately extending the duration and focusing on the narrowing spread opportunities of 5 - year credit bonds [6][23]

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - This week, credit bond yields declined significantly, and spreads showed a divergent trend, with 4 - 5y varieties outperforming. Although the SSE Composite Index breaking through 4000 points had an impact on the bond market, the central bank's announcement of restarting treasury bond trading and the unexpected decline in the October manufacturing PMI led to a relatively strong performance in the bond market. The improvement in institutional sentiment towards credit bond allocation drove the relatively strong performance of 4 - 5y credit varieties, with a large narrowing in spreads, while most 1 - 2y varieties and medium - term notes over 5y widened passively [1][7]. - Key policies and hot events included the release of the "Administrative Measures for Asset Management Trusts (Draft for Comment)" by the Financial Regulatory Administration, Vanke receiving a loan of up to 2.2 billion yuan from its major shareholder Shenzhen Metro Group, Vanke's Q3 2025 report showing a decline in operating income and a net loss, and the central bank's report on the financial work situation indicating a significant reduction in the number of financing platforms and the scale of operating financial debts [1][2][10]. 3. Summaries According to the Table of Contents 3.1 Credit Bond Market Review: Most Yields Declined, 4 - 5y Varieties Performed Better - Credit bond yields declined significantly this week, and spreads showed a divergent trend, with 4 - 5y varieties outperforming. The central bank's announcement of restarting treasury bond trading and the unexpected decline in the October manufacturing PMI led to a relatively strong performance in the bond market. The improvement in institutional sentiment towards credit bond allocation drove the relatively strong performance of 4 - 5y credit varieties, with a large narrowing in spreads, while most 1 - 2y varieties and medium - term notes over 5y widened passively [1][7]. 3.2 Key Policies and Hot Events: Vanke Received Another Loan from Shenzhen Metro Group, and the "Administrative Measures for Asset Management Trusts (Draft for Comment)" was Released - On October 31, the Financial Regulatory Administration released the "Administrative Measures for Asset Management Trusts (Draft for Comment)" to strengthen supervision, prevent risks, and standardize the development of the trust industry [10]. - On October 30, Vanke announced that its major shareholder Shenzhen Metro Group would provide a loan of up to 2.2 billion yuan to repay the principal and interest of its publicly - issued bonds. As of the announcement date, Shenzhen Metro Group had provided a cumulative loan of 26.93 billion yuan (excluding this time) [2][10]. - On October 30, Vanke released its Q3 2025 report. In the first three quarters, the company's total operating income was 161.388 billion yuan, a year - on - year decrease of 26.61%, and the net profit attributable to the parent company was a loss of 28.016 billion yuan, a year - on - year decrease of 56.14%. Although Vanke's self - repayment ability was weak, it had received support from its major shareholder and financial institutions [2][11]. - On October 28, the central bank released the State Council's report on the financial work situation, stating that as of the end of September 2025, the number of national financing platforms and the scale of operating financial debts had decreased by 71% and 62% respectively compared to the end of March 2023, and risks had been significantly mitigated. The central bank emphasized continuing to support the debt - resolution work of financing platforms and their market - oriented transformation [2][12]. 3.3 Secondary Market: Credit Bond Yields Generally Declined, and Credit Spreads Showed a Divergent Trend - Yields of medium - and short - term notes generally declined by 2 - 13BP, with spreads of 4 - 5y varieties narrowing by 4 - 8BP, and spreads of most other maturities widening by 0 - 4BP [14]. - For urban investment bonds, yields of various varieties generally declined by 4 - 11BP, with 4 - 5y varieties performing better. Credit spreads showed a divergent trend, with spreads of most varieties narrowing by 1 - 6BP [14]. - For real estate bonds, except for the 1y and 3y AAA varieties, yields of other varieties generally declined by 3 - 12BP. Spreads of most varieties generally narrowed by 0 - 8BP [15]. - For cyclical bonds, yields of coal bonds generally declined by 2 - 12BP, and spreads of most varieties narrowed by 0 - 9BP. Yields of steel bonds generally declined by 3 - 12BP, and spreads of most varieties narrowed by 0 - 8BP [15]. - For financial bonds, yields of bank secondary capital bonds and perpetual bonds of various maturities declined by 5 - 12BP, and spreads of most varieties narrowed by 1 - 8BP. Yields of securities firm sub - bonds generally declined by 1 - 9BP, and spreads of most varieties generally narrowed by 0 - 3BP. Yields of insurance sub - bonds generally declined by 5 - 11BP, and spreads of most varieties generally narrowed by 1 - 4BP [15]. 