信用利差再度压缩，二永债表现强势

Report Industry Investment Rating Not provided in the given content. Report's Core View - Credit bonds return to strength, with yields of 3Y and above varieties generally declining by around 5BP. Interest rates of interest rate bonds fluctuate and decline, and credit spreads mostly decline except for some high-grade short-duration varieties [2][5]. - Credit spreads of urban investment bonds decline across the board, with spreads of each variety decreasing by about 4BP [2][9]. - Most credit spreads of industrial bonds decline, while those of mixed-ownership real estate bonds slightly increase [2][18]. - Yields of secondary and perpetual bonds decline across the board, and their overall performance is stronger than that of ordinary credit bonds [2][23]. - Excess spreads of industrial perpetual bonds are generally stable, while those of 3Y urban investment perpetual bonds decline [2][25]. Summary by Directory 1. Credit bonds return to strength, with yields of 3Y and above varieties generally declining by around 5BP - Interest rate bond yields fluctuate and decline. The yields of 1Y, 3Y, 5Y, and 7Y Guokai bonds decline by 3BP, 2BP, 1BP, and 4BP respectively, and the 10Y yield remains flat [2][5]. - Credit bond yields return to a downward trend. Yields of 3Y and above varieties generally decline by around 5BP, and credit spreads mostly decline except for some high-grade short-duration varieties [2][5]. - Rating spreads and term spreads mostly remain flat or decline [5]. 2. Credit spreads of urban investment bonds decline across the board - Credit spreads of external rating AAA, AA+, and AA platforms all decline by about 4BP. Spreads of most AAA-level platforms decline by 3 - 4BP, AA+ by 3 - 5BP, and AA by 3 - 6BP [2][9]. - By administrative level, credit spreads of provincial, municipal, and district-level platforms all decline by 4BP [2][16]. 3. Most credit spreads of industrial bonds decline, while those of mixed-ownership real estate bonds slightly increase - Credit spreads of central and local state-owned real estate bonds decline by 4BP, those of mixed-ownership real estate bonds increase by 2BP, and those of private real estate bonds increase by 13BP [2][18]. - Credit spreads of coal bonds at all levels decline by 3BP, those of AAA and AA+ steel bonds decline by 3BP and 4BP respectively, and those of chemical bonds at all levels decline by 4 - 5BP [2][18]. 4. Yields of secondary and perpetual bonds decline across the board, and their overall performance is stronger than that of ordinary credit bonds - Yields of secondary and perpetual bonds follow the decline of certificate of deposit rates. Spreads of medium and short-term high-grade varieties compress significantly [2][23]. - Specifically, the yield of 1Y AAA- secondary capital bonds declines by 9BP, and the spread compresses by 6BP. Yields of other grades decline by 8BP, and spreads compress by 4 - 5BP [23]. 5. Excess spreads of industrial perpetual bonds are generally stable, while those of 3Y urban investment perpetual bonds decline - The excess spread of industrial AAA3Y perpetual bonds increases by 0.01BP to 3.82BP, and that of AAA5Y remains flat at 8.51BP [2][25]. - The excess spread of urban investment AAA3Y perpetual bonds declines by 2.38BP to 3.76BP, and that of AAA5Y increases by 0.10BP to 9.91BP [25]. 6. Credit Spread Database Compilation Instructions - Market-wide credit spreads, commercial bank secondary and perpetual spreads, and credit spreads of urban investment/industrial perpetual bonds are calculated based on ChinaBond medium and short-term notes and ChinaBond perpetual bonds data [27]. - Credit spreads of industrial and urban investment individual bonds are calculated by subtracting the yield of the same-term government bond from the medium-term valuation of the individual bond, and then the arithmetic average method is used to calculate the credit spreads of the industry or regional urban investment [31]. - Samples of medium-term notes and public corporate bonds are selected for industrial and urban investment bonds, and guaranteed bonds and perpetual bonds are excluded [31].