固收点评：二级资本债周度数据跟踪（20250526-20250530）-20250531

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - There were no new issuances of secondary capital bonds in the inter - bank and exchange markets from May 26 to May 30, 2025. As of May 30, 2025, the outstanding balance of secondary capital bonds reached 4578.035 billion yuan, an increase of 230 million yuan from the previous weekend (May 23, 2025) [1]. - From May 26 to May 30, 2025, the total weekly trading volume of secondary capital bonds was approximately 174.8 billion yuan, a decrease of 19.7 billion yuan from the previous week. The top three bonds in terms of trading volume were 25 CITIC Bank Secondary Capital Bond 01BC (13.205 billion yuan), 25 ICBC Secondary Capital Bond 02BC (10.876 billion yuan), and 25 CCB Secondary Capital Bond 01BC (8.887 billion yuan). Geographically, the top three regions in terms of trading volume were Beijing, Shanghai, and Zhejiang, with volumes of approximately 122.3 billion yuan, 16 billion yuan, and 9.6 billion yuan respectively. Regarding the yield to maturity, as of May 30, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were 0.02BP, 0.01BP, and - 0.01BP respectively; for 7Y secondary capital bonds, the changes were 0.01BP, 0.02BP, and 0.00BP respectively; for 10Y secondary capital bonds, the changes were 0.00BP, 0.00BP, and - 0.02BP respectively [2]. - From May 26 to May 30, 2025, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, while the discount amplitude was greater than the premium amplitude. Among the discount bonds, the top three with the highest discount rates were 16 Tangshan Rural Commercial Secondary (- 1.3842%), 23 Huaxing Bank Secondary Capital Bond 01 (- 0.7867%), and 24 Fubon First Secondary Capital Bond 01 (- 0.7138%). Among the premium bonds, the top three with the highest premium rates were 25 Mintai Commercial Bank Secondary Capital Bond 01 (0.5041%), 24 Tianjin Rural Commercial Bank Secondary Capital Bond 01 (0.4713%), and 21 Industrial Bank Secondary 03 (0.2386%) [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Balance - No new secondary capital bonds were issued in the inter - bank and exchange markets from May 26 to May 30, 2025 [1]. - As of May 30, 2025, the outstanding balance of secondary capital bonds was 4578.035 billion yuan, an increase of 230 million yuan from May 23, 2025 [1]. 3.2 Secondary Market Trading - The total weekly trading volume of secondary capital bonds from May 26 to May 30, 2025, was approximately 174.8 billion yuan, a decrease of 19.7 billion yuan from the previous week [2]. - The top three bonds in terms of trading volume were 25 CITIC Bank Secondary Capital Bond 01BC, 25 ICBC Secondary Capital Bond 02BC, and 25 CCB Secondary Capital Bond 01BC [2]. - Geographically, the top three regions in terms of trading volume were Beijing, Shanghai, and Zhejiang [2]. - The changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with different ratings compared to the previous week are as shown in Table 2 [2][10]. 3.3 Top 30 Individual Bonds with Valuation Deviation - The overall deviation of the weekly average trading price valuation of secondary capital bonds was not significant, with the proportion of discount transactions less than that of premium transactions and the discount amplitude greater than the premium amplitude [3]. - The top three discount bonds were 16 Tangshan Rural Commercial Secondary, 23 Huaxing Bank Secondary Capital Bond 01, and 24 Fubon First Secondary Capital Bond 01 [3]. - The top three premium bonds were 25 Mintai Commercial Bank Secondary Capital Bond 01, 24 Tianjin Rural Commercial Bank Secondary Capital Bond 01, and 21 Industrial Bank Secondary 03 [3].