【申万宏源固收】黄伟平 杨雪芳 张晋源 曹璇 一级市场：太期普通信用债净供给环比上升,二永债无新发行与到期。木明(2026.01.05-2026.01.11) 普通信用债合计发行/备购资2699亿元/1311亿元/ |- HB (2025.12.22-2025.12.28) 分别为2550亿元(450亿元,其中,产业债发行环比下降至1392亿元,将融资环比大幅上升至917亿元;城投债发行环比大幅上升至1307 亿元，为25年11月以来最高值，净融资环比上升至394亿元。本期银行二永债无发行/到期（上期分别为549亿元/397亿元）。 级市场: 收益率涨跌互现,信用利差整体收窄、1V收窄幅度最大, 跨年后第一周供给担忧仍在但资金面相对平稳, 信用债表现抗跌、信用利差整体收窄, 1v反端表 午中长端。具体来看，收益率方面，各期限等级表现分化，其中7Y表现最好、整体下行（AA+/AA/AA-级城投债均为-2.36BP；AA+/AA级中震均为-2.35BP）, BP) 外全部下行(AAA/AA+级银行永续债分别为-3.58/-3.59BP) ; 而5Y则 其次为10Y长端二级资本债表现较弱(AA+/AA/AA-级均为 ...

证券研究报告|固收研究报告 [Table_Date] 2026 年 01 月 12 日 [Table_Title] 票息，债市避风港 [Table_Title2] 信用周观察系列 [Table_Summary] 2026 年 1 月 4 日-9日，债市收益率先上后下，前半周由于节后债基赎 回、权益市场开门红以及对超长利率债供需格局的担忧，收益率大幅 上行；下半周随着股市降温，债市小幅修复企稳。全周来看，利率债 收益率全线上行，信用债再度成为了债市的避风港，信用利差收窄， 中低等级城投债相对占优，AA 及以下信用利差大多收窄 3-6bp。 从机构行为来看，节后第一周，债基赎回规模较大，导致基金在二级 市场大规模卖出债券，主要是卖出利率债和二永债，对普信债小幅增 持 54.1 亿元。目前冲量基金赎回已经告一段落，下半周基金净卖出债 券规模已呈现下降趋势，1月 9 日转为净买入 82.4 亿元。 理财、保险、货币基金和其他资管机构普信债配置需求回升，分别净 买入 49.3、36.8、206.6 和 61.5 亿元，环比 2025 年 12 月下旬（2025 年 12 月 22-31 日）有所上升，尤其是理财和保险， ...

证 券 研 究 报 告 【债券周报】 商品交易再通胀，债市怎么走？ ——债券周报 20260111 债券研究 ❖ 一、债券市场经历"开门黑" 原因一：权益与商品行情强势压制债市。12 月 PMI 逆季节性回升，叠加"两 新"政策、房地产交易增值税等政策集中落地，开年宏观预期得以提振。上证 指数站稳 4000 点，万得全 A 累计上涨 5.1%。与此同时，2026 年财政继续发 力、投资回稳的预期仍在，再通胀交易在跨年前后有所升温。南华工业品指数 环比+2.5%，其中金属品种偏强。 原因二：年初国债发行规模较大，供给担忧升温。财政部公布 10 年以及 2 年 国债单只规模超 1700 亿，明显高于去年同期，引发市场供给担忧发酵。随后 1 年规模小幅下行至 1350 亿，当前国债发行符合 4%赤字率下的中性发行速 度，后续或有提速空间。1 月首周地方债招标不佳，但地方债与国债发行加点 已突破 20bp，后续关注货币财政配合控制发债成本的相关政策态度及操作。 原因三：基金冲量资金回流，赎回有所增加，对现券持续净卖出。出于内部考 核、外部竞争排名压力等诉求，年末基金存在规模冲量的现象，节后基金冲量 资金回流，信用债 ...

