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交易所和交易商协会城投债月度净融资规模

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所属报告：

【信达证券】2025年10月城投债发行审批月度跟踪：10月交易所城投债融资明显改善交易所新发债主体数量同步上升-251124（19页）.pdf

打包全文图表

图目录图 1：城投债净融资月度分布 ..................................................... 5 图 2：交易所和交易商协会城投债月度净融资规模 ................................... 5 图 3：不同省市城投债近 12 个月净融资规模分布（单位：亿元） ....................... 5 图 4：城投债月度提前兑付数量及规模 ............................................. 6 图 5：城投债月度召开债券持有人会议拟提前兑付数量及规模 .......................... 6 图 6：10 月提前兑付和现金要约城投债个券信息 ..................................... 6 图 7：交易所城投债月度终止审批数量及规模（亿元，只） ............................ 7 图 8：10 月交易所城投债终止审批个券信息 ......................................... 7 图 9：10 月首发城投债主体和相关债项 ............................................. 8 图 10：城投债发行三类用途占比 .................................................. 9 图 11：不同省市城投债募资借新还旧占比 .......................................... 9 图 12：城投发债新增融资规模 .................................................... 9 图 13：10 月发债能够新增融资的城投债个券信息（单位：%，亿元） .................. 10 图 14：各省级行政区声明市场化经营主体数量分布 ................................. 11 图 15：不同类型市场化经营主体分布 ............................................. 11 图 16：10 月新增 23 家市场化经营主体（单位：亿元） .............................. 12 图 17：10 月协会新声明市场化经营主体的融资情况 ................................. 13 图 18：2024 年 12 月以来交易所声明的市场化经营主体 .............................. 13 图 19：协会声明市场化经营主体之后取消声明主体新增融资情况 ...................... 14 图 20：名单内外 AA 级城投债信用利差走势 ......................................... 15 图 21：名单内外 AA(2)级城投债信用利差走势 ...................................... 15 图 22：各地 AA 级市场化经营主体与未声明主体信用利差变化情况（单位：BP） ......... 16 图 23：各地 AA(2)级市场化经营主体与未声明主体信用利差变化情况（单位：BP） ...... 16 10月城投债净融资规模 150 亿元，相较于 8月增加 440亿元，但低于去年同期的 688亿元。其中交易所城投债由净偿还转为净融资 473 亿元，协会净偿还规模进一步扩大至 323 亿元。10 月城投债共发行 646 只，合计发行规模 4110 亿元，其中交易所产品 2121 亿元，协会产品 1989 亿元。10 月城投债净融资规模 150 亿元，相较于 9月环比增加 440亿元，但低于去年同期的 688亿元。其中，交易所产品由净偿还 219亿元转为净融资 473亿元，协会产品由净偿还 72 亿元扩大至净偿还 323 亿元。

市场规模原图定位