票息资产热度图谱：信用债补涨落空

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - As of April 21, 2025, private real - estate bonds issued by private enterprises had higher valuation yields and spreads compared to other types of bonds. The yields of non - financial and non - real - estate industrial bonds mostly adjusted, with the 1 - 2 - year private public non - perpetual bonds having a yield increase of over 15BP, and the 2 - 5 - year state - owned private perpetual bonds having an adjustment of over 5BP. For real - estate bonds, short - term interest rates declined, while the yield increase of bonds over 1 - year was generally within 5BP. In the financial bond sector, bonds with high valuation yields and spreads included leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. The yields of financial bonds mainly increased, with the 2 - 3 - year perpetual leasing bonds having a yield increase of over 5BP [3][8]. - For urban investment bonds, in public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang were below 2.6%. Bonds with yields over 4.5% were in prefecture - level and district - level areas of Guizhou. Areas like Guangxi, Yunnan, and Qinghai also had high spreads. Compared to the previous week, the yields of public urban investment bonds within 1 - year mostly declined, while those over 1 - year adjusted. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian were below 3.1%. Bonds with yields higher than 4.5% were in prefecture - level cities of Guizhou, Yunnan, and Liaoning. The yield increase of private urban investment bonds also mostly occurred in bonds over 1 - year [2][15][24]. Group 3: Summary by Relevant Catalogs Catalog 1: Overall Situation of Stock Credit Bonds - The valuation yields and spreads of private real - estate bonds issued by private enterprises were generally higher than other types of bonds. The yields of non - financial and non - real - estate industrial bonds mostly adjusted, and the short - term interest rates of real - estate bonds declined while long - term yields increased slightly. The yields of financial bonds mainly increased [3][8]. Catalog 2: Urban Investment Bonds Public Urban Investment Bonds - The weighted average valuation yields in Jiangsu and Zhejiang were below 2.6%. Bonds with yields over 4.5% were in Guizhou's prefecture - level and district - level areas. Areas like Guangxi, Yunnan, and Qinghai had high spreads. The yields of bonds within 1 - year mostly declined, while those over 1 - year adjusted, with significant increases in some bonds such as 1 - 2 - year Hunan provincial perpetual bonds [2][15]. Private Urban Investment Bonds - The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian were below 3.1%. Bonds with yields higher than 4.5% were in prefecture - level cities of Guizhou, Yunnan, and Liaoning. The yield increase mostly occurred in bonds over 1 - year, with significant increases in 1 - 2 - year Ningxia prefecture - level non - perpetual bonds, etc. [24]. Catalog 3: Industrial Bonds - The valuation yields and spreads of private real - estate bonds issued by private enterprises were higher. The yields of non - financial and non - real - estate industrial bonds mostly adjusted, with significant increases in 1 - 2 - year private public non - perpetual bonds and 2 - 5 - year state - owned private perpetual bonds. For real - estate bonds, short - term interest rates declined, and long - term yields increased slightly [3][8]. Catalog 4: Financial Bonds - Bonds with high valuation yields and spreads included leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. The yields of financial bonds mainly increased, with significant increases in 2 - 3 - year perpetual leasing bonds [4][8].