支持品类：支持十年期国债、十年期国开债、三十年期债券、地方债、银行二永债、TLAC非资本债、 NCD同业存单七大品种。 机构分类：支持银行、券商、广义基金、保险和其他类型机构5大类型机构。 指数示例：每条曲线代表某一类机构对该品种的买卖力量指数数值变化，直观展现其在不同时段的交易 倾向。 新华财经北京1月9日电为更全面地覆盖固收交易品类，新华财经债券市场情绪雷达持续迭代完善，近期 上新国利货币"同业存单买卖力量对比指数"。该指数聚焦流动性强、交易活跃的货币市场工具——同业 存单（NCD），填补了短端交易品类的市场情绪监测空白，助力用户更精准把握短期资金面变化和机 构博弈格局，进一步丰富和完善新华财经债券市场势能指数体系。 国利货币"买卖力量对比指数"是基于实时交易数据，追踪不同类型机构在特定时段内对特定类型债券的 买入／卖出行为，计算量化出的综合情绪指标。 数值区间：该指数数值区间为（-100,100），指数绝对值越大表示买卖力量对比越强。其中，(0,100)代 表"买入力量"大于"卖出力量"；(-100,0)代表"买入力量"小于"卖出力量"；0代表买入、卖出力量均衡； 0*代表无有效交易发生。 更新频率：以 ...

报告导读： 久期波动对二永债的影响或大于尾部信用问题。 2026 年银行次级债市场和策略展望： ① 一级发行：大行供给量预计维持平稳，小行净发行难快速收缩。 预计 2026 年国有大行发行银行二永债 9000 亿元 +2500 亿元 TLAC 债。中小行方面预 计 2026 年中小行发行 6000-7000 亿元银行次级债。 ② 二级策略：我们认为 2026 年银行二永债投资时宜更关注负债端的"稳"，次关注信用端的"赎"，短久期利差空间相对有限，长久期利差充足但负债端不稳 的问题可能持续扰动： 可考虑 1-3 年位置尚有一定骑乘空间，适当关注 2-3 年期二级资本债以及 1-2 年银行永续债的下沉机会。长端方面，我们预期 2026 年债市整体处于逆风期，且存在潜在事件冲击的情况下，银行二永债的波动以及交易难度预计将有所上升，同时来自配置端的支持力度也可能边际减 弱。从配置角度观察，当前债券的高利差使其配置性价比相对占优，但从交易角度而言，在逆风环境中对交易时机和波段把握的要求显著提高，其投资机会或 更多出现在因市场情绪冲击导致的超跌调整之后。 2025 年银行次级债一二级市场回顾：发行稳定，利差分化。一级市场 ...

重"稳"轻"赎"，配短博长 [Table_Authors] 唐元懋(分析师) 2026 年银行二永债年度策略 本报告导读： 久期波动对二永债的影响或大于尾部信用问题。 投资要点： 债券研究 /[Table_Date] 2025.12.26 | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 因时制宜：周期转换中的转债因子轮动 2025.12.06 定量拆解：债基跨年行情的几个关键点 2025.12.05 2026 年货币政策展望：目标函数和宽松模式重构 2025.12.05 优化债券择时系统的稳定性：多模型聚合策略 2025.12.03 因势而动，精耕个券 2025.11.28 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 债 券 研 究 专 题 研 究 [Table_S ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of the AAA electrical equipment industry compressed significantly compared to last week, while the credit spreads of other industries and ratings widened to varying degrees. For urban investment bonds, the credit spreads of those with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. For industrial bonds, most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For bank capital bonds, the short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly [3][4][30]. - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [5][7][44]. 3. Summary by Related Catalogs 3.1 This Week's Credit Hot Events - On December 19th, the Shanghai Stock Exchange issued a notice allowing eligible overseas institutional investors to conduct bond repurchase business on the Shanghai Stock Exchange, providing them with standardized liquidity management tools [11]. - On December 15th, the National Association of Financial Market Institutional Investors launched a self - regulatory investigation into Postal Savings Bank of China for suspected violations in the underwriting and issuance of debt financing instruments [12]. - On December 15th, Guizhou Rural Commercial United Bank Co., Ltd. was approved to open. It acquired the shares of 16 rural commercial banks and 5 rural credit cooperatives, with an increased registered capital of 10.458 billion yuan and new shareholders including the Guizhou Provincial Department of Finance and China Kweichow Moutai Group Co., Ltd. [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 116.1 billion yuan, a decrease of 128.1 billion yuan compared to last week. The total issuance was 365.5 billion yuan, a decrease of 99.1 billion yuan, and the total repayment was 249.3 billion yuan, an increase of 29 billion yuan. The net financing of asset - backed securities was 20.9 billion yuan, a decrease of 27 billion yuan compared to last week [14]. - By product type, the net financing of urban investment bonds was 21.3 billion yuan, an increase of 500 million yuan; the net financing of industrial bonds was 70.9 billion yuan, a decrease of 44.7 billion yuan; and the net financing of financial bonds was 24 billion yuan, a decrease of 83.9 billion yuan [15]. 3.2.2 Issuance Cost - This week, the issuance rates of AA industrial bonds and urban investment bonds were adjusted to over 2.8%, while the average issuance rates of other bonds with different ratings and types were below 2.8%. Specifically, the issuance rates of AA industrial bonds and urban investment bonds increased by 45BP and 27BP respectively compared to last week, and the issuance rate of AA + financial bonds increased by 58BP [17]. 