3.4 Primary Market: Net Financing of Credit Bonds and Urban Investment Bonds Declined Month - on - Month - This week, the issuance scale of credit bonds was 224.8 billion yuan, a month - on - month decrease of 246.7 billion yuan, and the net financing was - 12.6 billion yuan, a month - on - month decrease of 148.5 billion yuan. The issuance scale of urban investment bonds was 105.6 billion yuan, a decrease of 5.83 billion yuan from last week, and the net financing was - 36.6 billion yuan, a decrease of - 4.96 billion yuan from last week [4]. 3.5 Trading Liquidity: Trading Activity in the Inter - bank Market Decreased, and Trading Activity in the Exchange Market Increased - This week, the trading activity of credit bonds in the inter - bank market decreased, and the trading volume decreased from 586 billion yuan last week to 580.7 billion yuan. The trading activity in the exchange market increased, and the trading volume increased from 381.7 billion yuan last week to 435.8 billion yuan [4]. 3.6 Rating Adjustment: One Entity's Rating was Upgraded, and No Entity's Rating was Downgraded - This week, the rating of one entity was upgraded, and no entity's rating was downgraded [4].

Group 1 - The total outstanding credit bond balance in China reached 30.49 trillion yuan as of September 30, 2025, with a net financing of 139.89 billion yuan in September 2025 [4] - The outstanding local government financing bonds (城投债) amounted to 15.31 trillion yuan, with a September issuance of 503.91 billion yuan, reflecting a month-on-month increase of 0.84% and a year-on-year increase of 9.78% [4] - The outstanding industrial bonds (产业债) stood at 15.18 trillion yuan, with a September issuance of 731.63 billion yuan, showing a month-on-month increase of 17.85% and a year-on-year increase of 15.04% [4] Group 2 - In September 2025, the transaction volume of local government financing bonds was 1.021 trillion yuan, with a turnover rate of 6.67% [5] - The transaction volume of industrial bonds was 1.267 trillion yuan, with a turnover rate of 8.35% [5] - The credit spreads for both local government financing bonds and industrial bonds widened compared to the previous month [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As of the end of September 2025, the balance of outstanding credit bonds in China was 30.49 trillion yuan. In September 2025, the issuance of credit bonds increased month - on - month, with a net financing of 1398.89 billion yuan. The issuance of industrial bonds showed significant growth, while the net financing of urban investment bonds was negative [1][9]. - In September 2025, the trading volume of urban investment bonds increased month - on - month but decreased year - on - year, and the trading volume of industrial bonds decreased both month - on - month and year - on - year. The credit spreads of both urban investment bonds and industrial bonds widened compared to the previous month [2][41]. 3. Summary According to the Directory 3.1 Credit Bond Issuance and Maturity 3.1.1 Credit Bond Issuance - As of the end of September 2025, the balance of outstanding credit bonds was 30.49 trillion yuan. From September 1 to 30, 2025, the issuance of credit bonds was 12355.38 billion yuan, a month - on - month increase of 10.27%, with a total repayment of 10956.49 billion yuan and a net financing of 1398.89 billion yuan [1][9]. - **Urban Investment Bonds**: As of the end of September 2025, the balance of outstanding urban investment bonds was 15.31 trillion yuan. In September 2025, the issuance was 5039.05 billion yuan, a month - on - month increase of 0.84% and a year - on - year increase of 9.78%. The net financing of urban investment entities was - 105.01 billion yuan. In terms of regions, Jiangsu had the highest issuance, and in terms of ratings, AA + and AAA - rated bonds accounted for a relatively high proportion [10][13][20]. - **Industrial Bonds**: As of the end of September 2025, the balance of outstanding industrial bonds was 15.18 trillion yuan. In September 2025, the issuance was 7316.33 billion yuan, a month - on - month increase of 17.85% and a year - on - year increase of 15.04%. The net financing of industrial entities was 1503.9 billion yuan. In terms of industries, the public utilities sector had the highest issuance, and in terms of ratings, AAA - rated bonds accounted for 90.52% [22][24][29]. 