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流动性打分周报:短久期中高评级城投债流动性下降-20250813
China Post Securities·2025-08-13 10:48
  1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - and medium - term, medium - to high - rated bond issues in the urban investment bond and industrial bond sectors have seen a decline in liquidity. [2][9][18] - In terms of yield, the yields of high - grade liquid bonds in both urban investment and industrial bonds are mainly decreasing, with the decline ranging from 2 - 6bp, and some sub - items showing larger declines. [11][20] 3. Summary by Directory 3.1 Urban Investment Bonds - Liquidity: Short - term, medium - to high - rated high - grade liquid bond issues have decreased. Regionally, the number of high - grade liquid bond issues in Sichuan, Tianjin, and Chongqing remained stable, while those in Jiangsu and Shandong decreased. In terms of maturity, the number of 1 - 2 - year high - grade liquid bond issues increased, while those within 1 year and over 5 years decreased, especially within 1 year. In terms of implicit ratings, the number of high - grade liquid bond issues with an implicit rating of AA - increased, while those with ratings of AAA, AA +, AA, and AA(2) decreased. [9] - Yield: The yields of high - grade liquid urban investment bonds are mainly decreasing, with the decline concentrated at 2 - 5bp. [11] - Top 20 in Liquidity Score Increase: The main body levels are mainly AA + and AA, concentrated in regions such as Jiangsu, Zhejiang, Guangdong, and Shanghai, and mainly involve industries such as building decoration. [12] - Top 20 in Liquidity Score Decrease: The main body levels are mainly AA, and the regional distribution is mainly in Henan, Guangdong, Jiangsu, Zhejiang, Anhui, etc. The top 20 entities are mainly in building decoration and comprehensive industries. [12] 3.2 Industrial Bonds - Liquidity: Medium - and short - term, medium - to high - rated high - grade liquid bond issues have decreased. By industry, the number of high - grade liquid bond issues in transportation and coal increased, while those in real estate and public utilities remained stable, and those in steel decreased. In terms of maturity, the number of high - grade liquid bond issues increased overall, with the number within 1 year, 2 - 3 years, 3 - 5 years, and over 5 years remaining stable, and the 1 - 2 - year period decreasing. In terms of implicit ratings, the number of high - grade liquid bond issues with an implicit rating of AA increased, the number with a rating of AAA - remained stable, and those with ratings of AAA +, AAA, and AA + decreased. [18] - Yield: The yields of high - grade liquid bond issues are mainly decreasing, with the decline concentrated at 2 - 6bp. Some sub - items have larger declines, such as an 18bp decline in the A - grade liquid bond issues in the real estate sector, an 8bp decline in the A - grade liquid bond issues within 1 year, and an 11bp decline in the A - grade liquid bond issues with an implicit rating of AA +. [20] - Top 20 in Liquidity Score Increase: The industries of the top 20 entities are mainly transportation, pharmaceutical biology, building decoration, etc., and the main body levels are mainly AAA and AA +. The industries of the top 20 bonds are mainly public utilities, transportation, and commercial retail. [21] - Top 20 in Liquidity Score Decrease: The top 20 entities are mainly in public utilities, real estate, building decoration, transportation, machinery and equipment, etc., and the main body levels are mainly AAA and AA +. The industries of the top 20 bonds are mainly transportation, real estate, and public utilities. [21]