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 44.3 billion yuan compared to last week. By product type, the trading volume of urban investment bonds was 259.4 billion yuan, a decrease of 13.7 billion yuan; the trading volume of industrial bonds was 367.4 billion yuan, an increase of 13.2 billion yuan; the trading volume of financial bonds was 627.5 billion yuan, a decrease of 43.8 billion yuan. The trading volume of asset - backed securities was 25.5 billion yuan, an increase of 1 billion yuan [24]. - In terms of turnover rate, the turnover rate of credit bonds showed a mixed trend compared to last week. Specifically, the turnover rate of urban investment bonds was 1.66%, a decrease of 0.1 pct; the turnover rate of industrial bonds was 1.89%, an increase of 0.06 pct; the turnover rate of financial bonds was 4.05%, a decrease of 0.29 pct; the turnover rate of asset - backed securities was 0.67%, an increase of 0.03 pct [24]. 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared to last week. For example, the yields of AA, AAA -, and AAA + credit bonds within 1 year decreased by 2BP, 2BP, and 1BP respectively; the yields of AA and AAA + credit bonds with a 5 - year maturity increased by 2BP and 1BP respectively, while the yield of AAA - credit bonds decreased by 1BP; the yields of AA, AAA -, and AAA + credit bonds with a maturity over 10 years decreased by 1BP, 1BP, and less than 1BP respectively [25]. 3.3.3 Credit Spreads - Overall, the credit spreads of the AAA electrical equipment industry compressed significantly by 14BP compared to last week, while the spreads of other industries and ratings widened to varying degrees. For example, the credit spreads of the AA + leisure service industry widened by 20BP, and the spreads of the AA + media and light manufacturing industries widened by 9BP [30]. - **Urban Investment Bonds**: By maturity, the credit spreads of urban investment bonds with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. By region, the top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Yunnan, Jilin, Shandong, and Sichuan; for AA + urban investment bonds, they were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Yunnan; for AAA urban investment bonds, they were Liaoning, Yunnan, Shaanxi, Jilin, and Tianjin [32][34]. - **Industrial Bonds**: Most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For example, the credit spreads of 1 - year AAA -, AA +, and AA private industrial bonds widened by 4BP, 4BP, and 7BP respectively compared to last week; the spreads of 10 - year AAA -, AA +, and AA private industrial bonds widened by 2BP, 2BP, and 2BP respectively [36]. - **Bank Capital Bonds**: The short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly. For example, the credit spreads of 1 - year AAA -, AA +, and AA Tier 2 capital bonds widened by 4BP, 3BP, and 3BP respectively compared to last week, and the spreads of 10 - year AAA -, AA +, and AA Tier 2 capital bonds compressed by 3BP, 2BP, and 2BP respectively [39]. 3.4 This Week's Bond Market Negative News - This week, the implied ratings of bonds issued by five issuers, including Nanjing Zijin Financial Leasing Co., Ltd. and Beijing Tianheng Yuanxin Capital Investment Management Co., Ltd., were downgraded. The "H20 Tianying 3" issued by Wuhan Tianying Investment Group Co., Ltd. and the "Hongda Debenture" issued by Hongda Xingye Co., Ltd. defaulted in essence [4][40]. 3.5 Investment Recommendations - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position to obtain stable coupon income, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected to increase portfolio returns. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration to obtain stable coupon income, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [44].