2.3%以上的意外拉久期

Group 1: Industry Investment Rating - No information provided in the content Group 2: Core Viewpoints - As of June 16, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds mostly declined, while those of some bonds such as private perpetual bonds of state - owned enterprises within 1 year and 3 - 5 years increased. The yields of real estate bonds also mainly declined, especially those of private public non - perpetual bonds within 1 - 2 years, with a yield reduction of more than 4.5BP. In financial bonds, the varieties with higher valuation yields and spreads are leasing company bonds and capital supplementary tools of urban and rural commercial banks. More than half of the yields of financial bonds declined compared with last week [3][8]. - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces are both below 2.4%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level and district - county - level areas of Guizhou. The spreads in other regions such as Yunnan and Gansu are also relatively high. Compared with last week, the yields of public urban investment bonds generally declined, with an average decline of 3.7BP for 3 - 5 - year varieties [2][14]. - In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. The varieties with yields higher than 4% appear in prefecture - level areas of Guizhou and Shaanxi, and prefecture - level and district - county - level areas of Yunnan. The spreads in other areas such as Gansu and Heilongjiang are also relatively high. Compared with last week, the yields of private urban investment bonds basically declined, with an average decline of 3BP and 5BP for 2 - 3 - year and 3 - 5 - year varieties respectively [2][23]. Group 3: Summary by Relevant Catalogs Chart 1: Weighted Average Valuation Yield of Outstanding Credit Bonds (as of June 16, unit: %) - Displays the weighted average valuation yields of different bond types (such as urban investment bonds, non - financial non - real estate industrial bonds, real estate bonds, etc.) in different time periods (1 year or less, 1 - 2 years, 2 - 3 years, 3 - 5 years) and different issuance methods (private or public) [10]. Chart 2: Weighted Average Spread of Outstanding Credit Bonds (as of June 16, unit: BP) - Presents the weighted average spreads of different bond types in different time periods and issuance methods, with the calculation benchmark being the same - term government - developed bonds [11]. Chart 3: Change in Weighted Average Valuation Yield of Outstanding Credit Bonds Compared with Last Week (as of June 16, unit: BP) - Shows the changes in the weighted average valuation yields of different bond types compared with last week, calculated as (this week's weighted average valuation yield - last week's weighted average valuation yield) * 100 [12]. Chart 4: Change in Weighted Average Spread of Outstanding Credit Bonds Compared with Last Week (as of June 16, unit: BP) - Illustrates the changes in the weighted average spreads of different bond types compared with last week, calculated as this week's weighted average spread - last week's weighted average spread [13]. Chart 5: Weighted Average Valuation Yield of Public Urban Investment Bonds (as of June 16, unit: %) - Provides the weighted average valuation yields of public urban investment bonds in different administrative levels (provincial, prefecture - level, district - county - level) of various provinces [15]. Chart 6: Weighted Average Spread of Public Urban Investment Bonds (as of June 16, unit: BP) - Displays the weighted average spreads of public urban investment bonds in different administrative levels of various provinces, with the calculation benchmark being the same - term government - developed bonds [17]. Chart 7: Change in Weighted Average Valuation Yield of Public Urban Investment Bonds Compared with Last Week (as of June 16, unit: BP) - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels of various provinces compared with last week [20]. Chart 8: Weighted Average Valuation Yield of Private Urban Investment Bonds (as of June 16, unit: %) - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels of various provinces [24]. Chart 9: Weighted Average Spread of Private Urban Investment Bonds (as of June 16, unit: BP) - Displays the weighted average spreads of private urban investment bonds in different administrative levels of various provinces, with the calculation benchmark being the same - term government - developed bonds [26].