SINOLINK SECURITIES·2025-04-18 01:24Group 1: Report Summary - The "24 Lülü 02" bond had a large deviation in valuation price among discount - traded bonds, and "21 Vanke 06" was at the forefront in terms of valuation price deviation among bonds with rising net prices. Among secondary and perpetual bonds with rising net prices, "21 Bank of China Secondary 04" had a large deviation in valuation price, and "22 Jiangsu Bank Rural - related Bond 01A" was at the forefront among commercial financial bonds with rising net prices. Real - estate bonds ranked high among bonds with a trading yield higher than 10% [2]. - Credit bond valuation yield changes were mainly distributed in the (0, 5] range. Non - financial credit bond trading terms were mainly distributed between 2 and 3 years, with the 1.5 - 2 - year variety having the highest proportion of discount trades; secondary and perpetual bond trading terms were mainly distributed between 2 and 3 years, with the 3 - 5 - year variety having the highest proportion of discount trades. By industry, the electronic industry had the largest average valuation price deviation for bonds [2]. Group 2: Discount - Traded Bond Tracking - Bonds such as "24 Lülü 02", "25 Weifang 02", and "24 Shaanxi Construction Y2" had significant discount trades, with different remaining terms, valuation price deviations, and trading volumes. For example, "24 Lülü 02" had a remaining term of 4.17 years, a valuation price deviation of - 0.26%, and a trading volume of 40180000 yuan [4]. Group 3: Bonds with Rising Net Prices Tracking - Bonds like "21 Vanke 06", "21 Vanke 04", and "22 Vanke 02" had rising net prices and relatively large valuation price deviations. For instance, "21 Vanke 06" had a remaining term of 1.27 years, a valuation price deviation of 1.15%, and a trading volume of 9780000 yuan [5]. Group 4: Secondary and Perpetual Bond Tracking - "21 Bank of China Secondary 04", "22 Bank of Communications Secondary Capital Bond 02A", etc. were included in the secondary and perpetual bond trading tracking. "21 Bank of China Secondary 04" had a remaining term of 6.59 years, a valuation price deviation of 0.01%, and a trading volume of 33100000 yuan [6]. Group 5: Commercial Financial Bond Tracking - "22 Jiangsu Bank Rural - related Bond 01A", "23 China Everbright Bank Bond 01", etc. were tracked in commercial financial bond trading. "22 Jiangsu Bank Rural - related Bond 01A" had a remaining term of 0.45 years, a valuation price deviation of 0.00%, and a trading volume of 90280000 yuan [7]. Group 6: Bonds with Yield Higher than 10% Tracking - Real - estate bonds such as "21 Vanke 06", "21 Vanke 04", and "20 Wanda 01" had trading yields higher than 10%. For example, "21 Vanke 06" had a trading yield of 14.51% [8]. Group 7: Credit Bond Valuation Deviation Distribution - Credit bond valuation yield changes were mainly distributed in the (0, 5] range [2]. Group 8: Non - Financial Credit Bond Trading Term Distribution - Non - financial credit bond trading terms were mainly distributed between 2 and 3 years, with the 1.5 - 2 - year variety having the highest proportion of discount trades [2]. Group 9: Secondary and Perpetual Bond Trading Term Distribution - Secondary and perpetual bond trading terms were mainly distributed between 2 and 3 years, with the 3 - 5 - year variety having the highest proportion of discount trades [2]. Group 10: Industry - Level Bond Analysis - The electronic industry had the largest average valuation price deviation for non - financial credit bonds [2].