证券研究报告 固收点评报告 hyzqdatemark 2025 年 10 月 11 日 10 月，信用策略如何布局？ ——信用策略系列报告 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 拉长时间维度到 2025Q3，短端下沉策略仍然是相对占优的策略选择。2025Q3，10Y 国 债收益率从季度初的 1.64%调整至 9/30 的 1.86%（以中债国债到期收益率曲线列示的数据为 准），不同期限不同券种的信用债收益率在 2025Q3 也都跟随利率出现不同程度调整，持续的 下跌行情使得市场情绪趋向谨慎。2025Q3，不同券种的短端下沉策略组合均有正收益，3Y AAA-产业债子弹型策略也录得正收益，除此以外的其他策略对组合收益均有负向贡献，其中 城投债哑铃型、二级债哑铃型、银行永续债哑铃型和拉久期策略的亏损均达到了 1%以上。值 得注意的是，无论何种策略，在 9 月份或是三季度所能够获得的资本利得均为负值，在票息 保护本就相对较弱 ...

点击注册小程序 查看完整报告 特别申明： 产业债方面，2025年9月，我国产业债成交量为12677.1亿元，环比和同比均有所减少。2025年9月产业债 换手率为8.35%。2025年9月，我国各等级产业主体的信用债信用利差较上月均有所走阔。 风险提示： 数据统计口径不同；部分行业基本面恢复速度较慢，流动性恶化的前提下，债券违约风险可能 超出预期；若相关政策收紧，需要警惕再融资滚续压力，资质较差的主体风险暴露速度将加快。 发布日期：2025-10-09 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 1、信用债发行与到期 城投债方面，截至2025年9月末，我国存量城投债余额为15.31万亿元。2025年9月的城投债发行量达 5039.05亿元，环比增长0.84%，同比增长9.78%；2025年9月的城投主体净融资额为-105. ...

2025 年 10 月 9 日 产业债发行规模持续增长，信用利差保持走阔态势 ——信用债月度观察（2025.09） 要点 1、 信用债发行与到期 整体来看，截至 2025 年 9 月末，我国存量信用债余额为 30.49 万亿元。2025 年 9 月 1 日-9 月 30 日，信用债共发行 12355.38 亿元，月环比增长 10.27%； 总偿还额 10956.49 亿元，净融资 1398.89 亿元。 城投债方面，截至 2025 年 9 月末，我国存量城投债余额为 15.31 万亿元。2025 年 9 月的城投债发行量达 5039.05 亿元，环比增长 0.84%，同比增长 9.78%； 2025 年 9 月的城投主体净融资额为-105.01 亿元。 总量研究 产业债方面，截至 2025 年 9 月末，我国存量产业债（狭义口径信用债中的非城 投债部分）余额为 15.18 万亿元。2025 年 9 月的产业债发行量达 7316.33 亿元， 环比增长 17.85%，同比增长 15.04%；2025年9月的产业主体净融资额为 1503.9 亿元。 2、信用债成交与利差 城投债方面，2025 年 9 月，我国城投 ...

风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 报告发布日期 2025 年 09 月 29 日 固定收益 | 动态跟踪 保持稳定性、流动性以对抗市场波动 信用债市场周观察 研究结论 | 齐晟 | 执业证书编号：S0860521120001 | | --- | --- | | | qisheng@orientsec.com.cn | | | 010-66210535 | | 杜林 | 执业证书编号：S0860522080004 | | | dulin@orientsec.com.cn | | | 010-66210535 | | 王静颖 | 执业证书编号：S0860523080003 | | | wangjingying@orientsec.com.cn | | | 021-63326320 | | 徐沛翔 | 执业证书编号：S0860525070003 | | | xupeixiang@orientsec.com.cn | | | 021-63326320 | 估值继续压缩，等待切入时机：可转债市 场周观察 2025-09-24 关注科创债 ET ...

