流动性打分周报：低评级产业债流动性上升-20250722

1. Report Information - Report Type: Fixed Income Report - Release Time: July 22, 2025 - Analysts: Liang Weichao, Xie Peng [1][2] 2. Core Viewpoints - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. - For urban investment bonds, short - duration and low - rated high - grade liquidity bonds have increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, while Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, while those in 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA remained stable, those with AA+ and AA decreased, and those with AA(2) and AA - increased. - For industrial bonds, the number of low - rated high - grade liquidity bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, while those in real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, while those in 1 - 2 years and over 5 years remained stable. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA - and AA increased, while those with AAA+, AAA, and AA+ remained stable. [3][8][18] 3. Summary by Directory 3.1 Urban Investment Bonds - Liquidity Changes: Short - duration and low - rated high - grade liquidity urban investment bonds increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, AAA remained stable, AA+ and AA decreased, AA(2) and AA - increased. [8] - Yield Changes: Regionally, the yields of high - grade liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly decreased, with a decline of 2 - 5bp. By maturity and implied rating, the yields of high - grade liquidity urban investment bonds mainly decreased, with a small decline of 1 - 2bp. [9] - Top 20 Ascending Entities in Liquidity Score: The entity levels are mainly AA, concentrated in regions such as Zhejiang, Sichuan, Tianjin, and Beijing, and the industries mainly involve construction decoration and comprehensive industries. - Top 20 Ascending Bonds in Liquidity Score: The bonds are mainly from regions such as Beijing, Hunan, and Zhejiang. - Top 20 Descending Entities in Liquidity Score: The entity levels are mainly AA, with regional distributions mainly in Zhejiang, Jiangsu, and Shandong, and the industries are mainly construction decoration, transportation, and real estate. - Top 20 Descending Bonds in Liquidity Score: The bonds are mainly from regions such as Jiangsu, Zhejiang, and Shandong. [12][13][15][17] 3.2 Industrial Bonds - Liquidity Changes: The number of low - rated high - grade liquidity industrial bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, 1 - 2 years and over 5 years remained stable. In terms of implied ratings, AAA - and AA increased, AAA+, AAA, and AA+ remained stable. [18] - Yield Changes: By industry, the yields of high - grade liquidity bonds in real estate, public utilities, transportation, coal, and steel mainly decreased, with the decline concentrated in 1 - 4bp; the yield of real estate decreased by more than 10bp. By maturity, the yields of high - grade liquidity bonds in each maturity mainly decreased, with a decline of 3 - 5bp. By implied level, the yields of high - grade liquidity bonds in each implied level mainly decreased, with the decline concentrated in 2 - 5bp. [20] - Top 20 Ascending Entities in Liquidity Score: The industries are mainly construction decoration, public utilities, and commerce, and the entity levels are mainly AAA and AA+. - Top 20 Ascending Bonds in Liquidity Score: The industries are mainly transportation and public utilities. - Top 20 Descending Entities in Liquidity Score: The industries are mainly construction decoration, public utilities, and commerce and retail, and the entity levels are mainly AAA and AA. - Top 20 Descending Bonds in Liquidity Score: The industries are mainly public utilities and transportation. [21][24][27][29][30]