1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Viewpoints of the Report - In April 2025, credit bond financing increased significantly due to seasonal factors and lower issuance rates, with the issuance volume reaching 1.49 trillion yuan, up 23.1% month - on - month and 6.4% year - on - year, and net financing turning positive [3][5]. - There was a continued divergence between urban investment bonds and industrial bonds in April. Urban investment bond issuance decreased month - on - month and year - on - year, with a widening net financing gap, while industrial bond issuance and net financing increased both month - on - month and year - on - year [3][5]. - In terms of issuance structure, in April, only AAA - rated credit bonds saw increases in issuance volume both month - on - month and year - on - year; AA - rated issuance accounted for 8.5%, down 3.0 pct from the previous month. By enterprise nature, most types of industrial bonds increased in issuance and net financing month - on - month, and by bond type, net financing of each bond type increased month - on - month, with only enterprise bonds and private placement notes having negative net financing [3][25]. 3. Summary According to the Table of Contents 3.1 Overall Credit Bond Issuance - In April, credit bond issuance volume and net financing increased both month - on - month and year - on - year, with net financing turning positive. The issuance volume was 1.49 trillion yuan, up 23.1% month - on - month and 6.4% year - on - year; net financing was 2427 billion yuan, up 3663 billion yuan month - on - month and 549 billion yuan year - on - year. From January to April, credit bond financing was weaker than in the same period of 2024 [5]. - Urban investment bond issuance decreased month - on - month and year - on - year, with a widening net financing gap month - on - month and a slight narrowing year - on - year. From January to April, issuance decreased 17.1% year - on - year to 1292.9 billion yuan, and the net financing gap widened by 124 billion yuan to - 163.1 billion yuan [9]. - Driven by seasonal factors and lower financing costs, industrial bond issuance in April was 1.14 trillion yuan, up 42.0% month - on - month and 9.7% year - on - year; net financing turned positive to 333.9 billion yuan, up 397.3 billion yuan month - on - month and 39.1 billion yuan year - on - year. From January to April, issuance was 3.41 trillion yuan, basically the same as the previous year, and net financing was 849.5 billion yuan, down 251.1 billion yuan year - on - year [9]. - In April, the overall credit bond issuance rate decreased month - on - month, and the weighted average issuance term of credit bonds lengthened month - on - month, with only private enterprise bonds having a shorter issuance term [17][22]. 3.2 Credit Bond Issuance Structure - By credit rating, in April, only AAA - rated credit bonds saw increases in issuance volume both month - on - month and year - on - year; AA - rated issuance accounted for 8.5%, down 3.0 pct from the previous month. AAA - rated credit bond net financing turned positive, the financing gap of AA + - rated credit bonds widened month - on - month, and the financing gap of AA - rated credit bonds narrowed month - on - month [25]. - For urban investment bonds, in April, issuance of all ratings decreased month - on - month, and only AA - rated slightly increased year - on - year. The financing gaps of AAA - rated and AA + - rated urban investment bonds widened both month - on - month and year - on - year. From January to April, issuance of AAA - rated, AA + - rated, and AA - rated urban investment bonds decreased 25.8%, 17.3%, and 10.7% year - on - year respectively [26]. - For industrial bonds, in April, only AA - rated industrial bond issuance decreased slightly by 4.8 billion yuan month - on - month, and net financing of all ratings increased month - on - month, with AAA - rated and AA - rated net financing turning positive. From January to April, AA + - rated and AA - rated industrial bond issuance decreased 3.0% and 6.7% year - on - year respectively, while AAA - rated increased slightly by 0.5% [28]. - By enterprise nature, in April, issuance and net financing of industrial bonds of all enterprise types increased month - on - month, and only industrial local state - owned enterprise bonds decreased year - on - year. From January to April, issuance of industrial local state - owned enterprise bonds, central enterprise bonds, and private enterprise bonds changed by - 8.4%, 17.4%, and - 9.7% year - on - year respectively, and only industrial local state - owned enterprise bonds had a year - on - year decrease in net financing [25][32]. - By bond type, in April, except for private placement notes, issuance of other bond types increased both month - on - month and year - on - year; net financing of each bond type increased month - on - month, and only general corporate bonds and private placement notes had year - on - year increases in net financing. From January to April, except for private placement notes, net financing of other bond types decreased compared to the previous year, and enterprise bonds and private placement notes had negative cumulative net financing [25][37]. 3.3 Regional and Industry Credit Bond Issuance - For urban investment bonds, in April, issuance decreased in most provinces month - on - month; from January to April, issuance and net financing decreased year - on - year in more than half of the provinces. In April, 16 provinces saw a month - on - month decrease in urban investment bond issuance, and 19 provinces had negative net financing, 4 more than the previous month [42]. - For industrial bonds, in April, credit bond issuance increased month - on - month and year - on - year in most industries; from January to April, cumulative net financing was negative in the coal, building materials, national defense and military industry, and textile and apparel industries, and issuance and net financing in most industries were weaker than in the previous year [42].