二级资本债周度数据跟踪（20250728-20250801）-20250802

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report provides a weekly data tracking of secondary capital bonds from July 28, 2025, to August 1, 2025, covering primary market issuance and stock, secondary market trading, and valuation deviation of individual bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance and Stock - One new secondary capital bond was issued in the inter - bank and exchange markets this week, with an issuance scale of 2 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Shanxi Province with a AAA rating [1]. - As of August 1, 2025, the stock balance of secondary capital bonds reached 476.1635 billion yuan, an increase of 2 billion yuan from the end of last week [1]. 3.2 Secondary Market Trading - The weekly trading volume of secondary capital bonds this week totaled approximately 263.9 billion yuan, a decrease of 24.2 billion yuan from last week. The top three bonds in trading volume were 25 Agricultural Bank of China Secondary Capital Bond 02B(BC) (16.111 billion yuan), 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (15.717 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (14.209 billion yuan) [2]. - By the region of the issuer, the top three in trading volume were Beijing, Shanghai, and Guangdong, with approximately 212.2 billion yuan, 20.4 billion yuan, and 10.1 billion yuan respectively [2]. - As of August 1, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were all negative [2]. 3.3 Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly average trading price of secondary capital bonds this week was not large, with the proportion and amplitude of discount trading greater than those of premium trading [3]. - Among the discount bonds, the top three in discount rate were 21 Jiutai Rural Commercial Bank Secondary ( - 21.5130%), 25 Chouzhou Commercial Bank Secondary Capital Bond 01 ( - 0.7069%), and 25 Beibu Gulf Bank Secondary Capital Bond 01 ( - 0.5666%) [3]. - Among the premium bonds, the top four in premium rate were 24 Lin'an Rural Commercial Bank Secondary Capital Bond 01 (0.7546%), 24 Shangyu Rural Commercial Bank Secondary Capital Bond 01 (0.5037%), 24 Fudian Bank Secondary Capital Bond 01 (0.4851%), and 22 Weihai Commercial Bank Secondary Capital Bond 01 (0.3267%) [3].