證券行業(yè)2025年三季度市場表現(xiàn)分析金融機構部劉興堂魏昊7040.91體共計62等級證券公司發(fā)債規(guī)模占比為97.98%券，短期融資券、公司債券和次級債券發(fā)行規(guī)模同比分別增長246.91%、382.64%和74.68%2025年52025體信用等級為AAA級的公司債券，發(fā)行期限在10年期、2年期、1年期及1年內的債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。次級債券中主體信用等級為AAA級的3年期及5年期的債券利差均值較去年AAA級和AA+2025券公司主體信用等級發(fā)生變動。一、債券發(fā)行、行業(yè)信用等級分布與級別遷移及分析1（、同業(yè)拆借、收益互換。證券公司主要通過發(fā)債品種也較為單一。本部分主體信用等級均僅考慮發(fā)行人付費模式的評級機構的評級結果，即不考慮中債資信的評級該主體最新信用等級統(tǒng)計一次。2025年三季度，AAA等級的證券公司發(fā)債規(guī)模為6,898.70億元，AA+等142.21AAAAA+等級證券公司分別發(fā)3242121413AAA1.50個百分點，同比略有增長，是證券公司債券發(fā)行的主力。圖表1.證券公司債券發(fā)行情況-分主體信用等級（單位：億元，只）數(shù)據(jù)來源：WIND資訊，新世紀評級整理4,210.102,359.002年以內、2年、3年、510年的發(fā)行規(guī)2,129.80638.201,178.10240.0024.002390天及以上。2025246.91%382.64%74.68%。圖表2.證券公司債券發(fā)行情況-分券種（單位：億元，只）數(shù)據(jù)來源：WIND資訊，新世紀評級整理20255布《加快構建科技金融體制有力支撐高水平科技自立自強的若干政策舉2025年三季度，證券行業(yè)221.00AAA企業(yè)。發(fā)行期限方1年內、23年期，發(fā)行規(guī)模分別為50.00億元、71.00億元和77.00億元。202562AAA級主51家，AA+20259月末，證券行業(yè)有存續(xù)債券75AAA58家，AA+15家，AA級主體2家。圖表3.證券行業(yè)主體信用等級分布2發(fā)行主體信用等級2025年三季度/2025年9月末發(fā)行主體數(shù)量（家）占比（%）存續(xù)主體數(shù)量（家）占比（%）AAA5182.265877.33AA+1117.741520.00AA00.0022.67合計62100.0075100.00數(shù)據(jù)來源：WIND資訊，新世紀評級整理2025年三季度，未有證券公司主體信用等級發(fā)生變動。2本部分等級分布不包含無評級的私募債券發(fā)行主體。二、行業(yè)主要債券品種利差分析32025年三季度，證券公司合計發(fā)行190支公司債券、29支次級債券和126支短期融資券，具體發(fā)行利差情況詳見附錄。公司債券20251901以內、2年期、35103AAAAA+級的公司債券，利差均值分別為45.23BP70.25BP131AAA11210降，35年期的利差均值有所上升。圖表4.2025年三季度證券行業(yè)公司債券發(fā)行利差情況（單位：BP）時間期限發(fā)行時樣本數(shù)發(fā)行利差主體信用等級區(qū)間均值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數(shù)據(jù)來源：WIND資訊，新世紀評級整理次級債券2025291年期、35AAA級。同比來看，2025AAA353發(fā)行利差發(fā)行利率相同發(fā)行月份同期限中債國債的加權發(fā)行利率。若無同期限中債國債加權發(fā)行利率，則采用近似值。級債券利差均值較去年同期均有所上升。圖表5.2025年三季度證券行業(yè)次級債券發(fā)行利差情況（單位：BP）時間期限發(fā)行時樣本數(shù)發(fā)行利差主體信用等級區(qū)間均值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數(shù)據(jù)來源：WIND資訊，新世紀評級整理短期融資券42025126年-1AAA40.65BPAA+51.49BP年三季度新發(fā)AAAAA+級的樣本利差均值較去年同期明顯下降。圖表6.2025年三季度證券行業(yè)短期融資券發(fā)行利差情況（單位：BP）時間期限發(fā)行時主體信用等級樣本數(shù)發(fā)行利差區(qū)間均值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數(shù)據(jù)來源：WIND資訊，新世紀評級整理4短期融資券發(fā)行人主體信用級別取自最近一期發(fā)行債券時的級別；短期融資券期限結構較分散，若無同期限中債國債加權發(fā)行利率，則采用近似值。