近年来我国信用债市场稳步高质量发展，在精准服务实体经济和"五篇大文章 "关键领域中发挥愈发重 要的作用。中信银行作为债市头部主承销商，充分发挥综合融资领先优势和创新能力，科技、绿色、普 惠、养老、数字一体谋篇、一体发力，聚焦"五篇大文章 "打造全景债券承销服务矩阵，2025年实现全 局突破式发展，年内专项品种承销服务规模超过千亿量级，为新质生产力培育发展注入更为强劲的债市 动能。 求索精度，数字金融逐浪起帆。数字金融不仅是技术层面的应用，更是金融体系的深刻变革和格局重 塑。中信银行前瞻布局，深度融合"数字中国 "、"数字中信 "建设，抓实数字经济领域关键主体，拓展 金融服务边界。例如，联合多家数字支付领域龙头企业发行系列化资产证券化项目，今年以来承销服务 金额超 150 亿元，借力头部平台云计算、大数据、人工智能等前沿技术驱动和数字化风控模型，穿透式 精准支持大批量小微企业低成本、可持续融资，实现数字金融与普惠金融的双向互促、融合发展。 2025年全年，中信银行债务融资工具承销金额已超过9,000 亿元，连续两年成为全市场唯一公司信用类 债券承销金额跨越九千亿大关的金融机构。展望未来，中信银行将继续深入践行金 ...

第 527 期 2025-12-25 焦点关注 证监会正推进商业不动产REITs试点 证监会债券监管司副司长黄建山在金融支持加快西部陆海新通道建设有关情况新闻发布会上表示，证监 会正在稳步推进商业不动产REITs试点，为商业不动产盘活和融资提供多元化投资渠道。下一步，证监 会将持续深化资本市场投融资综合改革，提高资本市场制度包容性、适应性，支持各类主体综合运用好 权益融资、债券融资和资产盘活等工具的优势特点，促进资本形成更好赋能实体经济高质量发展，进一 步发挥好资本市场服务西部陆海新通道建设的功能作用。 宏观动态 央行开展1771亿元逆回购操作 人民银行12月25日公告称，以固定利率、数量招标方式开展了1771亿元7天期逆回购操作，操作利率为 1.4%。因今日有883亿元7天期逆回购和3000亿元MLF到期，叠加4000亿元MLF操作实现净投放1888亿 元。 区域热点 河南省国有企业存量资产智能化服务平台上线 12月25日，河南省省管企业资产"提质增效"行动启动暨首场项目推介活动在郑州举办。 活动中，河南资产、银河证券、信达资产、河南资本集团、豫资控股集团5户服务机构分别介绍了服务 资产盘活的主要功能，河南 ...

| 时间 | 家数 | 只数 | 金额 | | --- | --- | --- | --- | | 2025.1 | 673 | 1,059 | 9,221 | | 2 | 500 | 757 | 6,031 | | 3 | 703 | 1,124 | 9,009 | | 4 | 663 | 1,115 | 10,135 | | 5 | 378 | 686 | 5,571 | | 6 | 588 | 1,003 | 9,3 08 | | 7 | 629 | 1,019 | 9,175 | | 8 | 735 | 1,139 | 8,035 | | ਰੇ | 589 | 086 | 8,418 | | 10 | 572 | 903 | 8,131 | | 11 | | | | | 12 | | | | 【大河财立方消息】中国银行间市场交易商协会近日披露2025年10月债务融资工具发行统计数据。 数据显示，10月份银行间债券市场共发行债务融资工具903只，金额8131亿元。其中，超短融3140亿 元、短融329亿元、中票3738亿元、定向债务融资工具391亿元、资产支持票据514亿元。 | 的间 | 超短期 | ...

