证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 11 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 关注边际修复行业的配置机会 ——信用分析周报（2026/1/5-2026/1/11） 投资要点： 本周信用热点事件：（1）交易商协会发布《关于进一步规范债务融资工具发行工作 的业务提示》；（2）贵州省人民政府印发《支持推动兴业强县富民一体发展若干政 策措施》。 本周市场概览： 联系人 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所增加；资 产支持证券净融资额环比上周增加 150 亿元。本周城投债和产业债发行数量明显回 升，AA、AA+发行利率较上周显著下降。 2）二级市场：本周信用债成交量环比上周增加 5546 亿元；换手率方面，本周信用 债换手率较上周整体上行。本周 5Y 不同评级的信用债收益率小幅走扩，其余不同评 级不同期限的信用债收益率较上周波动幅度不超过 3BP。总体来看，本周 ...

在2025年12月22日至12月26日当周，第一财经研究院中国金融条件日度指数均值为-2.25，基本与前一 周持平。从指数的成分指标来看，上周货币和股市指标指向宽松，债券指标指向紧缩。从货币指标来 看，央行维持稳定的货币投放，市场资金面平稳有序，主要货币市场利率低位运行。从债券市场来看， 利率债与信用债收益率同步下降，信用利差小幅扩张。从股市指标来看，A股市盈率与成交量同步上 升。 12月24日，人民银行货币政策委员会2025年第四季度例会内容公布。会议内容延续了12月中旬中央经济 工作会议针对货币政策的描述，释放出一系列关键政策信号，我们的解读如下： （1）在判断国内外经济金融形势方面，会议指出"当前外部环境变化影响加深，世界经济增长动能不 足，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济 运行总体平稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突出等问题和挑战。"会议 延续了中央经济工作会议对于我国经济目前"供强需弱"的描述，这也是政策促进物价合理回升的着力 点。 （2）会议指出，"要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政 ...

今天分享的是：2025年结构融资：境外资产证券化市场回顾及热点洞察 总体而言，全球资产证券化市场在调整中稳步发展，产品结构日益复杂，创新活力不减。资产担保债券的评级突破与跨境房地产投资信托基金的运营实践， 为市场参与者提供了重要参考。随着技术进步与监管演进，该市场预计将继续向多元化、透明化与精细化的方向演进。 以下为报告节选内容 报告共计：23页 2025年结构融资：境外资产证券化市场趋势与热点解析 岁末年初，全球金融市场回顾与展望成为焦点。标普信评近日发布报告，对境外资产证券化市场进行了全面梳理。报告显示，尽管经历周期波动，资产证券 化产品仍是国际资本市场重要组成部分，并在结构、资产类型与监管框架方面持续演进。 美国市场虽从2021年峰值回落，但地位稳固。2024年资产证券化产品占固收市场发行规模约19%。市场主要分为住房抵押贷款支持证券和资产支持证券两大 类，底层资产涵盖住房贷款、汽车贷款、信用卡债权、学生贷款及商业地产等多类资产。2022年受加息周期影响发行规模大幅收缩，2024年起逐步回暖。欧 洲市场则呈现稳步复苏态势，2024年发行规模同比增长约15%。值得关注的是，欧洲自推行"简单、透明、标准化" ...