Report Industry Investment Rating No relevant content provided. Report's Core View - In the context of the stock - bond seesaw effect and the new regulations on public fund sales, interest rates have been oscillating and adjusting since September, and market sentiment has become more cautious. Debt funds have continuously sold long - term credit bonds and bought short - term credit bonds around 1Y since the first and middle ten days of this month. This week, ultra - long - term credit bonds saw a significant catch - up decline. Currently, with the pressure of wealth management products returning to the balance sheet gradually clearing and interest rates approaching the top of the periodic range, ultra - long - term bonds may gradually enter the area of attention [4][44]. Summary According to Related Catalogs 1. Primary Market 1.1 Net Financing Scale - The net financing of credit bonds (excluding asset - backed securities) this week was 165.2 billion yuan, a decrease of 184.3 billion yuan compared to last week. The total issuance was 598 billion yuan, an increase of 15 billion yuan, and the total repayment was 432.9 billion yuan, an increase of 199.3 billion yuan. The net financing of asset - backed securities was - 8.2 billion yuan, a decrease of 69.7 billion yuan compared to last week [9]. - By product type, the net financing of urban investment bonds was 47.7 billion yuan, a decrease of 23.7 billion yuan; that of industrial bonds was 126.4 billion yuan, an increase of 23.9 billion yuan; and that of financial bonds was - 8.9 billion yuan, a decrease of 184.6 billion yuan [9]. - In terms of issuance and redemption quantity, the issuance quantity of urban investment bonds increased by 25, and the redemption quantity increased by 27; for industrial bonds, the issuance quantity increased by 23, and the redemption quantity increased by 50; for financial bonds, the issuance quantity decreased by 20, and the redemption quantity decreased by 12 [11]. 1.2 Issuance Cost - The issuance rates of AAA industrial bonds and financial bonds decreased. The issuance rates of AA urban investment bonds and industrial bonds rose above 2.8%, and the issuance rate of AA financial bonds increased by 72BP compared to last week. Specifically, the weighted average issuance rates of AA and AA + industrial bonds increased by 33BP and 24BP respectively, while those of AAA industrial bonds and financial bonds decreased by 9BP and 19BP respectively [17]. 2. Secondary Market 2.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) increased by 96.3 billion yuan compared to last week. The trading volume of urban investment bonds was 292.8 billion yuan, an increase of 36.2 billion yuan; that of industrial bonds was 369.9 billion yuan, an increase of 47.3 billion yuan; and that of financial bonds was 537 billion yuan, an increase of 12.8 billion yuan. The trading volume of asset - backed securities was 24.3 billion yuan, a decrease of 3.4 billion yuan [18]. - In terms of turnover rate, the turnover rate of traditional credit bonds increased overall, while that of asset - backed securities decreased slightly. The turnover rates of urban investment bonds, industrial bonds, and financial bonds were 1.87%, 2.02%, and 3.53% respectively, with month - on - month increases of 0.23pct, 0.25pct, and 0.07pct. The turnover rate of asset - backed securities was 0.7%, a month - on - month decrease of 0.09pct [19]. 2.2 Yield - The yields of credit bonds with different ratings and maturities all adjusted to varying degrees, with the adjustment of medium - and long - term bonds being significantly greater than that of short - term bonds. For example, the yields of AA, AAA -, and AAA + credit bonds within 1Y increased by 5BP, 4BP, and 4BP respectively; those of 3 - 5Y increased by 7BP, 8BP, and 10BP respectively; and those of over 10Y increased by 12BP, 11BP, and 9BP respectively [23][25]. - Taking AA + 5Y bonds of each variety as an example, the yields of non - publicly issued industrial bonds and perpetual industrial bonds increased by 9BP; that of AA + 5Y urban investment bonds increased by 10BP; those of commercial bank ordinary bonds and secondary capital bonds increased by 8BP and 17BP respectively; and that of AA + 5Y asset - backed securities increased by 10BP [26]. 2.3 Credit Spread - Overall, the credit spreads of the AA construction and decoration and AA + electronics industries widened significantly, while the fluctuations of credit spreads of other industries and ratings did not exceed 10BP. Specifically, the credit spread of the AA construction and decoration industry widened by 11BP, and that of the AA + electronics industry widened by 22BP [27]. 