流动性打分周报：长久期中高评级产业债流动性下降-20250909

Group 1: Report Industry Investment Rating - No information provided in the content Group 2: Core Viewpoints of the Report - The liquidity of medium- to long-term high-rated bonds in the urban investment bond and industrial bond sectors has declined. In the urban investment bond sector, the number of high-grade liquid bonds decreased in medium- to long-term, while in the industrial bond sector, the number of high-grade liquid bonds decreased in long-term [2][3][9][19] Group 3: Summary of Urban Investment Bonds - Distribution of high-grade liquid bonds: By region, the number of high-grade liquid bonds increased in Jiangsu, decreased in Shandong, and remained stable in Sichuan, Tianjin, and Chongqing. By term, the number of high-grade liquid bonds increased within 1 year and in the 2 - 3 year range, but decreased in the 1 - 2 year, 3 - 5 year, and over 5 - year ranges. By implied rating, the number of high-grade liquid bonds increased for AA+, AA, and AA(2), but decreased for AAA and AA - [2][9][10] - Yield of high-grade liquid bonds: By region, the yields of high-grade liquid bonds in Jiangsu, Shandong, Sichuan, and Chongqing generally decreased, with a decline range of 1 - 5bp; the yield in Tianjin generally increased, with an increase range of 1 - 3bp. By term, the yields of high-grade liquid bonds within 1 year, 1 - 2 years, 2 - 3 years, 3 - 5 years, and over 5 - years generally decreased, with a decline range of 1 - 3bp. By implied rating, the yields of high-grade liquid bonds for all implied ratings generally decreased, with a decline range of 1 - 3bp [11][12] - Top 20 subjects and bonds with rising and falling liquidity scores: The top 20 subjects with rising liquidity scores are mainly in construction decoration, environmental protection, social services, and commerce and retail industries, with the subject level mainly AA, and concentrated in regions such as Jiangsu, Zhejiang, Jiangxi, and Anhui. The top 20 subjects with falling liquidity scores are mainly in construction decoration, real estate, and social services industries, with the subject level mainly AA, and distributed in regions such as Jiangsu, Zhejiang, Sichuan, Fujian, and Anhui [11][15][17] Group 4: Summary of Industrial Bonds - Distribution of high-grade liquid bonds: By industry, the number of high-grade liquid bonds increased in the steel industry, decreased in the public utilities and coal industries, and remained stable in the real estate and transportation industries. By term, the number of high-grade liquid bonds increased within 1 year, decreased in the 3 - 5 year and over 5 - year ranges, and remained stable in the 1 - 2 year and 2 - 3 year ranges. By implied rating, the number of high-grade liquid bonds increased for AAA - and AA, decreased for AAA and AA+, and remained stable for AAA+ [3][19][20] - Yield of high-grade liquid bonds: By industry, the yields of high-grade liquid bonds in the real estate, transportation, coal, and steel industries generally decreased, with a fluctuation range of 1 - 4bp; the public utilities industry remained basically stable. By term, the yields of high-grade liquid bonds within 1 year, 1 - 2 years, and 2 - 3 years generally decreased, with a decline range of 1 - 2bp; the yields in the 3 - 5 year and over 5 - year ranges generally increased, with an increase range of 1 - 2bp, showing a characteristic of "decline in medium - to short - term and increase in medium - to long - term". By implied rating, the yields of high-grade liquid bonds for AAA, AA+, and AA ratings generally decreased, with a decline range of 1 - 4bp; the yields for AAA+ and AAA - ratings generally increased, with an increase range of 1 - 2bp [20][21][23] - Top 20 subjects and bonds with rising and falling liquidity scores: The top 20 subjects with rising liquidity scores are mainly in construction decoration, commerce and retail, transportation, and real estate industries, with the subject level mainly AAA and AA+. The top 20 bonds with rising liquidity scores are mainly in transportation and construction decoration industries. The top 20 subjects with falling liquidity scores are mainly in construction decoration and public utilities industries, with the subject level mainly AAA and AA+. The top 20 bonds with falling liquidity scores are mainly in public utilities, transportation, and construction decoration industries [22][24][26]