Group 1: General Information - The report is a fixed - income report released on August 26, 2025 [1] - The analysts are Liang Weichao and research assistant Xie Peng [2] Group 2: Core Viewpoints - For urban investment bonds, the liquidity of medium - to long - term and high - rating bond items has declined, with the number of high - grade and high - liquidity bond items decreasing. For industrial bonds, the liquidity of long - term and medium - to low - rating bond items has declined, and the number of high - grade and high - liquidity bond items has also decreased [2][3][9][18] Group 3: Urban Investment Bonds Distribution of Bond Items - Regionally, the number of high - grade liquidity bond items in Jiangsu increased, while that in Shandong decreased, and Sichuan, Tianjin, and Chongqing remained stable. In terms of maturity, the number of high - grade liquidity bond items within 1 year and 2 - 3 years increased, while those in 1 - 2 years remained stable, and those in 3 - 5 years and over 5 years decreased. In terms of implicit ratings, the number of high - grade liquidity bond items with an implicit rating of AA(2) increased, those with AA+ remained stable, and those with AAA, AA, and AA - decreased [2][9] Yield - The yields of high - grade liquidity urban investment bonds mainly increased, with the increase ranging from 2 - 8bp [11] Score Changes - Among the top twenty in terms of score increase, the main body levels are AA+ and AA, concentrated in regions such as Jiangsu, Zhejiang, Sichuan, and Shandong, and mainly involve industries such as building decoration and comprehensive. Among the top twenty in terms of score decrease, the main body level is mainly AA, and the regional distribution is mainly in Zhejiang, Jiangsu, Guizhou, etc., and the main industries are building decoration and comprehensive [12] Group 4: Industrial Bonds Distribution of Bond Items - By industry, the number of high - grade liquidity bond items in public utilities and transportation increased, while that in real estate decreased, and coal and steel remained stable. In terms of maturity, the number of high - grade liquidity bond items within 1 year increased, those in 1 - 2 years, 2 - 3 years, and 3 - 5 years remained stable, and those over 5 years decreased. In terms of implicit ratings, the number of high - grade liquidity bond items with an implicit rating of AAA increased, those with AAA+ and AAA - remained stable, and those with AA+ and AA decreased [3][18] Yield - The yields of high - grade liquidity bond items mainly increased, with the increase ranging from 2 - 12bp. Some sub - items decreased significantly, and the B - grade liquidity bond items with an implicit rating of AAA+ increased by 12bp [21] Score Changes - Among the top twenty in terms of score increase, the main industries of the entities are transportation and real estate, and the main body levels are AAA and AA+. The industries of the top twenty bonds are mainly transportation, real estate, and building decoration. Among the top twenty in terms of score decrease, the main industries of the entities are building decoration, real estate, and public utilities, and the main body levels are AAA and AA+. The industries of the top twenty bonds are mainly transportation and building decoration [22]
流动性打分周报：长久期中低评级产业债流动性下降-20250826
China Post Securities·2025-08-26 06:32