流动性打分周报:中长久期中高评级城投债流动性下降-20250729
China Post Securities·2025-07-29 02:38
- Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. The liquidity of medium - to long - term, medium - to high - rated urban investment bonds has decreased, while the liquidity of medium - to long - term industrial bonds has increased [1]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds: Decreased Liquidity of Medium - to Long - Term, Medium - to High - Rated Bond Items - Quantity Changes: The number of high - grade, high - liquidity urban investment bonds with medium - to long - terms and medium - to high - ratings has decreased. Regionally, the number of high - grade, high - liquidity bond items has increased in Shandong and Sichuan, remained stable in Chongqing, and decreased in Jiangsu and Tianjin. In terms of maturity, the number of high - grade, high - liquidity bond items has remained stable for those within 1 year and over 5 years, but decreased for those in the 1 - 2 - year, 2 - 3 - year, and 3 - 5 - year ranges. In terms of implicit ratings, the number of high - grade, high - liquidity bond items with implicit ratings of AAA, AA+, AA, AA(2), and AA - has all decreased, with a larger decrease in medium - to high - rated bonds [1][7]. - Yield Changes: Regionally, the yields of high - grade, high - liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing have mainly increased, with the increase ranging from 5 - 15bp. In terms of maturity and implicit ratings, the yields of high - grade, high - liquidity urban investment bonds have mainly increased, with the increase ranging from 8 - 12bp [8]. - Top 20 in Liquidity Score Increase: The main body level is mainly AA, concentrated in regions such as Jiangsu, Zhejiang, Sichuan, Anhui, and Hunan, and the industries mainly involve construction decoration, transportation, and comprehensive industries [10]. - Top 20 in Liquidity Score Decrease: The main body level is mainly AA, with regional distribution mainly in Jiangsu, Zhejiang, Hunan, Fujian, and Shanghai, and the industries are mainly construction decoration, real estate, and comprehensive industries [10]. 3.2 Industrial Bonds: Increased Liquidity of Medium - to Long - Term Bond Items - Quantity Changes: The number of high - grade, high - liquidity industrial bonds with medium - to long - terms has increased. By industry, the number of high - grade, high - liquidity bond items has increased in the public utilities and steel industries, and decreased in the real estate, transportation, and coal industries. In terms of maturity, the number of high - grade, high - liquidity bond items has increased for those in the 2 - 3 - year, 3 - 5 - year, and over 5 - year ranges, remained stable for those in the 1 - 2 - year range, and decreased for those within 1 year. In terms of implicit ratings, the number of high - grade, high - liquidity bond items with implicit ratings of AAA, AAA -, and AA+ has increased, while the number with implicit ratings of AAA+ and AA - has decreased [2][16]. - Yield Changes: By industry, the yields of high - grade, high - liquidity bonds in the public utilities, transportation, coal, and steel industries have mainly increased, with the increase ranging from 8 - 15bp. The yields of bond items with a liquidity level of B in the real estate industry have decreased, with a decrease of about 12bp. In terms of maturity, the yields of high - grade, high - liquidity bonds at all maturities have mainly increased, with the increase ranging from 10 - 14bp. In terms of implicit ratings, the yields of high - grade, high - liquidity bond items at all implicit ratings have mainly increased, with the increase ranging from 8 - 10bp [17]. - Top 20 in Liquidity Score Increase: The industries of the top 20 main bodies in liquidity score increase are mainly commerce and retail, real estate, and power equipment, and the main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, public utilities, and real estate [18]. - Top 20 in Liquidity Score Decrease: The top 20 main bodies in liquidity score decrease are mainly in the construction decoration, real estate, and transportation industries, and the main body levels are mainly AAA and AA. The industries of the top 20 bonds are mainly transportation, public utilities, and coal [18].