3.1.2 Credit Bond Maturity - **Urban Investment Bonds**: From October to December 2025, Jiangsu, Shandong, and Zhejiang had relatively large maturity scales of urban investment bonds, all exceeding 100 billion yuan [29]. - **Industrial Bonds**: From October to December 2025, the public utilities, non - banking finance, building decoration, transportation, and real estate industries had relatively large maturity scales of credit bonds, all exceeding 100 billion yuan [33]. 3.2 Credit Bond Trading and Spreads 3.2.1 Credit Bond Trading - **Urban Investment Bonds**: In September 2025, the trading volume of urban investment bonds was 10210.31 billion yuan, with a month - on - month increase and a year - on - year decrease. The turnover rate was 6.67% [37]. - **Industrial Bonds**: In September 2025, the trading volume of industrial bonds was 12677.1 billion yuan, with both month - on - month and year - on - year decreases. The turnover rate was 8.35% [41]. 3.2.2 Credit Bond Spreads - **Urban Investment Bonds**: In September 2025, the credit spreads of urban investment bonds of all levels widened compared to the previous month. For example, the average credit spread of AAA - rated urban investment bonds was 57bp, 6bp wider than in August 2025. Regionally, different regions showed different spread levels and changes [41][44]. - **Industrial Bonds**: In September 2025, the credit spreads of credit bonds of all levels of industrial entities widened compared to the previous month. For example, the average credit spread of AAA - rated industrial entities was 53bp, 3bp wider than in August 2025. By industry, different industries had different spread levels and changes [47][49].

Overall Summary - **Report Period**: August 11 - August 17, 2025 [1][11] - **Investment Rating**: Not provided - **Core View**: The issuance guidance rates from the Dealer Association showed a differentiated trend, with high - grade rates rising and medium - low - grade rates falling. Credit bond issuance volume decreased, and net financing turned negative. Secondary - market trading volume declined, yields rose, and credit spreads showed mixed trends. Currently, the allocation cost - effectiveness is low. In the long run, yields are in a downward channel, but due to high prices, the allocation pace can be slowed. For relative returns, credit - sinking and duration - stretching are not cost - effective, and high - grade short - term bonds can be considered for defense [1][60] 1. Primary Market 1.1 Issuance and Maturity Scale - Total credit bonds issued 350 with an amount of 260.56 billion yuan, a 29.04% decrease from the previous period. Net financing was - 12.116 billion yuan, a decrease of 203.684 billion yuan [11] - Enterprise bonds had zero issuance with a net financing of - 16.575 billion yuan, a decrease of 11.059 billion yuan [11] - Corporate bonds issued 126 with an amount of 96.654 billion yuan, an 8.73% increase; net financing was 43.48 billion yuan, an increase of 10.703 billion yuan [11] - Medium - term notes issued 116 with an amount of 92.57 billion yuan, a 43.70% decrease; net financing was 20.422 billion yuan, a decrease of 92.531 billion yuan [11] - Short - term financing bills issued 91 with an amount of 61.219 billion yuan, a 39.28% decrease; net financing was - 52.858 billion yuan, a decrease of 104.478 billion yuan [11] - Private placement notes issued 17 with an amount of 9.613 billion yuan, a 22.10% decrease; net financing was - 6.585 billion yuan, a decrease of 6.319 billion yuan [11] 1.2 Issuance Interest Rates - The issuance guidance rates from the Dealer Association showed a high - grade up and medium - low - grade down trend, with a change range of - 3 BP to 2 BP [1][15] - For 1 - year terms, the rate change was between - 1 BP and 2 BP; for 3 - year terms, between - 2 BP and 2 BP; for 5 - year terms, between - 3 BP and 2 BP; for 7 - year terms, between - 3 BP and 2 BP [15] - For key AAA and AAA grades, the rate change was between 0 BP and 2 BP; for AA + grade, between - 1 BP and 1 BP; for AA grade, between - 3 BP and - 1 BP; for AA - grade, between - 3 BP and - 2 BP [15] 2. Secondary Market 2.1 Market Trading Volume - Total credit - bond trading volume was 775.373 billion yuan, a 7.29% decrease from the previous period [19] - Enterprise bonds, corporate bonds, and medium - term notes' trading volumes decreased, while short - term financing bills and private placement notes' trading volumes increased [1][19] 2.2 Credit Spreads - For medium - and short - term notes, most credit spreads narrowed, especially for 5 - year terms, except for the 3 - year AAA - grade spread which widened [22][25] - For enterprise bonds, most credit spreads narrowed, especially for 5 - year terms, except for the 3 - year AA + grade which remained unchanged [29] - For urban investment bonds, credit spreads showed a differentiated trend. 