证券行业2025年三季度市场表现分析

证券行业2025年三季度市场表现分析金融机构部刘兴堂魏昊7040.91体共计62等级证券公司发债规模占比为97.98%券，短期融资券、公司债券和次级债券发行规模同比分别增长246.91%、382.64%和74.68%2025年52025体信用等级为AAA级的公司债券，发行期限在10年期、2年期、1年期及1年内的债券利差均值有所下降，5年期及3年期的利差均值有所上升。次级债券中主体信用等级为AAA级的3年期及5年期的债券利差均值较去年AAA级和AA+2025券公司主体信用等级发生变动。一、债券发行、行业信用等级分布与级别迁移及分析1（、同业拆借、收益互换。证券公司主要通过发债品种也较为单一。本部分主体信用等级均仅考虑发行人付费模式的评级机构的评级结果，即不考虑中债资信的评级该主体最新信用等级统计一次。2025年三季度，AAA等级的证券公司发债规模为6,898.70亿元，AA+等142.21AAAAA+等级证券公司分别发3242121413AAA1.50个百分点，同比略有增长，是证券公司债券发行的主力。图表1.证券公司债券发行情况-分主体信用等级（单位：亿元，只）数据来源：WIND资讯，新世纪评级整理4,210.102,359.002年以内、2年、3年、510年的发行规2,129.80638.201,178.10240.0024.002390天及以上。2025246.91%382.64%74.68%。图表2.证券公司债券发行情况-分券种（单位：亿元，只）数据来源：WIND资讯，新世纪评级整理20255布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策举2025年三季度，证券行业221.00AAA企业。发行期限方1年内、23年期，发行规模分别为50.00亿元、71.00亿元和77.00亿元。202562AAA级主51家，AA+20259月末，证券行业有存续债券75AAA58家，AA+15家，AA级主体2家。图表3.证券行业主体信用等级分布2发行主体信用等级2025年三季度/2025年9月末发行主体数量（家）占比（%）存续主体数量（家）占比（%）AAA5182.265877.33AA+1117.741520.00AA00.0022.67合计62100.0075100.00数据来源：WIND资讯，新世纪评级整理2025年三季度，未有证券公司主体信用等级发生变动。2本部分等级分布不包含无评级的私募债券发行主体。二、行业主要债券品种利差分析32025年三季度，证券公司合计发行190支公司债券、29支次级债券和126支短期融资券，具体发行利差情况详见附录。公司债券20251901以内、2年期、35103AAAAA+级的公司债券，利差均值分别为45.23BP70.25BP131AAA11210降，35年期的利差均值有所上升。图表4.2025年三季度证券行业公司债券发行利差情况（单位：BP）时间期限发行时样本数发行利差主体信用等级区间均值2025年三季度<1年AAA5029.46-52.9042.251年AAA2431.00-63.2345.252年AAA3231.00-66.5649.183年AAA6523.05-73.3945.23AA+546.72-100.3970.255年AAA1110.12-145.9251.92AA+178.1278.1210年AAA182.2382.232024年三季度<1年AAA1347.45-71.1562.581年AAA164.0064.002年AAA250.96-80.0065.483年AAA2329.83-79.0043.055年AAA1221.50-47.9030.75AA1170.99170.9910年AAA191.1191.11数据来源：WIND资讯，新世纪评级整理次级债券2025291年期、35AAA级。同比来看，2025AAA353发行利差发行利率相同发行月份同期限中债国债的加权发行利率。若无同期限中债国债加权发行利率，则采用近似值。级债券利差均值较去年同期均有所上升。图表5.2025年三季度证券行业次级债券发行利差情况（单位：BP）时间期限发行时样本数发行利差主体信用等级区间均值2025年三季度1年AAA147.1547.152年AAA248.18-71.0059.593年AAA1133.05-104.0567.875年AAA1441.12-183.9270.70AA+1278.12278.122024年三季度3年AAA439.83-83.0051.93AA+243.06-63.0653.06AA139.8339.835年AAA1127.50-67.9041.93AA+180.9980.99数据来源：WIND资讯，新世纪评级整理短期融资券42025126年-1AAA40.65BPAA+51.49BP年三季度新发AAAAA+级的样本利差均值较去年同期明显下降。图表6.2025年三季度证券行业短期融资券发行利差情况（单位：BP）时间期限发行时主体信用等级样本数发行利差区间均值2025年三季度0.11年-1.00年AAA11327.46-62.9040.65AA+1338.92-58.9051.492024年三季度0.18年-1.00年AAA4348.45-80.8365.48AA+565.00-74.1069.22数据来源：WIND资讯，新世纪评级整理4短期融资券发行人主体信用级别取自最近一期发行债券时的级别；短期融资券期限结构较分散，若无同期限中债国债加权发行利率，则采用近似值。