情绪偏乐观，追涨性价比在下降

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - In May 2025, the overall sentiment in the fixed - income market was relatively optimistic, but the cost - effectiveness of chasing the upward trend was decreasing. The supply pressure of secondary perpetual bonds throughout the year was controllable, and the risk mainly came from the non - redemption of small banks. It was recommended to control the duration at around 5Y and not to be too long. The strategy of appropriately extending the duration proposed at the beginning of May relatively outperformed [5]. 3. Summary by Relevant Catalogs 3.1 Enterprise Perpetual Bonds 3.1.1 Primary Market - In May, 82 enterprise perpetual bonds were issued, raising a total of 103.7 billion yuan, a decrease of about 37% compared to the previous month. The repayment scale dropped to 72.3 billion yuan, a significant 49% decrease month - on - month, resulting in a net inflow of 31.4 billion yuan. The proportion of issuance by AAA high - grade entities rose to 90%. The issuance costs of AAA and AA were 2.21% and 2.78% respectively, with the former decreasing by 8bp and the latter increasing by 9bp month - on - month, while the AA+ issuance rate dropped back to 2.77%. The top three industries in terms of issuance volume were public utilities, building decoration, and urban investment, with the comprehensive industry remaining in the fourth place [5][10]. 3.1.2 Secondary Market - In May, the yields of industrial and urban investment perpetual bonds fluctuated downward. The risk - free yield decreased at the short end and increased at the long end, leading to a narrowing of the credit spread at the short end and a widening at the long end. The urban investment variety spread mainly narrowed, while the high - and low - grade trends of the industrial variety spread diverged. The trading volume of enterprise perpetual bonds decreased slightly, and the turnover rate increased slightly. No new cases of non - redemption of enterprise perpetual bonds occurred in May [5]. 3.2 Financial Perpetual and Subordinated Bonds 3.2.1 Primary Market - In May, the issuance volume of financial perpetual bonds increased significantly month - on - month, with the issuance of bank perpetual bonds doubling. A total of 11 financial perpetual bonds were newly issued, with a total issuance scale of 194.3 billion yuan, doubling month - on - month. The issuance scale of financial subordinated bonds decreased month - on - month, with the bank issuance scale shrinking slightly. A total of 111.7 billion yuan of financial subordinated bonds were issued in May, with bank secondary capital bonds accounting for the largest proportion [37][41]. 3.2.2 Secondary Market - In May, the spreads of financial institutions narrowed across the board, with the narrowing of long - term bank spreads being particularly obvious. Except for the 27bp widening of the spread of AA+ insurance capital supplementary bonds, the spreads of other grades of financial institutions narrowed by 3 - 10bp. The total trading volume and turnover rate of bank perpetual bonds increased simultaneously, while the trading volume of bank secondary capital bonds decreased slightly, but the turnover rate also increased slightly. No new cases of non - redemption of bank secondary capital bonds occurred in May, but the redemption date of "20 Changchun Rural Commercial Secondary 01" was postponed by 3 months to September 29, 2025 [5][53][58]. 3.3 ABS 3.3.1 Primary Market - In May, a total of 159 ABS projects were issued, raising a total of 151.9 billion yuan. The number of projects decreased by 26% month - on - month, and the total financing amount decreased by 29% compared to April. Personal consumption loan ABS had the largest issuance scale, followed by financial leasing and accounts receivable. The financing cost of ABS projects decreased significantly [64]. 3.3.2 Secondary Market - In May, the yields to maturity of ABS at all grades and terms decreased across the board, with a consistent decline of around 5bp. The long - term spreads narrowed more significantly. The secondary trading enthusiasm of ABS continued to decline month - on - month, and a small amount of discount trading occurred in Gemdale ABS [70][72]. 3.4 June Strategy for Secondary Perpetual Bonds - In May, the increased issuance of secondary perpetual bonds brought supply pressure, and there was a certain selling pressure in the secondary market. The turnover rate fluctuated upward at a high level, and the spread narrowed slightly. Looking forward to June, the annual supply pressure was controllable, and the risk mainly came from the non - redemption of small banks. If seeking returns, it was necessary to extend the duration of large banks, but the cost - effectiveness of continuing to chase the upward trend was decreasing. It was recommended to control the duration at around 5Y [5].