流动性打分周报：中长久期中低评级城投债流动性上升-20250805

Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating in the given content. Group 2: Report's Core View - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on qb's bond asset liquidity scores. In the urban investment bond sector, the number of high - grade liquid bond items with medium - long - term and low - to - medium ratings has increased. In the industrial bond sector, the number of high - grade liquid bond items with medium - long - term and low ratings has increased [1]. Group 3: Summary by Relevant Catalogs 1. Urban Investment Bonds: Increase in Liquidity of Medium - Long - Term and Low - to - Medium - Rated Bond Items - Distribution Changes: Regionally, the number of high - grade liquid bond items in Jiangsu, Shandong, Tianjin, and Chongqing has increased, while Sichuan has remained stable. In terms of maturity, the number of high - grade liquid bond items within 1 year, 2 - 3 years, and 3 - 5 years has increased, while those in the 1 - 2 years and over 5 years ranges have decreased. Regarding implicit ratings, the number of high - grade liquid bond items with implicit ratings of AA, AA(2), and AA - has increased, while those with AAA and AA+ have remained stable [8]. - Yield Changes: The yields of high - grade liquid urban investment bonds have mainly declined, with the decline ranging from 1 - 5bp [9]. - Top 20 Ascending Entities: The entity levels are mainly AA, concentrated in regions such as Jiangsu, Zhejiang, Shandong, and Sichuan, and the industries mainly involve construction decoration, comprehensive, and real estate [11]. - Top 20 Ascending Bonds: Information about the bonds' characteristics such as region, remaining term, and yield changes is provided [15]. - Top 20 Descending Entities: The entity levels are mainly AA, with regional distributions mainly in Jiangsu, Zhejiang, Anhui, etc., and the industries are mainly construction decoration, comprehensive, and transportation [11]. - Top 20 Descending Bonds: Information about the bonds' characteristics such as region, remaining term, and yield changes is provided [18]. 2. Industrial Bonds: Increase in Liquidity of Medium - Long - Term and Low - Rated Bond Items - Distribution Changes: By industry, the number of high - grade liquid bond items in real estate and transportation has increased, while those in coal and steel have remained stable, and those in public utilities have decreased. In terms of maturity, the number of high - grade liquid bond items in the 1 - 2 years, 2 - 3 years, and 3 - 5 years ranges has increased, those over 5 years have remained stable, and those within 1 year have decreased. Regarding implicit ratings, the number of high - grade liquid bond items with implicit ratings of AAA+, AAA, and AA+ has remained stable, while those with AAA - and AA have increased [19]. - Yield Changes: The yields of high - grade liquid bond items have mainly declined, with the decline concentrated in 3 - 6bp. Some sub - items have seen larger declines, such as a 13bp decline in the B - grade liquid bond items in real estate, a 10bp decline in the B - grade liquid bond items within 1 year, and a 9bp decline in the B - grade liquid bond items with an implicit rating of AA+ [20]. - Top 20 Ascending Entities: The industries are mainly transportation, construction decoration, commerce and trade retail, real estate, etc., and the entity levels are mainly AAA and AA+ [21]. - Top 20 Ascending Bonds: The industries are mainly transportation, public utilities, and real estate [25]. - Top 20 Descending Entities: The industries are mainly construction decoration, transportation, public utilities, pharmaceutical biology, and commerce and trade retail, and the entity levels are mainly AAA and AA+ [21]. - Top 20 Descending Bonds: The industries are mainly transportation, public utilities, and construction decoration [28].