超长信用债交易跟踪：蓄势待修复

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - This week, the trading activity of ultra - long - term credit bonds decreased, with the average daily trading volume dropping to 2.7 transactions from 2.8 last week. The trading volume of ultra - long - term credit bonds decreased by 42.15% week - on - week to 28 billion yuan, mainly in bonds with a remaining maturity of 7 - 10 years. The institutions' preference for bond duration declined, and the proportion of low - valuation transactions increased [1][9]. - For ultra - long - term urban investment bonds, the trading volumes in Chongqing and Shandong increased, while those in Shaanxi and Guangdong decreased significantly. The proportion of low - valuation transactions in Henan and Beijing increased marginally [2][14]. - For ultra - long - term industrial bonds, the trading volumes in the building decoration and machinery equipment industries increased, while those in the public utilities industry decreased. The proportion of low - valuation transactions in the electronics and basic chemicals industries decreased [4][19]. 3. Summary by Directory 3.1 Ultra - long - term Credit Bonds: Decrease in Trading Volume and Increase in Low - valuation Transaction Proportion - Trading Activity: The average daily trading frequency of ultra - long - term credit bonds decreased to 2.7 transactions from 2.8 last week. The daily trading frequency of bonds with a remaining maturity of 15 - 20 years decreased significantly. The trading activity of urban investment bonds was higher than that of industrial bonds [1][9]. - Trading Volume: The trading volume of ultra - long - term credit bonds was 28 billion yuan, a 42.15% week - on - week decrease, mainly in bonds with a remaining maturity of 7 - 10 years [1][9]. - Trading Duration: The average trading duration of ultra - long - term credit bonds was 9.36 years, a decrease of 0.59 years from last week. The average trading duration of ultra - long - term urban investment bonds decreased by 0.73 years, and that of industrial bonds decreased by 0.56 years [2][12]. - Trading Price: The trading yield of ultra - long - term credit bonds was 2.37%, a decrease of 3bp from last week. The proportion of low - valuation transactions increased to 57%, with a significant increase in ultra - long - term industrial bonds from 24% to 60%. The proportion of low - valuation transactions of bonds with a remaining maturity of 20 - 30 years increased by about 31 percentage points [2][12]. 3.2 Ultra - long - term Urban Investment Bonds: Increase in Trading Volume in Chongqing and Shandong, and Marginal Increase in Low - valuation Transaction Proportion in Henan and Beijing - Trading Volume: Jiangsu had a high trading volume of 1.65 billion yuan. The trading volumes in Shaanxi and Guangdong decreased by 1.76 billion yuan and 1.27 billion yuan respectively compared to last week, while those in Chongqing and Shandong increased [14]. - Trading Duration: The trading duration of ultra - long - term urban investment bonds was 9.23 years. The trading duration in Fujian increased by 0.82 years, while that in Jiangxi decreased by 1.17 years compared to last week [17]. - Trading Price: The trading yield of Tianjin's urban investment bonds exceeded 3%. The trading yields in Zhejiang and Shandong increased by 52bp and 51bp respectively, while those in Anhui and Henan decreased by 26bp and 16bp respectively compared to last week. The proportion of low - valuation transactions in Jiangsu decreased by 59 percentage points, while those in Henan and Beijing increased [17]. 3.3 Ultra - long - term Industrial Bonds: Increase in Trading Volume in Building Decoration and Machinery Equipment Industries, and Decrease in Low - valuation Transaction Proportion in Electronics and Basic Chemicals Industries - Trading Volume: The public utilities industry had a high trading volume of 9.26 billion yuan. The trading volumes in the building decoration and machinery equipment industries increased by 810 million yuan and 150 million yuan respectively compared to last week, while that in the public utilities industry decreased by about 7.46 billion yuan [4][19]. - Trading Duration: The trading durations of ultra - long - term industrial bonds in the coal and social services industries decreased by 5.63 years and 3.83 years respectively, while those in the non - ferrous metals and basic chemicals industries increased by 3.54 years and 2.48 years respectively [23]. - Trading Price: The trading yields of ultra - long - term industrial bonds in the machinery equipment and commercial retail industries increased by 33bp and 18bp respectively. The proportions of low - valuation transactions in the social services and communication industries were as high as 100%. The proportions of low - valuation transactions in the electronics and basic chemicals industries decreased significantly [23].