2.3.1 Urban Investment Bonds - By maturity, the credit spreads of urban investment bonds with different maturities all widened to varying degrees. For example, the credit spreads of 0.5 - 1Y, 1 - 3Y, 3 - 5Y, 5 - 10Y, and over 10Y urban investment bonds widened by 5BP, 6BP, 7BP, 6BP, and 5BP respectively [32]. - By region, the credit spreads of urban investment bonds with different ratings and in different regions all widened to varying degrees, and the credit spread of AA + urban investment bonds in Heilongjiang widened by more than 10BP. The top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Jilin, Yunnan, Shandong, and Sichuan; those of AA + urban investment bonds were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Qinghai; and those of AAA urban investment bonds were Liaoning, Yunnan, Shaanxi, Tianjin, and Jilin [33]. 2.3.2 Industrial Bonds - The credit spreads of industrial bonds widened to varying degrees compared to last week. For example, the credit spreads of 1Y and 10Y private - placement industrial bonds and perpetual industrial bonds of AAA -, AA +, and AA all widened [36]. 2.3.3 Bank Capital Bonds - The credit spreads of bank Tier 2 and perpetual bonds with different maturities and ratings all widened to varying degrees, and the widening amplitude of 5 - 10Y bonds exceeded 10BP. For example, the credit spreads of 1Y and 10Y Tier 2 capital bonds and bank perpetual bonds of AAA -, AA +, and AA all widened [38]. 3. This Week's Bond Market Sentiment - A total of 16 bond issues of 5 entities had their implied ratings downgraded, including 8 issues of Nanshan Group Co., Ltd., 4 issues of China National Foreign Trade Trust Co., Ltd., and 2 issues of Xiamen International Trust Co., Ltd. The "19 Qidi G2" issued by Qidi Environmental Technology Development Co., Ltd. was extended [3][41]. 4. Investment Suggestion - This week, there were 1826.8 billion yuan of reverse repurchases due in the open market, 6 billion yuan of central bank bills were issued, and 30 billion yuan of MLF was withdrawn. The central bank conducted a total of 2467.4 billion yuan of reverse repurchase operations and injected 60 billion yuan of MLF, achieving a net injection of 880.6 billion yuan for the whole week. The DR001 dropped from 1.40% at the Monday close to 1.25% at the Friday close, and the overnight capital interest rate remained in a low - level oscillation [43]. - Overall, the credit spreads of the AA construction and decoration and AA + electronics industries widened significantly, while the fluctuations of credit spreads of other industries and ratings did not exceed 10BP. The credit spreads of urban investment bonds, industrial bonds, and bank capital bonds all widened to varying degrees [43].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of September 26, the weighted average trading durations of urban investment bonds and industrial bonds were 1.89 years and 2.16 years respectively. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.39 years, 3.72 years, and 2.19 years respectively. The duration of bank perpetual bonds was at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.35 years, 1.85 years, 3.10 years, and 1.30 years respectively. The durations of securities company bonds and securities subordinated bonds shortened, and the securities company bonds were at a relatively low historical quantile [1][8]. - The coupon duration congestion index dropped significantly. After reaching its peak in March 2024, the index declined and is currently at the 25.9% level since March 2021 [11]. Summary by Directory 1. Full - variety Duration Overview - The weighted average trading durations of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, general commercial financial bonds, securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.89 years, 2.16 years, 4.39 years, 3.72 years, 2.19 years, 1.35 years, 1.85 years, 3.10 years, and 1.30 years respectively. Their corresponding historical quantiles since March 2021 were 78.7%, 75.3%, 97.0%, 65.5%, 71.9%, 8.0%, 23.4%, 60.0%, and 76.5% [10]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading duration of urban investment bonds hovered around 1.89 years. The duration of Hebei provincial urban investment bonds extended to 6.37 years, while that of Beijing district - level urban investment bonds shortened to around 1.63 years. The historical quantiles of the durations of urban investment bonds in regions such as Henan prefecture - level cities and Jiangxi