債券類型債券簡稱發(fā)行期限(年債券類型債券簡稱發(fā)行期限(年)主體評級發(fā)行人簡稱利差（BP）公司債25信投S20.08AAA中信建投證券29.4625申證D30.16AAA申萬宏源證券35.4625信投S30.18AAA中信建投證券29.4625華泰S70.25AAA華泰證券29.9225平證S10.25AAA平安證券31.4625中證S30.25AAA中信證券33.4625申證D10.25AAA申萬宏源證券32.4625申證D40.34AAA申萬宏源證券40.4625招S110.39AAA招商證券41.9225東證S30.49AAA東方證券36.4625申D90.50AAA申萬宏源證券44.9225中SK10.50AAA中信證券43.4625中證S70.50AAA中信證券41.9025申證D50.50AAA申萬宏源證券38.9225申證D20.50AAA申萬宏源證券38.4625華泰S90.50AAA華泰證券45.9225申證D70.51AAA申萬宏源證券43.9225廣發(fā)D90.53AAA廣發(fā)證券34.9225興業(yè)S1(續(xù)發(fā))0.55AAA興業(yè)證券42.9025興業(yè)S10.55AAA興業(yè)證券43.9225招證S90.55AAA招商證券37.4625廣發(fā)D80.57AAA廣發(fā)證券33.4625廣發(fā)D7(續(xù)發(fā))0.58AAA廣發(fā)證券39.4625招S130.58AAA招商證券44.9025華泰S60.58AAA華泰證券36.9225長江D20.63AAA長江證券50.9025廣D110.65AAA廣發(fā)證券50.9025華泰D10.66AAA華泰證券48.9025申證D80.66AAA申萬宏源證券48.9225華泰D20.67AAA華泰證券52.9025申D100.67AAA申萬宏源證券48.9225長江D10.67AAA長江證券47.9025國券S20.68AAA國投證券48.9025申證D60.75AAA申萬宏源證券42.9225中證S50.75AAA中信證券40.9225東北D50.80AAA東北證券45.4625國券S10.81AAA國投證券48.9225華泰S8(續(xù)發(fā))0.92AAA華泰證券38.9225華泰S80.92AAA華泰證券38.9225華泰S3(續(xù)發(fā))0.92AAA華泰證券52.46債券類型債券簡稱發(fā)行期限(年)主體評級發(fā)行人簡稱利差（BP）25華泰S5(續(xù)發(fā))0.92AAA華泰證券45.9225華泰S50.92AAA華泰證券47.4625東北D60.95AAA東北證券50.9225招S120.96AAA招商證券48.9225東北D40.96AAA東北證券40.4625招S10(續(xù)發(fā))0.98AAA招商證券35.9225招S100.98AAA招商證券37.4625招S140.98AAA招商證券47.9025廣D100.99AAA廣發(fā)證券46.9225廣D120.99AAA廣發(fā)證券51.9025華鑫S11.00AA+華鑫證券57.9025中證S2(續(xù)發(fā))1.00AAA中信證券63.2325華S101.00AAA華泰證券37.2325中證S61.00AAA中信證券39.23新證KD011.00AAA國新證券34.2325中證S41.00AAA中信證券33.2325華泰S41.00AAA華泰證券31.0025信達011.01AAA信達證券47.2325中證G41.01AAA中信證券41.1525長江041.01AAA長江證券36.2325申證071.02AAA申萬宏源證券41.1525招證G11.04AAA招商證券42.2325寧證061.04AAA南京證券41.1525申證091.05AAA申萬宏源證券43.1525光證F31.05AAA光大證券44.1525長江051.08AAA長江證券52.2325GTHT111.17AAA國泰海通48.1525GTHT091.17AAA國泰海通40.1525東吳041.17AAA東吳證券50.2325華泰F31.58AAA華泰證券60.1525GTHTK31.58AAA國泰海通45.1525華泰F21.58AAA華泰證券60.1525華泰F11.58AAA華泰證券57.1525申證101.66AAA申萬宏源證券58.1525GTHT031.92AAA國泰海通40.0025平證302.00AAA平安證券63.0025紅證K12.00AAA紅塔證券56.0025浙商022.00AAA浙商證券50.0025浙商K12.00AAA浙商證券46.0025廣發(fā)072.00AAA廣發(fā)證券49.0025招證K1(續(xù)發(fā))2.00AAA招商證券31.00債券類型債券簡稱發(fā)行期限(年)主體評級發(fā)行人簡稱利差（BP）25方正G62.00AAA方正證券55.0025華泰G92.00AAA華泰證券47.0025申證082.00AAA申萬宏源證券47.0025國民032.00AAA國聯(lián)民生51.0025財證K12.00AAA財信證券50.0025信投F12.00AAA中信建投證券56.0025平證272.00AAA平安證券55.0025財通G22.00AAA財通證券39.0025華泰G3(續(xù)發(fā))2.00AAA華泰證券66.5625中財G32.00AAA中金財富54.5625平證242.0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