2.2%以上信用债一览

Report Industry Investment Rating - Not provided in the content Core Viewpoints - As of August 29, 2025, the adjusted credit bond yields have increased in attractiveness. The report uses a 2.2% valuation as the initial screening criterion to sort out urban investment bonds, industrial bonds, and financial bonds for market institutions to select assets with higher cost - effectiveness and suitability [9] Summary by Directory 2.2% above, urban investment bonds? - National level: As of August 29, 2025, the national stock of urban investment bonds was 185,744 billion yuan, with 60,791 billion yuan of bonds having a valuation above 2.2%, accounting for 32.7%. The public non - perpetual urban investment bonds with a valuation above 2.2% were 25,218 billion yuan, accounting for 13.6% of the overall stock bonds [1][11] - Provincial level: - Low - valuation regions (below 30% of bonds above 2.2%): Jiangsu, Zhejiang, Anhui, and Fujian have relatively low overall valuations, and the proportion of bonds above 2.2% is low, but the scale is relatively large. Jiangsu has a rich stock of AA(2) bonds with a 1 - 3 - year term [1][11] - Mid - valuation regions (30 - 40% of bonds above 2.2%): Sichuan, Hunan, Hubei, and Jiangxi have an overall mid - level valuation. Sichuan has a stock of over 4100 billion yuan of bonds above 2.2% [1][11] - High - valuation regions (44 - 60% of bonds above 2.2%): Henan, Shandong, and Shaanxi have relatively high overall valuations. Shandong has a stock of over 8000 billion yuan of bonds above 2.2% and over 2900 billion yuan of public non - perpetual bonds [1][11] - Higher - valuation regions (38 - 72% of bonds above 2.2%): Chongqing, Tianjin, Yunnan, Guangxi, and Guizhou have a relatively high proportion of bonds above 2.2%, with Guizhou having the highest proportion [2][12] Focusing on the province, how are urban investment bonds above 2.2% distributed? - Jiangsu, Zhejiang, Anhui, Fujian: - Jiangsu: Urban investment bonds above 2.2% have a stock of over 800 billion yuan in Yancheng, Wuxi, and Nanjing. Public non - perpetual bonds are concentrated in provincial - level platforms and some municipal - level platforms, mainly in bonds with a term of over 3 years [15] - Zhejiang: Urban investment bonds above 2.2% have the highest stock in Huzhou, over 890 billion yuan, and over 600 billion yuan in Hangzhou, Jiaxing, Ningbo, and Shaoxing. Public non - perpetual bonds are mainly in 3 - year - plus bonds of some platforms [15] - Anhui: Urban investment bonds above 2.2% have a stock of over 160 billion yuan in the provincial - level, Huaibei, Tongling, Bengbu, and Ma'anshan. Public non - perpetual bonds are relatively large in some platforms, and Huaibei Jiantou and Tongling Jiantou still have a certain stock in 1 - 3 - year bonds [17] - Fujian: Urban investment bonds above 2.2% have a relatively large stock in Quanzhou and Zhangzhou, over 310 billion yuan and 290 billion yuan respectively. Public non - perpetual bonds are concentrated in 3 - year - plus bonds of some platforms [17] - Sichuan, Hunan, Hubei, Jiangxi: - Sichuan: Urban investment bonds above 2.2% are highly concentrated in Chengdu, over 1700 billion yuan, with over 700 billion yuan in the provincial - level and over 280 billion yuan in Luzhou. Public non - perpetual bonds are concentrated in provincial - level and Chengdu - based platforms [19] - Hunan: Urban investment bonds above 2.2% have a stock of over 600 billion yuan in Zhuzhou, and over 400 billion yuan in Changsha and Changde. Public non - perpetual bonds are concentrated in some platforms, and some platforms still have a certain stock in 1 - 3 - year bonds [19] - Hubei: Urban investment bonds above 2.2% have a stock of over 600 billion yuan in the provincial - level, over 540 billion yuan in Wuhan, and 370 billion yuan in Huangshi. Public non - perpetual bonds are particularly abundant in provincial - level platforms, and some platforms still have a certain stock in 1 - 3 - year bonds [21] - Jiangxi: Urban investment bonds above 2.2% have a stock of over 540 billion yuan in Shangrao and over 320 billion yuan in Ganzhou. Public non - perpetual bonds are concentrated in some platforms, and some platforms still have a certain stock in 1 - 3 - year bonds [21] - Henan, Shandong, Shaanxi: - Henan: Urban investment bonds above 2.2% are concentrated in the provincial - level and Aviation Port, followed by Zhengzhou and Luoyang. Public non - perpetual bonds in Aviation Port Investment have a stock of over 260 billion yuan, and some platforms still have a certain stock in 1 - 3 - year bonds [24] - Shandong: Urban investment bonds above 2.2% have a stock of over 2000 billion yuan in Qingdao and over 1100 billion yuan in Weifang. Public non - perpetual bonds in provincial - level and some municipal - level platforms have a relatively large stock, and some platforms still have a