二级资本债周度数据跟踪-20250629

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report presents a weekly data tracking of secondary capital bonds from June 23 to June 27, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Situation - This week, 2 secondary capital bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of 9.1 billion yuan, a maturity of 10 years, issuers including local state - owned enterprises and large private enterprises, and issuer regions in Sichuan and Zhejiang provinces [1]. - As of June 27, 2025, the outstanding balance of secondary capital bonds reached 4,652.435 billion yuan, an increase of 490 million yuan from the previous weekend [1]. 3.2 Secondary Market Trading Situation - The weekly trading volume of secondary capital bonds this week was approximately 199 billion yuan, a decrease of 55.5 billion yuan from last week. The top three bonds in trading volume were 25 Bank of China Secondary Capital Bond 01BC (15.162 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 01A(BC) (13.574 billion yuan), and 25 China CITIC Bank Secondary Capital Bond 01BC (9.227 billion yuan) [2]. - By issuer region, the top three in trading volume were Beijing (about 150.1 billion yuan), Shanghai (about 13 billion yuan), and Zhejiang (about 9.1 billion yuan) [2]. - As of June 27, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were 0.00BP, 0.01BP, 0.01BP; 0.04BP, 0.04BP, 0.04BP; and 0.02BP, 0.02BP, 0.02BP respectively [2]. 3.3 Top 30 Individual Bonds with Valuation Deviation - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude [3]. - Among the discount bonds, the top three in discount rate were 21 Jiutai Rural Commercial Secondary (- 18.6593%), 22 Bank of Wenzhou Secondary 02 (- 0.9955%), and 23 Xiamen International Secondary Capital Bond 02 (- 0.4964%). The Zhongzhai implicit ratings were mainly AAA -, AA -, and A +, and the regional distribution was concentrated in Beijing, Zhejiang, and Shanghai [3]. - Among the premium bonds, the top four in premium rate were 24 Bank of Lanzhou Secondary Capital Bond 01 (0.5976%), 25 Bank of Beibu Gulf Secondary Capital Bond 01 (0.4365%), 24 Bank of Chang'an Secondary Capital Bond 01 (0.4357%), and 22 Hengxin Rural Commercial Secondary Capital Bond 01 (0.4333%). The Zhongzhai implicit ratings were mainly AAA -, AA -, and AA, and the regional distribution was concentrated in Beijing, Zhejiang, and Shanghai [3].