【正文】 dplus corporate bond. 銀行間市場公司債券發(fā)行量（ ） Amount of corporate bond in interbank market 銀行間市場公司債券托管量（ ） Amount of Trusteeship of Corporate bond in interbank market 資料來源： Chinabond， 申萬研究 0 5000 10000 15000 20220 2022 2022 2022 2022 2022 2022 2022 Jul 08 Corporate bond Government bond 億元 100 million 0 10000 20220 30000 40000 50000 60000 2022 2022 2022 2022 2022 2022 2022 2022 Jul 08 Corporate bond Government bond 億元 100 million 申萬研究 4 1. 中國公司債券市場發(fā)展：交易所市場 The Development of Corporate Bond Market in China: Bourse Market ? 2022年，交易所推出分離債品種， 2022年推出公司債品種， 2022年或推出可交換債品種，交易所公司債券市場成為公司債券的另一大交易平臺(tái) ? In 2022,the bourse issued a kind of warrant bond, in 2022 corporate bond, in 2022, exchangeable bond. The bourse corporate bond market bee another large trading platform for corporate bonds. ? 商業(yè)銀行不能參與交易所公司債券市場，但個(gè)人、企業(yè)投資者可直接參與，小額交易的流動(dòng)性較好 ? Commercial banks cannot participate the bourse corporate bond market, but individuals and firms can directly join in, as the liquidity of small amount trade is good. 資料來源：申萬研究 交易所債券市場公司債券發(fā)行品種 various sorts of corporate bonds in the bourse bonds market 0 400 800 1200 1600 2022 2022 2022(E) warrant bonds Corporate bond 100 million 申萬研究 5 1. 中國公司債券市場發(fā)展 The development of corporate bond market in China ? 公司債券的行業(yè)分布主要集中在工業(yè)、公用事業(yè)、能源等行業(yè)，大型央企是主要的融資主體 ? Industry distributions of corporate bonds are concentrated on manufacturing, public affair, and energy, etc. largescale stateowned firms are the main financing entities. ? 1年以下及 510年品種是目前公司債券市場的主流品種， 15年成為關(guān)鍵發(fā)行期限 ? The bonds within 1 year and 510 year bonds are the main products in the , 3, 5, 10, 15 are the key maturities. ? 商業(yè)銀行、保險(xiǎn)機(jī)構(gòu)、基金、信用社是公司債券最大的四類持有機(jī)構(gòu)，持有比例將近 90%，個(gè)人投資者持有比例最低 ? Commercial banks, insurance institutions, funds, and credit institutions are the four main holders of corporate bonds, the holding percentage of which is up to 90%. Percentage of individual holder is the lowest. 010002022300040005000工業(yè)公用事業(yè)材料 能源 金融電信服務(wù) 可選消費(fèi) 日常消費(fèi) 信息技術(shù) 醫(yī)療保健億元 100million Industry distribution of corporate bonds in interbank market（ ） Time limit for corporate bonds（ ） 資料來源： Chinabond， Wind， 申萬研究 41%6%31%11%2% 2% 1% 5%1%0%商業(yè)銀行 信用社 保險(xiǎn)基金 證券公司 非銀行金融機(jī)構(gòu)非金融機(jī)構(gòu) 個(gè)人投資者 交易所特殊結(jié)算成員Investor distribution（ ） 05001000150020222500300035001 年以下 13年 35年 510年 1 0 年以上億元 100million 申萬研究 6 1. 中國公司債券市場發(fā)展 /The development of Chinese corporate bond market ? 公司債券市場發(fā)展的意義 /The significance of corporate bond market 推動(dòng)直接融資、拓寬企業(yè)融資渠道 / promote direct financing, enlarge channels for corporate financing 分散銀行信用風(fēng)險(xiǎn)、促進(jìn)銀行經(jīng)營模式轉(zhuǎn)變 / separate bank’s credit risk, promote the transformation of bank management 增加機(jī)構(gòu)投資者和個(gè)人投資者的可投資品種，促進(jìn)債券市場多層次發(fā)展 / increase the investment products for institution investors and individual investors, promote multilevel development of bond market ? 公司債券市場發(fā)展的重點(diǎn) / focuses of the development of corporate bond market 完善信用評(píng)級(jí)體系，建立合理的定價(jià)方法 / improve credit rating system, establish rational pricing mechanism 提高公司債券市場的流動(dòng)性，分散系統(tǒng)性風(fēng)險(xiǎn)，減小流動(dòng)性利差 / enhance the liquidity of corporate bond market, separate systematic risk, reduce interest spread in liquidity. 申萬研究 7 1. 中國公司債券市場發(fā)展 / The development of Chinese corporate bond market 2. 各類金融資產(chǎn)流動(dòng)性比較 / parison of liquidity for various financial capitals 3. 提高公司債券市場流動(dòng)性建議 / Suggestions for enhancing the liquidity of corporate bond market 主要內(nèi)容 / Contents 申萬研究 8 2. 各類金融資產(chǎn)流動(dòng)性比較 / Comparisons of the liquidity for various financial capitals ? 債券：國債、公司債券 / Bonds: treasury bonds and corporate bonds ? 股票：滬深股市 / Stock: the stock market in Shenzhen and Shanghai ? 基金：封閉式基金 / Funds: closedend funds 申萬研究 9 0500001000001500002022002022 2022 2022 2022 2022 2022 2022 2022 Jul08短融 企業(yè)債 國債 央票 金融債 資產(chǎn)支持證券 債券市場：流動(dòng)性偏弱 / Bonds market: low liquidity ? 債券市場發(fā)展初期投資者多選擇持有到期策略，債券流動(dòng)性較差，隨著市場規(guī)模的不斷擴(kuò)大和雙邊報(bào)價(jià)制度的推出，債券交易量逐漸放大 ? At the infancy phase of bond market, investors are likely to choose to hold the bonds until expiration, which makes low liquidity of bonds. As market scale bees larger, and the debut of bilateral pricing system, the volume of trading bees larger. ? 現(xiàn)券用于回購融資的交易量是現(xiàn)券交易量的數(shù)倍，回購融資能力對(duì)流動(dòng)性需求影響很大 ? The existing bonds that are used for Repo are larger than the existing bond trade volume. Repo ability are influential to demand of liquidity. ? 2022年 17月，銀行間市場公司債券的交易量占市場總交易量約 %，用于質(zhì)押式回購的公司債券交易量占市場總交易量約 %，公司債券的回購融資功能明顯偏弱 ? During January to July, 2022, the trading volume of interbank corporate bond market is % of the total market. Corporate bonds used in pledgestyle Repo is % of the total market. The Repo abilities of corporate bonds are low. 01000002022003000004000005000002022 2022 2022 2022 2022 2022 2022 Jul08短融 企業(yè)債 國債 央票 金融債 資產(chǎn)支持證券億元 100million 億元 100million Trading Amount of interbank m