市场偏好短端下沉，而非拉久期 [Table_Authors] 张紫睿(分析师) 信用债市场周度回顾 251122 本报告导读： 本周信用债交投情绪降温，机构交易行为趋保守，市场偏好短端下沉强于拉久期； 信用债整体表现均衡，5Y 内各期限信用利差已来到年内低点。 投资要点： | | 021-23185652 | | --- | --- | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | | | 王宇辰(分析师) | | | 010-83939801 | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | [Table_Report] 相关报告 美元流动性收紧何时缓解 2025.11.18 大行短端买入力度减弱 2025.11.18 本轮移仓有何特征和机会 20251117 2025.11.17 大行融出回落，存单发行提升，6M 期限最多 2025.11.17 地方债发行渐入尾声 2025.11.17 证 券 研 究 报 告 略 周 报 债券研究 /[Table_Date] 2025.11.23 [Tab ...

Key Points - The "2025 Henan Bond Market High-Quality Development Typical Case" voting has started, allowing participants to vote for typical cases in two categories until November 30 [1] - The 2025 Bond Market High-Quality Development Conference will be held in Zhengzhou on December 17-18, where the results of the voting will be announced [1] Macro Dynamics - The Ministry of Finance and the People's Bank of China announced that electronic savings bonds will be included in personal pension products starting June 2026 [3] - The central bank conducted a 7-day reverse repurchase operation of 3.75 trillion yuan, resulting in a net injection of 162.2 billion yuan after 2.128 trillion yuan matured [5] Regional Highlights - Jilin Province has met the conditions to exit the list of key debt provinces, with a nearly 90% reduction in hidden debt and over 70% reduction in financing platforms [6] Issuance Dynamics - Two companies in Henan have been approved to register a total of 6 billion yuan in debt financing tools [7] - The first 5-year CMBS in Henan was issued at a record low interest rate of 2.3%, totaling 603 million yuan [9] - Anyang Economic Development Group plans to issue 1 billion yuan in sustainable-linked corporate bonds [10] - Zhengzhou Public Transport Group has received approval to issue 500 million yuan in corporate bonds [12] - Huatai Securities plans to issue 60 billion yuan in small public offerings [13] - Henan Road and Bridge Construction Group completed the issuance of a 300 million yuan short-term financing bond at a rate of 3.50% [15] Market Sentiment - According to a report by Fangzheng Fixed Income, the bond supply-demand balance in 2026 may improve compared to 2025, with a moderate fiscal expansion expected [16] - The report also suggests that short-term bonds may be more suitable for trading in a volatile market, while long-term bonds face higher risks due to policy and supply disturbances [17]

Core Viewpoint - China Resources Land has significantly increased its financing activities in 2025, achieving a record high in public market financing, primarily to optimize debt structure, invest in core city real estate projects, and support asset management operations [2][6][10]. Group 1: Financing Overview - In the first ten months of 2025, China Resources Land's public market financing reached 546.13 billion RMB, leading among 65 major real estate companies [2][6]. - The total public market financing for the company has exceeded 600 billion RMB, marking the highest level since 2013 [2][6]. - The company completed a placement of 49.5 million shares of China Resources Mixc Lifestyle Services, raising approximately 2.061 billion HKD [2]. Group 2: Financing Utilization - A significant portion of the raised funds is allocated for debt repayment and restructuring, with 253.58 billion RMB of financing maturing in 2025 [6]. - The company has invested approximately 62.7 billion RMB in new land reserves in the first ten months of 2025, including major projects in Shanghai, Shenzhen, and Beijing [7]. - Asset management operations have seen an increase of 21.4 billion RMB compared to the beginning of the year, indicating a focus on quality project investments [10]. Group 3: Industry Trends - The financing landscape in the real estate sector has shifted towards state-owned enterprises, which accounted for over 75% of financing in the first ten months of 2025, while private enterprises' share dropped to less than 7% [12][15]. - State-owned enterprises are leading in acquiring new land reserves, holding an 81.1% share of the total value among the top 100 companies [13]. - The ongoing liquidity risks faced by private real estate firms have resulted in a consolidation of financing, land acquisition, and sales towards state-owned enterprises, enhancing the overall resilience of the industry [15].

