三、债券市场对外开放情况 【大河财立方消息】12月31日，央行发布2025年11月份金融市场运行情况。 一、债券市场发行情况 11月份，债券市场共发行各类债券70179.3亿元。国债发行10444.2亿元，地方政府债券发行9126.9亿 元，金融债券发行11955.0亿元，公司信用类债券发行13948.8亿元，信贷资产支持证券发行327.2亿元， 同业存单发行24009.2亿元。 截至11月末，债券市场托管余额196.3万亿元。其中,银行间市场托管余额173.0万亿元，交易所市场托管 余额23.2万亿元。分券种来看，国债托管余额40.1万亿元，地方政府债券托管余额54.3万亿元，金融债 券托管余额44.6万亿元，公司信用类债券托管余额34.8万亿元，信贷资产支持证券托管余额1.0万亿元， 同业存单托管余额20.3万亿元。商业银行柜台债券托管余额2740.7亿元。 二、债券市场运行情况 11月份，银行间债券市场现券成交30.5万亿元，日均成交1.5万亿元，同比增加7.6%，环比增加3.2%。 单笔成交量在500-5000万元的交易占总成交金额的47.9%，单笔成交量在9000万元以上的交易占总成交 金额的45. ...

11月份，同业拆借加权平均利率1.42%，环比上升2.5个基点；质押式回购加权平均利率1.44%，环比上 升3.2个基点。 人民财讯12月31日电，央行发布2025年11月份金融市场运行情况，11月份，银行间同业拆借市场成交 7.4万亿元，同比减少17.3%，环比增加9.6%；债券回购成交149.8万亿元，同比减少6.8%，环比增加 13.9%。交易所标准券回购成交53.7万亿元，同比增加12.3%，环比增加15.4%。 ...

Group 1 - In October, the bond market in China issued a total of 63,574.6 billion yuan across various types of bonds, including government bonds, local government bonds, financial bonds, corporate credit bonds, asset-backed securities, and interbank certificates of deposit [1] - The bond market's custody balance reached 194.6 trillion yuan, indicating a robust market environment [1] - The interbank bond market saw a trading volume of 26.6 trillion yuan in October, with a daily average of 1.5 trillion yuan, reflecting a year-on-year increase of 10.2% and a month-on-month increase of 3.9% [1] Group 2 - As of the end of October, the custody balance of foreign institutions in China's bond market was 3.8 trillion yuan, accounting for 1.9% of the total custody balance [2] - Foreign institutions held 2.0 trillion yuan in government bonds, representing 54.7% of their total holdings [2] - The interbank lending market recorded a transaction volume of 6.8 trillion yuan in October, showing a year-on-year decrease of 19.0% and a month-on-month decrease of 26.7% [2] Group 3 - The Shanghai Composite Index closed at 3,954.8 points at the end of October, with a month-on-month increase of 72.0 points, or 1.9% [2] - The average daily trading volume in the Shanghai market was 9,615.8 billion yuan, reflecting a month-on-month decrease of 6.8% [2] - The Shenzhen Component Index decreased by 148.3 points, or 1.1%, closing at 13,378.2 points [2]

