票息资产热度图谱：2.2%以上还有哪些债?

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - As of April 28, 2025, in the stock of credit bonds, the valuation yields and spreads of private enterprise industrial bonds are generally higher than those of other varieties. The yields of most non - financial and non - real estate industrial bonds have increased, while the yields of private and public non - perpetual bonds of private enterprises within 1 year have decreased. In real estate bonds, except for private bonds within 1 year and public non - perpetual bonds within 2 years, the yields of other varieties have increased to varying degrees. In financial bonds, the yields of most varieties have increased, with leasing company bonds and urban and rural commercial bank capital supplementary tools having relatively high valuation yields and spreads [3][8]. 3. Summary by Relevant Catalogs 3.1 General Situation of Stock Credit Bonds - As of April 28, 2025, the valuation yields and spreads of private enterprise industrial bonds in the stock of credit bonds are generally higher than those of other varieties. Compared with last week, the yields of most non - financial and non - real estate industrial bonds have increased, especially those of varieties over 1 year, with adjustments generally within 10bp. The yields of private and public non - perpetual bonds of private enterprises within 1 year have decreased by 10.2bp and 4.3bp respectively. In real estate bonds, except for private bonds within 1 year and public non - perpetual bonds within 2 years, the yields of other varieties have increased to varying degrees. In financial bonds, the varieties with high valuation yields and spreads are leasing company bonds and urban and rural commercial bank capital supplementary tools. Compared with last week, the yields of most financial bond varieties have increased [3][8]. 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - The weighted average valuation yields of public urban investment bonds in Jiangsu and Zhejiang provinces are both below 2.6%. Urban investment bonds with yields exceeding 4.5% are found in prefecture - level and district - county - level areas of Guizhou. In other regions, the spreads in Yunnan, Gansu, Inner Mongolia and other places are also relatively high. Compared with last week, the performance of public urban investment bonds has differentiated among different terms. The average decline of varieties within 1 year is close to 0.2BP, while the yields of medium - and long - term bonds have mostly increased. The varieties with relatively large yield declines include non - perpetual bonds of prefecture - level cities in Guizhou with a term of 2 - 3 years, perpetual bonds of district - county - level areas in Shaanxi within 1 year, non - perpetual bonds of district - county - level areas in Yunnan with a term of 1 - 2 years, and non - perpetual bonds of district - county - level areas in Liaoning within 1 year [2][13]. 3.2.2 Private Urban Investment Bonds - The weighted average valuation yields of private urban investment bonds in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3.1%. Varieties with yields higher than 4.5% are found in prefecture - level cities of Guizhou, Yunnan, and Liaoning. The spreads in Shaanxi, Hebei, Gansu and other places are also relatively high. Compared with last week, the proportion of yield increases of private urban investment bonds is relatively high, but there are also many cases of yield declines in varieties within 1 year. The varieties with relatively large yield declines include non - perpetual bonds of provincial - level in Shandong within 1 year, perpetual bonds of prefecture - level cities in Jiangxi with a term of 2 - 3 years, non - perpetual bonds of prefecture - level cities in Liaoning within 1 year, and non - perpetual bonds of district - county - level areas in Liaoning with a term of 2 - 3 years, with declines all exceeding 15bp [2][22]. 3.3 Industrial Bonds - The valuation yields and spreads of private enterprise industrial bonds in the stock of credit bonds are generally higher than those of other varieties. Compared with last week, the yields of most non - financial and non - real estate industrial bonds have increased, especially those of varieties over 1 year, with adjustments generally within 10bp. The yields of private and public non - perpetual bonds of private enterprises within 1 year have decreased by 10.2bp and 4.3bp respectively. In real estate bonds, except for private bonds within 1 year and public non - perpetual bonds within 2 years, the yields of other varieties have increased to varying degrees [3][8]. 3.4 Financial Bonds - The varieties with high valuation yields and spreads in financial bonds are leasing company bonds and urban and rural commercial bank capital supplementary tools. Compared with last week, the yields of most financial bond varieties have increased. Specifically, in leasing bonds, the yields of public non - perpetual bonds with a term of 1 - 3 years have increased by more than 5bp, while the yields of private perpetual varieties within 1 year have declined significantly. In commercial financial bonds, the yields of national and joint - stock banks and urban commercial banks within 1 year have slightly decreased, while the bonds of other terms have generally adjusted, with the 1 - 2 year term being the period with the largest correction. The yields of bank sub - bonds have basically increased, but except for the perpetual bonds of rural commercial banks with a term of 2 - 3 years and the secondary bonds of joint - stock banks with a term of 3 - 5 years, the yield increases of other varieties are below 5bp. In addition, private non - perpetual and public perpetual sub - bonds of securities companies within 1 year are favored [4][8].