certain stock in 1 - 3 - year bonds [25] - Shaanxi: Urban investment bonds above 2.2% have a stock of over 1500 billion yuan in Xi'an and over 600 billion yuan in the provincial - level. Public non - perpetual bonds in provincial - level and Xi'an - based platforms have a relatively large stock, and some platforms still have a certain stock in 1 - 3 - year bonds [26] - Chongqing, Tianjin, Guangxi, Yunnan, Guizhou: - Chongqing: Urban investment bonds above 2.2% have a stock of over 500 billion yuan in the municipal - level and over 300 billion yuan in Fuling. Public non - perpetual bonds are concentrated in some platforms, and some platforms still have a certain stock in 1 - 3 - year bonds [29] - Tianjin: Urban investment bonds above 2.2% have a stock of 640 billion yuan in the municipal - level and 399 billion yuan in Binhai New Area. Public non - perpetual bonds are concentrated in some platforms, and some platforms still have a certain stock in 1 - 3 - year bonds [29] - Yunnan: Urban investment bonds above 2.2% are concentrated in the provincial - level and Kunming, with stocks of over 800 billion yuan and 600 billion yuan respectively. Public non - perpetual bonds in provincial - level platforms have a relatively large stock and are rich in 1 - 3 - year bonds, while those in Kunming platforms are relatively dispersed [31] - Guangxi: Urban investment bonds above 2.2% are mainly in the provincial - level and Liuzhou, with stocks of 899 billion yuan and 611 billion yuan respectively. Public non - perpetual bonds in provincial - level and Liuzhou - based platforms have a certain stock, and some platforms still have a certain stock in 1 - 3 - year bonds [31] - Guizhou: Urban investment bonds above 2.2% are mainly distributed in Guiyang and Zunyi, with stocks of over 500 billion yuan and 380 billion yuan respectively. Public non - perpetual bonds in some platforms have a relatively large stock, and Guiyang Chengtou still has a certain stock in 1 - 3 - year bonds [31] 2.2% above, industrial bonds? - As of August 29, 2025, the stock of industrial bonds was 118,616 billion yuan, with 27,153 billion yuan of bonds having a valuation above 2.2%, accounting for 22.9%. The public non - perpetual industrial bonds with a valuation above 2.2% were 18,902 billion yuan, accounting for 15.9% of the overall stock bonds [4][33] - Industry analysis: Industries with a relatively high proportion and large stock of bonds above 2.2% include real estate, comprehensive (both with a stock of over 4000 billion yuan), public utilities (stock over 3000 billion yuan), building decoration, non - banking finance (both with a stock of over 2000 billion yuan), coal, transportation, and commercial retail (all with a stock of over 1000 billion yuan) [4][33] - Subject analysis: - Real estate: Capital Development has a stock of over 400 billion yuan, and Vanke, C&D Real Estate, Greentown, and China Railway Construction Real Estate all have a stock of over 200 billion yuan [34] - Comprehensive: Chengtong Holdings has a stock of over 1100 billion yuan, Sinochem Corporation has over 700 billion yuan, and CITIC and SDIC Group both have over 200 billion yuan [34] - Public utilities: State Grid has a stock of over 1400 billion yuan, and Huaneng Power International, China Three Gorges, and China Southern Power Grid all have over 100 billion yuan [34] - Building decoration: Shaanxi Construction Engineering Holding, PowerChina, and Shaanxi Construction Engineering Co., Ltd. have relatively large stocks [37] - Non - banking finance: Sinomach has a stock of over 300 billion yuan, and AVIC Industry Finance and Everbright Group have a stock of over 100 billion yuan [37] - Coal: Jinneng Coal Industry and Jinneng Power both have a stock of over 200 billion yuan [37] - Transportation: National Railway has a stock of over 500 billion yuan [34] 2.2% above, financial bonds? - As of August 29, 2025, the stock of financial bonds was 151,793 billion yuan, with 18,021 billion yuan of bonds having a valuation above 2.2%, accounting for 11.9% [5][38] - Bank secondary bonds: The stock of bank secondary bonds above 2.2% is over 11000 billion yuan, concentrated in long - term bonds. Agricultural Bank of China, Bank of China, China Construction Bank, Industrial and Commercial Bank of China, China Minsheng Bank, Bank of Communications, Postal Savings Bank of China, Tianjin Bank, and Hengfeng Bank have relatively large stocks [5][38] - Bank perpetual bonds: The stock of bank perpetual bonds above 2.2% is over 3700 billion yuan. China Minsheng Bank, Ping An Bank, Guangzhou Rural Commercial Bank, Harbin Bank, Chengdu Bank, Bohai Bank, and Zhongyuan Bank have relatively large stocks [5][38] - Insurance bonds: The stock of insurance bonds above 2.2% is over 1500 billion yuan. Ping An Life Insurance, Taikang Life Insurance, and Sunshine Life Insurance have relatively large stocks [5][38]