Bond Market Issuance - In October, the bond market issued a total of 63,574.6 billion yuan across various types of bonds, including 11,695.5 billion yuan in government bonds, 5,604.7 billion yuan in local government bonds, 8,010.8 billion yuan in financial bonds, 11,836.2 billion yuan in corporate credit bonds, 343.4 billion yuan in credit asset-backed securities, and 25,649.0 billion yuan in interbank certificates of deposit [2] Bond Market Operation - The interbank bond market saw a total transaction volume of 26.6 trillion yuan in October, with an average daily transaction of 1.5 trillion yuan, marking a year-on-year increase of 10.2% and a month-on-month increase of 3.9% [3] - The exchange bond market recorded a transaction volume of 3.3 trillion yuan, with an average daily transaction of 193.79 billion yuan [3] Foreign Participation in Bond Market - As of the end of October, the custody balance of foreign institutions in the Chinese bond market was 3.8 trillion yuan, accounting for 1.9% of the total custody balance [4] - Foreign institutions held 2.0 trillion yuan in government bonds, representing 54.7% of their total holdings [4] Money Market Operation - The interbank lending market recorded a transaction volume of 6.8 trillion yuan in October, a year-on-year decrease of 19.0% and a month-on-month decrease of 26.7% [5] - The weighted average interest rate for interbank lending was 1.39%, down 6 basis points from the previous month [5] Bill Market Operation - In October, the acceptance amount of commercial bills was 3.9 trillion yuan, while the discount amount was 3.3 trillion yuan [6] - Small and micro enterprises accounted for 93.4% of all bill issuers, with a total bill issuance amount of 3.0 trillion yuan [6] Stock Market Operation - As of the end of October, the Shanghai Composite Index closed at 3,954.8 points, an increase of 72.0 points or 1.9% [7] - The average daily trading volume in the Shanghai market was 961.58 billion yuan, a decrease of 6.8% month-on-month [7] Holder Structure in Interbank Bond Market - As of the end of October, there were 3,987 institutional members in the interbank bond market, all of which were financial institutions [8] - The top 50 investors in corporate credit bonds held 53.2% of the total holdings, primarily concentrated in state-owned commercial banks, public funds, and insurance financial institutions [9]

Group 1 - The central viewpoint of the article highlights the financial market operations as reported by the central bank for October 2025, focusing on the interbank bond market and the distribution of corporate credit bonds among institutional investors [1] Group 2 - As of the end of October, there are 3,987 institutional members in the interbank bond market, all of which are financial institutions [1] - The top 50 investors in corporate credit bonds hold 53.2% of the total bond holdings, primarily concentrated among state-owned commercial banks (proprietary), public funds (asset management), and insurance financial institutions (asset management) [1] - The top 200 investors account for 84.3% of the total bond holdings, indicating a high concentration of ownership [1] - The maximum, minimum, average, and median number of holders for a single corporate credit bond are 118, 1, 12, and 12 respectively, with 88.7% of credit bonds having 20 or fewer holders [1] Group 3 - In terms of trading volume for October, the top 50 investors in corporate credit bonds account for 61.19% of the trading activity, mainly involving securities companies (proprietary), joint-stock commercial banks (proprietary), and fund companies (asset management) [1] - The top 200 investors represent 91.78% of the trading volume, further emphasizing the concentration in trading activities [1]

Group 1 - In October, the bond market issued a total of 63,574.6 billion yuan in various types of bonds [1] - Government bonds issued amounted to 11,695.5 billion yuan, while local government bonds issued were 5,604.7 billion yuan [1] - Financial bonds issued totaled 8,010.8 billion yuan, and corporate credit bonds issued reached 11,836.2 billion yuan [1] - Credit asset-backed securities issued were 343.4 billion yuan, and interbank certificates of deposit issued were 25,649.0 billion yuan [1]

Core Viewpoint - In August, the commercial bill acceptance and discounting activities showed significant involvement from small and micro enterprises, indicating their crucial role in the financial market [1] Group 1: Commercial Bills - In August, the total amount of commercial bill acceptance reached 3.3 trillion yuan, while the discounting amount was 2.5 trillion yuan [1] - By the end of August, the balance of commercial bill acceptance stood at 20.2 trillion yuan, and the balance of discounting was 15.7 trillion yuan [1] - Small and micro enterprises accounted for 93.3% of all bill issuers, with 10.9 million enterprises issuing bills totaling 2.4 trillion yuan, representing 73.4% of the total bill issuance [1] Group 2: Discounting Activities - In August, 12.1 million small and micro enterprises participated in discounting, making up 96.6% of all discounting enterprises, with a total discounting amount of 2 trillion yuan, which is 78.8% of the total discounting [1] Group 3: Interbank Market - The interbank lending market recorded a transaction volume of 8.8 trillion yuan in August, reflecting a year-on-year decrease of 3.1% and a month-on-month decrease of 10.4% [1] - The bond repurchase transactions amounted to 160.8 trillion yuan, showing a year-on-year increase of 11.8% but a month-on-month decrease of 8.28% [1] - Standard bond repurchase transactions on exchanges reached 52.9 trillion yuan, with a year-on-year increase of 18.3% and a month-on-month decrease of 7.9% [1] Group 4: Interest Rates - The weighted average interest rate for interbank lending was 1.4%, while the weighted average interest rate for pledged repos was 1.41%, both showing a month-on-month decline of 5 basis points [1]

