Group 1: Primary Market - In the week from November 17 to November 21, 2025, a total of 455 credit bonds were issued, with a total issuance scale of 581.21 billion yuan, representing a week-on-week increase of 27.63% [4] - Among the issued bonds, industrial bonds accounted for 233 issues with an issuance scale of 251.51 billion yuan, a week-on-week increase of 48.22%, making up 43.27% of the total issuance [4] - Local government bonds had 166 issues with an issuance scale of 103.66 billion yuan, a week-on-week increase of 26.83%, representing 17.83% of the total issuance [4] - Financial bonds had 56 issues with an issuance scale of 226.05 billion yuan, a week-on-week increase of 10.83%, accounting for 38.89% of the total issuance [4] - The average issuance term for credit bonds was 2.83 years, with industrial bonds averaging 2.40 years, local government bonds averaging 3.48 years, and financial bonds averaging 2.53 years [4] - The overall average coupon rate for credit bonds was 2.12%, with industrial bonds at 2.05%, local government bonds at 2.27%, and financial bonds at 2.02% [4] Group 2: Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in leisure services, which rose by 1.9 basis points, while the largest decrease was in steel, which fell by 1.9 basis points [6] - For AA+ rated industries, the largest increase was in electrical equipment, which rose by 14.3 basis points, while the largest decrease was in textiles and apparel, which fell by 27.4 basis points [6] - The largest increase in credit spreads for AA-rated industries was in public utilities, which rose by 2.9 basis points, while the largest decrease was in commercial trade, which fell by 1.6 basis points [6] - For local government bonds, the largest increase in AAA-rated credit spreads was in Beijing, which rose by 1.8 basis points, while the largest decrease was in Gansu, which fell by 3.2 basis points [6] - The largest increase in AA+ rated credit spreads was in Shanxi, which rose by 3.3 basis points, while the largest decrease was in Liaoning, which fell by 3.4 basis points [6] - The largest increase in AA-rated credit spreads was in Hebei, which rose by 1 basis point, while the largest decrease was in Guangxi, which fell by 3.6 basis points [6] Group 3: Trading Volume - The total trading volume of credit bonds was 1,439.65 billion yuan, representing a week-on-week increase of 18.02% [7] - The top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [7] - Commercial bank bonds had a trading volume of 423.20 billion yuan, a week-on-week increase of 12.67%, accounting for 29.40% of the total trading volume [7] - Corporate bonds had a trading volume of 419.14 billion yuan, a week-on-week increase of 1.22%, representing 29.11% of the total trading volume [7] - Medium-term notes had a trading volume of 346.81 billion yuan, a week-on-week increase of 42.67%, accounting for 24.09% of the total trading volume [7]

Group 1 - The total issuance of credit bonds this week was 334, with a total scale of 363.403 billion yuan, a decrease of 7.66% week-on-week [4] - Industrial bonds accounted for 48.68% of the total issuance, with 162 bonds issued and a scale of 176.92 billion yuan, an increase of 5.36% [4] - City investment bonds saw a decrease of 20.60%, with 145 bonds issued and a scale of 101.213 billion yuan, representing 27.85% of the total issuance [4] - Financial bonds issued 27 bonds with a scale of 85.270 billion yuan, down 13.12%, making up 23.46% of the total issuance [4] - The average issuance term for credit bonds was 3.01 years, with industrial bonds averaging 2.93 years, city investment bonds 3.19 years, and financial bonds 2.55 years [4] - The overall average coupon rate for credit bonds was 2.18%, with industrial bonds at 2.15%, city investment bonds at 2.25%, and financial bonds at 1.96% [4] Group 2 - The total trading volume of credit bonds was 1,291.166 billion yuan, a decrease of 17.33% week-on-week [6] - The top three types of credit bonds by trading volume were corporate bonds, commercial bank bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 361.397 billion yuan, down 21.28%, accounting for 27.99% of the total trading volume [7] - Corporate bonds had a trading volume of 449.388 billion yuan, down 6.83%, making up 34.80% of the total trading volume [7] - Medium-term notes had a trading volume of 289.413 billion yuan, down 26.27%, representing 22.41% of the total trading volume [7]

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - In the primary market, credit bond issuance increased by 12.45% week-on-week, with different trends for industrial, urban investment, and financial bonds. In the secondary market, industry credit spreads showed mixed movements, and the total trading volume of credit bonds increased by 16.04% week-on-week [1][3][4]. Summary by Directory 1. Primary Market 1.1 Issue Statistics - From August 18 to August 22, 2025, a total of 375 credit bonds were issued, with a total issuance scale of 376.74 billion yuan, a week-on-week increase of 12.45%. Industrial bonds, urban investment bonds, and financial bonds accounted for 31.64%, 30.74%, and 37.61% of the total issuance scale respectively. The average issuance term of credit bonds was 2.72 years, and the average issuance coupon rate was 2.23% [1][11][18]. 1.2 Cancellation of Issue Statistics - A total of 10 credit bonds cancelled their issuance this week [23]. 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed movements. In the Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in the pharmaceutical and biological sector (4.7BP), and the largest decrease was in the household appliances sector (1.4BP). Coal credit spreads showed mixed movements, and steel credit spreads generally increased. Urban investment and non - urban investment credit spreads, as well as state - owned enterprise credit spreads, generally increased, while private enterprise credit spreads showed mixed movements. Regional urban investment credit spreads also showed mixed movements [25][26][27]. 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1286.402 billion yuan, a week - on - week increase of 16.04%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][28]. 2.3 Actively Traded Bonds This Week - The report provides the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [31][32][34].