流动性收紧叠加情绪冲击，信用利差全面走高

Report Industry Investment Rating The provided documents do not mention the industry investment rating. Core Viewpoints - Liquidity tightening and emotional shocks have led to a comprehensive increase in credit spreads. This week, the adjustment trend of interest - rate bonds continued, and credit bond yields also significantly increased, with overall performance weaker than interest - rate bonds. Credit spreads across all tenors and ratings have risen [2][5]. - The spreads of urban investment bonds at all levels have increased by 3BP on the whole, with most spreads rising [2][9]. - Most industrial bond spreads have increased, while the spreads of mixed - ownership real - estate bonds have continued to decline [2][17]. - The yields of secondary and perpetual bonds have all increased, and the spreads of 3 - 5Y bonds have significantly widened again [2][23]. - The excess spreads of perpetual bonds have significantly increased [2][25]. Summary by Directory I. Liquidity tightening and emotional shocks lead to a comprehensive increase in credit spreads - This week, the yields of 1Y, 3Y, 5Y, 7Y, and 10Y Guokai bonds increased by 4BP, 3BP, 4BP, 4BP, and 2BP respectively. Credit bond yields also rose significantly, with 1Y - term credit bonds of all ratings rising by 5BP, 3Y - term by 6 - 8BP, 5Y - term by 5 - 6BP, 7Y - term by 10 - 11BP, and 10Y - term by 6 - 7BP. Credit spreads across all tenors increased, with 3Y and some long - term credit bonds having larger adjustment amplitudes [2][5]. - Rating spreads changed slightly, and term spreads showed different trends among different ratings and tenors [5]. II. The spreads of urban investment bonds at all levels have increased by 3BP on the whole - The credit spreads of external - rated AAA, AA +, and AA - level urban investment platforms increased by 3BP compared with last week, with different changes in different regions [2][9]. - The spreads of platforms at all administrative levels also increased by 3BP compared with last week, with most spreads of provincial, municipal, and district - county - level platforms rising [2][15]. III. Most industrial bond spreads have increased, while the spreads of mixed - ownership real - estate bonds have continued to decline - The spreads of central and state - owned real - estate bonds increased by 2 - 3BP, those of mixed - ownership real - estate bonds decreased by 4BP, and those of private real - estate bonds increased by 8BP. The spreads of some real - estate enterprises such as Longhu and Midea Real Estate decreased, while that of CIFI increased [2][17]. - The spreads of coal bonds at all levels increased by 2BP, those of steel bonds at all levels increased by 3BP, the spreads of AAA - level chemical bonds increased by 3BP, and those of AA + chemical bonds increased by 1BP [17]. IV. The yields of secondary and perpetual bonds have all increased, and the spreads of 3 - 5Y bonds have significantly widened again - The yields of 1Y - term secondary capital bonds of all ratings increased by 4 - 6BP, and the spreads increased by 0 - 1BP; the yields of 1Y - term perpetual bonds of all ratings increased by 4BP, and the spreads were basically flat [2][23]. - The yields of 3Y - term secondary capital bonds of all ratings increased by 6 - 9BP, and the spreads increased by 4 - 6BP; the yields of 3Y - term perpetual bonds of all ratings increased by 6BP, and the spreads increased by 4BP [23]. - The yields of 5Y - term secondary capital bonds of all ratings increased by 7 - 8BP, and the spreads increased by 3 - 4BP; the yields of 5Y - term perpetual bonds of all ratings increased by 6BP, and the spreads increased by 2BP [23]. V. The excess spreads of perpetual bonds have significantly increased - The excess spreads of industrial AAA 3Y perpetual bonds increased by 5.82BP to 15.99BP, at the 42.33% quantile since 2015; the excess spreads of industrial AAA 5Y perpetual bonds increased by 1.72BP to 13.55BP, at the 29.49% quantile since 2015 [2][25]. - The excess spreads of urban investment AAA 3Y perpetual bonds increased by 1.79BP to 5.13BP, at the 3.15% quantile; the excess spreads of urban investment AAA 5Y perpetual bonds increased by 4.84BP to 12.35BP, at the 17.90% quantile [25]. VI. Credit spread database compilation instructions - The overall market credit spreads, commercial bank secondary and perpetual spreads, and urban investment/industrial perpetual credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data, with historical quantiles since the beginning of 2015; the credit spreads related to urban investment and industrial bonds are sorted and statistically analyzed by the R & D center of Cinda Securities, with historical quantiles since the beginning of 2015 [28]. - The calculation methods and sample screening criteria for various types of credit spreads are provided [31].