prefecture - level cities exceeded 90%, and the duration of Hebei provincial urban investment bonds approached the highest level since 2021 [2][15]. Industrial Bonds - The weighted average trading duration of industrial bonds slightly shortened compared to the previous week, generally staying around 2.16 years. The trading duration of the commercial retail industry extended to 2.09 years, while that of the basic chemical industry shortened to 1.19 years. The trading durations of industries such as food and beverage, coal, real estate, and building decoration were at relatively low historical quantiles, while the building materials industry was at a relatively high historical quantile [2][20]. Commercial Bank Bonds - The duration of general commercial financial bonds extended to 2.19 years, at the 71.9% historical quantile, lower than the same period last year. The duration of secondary capital bonds extended to 4.39 years, at the 97% historical quantile, higher than the same period last year. The duration of bank perpetual bonds shortened to 3.72 years, at the 65.5% historical quantile, higher than the same period last year [2][23]. Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 60%, 23.4%, 8%, and 76.5% historical quantiles respectively. The durations of securities company bonds and securities subordinated bonds slightly shortened compared to the previous week [2][26].

—— 信用利差周度跟踪 20250926 利率调整中信用利差大幅走高 二永债升幅较普信债更大 歌声ue 证券研究报告 3利率调整中信用利差大幅走高 二永债升幅较普信债更大 [[Table_R Table_Report eportTTime ime]] 2025 年 9 月 27 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 朱金保 固定收益分析师 执业编号：S1500524080002 联系电话：+86 15850662789 联系电话：+86 15850662789 邮 箱： zhujinbao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编：100031 [ ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - As of September 22, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of most varieties in non - financial and non - real estate industrial bonds have increased, while the adjustment range of real estate bond yields is relatively small. In financial bonds, the yields of medium - term varieties from 1 - 3 years have mostly declined [2][3][8] - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang are below 2.7%, and the yields of urban investment bonds in prefecture - level and district - county levels in Guizhou exceed 4.5%. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%, and the yields of varieties in prefecture - level cities in Guizhou and Yunnan are higher than 4% [2][14][22] Summary by Directory Chart 1: Outstanding Credit Bond Weighted Average Valuation Yield - Displays the weighted average valuation yields of various types of outstanding credit bonds as of September 22, including urban investment bonds, non - financial non - real estate industrial bonds (state - owned and private enterprises), real estate bonds (state - owned and private enterprises), financial bonds, etc. [10] Chart 2: Outstanding Credit Bond Weighted Average Spread - Presents the weighted average spreads of various types of outstanding credit bonds as of September 22, with the calculation benchmark being the same - term China Development Bank bonds [11] Chart 3: Change in Outstanding Credit Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the yields of September 22 and September 15 [12] Chart 4: Change in Outstanding Credit Bond Weighted Average Spread Compared to Last Week - Illustrates the changes in the weighted average spreads of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the spreads of September 22 and September 15 [13] Chart 5: Public Urban Investment Bond Weighted Average Valuation Yield - Details the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22, such as provincial, prefecture - level, and district - county levels in various provinces [15] Chart 6: Public Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of public urban investment bonds in different administrative levels and regions as of September 22 [17] Chart 7: Change in Public Urban Investment Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22 compared to last week [19] Chart 8: Private Urban Investment Bond Weighted Average Valuation Yield - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels and regions as of September 22 [23] Chart 9: Private Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of private urban investment bonds in different administrative levels and regions as of September 22 [25]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On September 22, the central bank restarted the 14 - day reverse repurchase operation, the capital market continued to