Core Insights - The total issuance of debt financing instruments in the interbank market reached 986 in September 2025, amounting to 841.8 billion yuan [1] - The breakdown of the issuance includes 263.9 billion yuan in ultra-short-term financing bonds, 90.9 billion yuan in short-term financing bonds, 372.2 billion yuan in medium-term notes, 47.5 billion yuan in targeted debt financing instruments, and 67.4 billion yuan in asset-backed notes [1] - As of the end of September 2025, the cumulative issuance of panda bonds in the interbank market reached 824.3 billion yuan, with 121.9 billion yuan issued in the current year, including 32.5 billion yuan from international development institutions and 89.4 billion yuan from foreign non-financial enterprises [1] - In August, the issuance of innovative products included 31.6 billion yuan in green debt financing instruments, 4.4 billion yuan in rural revitalization notes, 12.8 billion yuan in asset-backed commercial paper, 3.4 billion yuan in sustainable development-linked bonds, and 42.2 billion yuan in sci-tech notes/science and technology bonds [1]

Group 1 - In August 2025, the interbank market issued a total of 1,139 debt financing instruments amounting to 8,035 billion yuan [1] - The breakdown of the issuance includes: 2,523 billion yuan in super short-term financing bonds, 466 billion yuan in short-term financing bonds, 3,985 billion yuan in medium-term notes, 499 billion yuan in targeted debt financing instruments, and 493 billion yuan in asset-backed notes [1] - As of the end of August 2025, the cumulative issuance of panda bonds in the interbank market reached 8,149 billion yuan, with 1,125 billion yuan issued in the current year [3] Group 2 - In August, the issuance of innovative products included: 138 billion yuan in green debt financing tools, 59 billion yuan in rural revitalization notes, 160 billion yuan in asset-backed commercial paper, 70 billion yuan in sustainable development-linked bonds, and 772 billion yuan in sci-tech notes/sci-tech bonds [3]

Group 1 - In July 2025, the interbank market issued a total of 1,019 debt financing instruments amounting to 9,175 billion yuan [1] - The breakdown of the issuance includes: 3,285 billion yuan in super short-term financing bills, 427 billion yuan in short-term financing bills, 4,548 billion yuan in medium-term notes, 455 billion yuan in directed debt financing instruments, and 390 billion yuan in asset-backed notes [1][2] Group 2 - As of the end of July 2025, the cumulative issuance of panda bonds in the interbank market reached 8,032 billion yuan, with 1,008 billion yuan issued in the current year [3] - The issuance of innovative products in July included: 201 billion yuan in green debt financing tools, 156 billion yuan in rural revitalization notes, 72 billion yuan in asset-backed commercial papers, 24 billion yuan in sustainable development-linked bonds, and 1,034 billion yuan in science and technology innovation notes/bonds [3]

Financial Support for Rural Revitalization - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued guidelines to enhance financial services for rural reform and comprehensive rural revitalization [1][2] - Key measures include strengthening financial support for food security, consolidating financial assistance achievements, and deepening financial services for rural industries [1] Issuance of Rural Revitalization Bonds - As of July 2025, 196 enterprises have issued a total of 285.25 billion yuan in rural revitalization bonds, with a 37% year-on-year increase in issuance scale in the first seven months of this year [1] - The funds raised are directed towards rural industry development, farmer employment, agricultural modernization, and rural construction [2] Case Studies of Companies Utilizing Bonds - Inner Mongolia Yili Industrial Group issued 4 billion yuan in rural revitalization bonds to support operational funds and rural revitalization projects, promoting modern and standardized dairy farming [3] - New Hope Liuhe successfully issued 500 million yuan in rural revitalization bonds, with 30% of the funds allocated to feed, veterinary medicine, and payments to farmers, enhancing economic efficiency in livestock farming [4] - Jiangxi Water Group issued 500 million yuan in bonds to improve rural water supply systems, benefiting nearly 20 million people [5][6] Environmental and Economic Integration Projects - The Inner Mongolia region is implementing integrated projects for desertification control and renewable energy, with 4 billion yuan in bonds issued to support these initiatives, creating over 1,000 jobs [7]