Core Insights - The fixed income and derivatives markets in 2025 were primarily driven by significant political, economic, operational, and climate risk events, with ongoing technological transformations reshaping trading and investment operations across financial institutions [1][4]. Group 1: Market Trends - Market volatility in 2025 was influenced by various factors, including the rapid changes in tariff policies, geopolitical conflicts, and economic events such as government budgets, inflation data, and interest rate fluctuations [3]. - Concerns regarding artificial intelligence (AI) investments not delivering expected short-term returns led to periodic disruptions in both stock and bond markets, with fears that substantial AI-related expenditures could erode profitability [2]. - Despite the turbulent environment, the overall issuance of corporate and municipal bonds remained strong, indicating resilience in the fixed income market [3]. Group 2: Private Debt Market - The global private debt market has expanded since the 2008 financial crisis, driven by tighter bank lending regulations, and is now allowing participation from affluent individual investors [4]. - Recent high-profile defaults in the private credit market have raised concerns about a potential wave of defaults due to economic and market volatility [4][5]. Group 3: Technological Advancements - The electronic trading of fixed income markets has progressed, with 50% of U.S. investment-grade bond trading now conducted electronically, generating vast amounts of market data for financial institutions [6]. - Financial institutions are leveraging cloud-based market data to develop new trading models and execution strategies [6]. Group 4: Strategic Shifts - Asian investors are increasingly viewing U.S. dollar-denominated debt as a strategic asset due to concerns about tariff impacts on regional economic growth, with U.S. Treasuries, asset-backed securities (ABS), mortgage-backed securities (MBS), and over-the-counter derivatives being popular choices [7]. Group 5: Climate Impact - Climate change events, such as the California wildfires in January 2025, have ongoing effects on market pricing, with analysts assessing the long-term impact of weather events on the repayment risks of municipal and corporate bonds [8]. Group 6: Future Outlook - Many trends observed in 2025, including those that caused significant market volatility, are expected to continue influencing the securities market in 2026, presenting ongoing pricing challenges for financial services engaged in low liquidity bond and derivatives trading [8].

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report The report analyzes the credit market from December 22 - December 26, 2025. It shows that the primary - market credit bond issuance and net financing increased, while the repayment decreased, and the asset - backed securities' net financing decreased. In the secondary market, the trading volume of credit bonds increased, and the yield and credit spread of different bonds fluctuated. There were also negative credit events. Investment suggestions are provided for different types of bonds in 2026 [3][5][6]. 3. Summary by Relevant Catalogs 3.1 This Week's Credit Hot Events - "22 Vanke MTN005" multiple extension proposals were not approved, and only the extension of the principal and interest payment grace period to 30 trading days was agreed. The grace period for the bond with a scale of 3.7 billion yuan expires on February 10, 2026. Vanke's debt disposal for public and non - standard debts may be different, and a lack of clear credit enhancement for public debts may lead to increased risks [9][10][12]. - The Shanghai Stock Exchange issued the "Shanghai Stock Exchange Bond Continuation Business Guide No. 5 - Corporate Bond Trustee Management", aiming to clarify trustee responsibilities, encourage active credit management, and improve business quality and efficiency [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - Credit bond (excluding asset - backed securities) net financing was 213.8 billion yuan, an increase of 98.7 billion yuan. The total issuance was 421.3 billion yuan (up 56.9 billion yuan), and the total repayment was 207.5 billion yuan (down 41.8 billion yuan). Asset - backed securities' net financing was 20.6 billion yuan, a decrease of 2.9 billion yuan [15]. - By product type, the net financing of urban investment bonds was 28.6 billion yuan (up 8.4 billion yuan), industrial bonds was 68.3 billion yuan (down 2.6 billion yuan), and financial bonds was 117 billion yuan (up 92.9 billion yuan) [15]. - In terms of issuance and redemption quantity, urban investment bonds' issuance decreased by 14 and redemption decreased by 22; industrial bonds' issuance decreased by 42 and redemption increased by 7; financial bonds' issuance increased by 4 and redemption decreased by 17 [17]. 3.2.2 Issuance Cost - The issuance rate of AA financial bonds remained above 3%, while the rates of AA + urban investment bonds and AAA financial bonds increased slightly. Other bonds' rates decreased to varying degrees. Specifically, the rates of AA urban investment bonds and AA + financial bonds dropped by 53BP and 50BP respectively [21]. 3.3 Secondary Market 3.3.1 Trading Situation - The trading volume of credit bonds (excluding asset - backed securities) increased by 83.7 billion yuan. Urban investment bonds' trading volume was 285.6 billion yuan (up 26.2 billion yuan), industrial bonds was 364.7 billion yuan (down 2.7 billion yuan), and financial bonds was 687.7 billion yuan (up 60.2 billion yuan). Asset - backed securities' trading volume was 20.4 billion yuan (down 5.1 billion yuan) [22]. - Regarding turnover rate, the overall credit bond turnover rate showed mixed changes. Urban investment bonds' turnover rate was 1.83% (up 0.17pct), industrial bonds was 1.88% (down 0.02pct), financial bonds was 4.43% (up 0.37pct), and asset - backed securities was 0.52% (down 0.15pct) [23]. 3.3.2 Yield - The yield of credit bonds with different ratings and maturities fluctuated within 4BP. For example, the yields of 1 - year AA, AAA -, and AAA + credit bonds fluctuated within 1BP, and the yields of 5 - year AA, AAA -, and AAA + credit bonds compressed by 3BP, 4BP, and 2BP respectively [25]. 3.3.3 Credit Spread - Overall, the credit spread of the AA + textile and apparel industry compressed by 12BP, while the spreads of the AAA real estate and AA + pharmaceutical and biological industries widened by 7BP and 9BP respectively. Other industries' spreads fluctuated within 5BP [30]. - For urban investment bonds, the short - term (within 1Y) spread widened by 4BP, and other maturities' spreads fluctuated within 2BP. Regionally, most urban investment bond spreads in different regions widened slightly [32][34]. - For industrial bonds, the short - term credit spread widened significantly, while the spreads of bonds over 1Y compressed to varying degrees [38]. - For bank capital bonds, the spreads of bank Tier 2 and perpetual bonds within 5Y widened significantly, while the spreads of long - term bonds over 5Y fluctuated within 2BP [40]. 3.4 This Week's Bond Market Negative News Two entities' four bond implicit ratings were downgraded, and Bohai Leasing Co., Ltd.'s two bonds announced extensions [4][41]. 3.5 Investment Suggestions - For urban investment bonds, short - duration (within 2Y) bonds can be used as a base position, and high - quality urban investment entities with a duration of 3 - 5Y can be selected to increase returns [6]. - For industrial bonds, high - quality central and state - owned enterprise bonds can be used as a base position with a longer duration, and industries with marginal improvement should be focused on [6]. - For Tier 2 and perpetual bonds, trading opportunities of bonds with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and bonds of high - quality city commercial banks and rural commercial banks in economically developed and debt - resolution - advanced regions should be considered [6].