债券类型债券简称发行期限(年债券类型债券简称发行期限(年)主体评级发行人简称利差（BP）公司债25信投S20.08AAA中信建投证券29.4625申证D30.16AAA申万宏源证券35.4625信投S30.18AAA中信建投证券29.4625华泰S70.25AAA华泰证券29.9225平证S10.25AAA平安证券31.4625中证S30.25AAA中信证券33.4625申证D10.25AAA申万宏源证券32.4625申证D40.34AAA申万宏源证券40.4625招S110.39AAA招商证券41.9225东证S30.49AAA东方证券36.4625申D90.50AAA申万宏源证券44.9225中SK10.50AAA中信证券43.4625中证S70.50AAA中信证券41.9025申证D50.50AAA申万宏源证券38.9225申证D20.50AAA申万宏源证券38.4625华泰S90.50AAA华泰证券45.9225申证D70.51AAA申万宏源证券43.9225广发D90.53AAA广发证券34.9225兴业S1(续发)0.55AAA兴业证券42.9025兴业S10.55AAA兴业证券43.9225招证S90.55AAA招商证券37.4625广发D80.57AAA广发证券33.4625广发D7(续发)0.58AAA广发证券39.4625招S130.58AAA招商证券44.9025华泰S60.58AAA华泰证券36.9225长江D20.63AAA长江证券50.9025广D110.65AAA广发证券50.9025华泰D10.66AAA华泰证券48.9025申证D80.66AAA申万宏源证券48.9225华泰D20.67AAA华泰证券52.9025申D100.67AAA申万宏源证券48.9225长江D10.67AAA长江证券47.9025国券S20.68AAA国投证券48.9025申证D60.75AAA申万宏源证券42.9225中证S50.75AAA中信证券40.9225东北D50.80AAA东北证券45.4625国券S10.81AAA国投证券48.9225华泰S8(续发)0.92AAA华泰证券38.9225华泰S80.92AAA华泰证券38.9225华泰S3(续发)0.92AAA华泰证券52.46债券类型债券简称发行期限(年)主体评级发行人简称利差（BP）25华泰S5(续发)0.92AAA华泰证券45.9225华泰S50.92AAA华泰证券47.4625东北D60.95AAA东北证券50.9225招S120.96AAA招商证券48.9225东北D40.96AAA东北证券40.4625招S10(续发)0.98AAA招商证券35.9225招S100.98AAA招商证券37.4625招S140.98AAA招商证券47.9025广D100.99AAA广发证券46.9225广D120.99AAA广发证券51.9025华鑫S11.00AA+华鑫证券57.9025中证S2(续发)1.00AAA中信证券63.2325华S101.00AAA华泰证券37.2325中证S61.00AAA中信证券39.23新证KD011.00AAA国新证券34.2325中证S41.00AAA中信证券33.2325华泰S41.00AAA华泰证券31.0025信达011.01AAA信达证券47.2325中证G41.01AAA中信证券41.1525长江041.01AAA长江证券36.2325申证071.02AAA申万宏源证券41.1525招证G11.04AAA招商证券42.2325宁证061.04AAA南京证券41.1525申证091.05AAA申万宏源证券43.1525光证F31.05AAA光大证券44.1525长江051.08AAA长江证券52.2325GTHT111.17AAA国泰海通48.1525GTHT091.17AAA国泰海通40.1525东吴041.17AAA东吴证券50.2325华泰F31.58AAA华泰证券60.1525GTHTK31.58AAA国泰海通45.1525华泰F21.58AAA华泰证券60.1525华泰F11.58AAA华泰证券57.1525申证101.66AAA申万宏源证券58.1525GTHT031.92AAA国泰海通40.0025平证302.00AAA平安证券63.0025红证K12.00AAA红塔证券56.0025浙商022.00AAA浙商证券50.0025浙商K12.00AAA浙商证券46.0025广发072.00AAA广发证券49.0025招证K1(续发)2.00AAA招商证券31.00债券类型债券简称发行期限(年)主体评级发行人简称利差（BP）25方正G62.00AAA方正证券55.0025华泰G92.00AAA华泰证券47.0025申证082.00AAA申万宏源证券47.0025国民032.00AAA国联民生51.0025财证K12.00AAA财信证券50.0025信投F12.00AAA中信建投证券56.0025平证272.00AAA平安证券55.0025财通G22.00AAA财通证券39.0025华泰G3(续发)2.00AAA华泰证券66.5625中财G32.00AAA中金财富54.5625平证242.00AAA平安证券56.5625国证082.00AAA国信证券57.5625光证G52.00AAA光大证券51.5625GTHT072.00AAA国泰海通46.5625中证G32.00AAA中信证券39.5625方正G52.00AAA方正证券53.5625平证212.00AAA平安证券40.5625GTHT052.00AAA国泰海通34.5625国元K22.00AAA国元证券36.5625宁证042.00AAA南京证券40.1825东莞K12.00AAA东莞证券43.1825申证052.08AAA申万宏源证券41.5625华泰G6(续发)2.50AAA华泰证券61.0025中金G22.92AAA中金公司38.5625东兴G12.99AAA东兴证券59.5625东兴G22.99AAA东兴证券56.5625平证313.00AAA平安证券58.0525开源033.00AAA开源证券68.0525东证033.00AAA东方证券48.0525中证G53.00AAA中信证券46.0525GTHT123.00AAA国泰海通43.0525华股023.00AAA华西证券56.0525广发083.00AAA广发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