票息资产热度图谱：绝对收益低位分布

Group 1: Report's Core View - As of July 14, 2025, private enterprise industrial bonds and real estate bonds generally have higher valuation yields and spreads. Compared with the previous week, the yields of non - financial and non - real estate industrial bonds and real estate bonds have been adjusted, with varying degrees of increase in different varieties. In the financial bond sector, the yields of most varieties have also increased [2][3][8] Group 2: Summary by Bond Type Urban Investment Bonds - Public Offering: The weighted average valuation yields in Jiangsu and Zhejiang are below 2.4%. Yields exceeding 4.5% are found in Guizhou's district - level bonds. Spreads in Guangxi, Yunnan, Gansu, etc., are relatively high. Compared with last week, yields mostly increased slightly, with 3 - 5 - year varieties having a larger adjustment [2][17] - Private Placement: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Yields above 4% are in Guizhou's prefecture - level bonds. Spreads in Shaanxi, Yunnan, Gansu, etc., are relatively high. Yields of most varieties increased, with some having significant increases [2] Industrial Bonds - Non - financial and Non - real estate (Private Enterprises): The 1 - year - within private non - perpetual varieties had an average yield increase of 9.7BP [3][8] - Real Estate (State - owned Enterprises): The yields of private non - perpetual varieties all increased, with the 1 - year - within variety rising by 4.1BP [3][8] Financial Bonds - Valuation yields and spreads are high for leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. Yields of most financial bond varieties increased. For example, the yields of leasing bonds over 1 year increased by about 5BP, and the 2 - 3 - year urban commercial bank secondary capital bonds rose by 12.3BP [4][8] Group 3: Summary of Key Data Tables Overall Credit Bonds - Weighted Average Valuation Yield: Data shows the weighted average valuation yields of various bond types and maturities as of July 14, 2025 [10] - Weighted Average Spread: Displays the weighted average spreads of different bond types and maturities on July 14, 2025 [12] - Change in Weighted Average Valuation Yield: Compares the weighted average valuation yields of this week (July 14, 2025) and last week (July 7, 2025) [14] - Change in Weighted Average Spread: Compares the weighted average spreads of this week (July 14, 2025) and last week (July 7, 2025) [16] Public Offering Urban Investment Bonds - Weighted Average Valuation Yield: Presents the weighted average valuation yields of public offering urban investment bonds in different regions and administrative levels on July 14, 2025 [18] - Weighted Average Spread: Shows the weighted average spreads of public offering urban investment bonds in different regions and administrative levels on July 14, 2025 [20] - Change in Weighted Average Valuation Yield: Compares the weighted average valuation yields of public offering urban investment bonds in different regions and administrative levels between this week (July 14, 2025) and last week (July 7, 2025) [23] Private Placement Urban Investment Bonds - Weighted Average Valuation Yield: Displays the weighted average valuation yields of private placement urban investment bonds in different regions and administrative levels on July 14, 2025 [27] - Weighted Average Spread: Presents the weighted average spreads of private placement urban investment bonds in different regions and administrative levels on July 14, 2025 [30]