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of credit bond defaults decreased significantly, and the credit environment improved. The number of defaulted bonds was 16, with a total default amount of 15.084 billion yuan, a year-on-year decrease of 54 bonds and 77.145 billion yuan respectively [1][11]. - All first - time defaulting entities in 2025 were non - state - owned enterprises, and the number of defaults in the real estate industry decreased. Looking ahead to 2026, real estate may still be the main risk point in the credit bond market, and local risks of some weak - qualified small and medium - sized financial institutions should be vigilant, but the probability of a systemic impact on the market is low [1][13]. - The default rate dropped to a historically low level. In 2025, the marginal default rate was 0.22%, the second - lowest since 2014 [1][22]. - Last week, after an important meeting released a signal of monetary easing, credit bond yields turned downward in the second half of the week but the repair momentum was weak. Looking forward, due to the impact of wealth management funds returning to the balance sheet at the end of the quarter, incremental funds may be limited, and there is insufficient impetus to compress credit spreads. It is recommended to focus on the coupon strategy [2]. 3. Summary According to the Directory 3.1 2025 Credit Bond Market Default Feature Summary - **Default Quantity and Scale Decreased Significantly, Credit Environment Improved**: In 2025, the number and amount of defaulted credit bonds continued the downward trend of the previous year. There were 16 defaulted bonds with a total amount of 15.084 billion yuan, a year - on - year decrease of 54 bonds and 77.145 billion yuan respectively. From 2014 - 2025, substantial defaults were the main type in the credit bond market (73.4%), and in 2025, there were 11 substantial defaults and 5 extensions [11]. - **First - time Defaulting Entities were All Non - state - owned Enterprises, Real Estate Industry Default Quantity Decreased**: The 16 first - time defaulted bonds in 2025 came from 12 non - state - owned enterprise issuers, covering 6 industries such as real estate and non - bank finance. Historically, non - state - owned enterprises had significantly more defaults than state - owned enterprises. The real estate industry was still the main risk point in 2026, and local risks of some small and medium - sized financial institutions should be watched out for [13][17]. - **Default Rate Dropped to a Historically Low Level**: In 2025, the marginal default rate was 0.22%, the second - lowest since 2014. The overall recovery rate from 2014 to 2025 was 13.76%, with state - owned enterprises having a higher recovery rate of 27.12% than non - state - owned enterprises at 10.28% [22]. 3.2 Credit Bond Yield Overview - Last week, after an important meeting released a signal of monetary easing, credit bond yields turned downward in the second half of the week but the repair momentum was weak. Overall, credit bond yields showed mixed trends, with financial bonds performing better than non - financial credit bonds, and the 3 - year non - financial credit bonds performing better [27]. - Wealth management scale and the proportion of broken - net products decreased. The average yield of wealth management products had been declining for 6 consecutive weeks since early November. Looking forward, due to the impact of wealth management funds returning to the balance sheet at the end of the quarter, incremental funds may be limited, and there is insufficient impetus to compress credit spreads. It is recommended to focus on the coupon strategy. Institutions with stable liability ends can moderately participate in 3 - year medium - and high - grade bank secondary and perpetual bonds and securities firm subordinated bonds with relatively high spreads [29][36]. 3.3 Primary Market - **Issuance Volume**: Last week, the issuance scale of credit bonds increased both month - on - month and year - on - year, while the net financing scale decreased month - on - month and increased year - on - year. The net financing scale of urban investment bonds and financial bonds decreased month - on - month, while that of industrial bonds increased [37]. - **Issuance Cost**: The average issuance interest rate of credit bonds increased slightly. The average issuance interest rate of urban investment bonds increased month - on - month, while that of industrial and financial bonds decreased [45]. - **Issuance Term**: The average issuance term of credit bonds decreased month - on - month. The issuance terms of industrial and financial bonds decreased, while that of urban investment bonds increased [47]. - **Cancellation of Issuance**: The number and scale of cancelled credit bond issuances decreased last week [53]. 