今日，上海证券交易所（以下简称上交所）发布《关于暂免收取部分2026年度费用的通知》，推出2026年系列降费让利措施，免收沪市上 市公司上市费，减免交易单元使用费，免收可转债以外的债券交易经手费等。同时，上交所下属子公司减免交易网关流速费、上证e服务、 上证e投票、上证云等费用。预计2026年降费让利金额约11.13亿元。 上交所始终认真贯彻落实党中央和国务院关于减税降费的决策部署，持续挖掘降费空间，提升让利力度，聚焦支持实体经济发展，推动资 本市场高质量发展。"十四五"期间，上交所研究调降股票、债券、基金、REITs等的交易经手费收费标准，持续免收上市公司及基金、 REITs上市费，减免会员等市场主体的交易单元使用费；上交所下属子公司持续减免上市公司、行业机构相关服务费用，通过系列降费措施 提振市场信心、稳定发展预期，助力经济平稳健康运行。 下一步，上交所将持续贯彻党的二十大、二十届四中全会精神和中央经济工作会议部署，持续发挥资本市场功能作用，激发市场主体活 力，坚定不移走好中国特色金融发展之路，为中国式现代化和金融强国建设提供有力支撑。 12月26日，中国资本市场迎来政策利好，沪深交易所同步发布通知，宣布 ...

本报讯(记者田鹏)12月26日，深圳证券交易所(以下简称"深交所")发布《关于减免2026年度相关费用的 通知》，推出多项2026年降费措施，预计整体降费金额超过8亿元。 近年来，深交所认真贯彻落实党中央、国务院有关减税降费政策要求，实施多项惠企利民的降费措施， 降费力度逐年加大。先后调降基金、股票等产品交易经手费收费标准，连续多年免收基金上市费和流量 费，免收相关债券产品融资交易费用，免收上市公司上市费、减免网络投票服务费等，指导下属子公司 持续减免行业机构交易通信等费用。这些组合式措施，"真金白银"惠企利民，有力提升了市场主体和投 资者获得感。 深交所表示，下一步，将深入贯彻党的二十届四中全会和中央经济工作会议精神，科学合理推进减费工 作，进一步激发市场活力，更好服务实体经济和高质量发展，助力实现"十五五"金融工作良好开局。 据悉，本次降费涉及深市股票、基金、债券等品种，覆盖上市、交易、服务等环节，共6项措施，包 括：免收上市公司上市费，免收基金上市费，免收债券(不含可转债)及资产支持证券的交易经手费，免 收基金、债券(不含可转债)及资产支持证券等产品的交易单元流量费，减免深市交易通信及深证云相关 费用， ...