loosen, and the bond market recovered; the main indices of the convertible bond market closed down collectively, and most convertible bonds declined; the yields of US Treasury bonds of various maturities generally increased, and the 10 - year Treasury bond yields of major European economies remained unchanged [1] 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - Vice - Premier He Lifeng met with a US congressional delegation, emphasizing the importance of Sino - US communication and cooperation in promoting bilateral economic and trade relations [3] - The LPR quotes for two tenors in September remained unchanged, with the 1 - year LPR at 3.00% and the over - 5 - year LPR at 3.50%, which was in line with market expectations [3] - As of the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the stock and bond markets ranked second in the world; and the foreign exchange reserves ranked first in the world for 20 consecutive years. During the 14th Five - Year Plan period, China's financial risks were generally controllable, and the financial system operated steadily [4] - The CPC Party Group of the Ministry of Finance will coordinate debt replacement, financing platform reform, and accountability for illegal debt - raising [5] - The CPC Party Committee of the CSRC will coordinate the resolution of local financing platform and real - estate enterprise bond risks and support reasonable financing [5] 3.1.2 International News - Three Fed officials expressed concerns about inflation and believed that the space for further interest - rate cuts was limited this year, which may affect the Fed's interest - rate policy in the remaining two meetings [6] 3.1.3 Commodities - On September 22, international crude oil futures prices continued to fall, with WTI October crude futures down 0.06% and Brent November crude futures down 0.16%; COMEX December gold futures rose 1.87%, and NYMEX natural gas prices fell 3.77% [7][8] 3.2 Capital Market 3.2.1 Open Market Operations - On September 22, the central bank conducted 2405 billion yuan of 7 - day reverse repurchase operations and 3000 billion yuan of 14 - day reverse repurchase operations, with a net capital injection of 2605 billion yuan after 2800 billion yuan of reverse repurchases matured [10] 3.2.2 Capital Interest Rates - On September 22, the central bank restarted the 14 - day reverse repurchase operation, and the capital market continued to warm up. Major repurchase interest rates continued to decline, such as DR001 down 3.67bp to 1.428% and DR007 down 2.08bp to 1.489% [11] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - **Spot Bond Yield Trends**: On September 22, due to the central bank's restart of the 14 - day reverse repurchase and the loosening of the capital market, the bond market recovered. The yield of the 10 - year Treasury active bond 250011 fell 0.75bp to 1.7875%, and the yield of the 10 - year CDB active bond 250215 fell 1.00bp to 1.9280% [14] - **Bond Tendering Situation**: Information on the issuance scale, winning bid yields, and other aspects of multiple bonds such as 25 Agricultural Development Discount 08 (Increment 3) was provided [16] 3.3.2 Credit Bonds - **Secondary - Market Transaction Anomalies**: On September 22, the transaction prices of 2 industrial bonds deviated by more than 10%, with "16 Longhu 04" down more than 12% and "H1 Yangcheng 01" up more than 1592% [16] - **Credit Bond Events**: There were announcements from companies such as China Aoyuan, Newmi Caiyuan Investment Group, and Kaisa Group regarding debt restructuring, warnings, and other matters [19] 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indices**: On September 22, the three major A - share indices closed up, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 0.22%, 0.67%, and 0.55% respectively. The main indices of the convertible bond market closed down, with the China Bond Convertible Bond Index, Shanghai Bond Convertible Bond Index, and Shenzhen Bond Convertible Bond Index down 0.43%, 0.43%, and 0.40% respectively [18] - **Convertible Bond Tracking**: On September 22, Fushi Convertible Bond announced that it was about to meet the early redemption conditions [21] 3.3.4 Overseas Bond Markets - **US Bond Market**: On September 22, the yields of US Treasury bonds of various maturities generally increased, with the 2 - year US Treasury yield up 4bp to 3.61% and the 10 - year US Treasury yield up 1bp to 4.14%. The yield spreads of 2/10 - year and 5/30 - year US Treasury bonds narrowed [22][23] - **European Bond Market**: On September 22, the 10 - year Treasury bond yields of major European economies remained unchanged, including Germany, France, Italy, Spain, and the UK [25] - **Daily Price Changes of Chinese - Issued US - Dollar Bonds**: Information on the daily price changes, including the top 10 gainers and losers, of Chinese - issued US - dollar bonds as of the close on September 22 was provided [27]

