流动性打分周报：中低评级产业债流动性上升-20250715

Group 1: Report Overview - Report Type: Fixed Income Report [1] - Release Date: July 15, 2025 [1] - Analysts: Liang Weichao, Xie Peng [2] Group 2: Core Views - The liquidity of medium - and long - term, low - to medium - rated urban investment bonds has declined, while the liquidity of low - to medium - rated industrial bonds has increased [2][9][18] Group 3: Urban Investment Bonds Distribution and Yield - Regionally, high - grade liquid bonds in Jiangsu and Shandong increased, those in Tianjin and Chongqing remained stable, and those in Sichuan decreased. Yield fluctuations were within 1 - 2bp [9][10] - In terms of maturity, 1 - 2 - year high - grade liquid bonds increased, 1 - year - within, 2 - 3 - year bonds remained stable, and 3 - 5 - year and over - 5 - year bonds decreased [9][10] - By implicit rating, the number of high - grade liquid bonds with implicit ratings of AAA and AA - increased, while those with AA +, AA, and AA(2) decreased [9][10] Top 20 Ascending and Descending Liquidity Scores - Ascending: Mainly AA - rated, concentrated in Zhejiang, Anhui, etc., in industries like construction decoration and comprehensive [12] - Descending: Mainly AA - rated, in regions such as Jiangsu, Shandong, Sichuan, in industries like construction decoration, real estate, and comprehensive [12] Group 4: Industrial Bonds Distribution and Yield - By industry, high - grade liquid bonds in real estate and steel increased, those in public utilities decreased, and those in transportation and coal remained stable. Yield changes varied by industry, grade, and maturity [18][19][20] - In terms of maturity, 1 - 2 - year and over - 5 - year high - grade liquid bonds increased, 1 - year - within and 3 - 5 - year bonds decreased, and 2 - 3 - year bonds remained stable [18][19] - By implicit rating, the number of high - grade liquid bonds with implicit ratings of AA + and AA increased, while those with AAA +, AAA, and AAA - remained stable [18][19] Top 20 Ascending and Descending Liquidity Scores - Ascending: Mainly in public utilities, construction decoration, and real estate, with AAA and AA + ratings [20] - Descending: Mainly in construction decoration, commerce and trade retail, and transportation, with AAA ratings [20]