1 - year and 5 - year spreads generally narrowed, while 3 - year and 7 - year spreads generally widened [1][39] 2.3 Term Spreads and Rating Spreads - For AA + medium - and short - term notes, 3Y - 1Y, 5Y - 3Y, and 7Y - 3Y term spreads widened. Rating spreads for 3 - year medium - and short - term notes generally narrowed [47] - For AA + enterprise bonds, 3Y - 1Y and 7Y - 3Y term spreads widened, 5Y - 3Y narrowed. Rating spreads for 3 - year enterprise bonds had mixed trends [52] - For AA + urban investment bonds, 3Y - 1Y and 7Y - 3Y term spreads widened, 5Y - 3Y narrowed. Rating spreads for 3 - year urban investment bonds had mixed trends [53] 3. Credit Rating Adjustment and Default Bond Statistics 3.1 Credit Rating Adjustment - No company rating (including outlook) adjustments during the period [58] 3.2 Default and Extension Bonds - No credit - bond defaults or extensions during the period [59] 4. Investment Views Credit Bonds - From an absolute - return perspective, supply shortages and strong allocation demand support credit bonds. Although fluctuations are inevitable, yields are in a downward channel in the long run. Due to high prices, the allocation pace can be slowed, and bonds can be added during adjustments. Pay attention to interest - rate bond trends and coupon values. Consider bonds of relevant entities underperforming in the Sci - tech Innovation Bond ETF [1][60] - From a relative - return perspective, since rating spreads are at historical lows, credit - sinking and duration - stretching are not cost - effective. High - grade short - term bonds can be used for defense [1][60] Real Estate Bonds - With the real - estate market gradually stabilizing, high - risk - appetite funds can consider early layout, focusing on the balance between risk and return. Allocate to central and state - owned enterprises with stable historical valuations and high - quality private - enterprise bonds with strong guarantees. Long - term allocation can increase returns, and trading opportunities from undervalued real - estate bonds can be explored [2][62] Urban Investment Bonds - In the context of stable growth and prevention of systemic risks, the probability of urban investment bond defaults is low. They can still be a key allocation for credit bonds. The short - term credit risk is low, and the current strategy can be positive. However, during the process of local financing platform clearance and transformation, some urban investment bonds may face valuation fluctuations. Future opportunities in the reform and transformation of "entity - type" financing platforms can be monitored [2][62]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - In July 2025, the issuance scale of credit bonds decreased month - on - month, and the credit spreads of both urban investment bonds and industrial bonds narrowed slightly. The trading volume of urban investment bonds decreased both month - on - month and year - on - year, while that of industrial bonds increased [1][2]. 3. Summary According to the Directory 3.1 Credit Bond Issuance and Maturity 3.1.1 Credit Bond Issuance - As of the end of July 2025, the balance of outstanding credit bonds in China was 30.3 trillion yuan. From July 1 to July 31, 2025, the issuance of credit bonds was 1217.195 billion yuan, a month - on - month decrease of 7.53%, with a total repayment of 879.806 billion yuan and a net financing of 337.389 billion yuan [9]. - Urban investment bonds: As of the end of July 2025, the balance of outstanding urban investment bonds was 15.32 trillion yuan. In July 2025, the issuance was 419.407 billion yuan, a month - on - month decrease of 12.56% and a year - on - year decrease of 15.65%, with a net financing of 170.1 million yuan. Jiangsu had the highest issuance, and Qinghai and Liaoning had no issuance. Shanghai, Guangdong, and Hebei had significant issuance increases, while Hunan, Jiangsu, Shandong, and Anhui had significant decreases. Guangdong and Shanghai had large net financing, while Jiangsu and Hunan had negative net financing [10][13][15]. - Industrial bonds: As of the end of July 2025, the balance of outstanding industrial bonds was 14.98 trillion yuan. In July 2025, the issuance was 797.789 billion yuan, a month - on - month decrease of 4.54% and a year - on - year increase of 5.38%, with a net financing of 3356.88 billion yuan. Public utilities had the highest issuance and net financing [19][23]. 