3.4 Secondary Market - **Trading Volume**: Except for the trading volume of securities firm subordinated bonds, the trading volume of other types of credit bonds rebounded last week, with the trading volume of bank secondary capital bonds increasing by over 13 billion yuan. The trading terms of different types of bonds showed different trends in terms of remaining maturity and implied rating [57][58]. - **Trading Liquidity**: The turnover rates of urban investment bonds, industrial bonds, and financial bonds increased last week. The turnover rates of different terms of each type of bond also showed different trends [59]. - **Spread Tracking**: Last week, most urban investment bond spreads widened, with the 10 - year AA + grade urban investment bond spreads widening the most. Most industrial bond spreads also widened, with the real estate industry having the largest spread widening for both AAA and AA grades. Most bank secondary and perpetual bond spreads narrowed, while the spreads of securities firm subordinated bonds widened across the board, and most insurance subordinated bond spreads narrowed [65][73][76]. 3.5 Weekly Hot Bonds Overview Based on qeubee's bond liquidity scoring, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores were selected for investors' reference [80]. 3.6 Credit Rating Adjustment Review Last week, 3 bonds had their debt ratings downgraded, and there were no upgrades [84].

银行二永债继续跑输普信债。12月1-5日，银行二永债收益率全线上行，信用利差也普遍走扩，中长端表现更弱，4年、10年二永债利差走扩4-9bp。与中 短票相比，银行二永债表现落后，相对利差多走扩，其中3-4年和10年二级资本债、3-4年AA及以上永续债和4-5年AA-永续债调整幅度更大，相对利差走 扩4-8bp。 二永债具有"利率波动放大器"属性，在利率债还没有明确方向，且基金销售费用新规尚未落地的背景下，估值波动风险仍然较大，交易盘依然建议谨慎参 与。不过，随着中长久期二永债收益率攀升至年内高点附近，性价比凸显，部分负债端稳定、追求绝对收益的账户依然可以考虑布局，持有体验要好于普 信债。假设持有3个月，收益率曲线不变的情形下，3-5年大行二永债的持有期收益率要高于普信债，尤其是3年品种，持有收益率要高10bp左右。即使后 续估值继续调整，3年大行二永债也能够承受20bp左右的利率上行风险。 来源：郁言债市 12月1-5日，资金面平稳，但央行买债不及预期，市场对进一步"宽货币"预期有所弱化，债市继续调整。信用债收益率上行，利差表现分化，高等级城投 债1年、10年表现偏弱，利差走扩3-5bp，30年利差被动收窄8 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - In 2026, the overall supply of credit bonds is expected to increase, with a total net financing of 3.13 trillion yuan, up 330.5 billion yuan from 2025. Industrial bonds will be the main contributor, with a net financing of 2.5 trillion yuan [1][9]. - The regulatory tightening on urban investment platforms will continue in 2026, and the net financing of urban investment bonds is expected to shrink further to -416.3 billion yuan. The net financing of non - bank institutional bonds is expected to increase to 44.29 billion yuan. The net financing of commercial bank financial bonds is expected to be close to 2025, at 24.43 billion yuan, and the net financing of bank secondary and perpetual bonds may drop to 36.44 billion yuan [1][10][19]. - In the week of 2025/12/1 - 12/5, the yields of credit bonds increased across the board. Non - financial credit bonds performed better than financial bonds, and among financial bonds, 10 - year brokerage sub - bonds performed best. Looking ahead, credit bonds may show a volatile trend, and a coupon strategy is recommended [2][24]. 