证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 05 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 联系人 长端收益率走高，利差大多小幅收窄 ——信用分析周报（2025/12/29-2026/1/4） 投资要点： 本周信用热点事件：12 月 26 日"15 天安人寿"公告实质性违约。 本周市场概览： 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减少；资 产支持证券净融资额环比上周减少 192 亿元。本周由于元旦节前整体发行量较少， 不同评级不同券种的平均发行利率较上周变化幅度相对较大。 2）二级市场：本周信用债成交量环比上周减少 8328 亿元；换手率方面，本周信用 债换手率较上周整体下行。本周 1Y 短端信用债收益率小幅下行，其余不同评级不同 期限的信用债收益率大多有所上行。总体来看，本周不同行业不同评级的信用利差 较上周波动幅度均不超过 5BP，且大多有所压缩。具体来看，本周 ...

来源：燕梳师院 公开信息显示，"15天安人寿"发行总额为20亿元人民币，为十年期固定利率债券，附第五年末有条件的 发行人赎回权。该债券于2015年12月25日发行，票面利率采用分段计息方式，前5年票面利率为 6.25%，后5年跳升至7.25%。值得注意的是，自2020年7月天安人寿被监管部门接管后，公司便决定不 行使该债券的赎回选择权，并以开展资产清核工作为由暂缓支付利息，此次到期无法兑付也成为该债券 风险的最终显性化。截至最新，"15天安人寿"是天安人寿仅存的一只债券，违约金额即为其发行总额20 亿元。 此次债券违约并非突发，而是天安人寿长期风险累积及监管处置的必然结果。作为"明天系"旗下核心保 险机构之一，天安人寿因存在多项严重违法违规行为，已于2025年6月13日被国家金融监督管理总局吊 销业务许可证。具体违规事项包括公司治理报告不真实、董事尽职报告存在不实声明、薪酬管理报告不 真实、高管在未取得任职资格的情况下履行职责、违规将投资资产用于担保或提供贷款、违规通过关联 交易向实际控制人输送利益等。 伴随业务许可证的吊销，监管部门对相关责任人也作出了严厉处罚：对刘征、周猎人等多名责任人警告 并罚款共计99 ...

Core Viewpoint - Tianan Insurance, part of the "Tomorrow System," has announced that it will be unable to repay a 5.3 billion yuan capital supplement bond due to insufficient solvency, marking the first default of its kind in China's insurance industry [2][4]. Group 1: Bond Details - The "15 Tianan Insurance" bond was issued on September 20, 2015, with a 10-year term, featuring a coupon rate of 5.97% for the first five years and 6.97% for the latter five years [4]. - In September 2020, Tianan Insurance opted not to exercise its redemption option, indicating ongoing asset verification efforts, and the bond's interest payments were suspended [4]. Group 2: Financial Health and Historical Context - Tianan Insurance's financial troubles have been evident since 2020, when its credit rating was downgraded from "AA" to "AA-" by China Bond Rating Co., citing deteriorating asset quality and liquidity [4]. - The company reported a net loss of 2.924 billion yuan in the first three quarters of 2019, a significant decline year-on-year [4]. Group 3: Asset Management and Future Implications - To alleviate liquidity pressures, Tianan Insurance sold its stake in Industrial Bank, completely divesting by August 2019, which resulted in the loss of a key asset and revenue source [5]. - In 2024, a newly established company, Sheneng Insurance, acquired Tianan Insurance's insurance business, including its assets and liabilities, but the 5.3 billion yuan bond was excluded from this transfer, leaving Tianan Insurance responsible for the debt [6][7]. Group 4: Industry Impact and Future Risks - The default on the 5.3 billion yuan bond serves as a warning sign for the development of the insurance industry in China, with potential implications for other companies [8]. - Tianan Life, another entity within the "Tomorrow System," has a 2 billion yuan capital supplement bond maturing on December 25, 2025, which also chose not to exercise its redemption option, raising concerns about future defaults [8].