【导读】沪深交易所发布通知，推出2026年度系列降费措施 沪深交易所，重磅消息来了！ 12月26日，上交所、深交所均发布通知，公布2026年度系列降费措施。 其中，上交所预计2026年降费让利金额约11.13亿元，深交所预计整体降费金额超过8亿元。也即，两大交易所预计降费总金额将超过19亿元。降费内容涉 及股票、基金、债券等品种，覆盖上市、交易、服务等环节，为股民切实"送福利"。 具体而言，上交所发布《关于暂免收取部分2026年度费用的通知》，推出2026年系列降费让利措施，免收沪市上市公司上市费，减免交易单元使用费，免 收可转债以外的债券交易经手费等。同时，上交所下属子公司减免交易网关流速费、上证e服务、上证e投票、上证云等费用。 上交所提到，其始终认真贯彻落实党中央和国务院关于减税降费的决策部署，持续挖掘降费空间，提升让利力度，聚焦支持实体经济发展，推动资本市场 高质量发展。"十四五"期间，上交所研究调降股票、债券、基金、REITs等的交易经手费收费标准，持续免收上市公司及基金、REITs上市费，减免会员等 市场主体的交易单元使用费；上交所下属子公司持续减免上市公司、行业机构相关服务费用，通过系列降费措施 ...

12月26日，中国资本市场迎来政策利好，沪深交易所同步发布通知，宣布推出2026年度系列降费措施。 据上海证券报初步测算，两大交易所预计降费总金额将超过19亿元人民币（其中上交所约11.13亿元，深交所超8亿元）。政策覆盖了股票、基 金、债券等主要品种，贯穿了上市、交易、服务等全环节。 上交所发布2 0 2 6年降费让利通知 今日，上海证券交易所（以下简称上交所）发布《关于暂免收取部分2026年度费用的通知》，推出2026年系列降费让利措施，免收沪市上市公 司上市费，减免交易单元使用费，免收可转债以外的债券交易经手费等。同时，上交所下属子公司减免交易网关流速费、上证e服务、上证e投 票、上证云等费用。预计2026年降费让利金额约11.13亿元。 | | | 发文文号 上证发〔2025〕131号 发布日期 2025年12月26日 | 生效 | | --- | --- | --- | --- | | 时效性 | 尚未施行 | 规则类别 交易收费 | 规则 | 上交所始终认真贯彻落实党中央和国务院关于减税降费的决策部署，持续挖掘降费空间，提升让利力度，聚焦支持实体经济发展，推动资本市 场高质量发展。"十四五"期间， ...

今日，上海证券交易所（以下简称上交所）发布《关于暂免收取部分2026年度费用的通知》，推出2026 年系列降费让利措施，免收沪市上市公司上市费，减免交易单元使用费，免收可转债以外的债券交易经 手费等。同时，上交所下属子公司减免交易网关流速费、上证e服务、上证e投票、上证云等费用。预计 2026年降费让利金额约11.13亿元。 上交所始终认真贯彻落实党中央和国务院关于减税降费的决策部署，持续挖掘降费空间，提升让利力 度，聚焦支持实体经济发展，推动资本市场高质量发展。"十四五"期间，上交所研究调降股票、债券、 基金、REITs等的交易经手费收费标准，持续免收上市公司及基金、REITs上市费，减免会员等市场主 体的交易单元使用费；上交所下属子公司持续减免上市公司、行业机构相关服务费用，通过系列降费措 施提振市场信心、稳定发展预期，助力经济平稳健康运行。 12月26日，中国资本市场迎来政策利好，沪深交易所同步发布通知，宣布推出2026年度系列降费措施。 这不仅是资本市场落实中央经济工作会议精神的具体行动，更是一场"真金白银"的及时雨。 据初步测算，两大交易所预计降费总金额将超过19亿元人民币（其中上交所约11.13亿 ...