流动性打分周报：中长久期城投债流动性继续上升-20250701

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The liquidity of medium - and long - term urban investment bonds continues to rise, and the number of high - grade liquid bonds of medium - and high - grade medium - and long - term industrial bonds increases [1][8][18]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds - Liquidity: Medium - and long - term high - grade liquid urban investment bonds continue to increase. Regionally, high - grade liquid bonds in Jiangsu, Shandong, and Sichuan increase, while those in Tianjin and Chongqing remain stable. In terms of maturity, the liquidity of short - term and medium - long - term bonds rises; the number of high - grade liquid bonds within 1 year and 1 - 2 years increases, that of 2 - 3 years decreases, and that of 3 - 5 years and over 5 years continues to increase. In terms of implicit rating, the liquidity of medium - and high - grade bonds increases, while that of low - grade bonds remains stable [1][8]. - Yield: Regionally, the yields of high - grade liquid bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly rise, with an increase range of 1 - 3BP. In terms of maturity, the yields of high - grade liquid bonds at all maturities mainly rise, with an increase range of 1 - 2BP. In terms of implicit rating, the yields of bonds at all implicit levels mainly rise, with an increase range of 1 - 3BP; the yield of AA - bonds rises by about 5bp [11]. - Top 20 Increase and Decrease in Liquidity Score: The top 20 in terms of increase in liquidity score are mainly AA and AA + in terms of entity level, concentrated in regions such as Jiangsu, Shandong, and Guangdong, and mainly in industries such as architectural decoration, transportation, and real estate. The top 20 in terms of decrease are mainly AA in terms of entity level, distributed in regions such as Jiangsu, Shandong, Guangdong, and Hubei, and mainly in industries such as architectural decoration and comprehensive [13]. 3.2 Industrial Bonds - Liquidity: The number of high - grade liquid bonds of medium - and long - term medium - and high - grade industrial bonds increases. By industry, the high - grade liquid bonds in industries such as real estate, public utilities, transportation, coal, and steel all increase, with public utilities increasing more. In terms of maturity, the high - grade liquid bonds within 1 year and 3 - 5 years increase overall, while those of 1 - 2 years, 2 - 3 years, and over 5 years basically remain stable. In terms of implicit rating, the number of high - grade liquid bonds with implicit ratings of AAA, AAA -, and AA + increases, while those with implicit ratings of AAA + and AA remain stable [2][18]. - Yield: By industry, the yields of real estate bonds mainly decline, with a decline range of about 2 - 4bp, concentrated at 1 - 3BP; the yields of public utilities and coal bonds mainly rise, with an increase range of 1 - 3bp; the yields of transportation, coal, and steel bonds fluctuate. In terms of maturity, the yields of 2 - 3 - year bonds mainly decline, with a decline range of 2 - 3bp; the yields of 3 - 5 - year bonds mainly rise, with an increase range of 1 - 3bp; the yields of other maturities fluctuate. In terms of implicit level, the yields of AAA bonds mainly rise, with an increase range of 2 - 3bp; the yields of A - grade liquid bonds with an implicit level of AA + basically remain stable, and the yields of B - grade bonds decline by about 3bp; the yields of bonds at other implicit levels fluctuate [20]. - Top 20 Increase and Decrease in Liquidity Score: In terms of the increase in liquidity score, the top 20 entities are mainly in industries such as public utilities, real estate, steel, and architectural decoration, with entity levels mainly AAA and AA +; the top 20 bonds are mainly in industries such as transportation, coal, and public utilities. In terms of the decrease, the top 20 entities are mainly in architectural decoration, real estate, and public utilities, with entity levels mainly AAA, and the top 20 bonds are mainly in industries such as transportation and architectural decoration [22].