Group 1: Bond Market Activity - In the first three quarters of 2025, securities firms underwrote a total of 368 private enterprise bonds, amounting to 391.36 billion yuan, with asset-backed securities accounting for 21.2% of the total [1] - The Ministry of Finance plans to issue 97 billion yuan of 3-year fixed-rate bonds, with competitive bidding scheduled for November 24, 2025 [3] - The People's Bank of China conducted a 7-day reverse repurchase operation of 310.5 billion yuan, resulting in a net injection of 115 billion yuan [5] Group 2: Regional Developments - The Henan Provincial Government appointed Liu Jianmin as the chairman of the Henan Railway Construction Investment Group [6] - Ningxia plans to issue a total of 2.9 billion yuan in local government bonds, including 300 million yuan in refinancing special bonds [8] - The Hong Kong Financial Services and the Treasury Bureau, along with Shenzhen's local financial management bureau, encouraged Shenzhen enterprises to issue sustainable offshore RMB bonds [9] Group 3: Corporate Bond Issuance - The Henan Railway Construction Investment Group successfully issued 500 million yuan of medium-term notes at an interest rate of 1.8% [10][11] - The Zhumadian Urban Construction Investment Group completed the issuance of 190 million yuan in corporate bonds with a 5-year term and an interest rate of 2.76% [12] - The Xinzheng Industrial Investment Group's plan to issue 300 million yuan in corporate bonds has been approved by the Shenzhen Stock Exchange [13] - The Luohe Investment Holding Group completed the issuance of 880 million yuan in private placement notes at an interest rate of 2.02% [14] Group 4: Market Sentiment and Analysis - Bohai Research indicates that the probability of a short-term unilateral credit adjustment is low, suggesting a strategy of credit downshifting and extending duration to achieve yield [19] - The report emphasizes that despite market fluctuations, the overall conditions for a bear market in credit bonds remain insufficient, with a long-term downward trend in yields expected [19]

每经AI快讯，11月18日，天津市委金融办正式发布《天津市建设国际一流国家租赁创新示范区更好服 务实体经济高质量发展实施方案(2026-2030年)》。其中提到，提升直接融资支持力度。支持租赁公司通 过多层次资本市场开展直接融资，鼓励符合条件的租赁公司通过发行公司债、融资租赁资产证券化 (ABS)等多种方式进行直接融资，充分发挥"绿租云"绿色租赁评价系统作用，支持租赁公司更多发行绿 色债券等创新型直接融资产品。各有关区和开发区在充分考虑财政承受能力的基础上，可按照国家有关 规定设立租赁资产盘活引导基金，保障租赁业持续、稳定、高质量发展。 ...

Group 1 - Trump purchased at least $82 million in corporate and municipal bonds from late August to early October, with total bond purchases potentially exceeding $337 million [1] - The bonds acquired include those from sectors benefiting from Trump's policy adjustments, such as financial deregulation [1] - Specific companies whose bonds were purchased include semiconductor manufacturers like Broadcom and Qualcomm, tech companies like Meta, retail firms like Home Depot and CVS Health, and Wall Street banks like Goldman Sachs and Morgan Stanley [1] Group 2 - Following the U.S. government's investment in Intel, Trump also bought Intel-issued bonds [2] - Trump has reported over $100 million in bond purchases since returning to the presidency on January 20 [2] - Trump's annual financial disclosure indicated income exceeding $600 million from various businesses, including cryptocurrency and golf course properties, raising concerns about potential conflicts of interest [2] Group 3 - Unlike his predecessor, Trump has not divested assets or placed them in a blind trust; his business empire is managed by his two sons [3]

【导读】特朗普一个多月购债券逾八千万美元 根据美国政府道德办公室公布的文件，从8月28日到10月2日，特朗普进行了175笔以上的金融资产购 买。这些依据1978年《政府道德法》所要求披露的文件并未列出每笔交易的具体金额，只给出了一个大 致区间。 大家好，简单关注一则特朗普的消息。 按照文件中的上限区间计算，这些债券买入的总金额最高超过3.37亿美元。 美国总统特朗普在8月下旬至10月上旬期间购买了至少8200万美元的公司债和市政债，其中包括新增配 置到一些受其政策支持行业的投资。上周六公开的金融披露文件显示了上述情况。 周六披露文件中列示的资产，大部分是由市政当局、州、县、学区以及其他与公共机构相关实体发行的 债券。 特朗普新购入的债券投资涵盖多个行业，其中包括那些已经从其政府的政策调整（例如金融监管放松） 中受益或正在受益的领域。 特朗普买入的公司债包括博通、高通等芯片制造商发行的债券，Meta等科技公司发行的债券，家得 宝、CVS Health等零售企业发行的债券，以及高盛、摩根士丹利等华尔街银行发行的债券。 （文章来源：中国基金报） 在进入政坛之前，特朗普是凭借房地产行业积累财富的。他此前表示，已将旗下 ...

