追多二级债久期：品种久期跟踪

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints As of August 3, the weighted average trading terms of urban investment bonds and industrial bonds were 2.24 years and 3.03 years respectively, both at over 90% of the quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.79 years, 4.02 years, and 2.91 years respectively. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.78 years, 2.37 years, 3.00 years, and 1.61 years respectively [2][10]. 3. Section Summaries 3.1 All - Variety Term Overview - The weighted average trading terms of urban investment bonds and industrial bonds were 2.24 years and 3.03 years respectively, at over 90% of the quantile levels since March 2021. Among commercial bank bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds had weighted average trading terms of 4.79 years, 4.02 years, and 2.91 years respectively. For other financial bonds, securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds had durations of 1.78 years, 2.37 years, 3.00 years, and 1.61 years respectively [2][10]. - The coupon duration congestion index declined and then slightly increased. After reaching its peak in March 2024, it dropped and this week increased slightly compared to last week, currently at 32.1% of the level since March 2021 [12]. 3.2 Variety Microscope - Urban Investment Bonds: The weighted average trading term hovered around 2.24 years. Shaanxi provincial urban investment bonds' duration extended to nearly 9.5 years, while Guangxi prefecture - level urban investment bonds' trading duration shortened to around 1.51 years. The duration quantiles of urban investment bonds in regions such as prefecture - level and district - level Jiangsu, district - level Chongqing, provincial and prefecture - level Hunan, and prefecture - level Henan exceeded 90%, with Hunan provincial urban investment bonds' duration approaching the highest since 2021 [3][16]. - Industrial Bonds: The weighted average trading term shortened slightly compared to last week, generally around 3.03 years. The trading duration of the food materials industry shortened to 1.26 years, while that of the public utilities industry extended to 4.03 years. The food materials industry's trading duration was at a relatively low historical quantile, while industries such as public utilities, transportation, building materials, and pharmaceutical biology were all at over 90% of the historical quantiles [3][22]. - Commercial Bank Bonds: The duration of general commercial financial bonds extended to 2.91 years, at the 98.6% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.79 years, at the 99.5% historical quantile, higher than last year. The duration of bank perpetual bonds extended to 4.02 years, at the 78.4% historical quantile, higher than last year [3][25]. - Other Financial Bonds: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 53.6%, 61.6%, 67.8%, and 95.5% of the historical quantiles respectively. The durations of securities company bonds, leasing company bonds, and securities sub - bonds slightly extended compared to last week [4][28].