初阶信用研究员数据处理工具箱

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report introduces commonly used Wind function modules and data in credit bond research, including primary and secondary market modules and relevant data processing methods [4]. 3. Summary by Directory 3.1 Wind Primary Market Module Introduction - Querying Credit Bond Issuance and Maturity Details: For non - financial credit bonds, select enterprise bonds, corporate bonds, medium - term notes, short - term financing bills, and private placement notes; for financial bonds, select financial bonds and deselect policy bank bonds. Conceptual sectors and enterprise nature can also be selected [11]. - Querying Inter - bank Credit Bond Approval Progress: Use the "Bond - Special Statistics - Primary Market - Issuance Registration - NAFMII Bond Registration Statistics - NAFMII Bond Registration Review Progress" path [12]. - Querying Exchange Credit Bond Approval Progress: Use the "Bond - Special Statistics - Primary Market - Issuance Registration - Corporate Bond Issuance Review Progress" and "Bond - Special Statistics - Primary Market - Issuance Registration - Enterprise Bond Issuance Review Progress" paths [13][14]. - Statistical Credit Bond Raised Funds Usage: Use the "Bond - Special Statistics - Credit Bond Raised Funds Allocation" path [15]. - Finding Bonds Meeting Specific Conditions: Use the "Bond - Multi - dimensional Data - Bond Screening" path and set conditional expressions [16]. 3.2 Wind Secondary Market Module Introduction - Credit Bond Market Monitoring: Use the "Bond - Bond Secondary Market - Transaction Statistics" path to display the most active bond information under the subject rating and remaining term [23][24]. - Querying Credit Bond Inventory Details: Use the "Bond - Market Overview - Inventory Statistics (by Bond Type)" path [25]. - Distinguishing Broker Transactions and Platform Transactions: Broker transactions involve brokers helping investors find trading counterparts, while platform transactions occur on CFETS or exchange platforms. Broker transaction data is suitable for constructing price indicators, and platform transaction data is suitable for constructing volume indicators [26][64]. - Querying First - time Default Issuers: Use the "Bond - Special Statistics - Credit Bond Research - Bond Default - Enterprise First - time Default Report" path and manually exclude issuers with previous default/extension situations [32][33]. - Querying Default Bond Details: Use the "Bond - Special Statistics - Credit Bond Research - Bond Default - Bond Default and Extension Summary" path and exclude duplicate bonds, exchangeable/convertible bonds, and cross - market bonds [34]. - Exporting ChinaBond Index Market Performance: Use the "Index - Index Analysis - Index Directory" path [36]. - Constructing a Bond Portfolio: Use the "Asset Management - Investment Research - Portfolio Management" path, including adjusting the starting cash amount and entering bond holdings and adjusting weights [37][38][39]. - Tracking Bond Portfolio Performance: Use the "Asset Management - Investment Research - Portfolio Management - Portfolio Report" path [40]. - Conducting Attribution Analysis of Bond Portfolio Performance: Use the "Asset Management - Investment Research - Portfolio Management - Performance Attribution" path [43]. 3.3 Credit Research Common Data Processing Methods - Credit Bond Net Financing: Export bond issuance and maturity details within a specific time range, divide bonds into industrial bonds and urban investment bonds based on the urban investment list, and calculate the net financing by subtracting the maturity amount from the issuance amount [49]. - Credit Bond Primary Market Issuance Heat: Refer to subscription multiples and the difference between coupon rate and bid - rate floor. Subscription multiples are calculated as the total bid (subscription) volume divided by the actual issuance amount, and bonds without relevant data should be excluded [50][54]. - Credit Bond Issuance Approval Situation: For urban investment bonds, refer to the completed registration scale and its proportion, and the number of feedbacks from the inter - bank market or exchange before listing [58]. - Analyzing Credit Bond Valuation Distribution: Export inventory credit bond details, match each urban investment bond to its corresponding province, divide the remaining exercise period into intervals, and use the SUMIFS function to calculate the weighted average valuation [59][60]. - Observing Credit Bond Secondary Market Transactions: Use both broker transaction data and platform transaction data. Broker transaction data is used for price indicators such as transaction deviation, transaction yield, and high - valuation transaction proportion; platform transaction data is used for volume indicators such as transaction term and turnover rate [64]. - Volume Indicators: Weighted transaction term is calculated based on platform data by excluding bonds with a remaining term of less than half a year and using transaction amount as the weight; transaction number is the sum of each bond's transaction numbers [65]. - Price Indicators: Transaction yield is calculated as the weighted average of transaction amounts; transaction deviation reflects the market's buying sentiment; high - valuation transaction proportion is the proportion of transactions with a yield 5bp higher than the valuation [71].