超长信用债交易跟踪：超长信用债配置价值提升

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The allocation value of ultra - long credit bonds has increased, with rising trading volume and a higher proportion of low - valuation transactions. The trading volume and price performance vary among different regions and industries of ultra - long urban investment bonds and ultra - long industrial bonds [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Ultra - long Credit Bonds: Rising Trading Volume and Higher Proportion of Low - valuation Transactions - Trading Volume: The daily trading activity of ultra - long credit bonds increased this week. The average daily trading volume was 3.3 transactions, up from 3.0 last week. The trading volume of ultra - long credit bonds with a remaining maturity of 7 - 10 years increased significantly. The total trading volume this week was 30.3 billion yuan, a 12.64% increase from last week. The trading activity of industrial bonds was higher than that of urban investment bonds [2][11]. - Trading Term: The institutional preference for duration decreased. The average trading term of ultra - long credit bonds was 9.83 years, a decrease of 0.31 years from last week. The average trading term of ultra - long urban investment bonds decreased by 1.07 years, and that of industrial bonds decreased by 0.14 years [3][12]. - Trading Price: The trading yield of ultra - long credit bonds increased by 1bp to 2.37%. The trading yield of ultra - long urban investment bonds increased by 8bp, while that of ultra - long industrial bonds decreased by 1bp. The proportion of low - valuation transactions of ultra - long credit bonds rose to 53%, with a significant increase in ultra - long industrial bonds from 38% last week. The proportion of low - valuation transactions of credit bonds with a remaining maturity of 15 - 20 years decreased by about 55 percentage points [3][13]. 3.2 Ultra - long Urban Investment Bonds: Rising Trading Volume in Xinjiang and Sichuan, Marginal Increase in the Proportion of Low - valuation Transactions in Hebei - Trading Volume: The trading volume of ultra - long urban investment bonds in Xinjiang was relatively high at 1.47 billion yuan this week. The trading volume in Hebei and Shandong decreased significantly compared to last week, by 870 million yuan and 490 million yuan respectively, while that in Xinjiang and Sichuan increased [15]. - Trading Term: The average trading term of ultra - long urban investment bonds was 8.68 years. The trading term of ultra - long urban investment bonds in Liaoning increased by 0.12 years compared to last week, while that in Anhui decreased by 14.03 years [17]. - Trading Price: The trading yields of urban investment bonds in Liaoning and Shandong were relatively high, exceeding 3%. The trading yields of ultra - long urban investment bonds in Shandong and Beijing increased by 38bp and 32bp respectively compared to last week, while those in Fujian and Zhejiang decreased by 21bp and 16bp respectively. The proportion of low - valuation transactions of ultra - long urban investment bonds in Xinjiang decreased by 86 percentage points compared to last week, while that in Hebei and Hubei increased [17]. 3.3 Ultra - long Industrial Bonds: Rising Trading Volume in Utilities and Petrochemical Industries, Decreasing Proportion of Low - valuation Transactions in Commerce and Retail and Coal Industries - Trading Volume: The trading volume of ultra - long industrial bonds in the utilities industry was relatively high at 9.86 billion yuan this week. The trading volume of ultra - long industrial bonds in the utilities and petrochemical industries increased significantly compared to last week, by 5.76 billion yuan and 2.11 billion yuan respectively. The trading volume of ultra - long industrial bonds in the comprehensive industry decreased by about 3.49 billion yuan [20]. - Trading Term: The trading terms of ultra - long industrial bonds in the utilities and comprehensive industries shortened significantly this week, by 2.31 years and 0.85 years respectively compared to last week. The trading terms of ultra - long industrial bonds in the non - ferrous metals and transportation industries lengthened significantly, by 9.79 years and 5.92 years respectively [23][24]. - Trading Price: The trading yields of ultra - long industrial bonds in the social services and coal industries increased by 65bp and 48bp respectively compared to last week. The proportion of low - valuation transactions of ultra - long industrial bonds in the electronics industry was relatively high at 100%. The proportion of low - valuation transactions of ultra - long industrial bonds in the commerce and retail and coal industries decreased significantly this week [24].