票息资产热度图谱：极致 2.0%的顾虑

Report Summary Report Industry Investment Rating No information provided in the content. Report's Core View - As of June 30, 2025, private enterprise industrial bonds and real estate bonds in the outstanding credit bonds had higher overall valuation yields and spreads compared to other varieties. Compared with the previous week, the yields of non - financial and non - real estate industrial bonds were mostly adjusted, with the 1 - 2 year private enterprise private non - perpetual variety having a relatively larger upward range, averaging 9.7BP. Among real estate bonds, the yields of state - owned enterprise private non - perpetual varieties increased more overall, with the 1 - 2 year variety rising 4.8BP. - In financial bonds, varieties with higher valuation yields and spreads included leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. Compared with the previous week, the yields of most financial varieties increased. Specifically, the yields of 1 - 2 year private perpetual and within 1 year public perpetual varieties in leasing bonds increased by more than 5BP; the interest rate increase of each variety of general commercial financial bonds was less than 2BP; among Tier 2 capital bonds, the adjustment range of urban and rural commercial bank varieties was larger, with the yield of 2 - 3 year rural commercial bank Tier 2 bonds increasing by 9.8BP, but the yield of 3 - 5 year rural commercial bank Tier 2 bonds decreasing by more than 12BP; in addition, the yield increase of each maturity variety in securities company bonds and sub - bonds was controlled within 5BP. - For urban investment bonds, in public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces were both below 2.4%; urban investment bonds with yields exceeding 4.5% appeared in prefecture - level and district - county levels in Guizhou. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian were below 2.8%; varieties with yields higher than 4% appeared in prefecture - level cities in Guizhou, Shaanxi, and Yunnan. Compared with the previous week, the yields of most public urban investment bonds increased slightly, and the yields of most varieties in private urban investment bonds also increased [2][3][4]. Summary by Relevant Catalogs Overall Outstanding Credit Bonds - Valuation Yields and Spreads: Private enterprise industrial bonds and real estate bonds had higher overall valuation yields and spreads. The valuation yields and spreads of leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds in financial bonds were relatively high [2][3][4]. - Yield Changes Compared to Last Week: Non - financial and non - real estate industrial bonds had yield adjustments, with the 1 - 2 year private enterprise private non - perpetual variety having an average increase of 9.7BP. Among real estate bonds, the 1 - 2 year state - owned enterprise private non - perpetual variety increased by 4.8BP. Most financial varieties saw yield increases, with specific increases varying by bond type [3][4]. Urban Investment Bonds Public Urban Investment Bonds - Valuation Yields: The weighted average valuation yields in Jiangsu and Zhejiang were below 2.4%, while yields exceeding 4.5% were in Guizhou's prefecture - level and district - county levels. Other regions like Guangxi, Yunnan, and Gansu had relatively high spreads [2]. - Yield Changes Compared to Last Week: Yields mostly increased slightly. Larger - increase varieties included 2 - 3 year non - perpetual bonds of Sichuan provincial level, 3 - 5 year non - perpetual bonds of Anhui provincial level, within 1 year non - perpetual bonds of Guizhou prefecture - level cities, and within 1 year perpetual bonds of Hebei provincial level [2]. Private Urban Investment Bonds - Valuation Yields: Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian had weighted average valuation yields below 2.8%. Yields higher than 4% were in prefecture - level cities in Guizhou, Shaanxi, and Yunnan. Regions like Heilongjiang, Qinghai, and Gansu had relatively high spreads [2]. - Yield Changes Compared to Last Week: Yields of most varieties increased. The varieties with larger upward ranges were 3 - 5 year non - perpetual bonds of Guangxi prefecture - level cities (9.9BP), 1 - 2 year non - perpetual bonds of Shaanxi district - county levels (9.7BP), 1 - 2 year non - perpetual bonds of Jilin prefecture - level cities (8.0BP), and 3 - 5 year non - perpetual bonds of Liaoning prefecture - level cities (7.7BP) [2]. Industrial Bonds - Non - financial and Non - real estate Industrial Bonds (State - owned Enterprises): The yields of private and public bonds were mostly adjusted compared to the previous week, with different adjustment ranges for different maturities [12]. - Non - financial and Non - real estate Industrial Bonds (Private Enterprises): The 1 - 2 year private non - perpetual variety had a relatively large upward range in yield, averaging 9.7BP [3]. - Real Estate Bonds (State - owned Enterprises): The yields of private non - perpetual varieties increased more overall, with the 1 - 2 year variety rising 4.8BP [3]. - Real Estate Bonds (Private Enterprises): No information on private bonds; for public bonds, some maturity varieties had yield decreases [12]. Financial Bonds - Leasing Company Bonds: The yields of 1 - 2 year private perpetual and within 1 year public perpetual varieties increased by more than 5BP [4]. - General Commercial Financial Bonds: The interest rate increase of each variety was less than 2BP [4]. - Tier 2 Capital Bonds: Among urban and rural commercial bank varieties, the 2 - 3 year rural commercial bank Tier 2 bonds' yield increased by 9.8BP, while the 3 - 5 year rural commercial bank Tier 2 bonds' yield decreased by more than 12BP [4]. - Securities Company Bonds and Sub - bonds: The yield increase of each maturity variety was controlled within 5BP [4].