查看完整报告 特别申明： 点击注册小程序 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。 报告摘要 1、一级市场 注：本篇报告的信用债口径包括定向工具、短期融资券、公司债、金融债（不含同业存单和政金债）、中 期票据、企业债。 2025年11月17日至11月21日（以下简称"本周"），信用债共发行455只，发行规模总计5812.11亿元，环比 增加27.63%。 发行规模方面，本周，产业债共发行233只，发行规模达2515.05亿元，环比增加48.22%,占本周信用债发 行总规模的比例为43.27%；城投债共发行166只，发行规模达1036.56亿元，环比增加26.83%,占本周信用 债发行总规模的比例为17.83%；金融债共发行56只，发行规模达2260.50亿元，环比增加10.83%,占本周信 用债发行总规模的比例为38. ...

Primary Market - In the week from November 10 to November 14, 2025, a total of 330 credit bonds were issued, with a total issuance scale of 455.379 billion yuan, an increase of 25.31% week-on-week [4] - The issuance scale of industrial bonds was 169.680 billion yuan, a decrease of 4.09%, accounting for 37.26% of the total credit bond issuance [4] - City investment bonds issued totaled 81.729 billion yuan, down 19.25%, representing 17.95% of the total [4] - Financial bonds saw an issuance of 203.970 billion yuan, an increase of 139.20%, making up 44.79% of the total [4] - The average issuance term for credit bonds was 2.75 years, with industrial bonds averaging 2.25 years, city investment bonds 3.51 years, and financial bonds 2.13 years [4] - The overall average coupon rate for credit bonds was 2.12%, with industrial bonds at 2.06%, city investment bonds at 2.26%, and financial bonds at 1.94% [4] - Two credit bonds were canceled during the week [4] Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in agriculture, forestry, animal husbandry, and fishery, which rose by 6.5 basis points, while the largest decrease was in steel, down by 3.5 basis points [5] - For AA+ rated industries, the largest increase was in electronics, up by 1.4 basis points, and the largest decrease was in automobiles, down by 16.6 basis points [5] - The largest increase in AA-rated industries was in transportation, up by 0.9 basis points, while the largest decrease was in mining, down by 3.9 basis points [5] - For city investment bonds, the largest increase in AAA-rated credit spreads was in Zhejiang, up by 3 basis points, and the largest decrease was in Yunnan, down by 10.2 basis points [5] - The total trading volume of credit bonds was 1219.783 billion yuan, a decrease of 5.53% week-on-week [6] - The top three types of credit bonds by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 375.608 billion yuan, an increase of 3.93%, accounting for 30.79% of the total [6] - Corporate bonds had a trading volume of 414.081 billion yuan, a decrease of 7.86%, representing 33.95% of the total [6] - Medium-term notes had a trading volume of 243.078 billion yuan, down by 16.01%, accounting for 19.93% of the total [6]