3. Summary by Relevant Catalogs 3.1 2026 Credit Bond Supply Estimation - Overall, in 2026, driven by the growth of industrial bond net financing, the supply of credit bonds is expected to increase. Industrial bonds are the main contributor to supply, with a net financing of 2.5 trillion yuan, an increase of 468.6 billion yuan from 2025 [9][15]. - Urban investment bonds: Due to continued strict supervision, the net financing is expected to shrink to -416.3 billion yuan, a decrease of 212.4 billion yuan from 2025 [10]. - Non - bank institutional bonds: With the expected recovery of the equity market, the full implementation of the I9 standard, and high refinancing pressure, the net financing is expected to reach 44.29 billion yuan, an increase of 11.97 billion yuan from 2025 [10]. - Commercial bank financial bonds: Under the policy guidance of淡化 "scale concept", the net financing is expected to be 24.43 billion yuan, close to 2025 [19]. - Bank secondary and perpetual bonds: Affected by factors such as state - owned bank capital injection, debt replacement, and the substitution of TLAC bonds, the net financing is expected to be 36.44 billion yuan, a decrease of 46.3 billion yuan from 2025 [19]. 3.2 Credit Bond Yield Overview - In the week of 2025/12/1 - 12/5, credit bond yields increased across the board. Non - financial credit bonds outperformed financial bonds, and among financial bonds, 10 - year brokerage sub - bonds performed best [24]. - Urban investment bonds generally showed a feature that the longer the duration, the greater the increase in yield. The 10 - year bonds had the largest average increase of 7bp [24]. - Industrial bonds: High - rating and short - duration bonds had a significantly lower average increase in yield than other types of bonds [24]. - Financial bonds: The increase in yield was generally greater than that of general credit bonds of the same term, and short - duration bonds had a smaller increase than medium - and long - duration bonds [25]. 3.3 Primary Market 3.3.1 Issuance Volume - In the week of December 1 - 5, 2025, the issuance scale of credit bonds decreased both month - on - month and year - on - year. The net financing decreased month - on - month and increased year - on - year. The net financing of urban investment bonds, industrial bonds, and financial bonds decreased by 4 billion yuan, 74.2 billion yuan, and 37.9 billion yuan respectively month - on - month [35]. 3.3.2 Issuance Cost - The average issuance interest rate of credit bonds increased. The average issuance interest rate of urban investment bonds decreased by 1.4bp month - on - month, while that of industrial and financial bonds increased by 15.8bp and 4.6bp respectively [41]. 3.3.3 Issuance Term - The average issuance term of credit bonds decreased month - on - month. The average issuance terms of urban investment bonds, industrial bonds, and financial bonds decreased by 0.13 years, 0.02 years, and 0.19 years respectively [45]. 3.3.4 Cancellation of Issuance - In the week of December 1 - 5, 2025, the number of credit bond cancellations increased month - on - month, while the scale decreased. Nine bonds were cancelled, an increase of 2 from the previous week, and the total cancellation scale was 3.738 billion yuan, a decrease of 0.479 billion yuan [47]. 3.4 Secondary Market 3.4.1 Trading Volume - The trading volume of all types of credit bonds decreased compared with the previous week, and the trading volume of industrial bonds decreased by more than 50 billion yuan [53]. - In terms of remaining term, the trading terms of urban investment and industrial bonds extended, while the trading term of bank secondary capital bonds shortened [53]. 3.4.2 Trading Liquidity - This week, the turnover rates of industrial and financial bonds decreased, while that of urban investment bonds remained flat. Among different terms, the turnover rates of different types of bonds showed different trends [56]. 3.4.3 Spread Tracking - This week, the spreads of urban investment bonds narrowed for most bond types, except for 1 - year, 10 - year, and 5 - year AA + and AA(2) bonds. The spreads of bank secondary and perpetual bonds widened across the board, and the spreads of brokerage sub - bonds mostly widened, while those of insurance sub - bonds widened across the board [64][70][72]. 3.5 Weekly Hot Bonds Overview - Based on qeubee's bond liquidity scores, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity are selected for investors' reference [74]. 3.6 Credit Rating Adjustment Review - According to domestic rating agencies, this week, the debt rating of 1 bond was upgraded, and there was no downgrade of debt ratings [80].