Core Viewpoint - The article highlights a recovery in the interest rate market, particularly in the underperforming secondary perpetual bonds and credit bonds, with a more pronounced recovery in perpetual bonds. The credit spread for medium to short-term bonds has narrowed significantly, leading to a steeper spread curve [1]. Primary Issuance - Net financing has seen a significant increase, with a total issuance of 4011.9 billion yuan in major credit bond varieties last week (October 13 - October 17, 2025), compared to a net financing of -35.1 billion yuan in the previous week (October 9 - October 11, 2025) [1]. Secondary Trading - Trading activity has increased, with total transactions in major credit bond varieties reaching 9165.71 billion yuan last week, a rise of 6748.54 billion yuan from the previous week. The yields on medium-term notes have generally declined, with specific decreases noted for AAA and AA+ rated notes [2]. Credit Rating Adjustments and Default Tracking - No credit rating adjustments were made by domestic rating agencies last week. However, one new default bond was reported, issued by Sunshine City Group Co., Ltd. [3].

固定收益 | 动态跟踪 报告发布日期 2025 年 06 月 03 日 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 杜林 | dulin@orientsec.com.cn | | | 执业证书编号：S0860522080004 | | 王静颖 | wangjingying@orientsec.com.cn | | | 执业证书编号：S0860523080003 | | | | 利空或已提前反应，6 月债市或存机会 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 | 建议在 3Y 左右做下沉挖掘：固定收益市场 | 2025-05-27 | | --- | --- | | 周观察 | | | 存单利率重回下行时间点或早于预期：固 | 2025-05-26 | | 定收益市场周观察 | | | 降准是对债市行情的确认还是催化？ | 2025-05-22 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分 ...