Primary Market - In the week from November 10 to November 14, 2025, a total of 330 credit bonds were issued, with a total issuance scale of 455.379 billion yuan, an increase of 25.31% week-on-week [4] - The issuance scale of industrial bonds was 169.680 billion yuan, a decrease of 4.09%, accounting for 37.26% of the total credit bond issuance [4] - City investment bonds issued totaled 81.729 billion yuan, down 19.25%, representing 17.95% of the total [4] - Financial bonds saw an issuance of 203.970 billion yuan, an increase of 139.20%, making up 44.79% of the total [4] - The average issuance term for credit bonds was 2.75 years, with industrial bonds averaging 2.25 years, city investment bonds 3.51 years, and financial bonds 2.13 years [4] - The overall average coupon rate for credit bonds was 2.12%, with industrial bonds at 2.06%, city investment bonds at 2.26%, and financial bonds at 1.94% [4] - Two credit bonds were canceled during the week [4] Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in agriculture, forestry, animal husbandry, and fishery, which rose by 6.5 basis points, while the largest decrease was in steel, down by 3.5 basis points [5] - For AA+ rated industries, the largest increase was in electronics, up by 1.4 basis points, and the largest decrease was in automobiles, down by 16.6 basis points [5] - The largest increase in AA-rated industries was in transportation, up by 0.9 basis points, while the largest decrease was in mining, down by 3.9 basis points [5] - For city investment bonds, the largest increase in AAA-rated credit spreads was in Zhejiang, up by 3 basis points, and the largest decrease was in Yunnan, down by 10.2 basis points [5] - The total trading volume of credit bonds was 1219.783 billion yuan, a decrease of 5.53% week-on-week [6] - The top three types of credit bonds by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 375.608 billion yuan, an increase of 3.93%, accounting for 30.79% of the total [6] - Corporate bonds had a trading volume of 414.081 billion yuan, a decrease of 7.86%, representing 33.95% of the total [6] - Medium-term notes had a trading volume of 243.078 billion yuan, down by 16.01%, accounting for 19.93% of the total [6]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant growth in its four years of operation, focusing on serving innovative small and medium-sized enterprises (SMEs) and enhancing market quality and efficiency [1][2][8] Market Development - The number of listed companies on the BSE has reached 282, with over half being national-level specialized "little giant" enterprises, and more than 80% from strategic emerging industries and advanced manufacturing [1][2] - The BSE 50 Index has seen a year-to-date increase of approximately 50%, with cumulative dividends nearing 20 billion yuan [1][6] Financing and Support - The BSE has facilitated over 60 billion yuan in cumulative financing for SMEs, averaging about 2 million yuan per company, demonstrating a commitment to inclusive finance [3][6] - Nearly 80% of listed companies are SMEs, with over 90% being private enterprises, indicating a strong focus on supporting the private sector [3][6] Performance and Resilience - As of October 30, 2023, the average revenue for BSE-listed companies was 520 million yuan, reflecting a year-on-year growth of 5.99%, while the average net profit was approximately 33 million yuan, with a profitability rate of 82.44% [3][4] Market Functionality - The BSE has developed a dual-channel financing model, enhancing both equity and debt financing options, including various types of bonds to support innovation [5][6] - The exchange has issued over 13 trillion yuan in government bonds and supported local government bond issuance exceeding 990 billion yuan [6] Investor Protection - The BSE emphasizes investor protection through stringent monitoring and regulation, with over 90% of listed companies distributing dividends, totaling approximately 19.86 billion yuan [7][8] Future Outlook - The BSE aims to deepen reforms and enhance its service to innovative SMEs, focusing on optimizing listing standards and improving the adaptability of its regulatory framework [8][9] - Plans include the introduction of the North Exchange 50 ETF to attract stable passive investment and improve market vitality [9]

第 497 期 2025-11-13 焦点关注 地方国资扎堆出售房产，专家称卖房是资源资产化的直接表现 11月13日消息，近期在北京、广州、福州、烟台、淄博等多地，均出现国资平台挂牌"卖房"的现象，涉 及天恒集团、广州机场建设投资集团、广州地铁集团等，其中有房产、店铺以及车位资产。业内人士表 示，最近多个省份都在积极推进国有"三资"改革，即国有资源资产化、国有资产证券化、国有资金杠杆 化，卖房是资源资产化的直接表现，有利于增强地方政府的财政实力。 宏观动态 央行开展1900亿元7天逆回购操作，净投放972亿元 央行今日开展1900亿元7天逆回购操作，投标量1900亿元，中标量1900亿元，操作利率为1.40%，今日 有928亿元逆回购到期，当日实现净投放972亿元人民币。 前10月政府债券净融资11.95万亿元，同比多3.72万亿元 11月13日，央行发布2025年10月金融统计数据报告。10月末，广义货币(M2)余额335.13万亿元，同比增 长8.2%。狭义货币(M1)余额112万亿元，同比增长6.2%。流通中货币(M0)余额13.55万亿元，同比增长 10.6%。前十个月净投放现金7284亿元。 初步统 ...