3.1.2 Credit Bond Maturity - Urban investment bonds: From August to December 2025, Jiangsu, Shandong, Zhejiang, and Sichuan had large maturity scales [27]. - Industrial bonds: From August to December 2025, public utilities, non - banking finance, transportation, real estate, and building decoration had large maturity scales [31]. 3.2 Credit Bond Trading and Spreads 3.2.1 Credit Bond Trading - Urban investment bonds: In July 2025, the trading volume was 1010.012 billion yuan, decreasing both month - on - month and year - on - year, with a turnover rate of 6.59% [34]. - Industrial bonds: In July 2025, the trading volume was 1699.176 billion yuan, increasing both month - on - month and year - on - year, with a turnover rate of 11.34% [36]. 3.2.2 Credit Bond Spreads - Urban investment bonds: In July 2025, the credit spreads of urban investment bonds of all levels narrowed. For AAA - rated urban investment bonds, the average spread was 45bp, narrowing by 4bp; for AA + - rated, it was 55bp, narrowing by 3bp; for AA - rated, it was 69bp, narrowing by 2bp [36]. - Industrial bonds: In July 2025, the credit spreads of industrial bonds of all levels narrowed. For AAA - rated industrial bonds, the average spread was 45bp, narrowing by 4bp; for AA + - rated, it was 67bp, narrowing by 5bp; for AA - rated, it was 70bp, narrowing by 5bp [43][44].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report focuses on the observation of credit bonds in April 2025, including the issuance, maturity, trading volume, and credit spreads of urban investment bonds and industrial bonds. Overall, the issuance scale of urban investment bonds decreased, while that of industrial bonds increased. The trading volumes of both urban investment bonds and industrial bonds declined, and the credit spreads of both narrowed [1][2]. 3. Summary by Directory 3.1 Credit Bond Issuance and Maturity - **Credit Bond Issuance**: As of the end of April 2025, the outstanding balance of credit bonds in China was 29.62 trillion yuan. In April 2025, the issuance of credit bonds was 146.1314 billion yuan, a month - on - month increase of 20.75%, with a net financing of 23.2001 billion yuan [1][9]. - **Urban Investment Bonds**: The outstanding balance of urban investment bonds was 15.42 trillion yuan. In April 2025, the issuance was 54.938 billion yuan, a month - on - month decrease of 11.83% and a year - on - year decrease of 8.36%, with a net financing of - 7.1794 billion yuan. Regionally, Jiangsu had the highest issuance. In terms of ratings, AA + and AAA - rated bonds accounted for a large proportion [1][10]. - **Industrial Bonds**: The outstanding balance of industrial bonds was 14.21 trillion yuan. In April 2025, the issuance was 91.1934 billion yuan, a month - on - month increase of 55.33% and a year - on - year increase of 12.69%, with a net financing of 30.3644 billion yuan. By industry, public utilities had the highest issuance. In terms of ratings, AAA - rated bonds accounted for 88.67% [1][25]. - **Credit Bond Maturity**: - **Urban Investment Bonds**: From May to December 2025, Jiangsu, Shandong, and Zhejiang had relatively large maturity scales, all exceeding 300 billion yuan [33]. - **Industrial Bonds**: From May to December 2025, public utilities, non - banking finance, real estate, transportation, and building decoration had relatively large maturity scales, all exceeding 300 billion yuan [35]. 3.2 Credit Bond Trading and Spreads - **Credit Bond Trading**: - **Urban Investment Bonds**: In April 2025, the trading volume was 99.5943 billion yuan, showing both month - on - month and year - on - year declines. The turnover rate was 6.46% [2][38]. - **Industrial Bonds**: In April 2025, the trading volume was 138.3813 billion yuan, showing both month - on - month and year - on - year declines. The turnover rate was 9.74% [2][41]. - **Credit Bond Spreads**: - **Urban Investment Bonds**: In April 2025, the credit spreads of urban investment bonds of all levels narrowed compared to the previous month. Regionally, the spreads of different regions and ratings showed different characteristics [2][43]. - **Industrial Bonds**: In April 2025, the credit spreads of industrial bonds of all levels narrowed compared to the previous month. By industry, the spreads of different industries and ratings showed different trends [2][46].