Financial Support for Rural Revitalization - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued guidelines to enhance financial support for rural revitalization, focusing on food security and financial assistance for rural industries [1][2] - The guidelines encourage eligible enterprises to issue rural revitalization bonds to fund modern rural industries and the integration of rural industries [1] Issuance of Rural Revitalization Bonds - As of July 2025, 196 enterprises have issued a total of 285.25 billion yuan in rural revitalization bonds, with a 37% year-on-year increase in issuance scale in the first seven months of this year [1] - The funds raised through these bonds are directed towards rural industry development, employment increase for farmers, agricultural modernization, and rural construction [2] Case Studies of Bond Utilization - Inner Mongolia Yili Industrial Group issued 4 billion yuan in rural revitalization bonds to stabilize income for pastures and promote modern, standardized dairy farming [3] - New Hope Liuhe successfully issued 500 million yuan in rural revitalization bonds, with 30% of the funds allocated to feed, veterinary medicine, and payments to farmers, enhancing the economic efficiency of farming [4] - Jiangxi Water Group issued 500 million yuan in bonds to support urban-rural integrated water supply projects, ensuring safe drinking water for rural populations [6] Environmental and Economic Projects - The integration of wind and solar energy projects in Inner Mongolia aims to combat desertification while providing economic benefits and job creation, with 4 billion yuan in bonds issued for these initiatives [7] - The projects not only focus on ecological restoration but also contribute to the economic development of local communities, thereby supporting poverty alleviation efforts [7]

Group 1: Overview of Rural Revitalization Notes - As of July 2025, the Trading Association has supported 196 enterprises in issuing rural revitalization notes totaling 285.25 billion yuan, with 34.7 billion yuan issued from January to July 2025, representing a 37% year-on-year increase and 14 new issuers, covering 29 provinces [1] Group 2: Key Projects and Their Impact - In July 2025, Inner Mongolia Yili Industrial Group issued 4 billion yuan in rural revitalization notes to procure raw milk, promoting the dairy industry and ensuring stable income for pastoral areas, thus enhancing the agricultural supply chain [2] - In April 2025, New Hope Liuhe issued 500 million yuan in rural revitalization notes to support feed, veterinary medicine, and farmer compensation, collaborating with over 3,400 farmers across 23 provinces to create a win-win pig farming model, generating 3 billion yuan for farmers [3] - In June 2025, Jiangxi Water Group issued 500 million yuan in rural revitalization notes for urban-rural integrated water supply projects, benefiting nearly 20 million people and improving drinking water safety [4] - In July 2025, China General Nuclear Power Corporation issued 4 billion yuan in rural revitalization notes for ecological projects in Inner Mongolia, creating over 1,000 jobs and contributing to poverty alleviation and clean energy supply [5]

Core Insights - In June, a total of 1,003 debt financing instruments were registered and issued, amounting to 9,308 billion yuan, representing a 67% increase compared to May [1][2] - The issuance of various short-term financing instruments included 2,825 billion yuan in ultra-short-term financing, 300 billion yuan in short-term financing, 5,121 billion yuan in medium-term notes, 515 billion yuan in directed tools, and 547 billion yuan in asset-backed notes [1][2] Group 1: Debt Financing Instruments - The total issuance of debt financing tools in June reached 9,308 billion yuan, with a significant increase from the previous month [1][2] - The breakdown of issuance includes 2,825 billion yuan in ultra-short-term financing, 300 billion yuan in short-term financing, 5,121 billion yuan in medium-term notes, 515 billion yuan in directed tools, and 547 billion yuan in asset-backed notes [1][2] Group 2: Innovative Products - In June, the issuance of sci-tech notes and bonds amounted to 1,011 billion yuan, indicating the growing influence of the "technology board" in the bond market [2][3] - Other innovative products such as green debt financing tools, asset-backed commercial papers, and rural revitalization notes had issuance volumes of 292 billion yuan, 153 billion yuan, and 61 billion yuan respectively [2][3] Group 3: Market Trends - As of the end of June, the cumulative issuance of panda bonds in the interbank market reached 7,868 billion yuan, with a custody volume of 2,628 billion yuan [3] - The custody volumes for various financing instruments as of June 30 included 16,138 billion yuan for ultra-short-term financing, 5,117 billion yuan for short-term financing, 121,575 billion yuan for medium-term notes, 19,946 billion yuan for directed debt financing tools, and 6,798 billion yuan for asset-backed notes [3] Group 4: Holder Distribution - Non-legal person products accounted for the majority of holdings in various tools, with a total holding scale of 109,074 billion yuan, representing 65.06% of the total [4] - Deposit-taking financial institutions and non-bank financial institutions held 40,395 billion yuan and 11,610 billion yuan respectively, ranking second and third in terms of holdings [4][5]