Core Insights - The People's Bank of China released the financial market performance for August 2025, highlighting significant changes in interbank lending and bond repurchase transactions [1] Interbank Lending Market - In August, the interbank lending market recorded a transaction volume of 8.8 trillion yuan, representing a year-on-year decrease of 3.1% and a month-on-month decrease of 10.4% [1] Bond Repurchase Market - The bond repurchase transactions totaled 160.8 trillion yuan in August, showing a year-on-year increase of 11.8% but a month-on-month decrease of 8.28% [1] - Standard bond repurchase transactions on exchanges reached 52.9 trillion yuan, which is an 18.3% year-on-year increase and a 7.9% month-on-month decrease [1] Interest Rates - The weighted average interest rate for interbank lending was 1.40% in August, reflecting a month-on-month decline of 5 basis points [1] - The weighted average interest rate for pledged repos was 1.41%, also down by 5 basis points month-on-month [1]

Bond Market Issuance - In August, the bond market issued a total of 74,281.4 billion yuan in various bonds, including 13,277.6 billion yuan in government bonds, 9,776.4 billion yuan in local government bonds, 11,550.3 billion yuan in financial bonds, 12,391.4 billion yuan in corporate credit bonds, 212.2 billion yuan in credit asset-backed securities, and 26,956.5 billion yuan in interbank certificates of deposit [2] Bond Market Operation - In August, the interbank bond market had a total transaction volume of 33.1 trillion yuan, with an average daily transaction of 1.6 trillion yuan, reflecting a year-on-year increase of 20.1% but a month-on-month decrease of 2.8% [3] - The exchange bond market recorded a transaction volume of 4.4 trillion yuan, with an average daily transaction of 208.29 billion yuan [3] Foreign Participation in Bond Market - As of the end of August, the custody balance of foreign institutions in the Chinese bond market was 3.9 trillion yuan, accounting for 2.0% of the total custody balance [4] - Foreign institutions held 2.0 trillion yuan in government bonds, representing 52.5% of their total holdings [4] Money Market Operation - In August, the interbank lending market had a transaction volume of 8.8 trillion yuan, a year-on-year decrease of 3.1% and a month-on-month decrease of 10.4% [5] - The bond repurchase transaction volume was 160.8 trillion yuan, showing a year-on-year increase of 11.8% [5] Bill Market Operation - In August, the acceptance amount of commercial bills was 3.3 trillion yuan, and the discount amount was 2.5 trillion yuan [6] - Small and micro enterprises accounted for 93.3% of all bill issuers, with a total bill issuance amount of 2.4 trillion yuan [6] Stock Market Operation - By the end of August, the Shanghai Composite Index closed at 3,857.9 points, an increase of 284.7 points or 8.0% [7] - The Shenzhen Component Index closed at 12,696.2 points, an increase of 1,686.4 points or 15.3% [7] Holder Structure in Interbank Bond Market - As of the end of August, there were 3,984 institutional members in the interbank bond market, all of which were financial institutions [8] - The top 50 investors in corporate credit bonds held 53.0% of the total bonds, primarily concentrated in public funds, state-owned commercial banks, and insurance financial institutions [9]

Core Insights - The central bank released the financial market performance for August 2025, highlighting significant increases in major stock indices and trading volumes [1] Market Performance - As of the end of August, the Shanghai Composite Index closed at 3857.9 points, reflecting a month-on-month increase of 284.7 points, which corresponds to an 8.0% rise [1] - The Shenzhen Component Index reached 12696.2 points, with a month-on-month increase of 1686.4 points, resulting in a 15.3% rise [1] Trading Volume - In August, the average daily trading volume in the Shanghai market was 9566.4 billion yuan, representing a month-on-month increase of 41.0% [1] - The average daily trading volume in the Shenzhen market was 13230.0 billion yuan, showing a month-on-month increase of 42.0% [1]