Group 1: Report Core Questions - The report addresses the following core questions: the scale and maturity distribution of exchange-traded corporate bonds, the scale proportion and rating distribution of different types of bond-issuing entities, and the debt continuation pressure of low- and medium-rated bond-issuing entities and the arbitrage opportunities between the primary and secondary markets [3] Group 2: Event Review - As of March 25, 2025, there were over 18,000 outstanding exchange-traded corporate bonds (including only public and private corporate bonds), with a total scale of approximately 16.48 trillion yuan. About 3.53 trillion yuan of normally outstanding bonds will mature in 2026, of which about 1.26 trillion yuan will mature in the first half of the year, potentially putting pressure on relevant entities for debt rollover [4] Group 3: Investment Highlights - 1.26 trillion yuan of exchange-traded corporate bonds will mature in the first half of 2026. As of March 25, 2026, the total outstanding scale of exchange-traded corporate bonds is about 16.48 trillion yuan. After excluding some bonds in abnormal credit status such as material default, extension, or triggering cross-default protection, the remaining normally outstanding corporate bonds are about 15.86 trillion yuan. About 3.53 trillion yuan will mature in 2026, accounting for about 22.2% of the outstanding amount, and 1.26 trillion yuan will mature before the end of June 2026, accounting for about 8.0% of the outstanding amount [5] - Brokerage bonds and industrial bonds are mainly of medium- and high-grade, while urban investment bonds have relatively lower average quality. In terms of bond types, exchange-traded corporate bonds are mainly divided into three categories: urban investment, industrial, and brokerage bonds. Among the outstanding bonds, urban investment bonds have the highest proportion, with a total scale of 7.42 trillion yuan, accounting for 46.8%. Industrial bonds follow, with a total scale of 5.37 trillion yuan, accounting for 33.8%. Brokerage bonds have a total scale of 3.07 trillion yuan, accounting for 19.4%. In terms of ratings, the outstanding scales of ChinaBond implied AA+ and AA ratings are both over 3 trillion yuan, accounting for 21.3% and 21.6% respectively. AA(2) accounts for 17.8%, and AAA and AAA- account for 16.8% and 14.1% respectively [5] - Attention should be paid to the maturity pressure of low- and medium-rated entities. It is estimated that about 1.64 trillion yuan of low- and medium-rated (AA and below) corporate bonds will mature in 2026, of which 596.1 billion yuan will mature in the first half of the year, and there may be some short-term debt continuation pressure, mainly from urban investment entities. Specifically, from the perspective of the entity, among the low- and medium-rated corporate bonds maturing in the first half of the year, over 400 billion yuan are from urban investment entities, and the total maturity pressure of the top 15 is 42.2 billion yuan. For industrial entities, the total maturity pressure of the top 15 is 50.2 billion yuan. Among brokerage entities, the maturity pressure of low- and medium-rated bonds is relatively small, with only 6 entities and a total scale of 17.2 billion yuan [5] Group 4: Overall View - In general, April is the peak period of maturity pressure for the whole year, and attention should be paid to the debt continuation ability of entities, especially for low- and medium-rated entities. Market sentiment and capital constraints will be key factors affecting bond issuance. For investors, while paying attention to the credit risks implied in the debt continuation of low- and medium-rated entities, they can also pay attention to the arbitrage opportunities between the primary and secondary markets caused by the deviation of the primary issuance coupon rate [6]