Soochow Securities·2025-06-22 01:05Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - This week (from June 16 to June 20, 2025), 2 new second - tier capital bonds were issued in the inter - bank and exchange markets, with a total issuance scale of 4 billion yuan, a maturity of 10 years. The issuers are local state - owned enterprises and large private enterprises, with a subject rating of AAA, and are located in Shandong and Shaanxi provinces. As of June 20, 2025, the outstanding balance of second - tier capital bonds reached 464.7535 billion yuan, a decrease of 16 billion yuan from last weekend (June 13, 2025) [1]. - This week, the total trading volume of second - tier capital bonds was approximately 254.5 billion yuan, an increase of 11 billion yuan from last week. The top three bonds in trading volume were "25 Agricultural Bank Second - tier Capital Bond 01B(BC)" (41.541 billion yuan), "25 Bank of China Second - tier Capital Bond 01BC" (33.475 billion yuan), and "25 Agricultural Bank Second - tier Capital Bond 01A(BC)" (24.384 billion yuan). In terms of the issuer's geographical location, the top three in trading volume were Beijing, Shanghai, and Guangdong, with approximately 202.1 billion yuan, 13.6 billion yuan, and 9.5 billion yuan respectively. As of June 20, the changes in the yields to maturity of 5Y, 7Y, and 10Y second - tier capital bonds with ratings of AAA -, AA +, and AA compared to last week were all negative [2]. - This week, the overall deviation of the average trading price valuation of second - tier capital bonds was not significant. The proportion of discount transactions was greater than that of premium transactions, and the discount range was larger. The top two bonds with the highest discount rates were "23 Chouzhou Commercial Bank Second - tier Capital Bond 01" (- 0.9174%) and "24 Guangfa Bank Second - tier Capital Bond 01B" (- 0.3160%). The top four bonds with the highest premium rates were "21 China Construction Bank Second - tier 06" (0.3995%), "21 Great Wall Huaxi Bank Second - tier 02" (0.1303%), "20 Changsha Bank Second - tier" (0.1114%), and "20 Nanchang Rural Commercial Second - tier 01" (0.1036%) [3]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Balance - This week, 2 new second - tier capital bonds were issued, with a scale of 4 billion yuan. The issuers' nature includes local state - owned enterprises and large private enterprises, with a subject rating of AAA, and are from Shandong and Shaanxi provinces [1]. - As of June 20, 2025, the outstanding balance of second - tier capital bonds was 464.7535 billion yuan, a decrease of 16 billion yuan from June 13, 2025 [1]. 3.2 Secondary Market Trading - This week, the total trading volume was about 254.5 billion yuan, an increase of 11 billion yuan from last week. The top three bonds in trading volume were "25 Agricultural Bank Second - tier Capital Bond 01B(BC)", "25 Bank of China Second - tier Capital Bond 01BC", and "25 Agricultural Bank Second - tier Capital Bond 01A(BC)" [2]. - Geographically, the top three regions in trading volume were Beijing, Shanghai, and Guangdong [2]. - The changes in the yields to maturity of 5Y, 7Y, and 10Y second - tier capital bonds with ratings of AAA -, AA +, and AA compared to last week were all negative [2]. 3.3 Top 30 Bonds with Valuation Deviation - Discount bonds: The top two bonds with the highest discount rates were "23 Chouzhou Commercial Bank Second - tier Capital Bond 01" and "24 Guangfa Bank Second - tier Capital Bond 01B". The bonds are mainly rated AAA -, A +, AA - by ChinaBond, and are mostly located in Beijing and Shanghai [3]. - Premium bonds: The top four bonds with the highest premium rates were "21 China Construction Bank Second - tier 06", "21 Great Wall Huaxi Bank Second - tier 02", "20 Changsha Bank Second - tier", and "20 Nanchang Rural Commercial Second - tier 01". The bonds are mainly rated AA +, AA - by ChinaBond, and are mostly located in Zhejiang, Beijing, and Shanghai [3].