1. Report Industry Investment Rating No relevant content provided in the given text. 2. Core Viewpoints of the Report - This round of bond market adjustment since July 7 lasted for two and a half months, similar to the adjustment period in the first quarter of this year. The main contradictions in the two adjustments were different, leading to significant differences in secondary - market performance [1][9]. - The first - quarter adjustment was mainly due to the unexpected convergence of the capital market, while the adjustment since July was due to the over - heating of the commodity and equity markets, which increased institutional risk appetite and suppressed the bond market through the "stock - bond seesaw" effect [1][13]. - Before all uncertainties are verified, credit bond investment is recommended to focus on coupon - bearing varieties within 3 years for defense, especially 1 - 3 - year AA and AA(2) urban investment bonds [3]. 3. Summary According to the Directory 3.1 City Investment Bonds: Net Financing Recovered, Long - End Yields Reached New Highs for the Year - From September 1 - 21, 2025, city investment bonds issued 349.9 billion yuan, matured 303.7 billion yuan, and had a net inflow of 46.3 billion yuan. The net financing scale in Jiangxi, Sichuan, and Hunan was relatively large, exceeding 8 billion yuan. The proportion of long - term issuance decreased, with the proportion of over 3 - year issuance dropping to 35% and over 5 - year dropping to 3% [29]. - Except for the short - end, the issuance interest rate increased. The weighted average issuance interest rates for less than 1 - year, 1 - 3 - year, 3 - 5 - year, and over 5 - year city investment bonds were 1.8%, 2.32%, 2.75%, and 2.77% respectively. Only the less than 1 - year rate decreased by 1bp compared to August, while the others increased [30]. - In the secondary market, the short - and medium - term bonds were more resistant to decline, and the long - end yields reached new highs for the year. The long - end adjustment was large, with the yields of AAA and AA + 7 - year and above bonds rising by more than 4bp, and the 10 - year AAA city investment bond yield reaching a new high of 2.44% [33]. 3.2 Industrial Bonds: Net Financing Decreased Year - on - Year, Buying Sentiment Warmed Up - From September 1 - 21, 2025, industrial bonds issued 376.2 billion yuan, a year - on - year decrease of 86.6 billion yuan, and had a net financing of 62 billion yuan, a year - on - year decrease of 51.6 billion yuan. The net financing scale of the comprehensive and construction decoration industries was over 20 billion yuan, and that of the non - bank finance industry was over 15 billion yuan [37]. - The issuance sentiment weakened. The proportion of full - field multiples above 3 times decreased from 18% to 17%, and the proportion of 2 - 3 times decreased from 36% to 28%. The proportion of short - duration variety issuance decreased [37]. - From the broker transactions, the buying sentiment of industrial bonds warmed up. The TKN proportion increased from 62% to 71% month - on - month, and the low - valuation proportion increased from 32% to 46% [40]. 3.3 Bank Capital Bonds: Yields Fluctuated Narrowly, Short - and Medium - Duration Bonds Performed Better - From September 15 - 19, 2025, Agricultural Bank of China issued 35 billion yuan of 5 + 5 - year secondary capital bonds and 25 billion yuan of 10 + 5 - year secondary capital bonds, with issuance interest rates of 2.18% and 2.50% respectively. China Everbright Bank issued 40 billion yuan of 5 + N - year perpetual bonds, with an issuance interest rate of 2.29% [44]. - In the secondary market, bank capital bond yields fluctuated narrowly, and short - and medium - duration bonds performed better. From September 15 - 19, the yields of 1 - 3Y varieties decreased by 0 - 4bp, while the 10Y large - bank secondary capital bonds and 5Y small - and medium - bank capital bonds were weaker, with yields rising by 2 - 4bp [44]. - From the broker transactions, the trading sentiment of bank capital bonds warmed up. The TKN proportion rose above 60%, and the low - valuation proportions of secondary capital bonds and perpetual bonds increased by 31pct and 27pct respectively [47].