流动性打分周报：中长久期中高评级城投债流动性下降-20250917

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The liquidity of medium - to long - term, medium - to high - rated bonds in both the urban investment bond and industrial bond sectors has declined. For urban investment bonds, the number of high - grade liquid bond items in medium - to long - term and medium - to high - rated categories has decreased. In the industrial bond sector, the same trend of decreasing high - grade liquid bond items in relevant categories is observed [1][2][7][17]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds - Distribution of High - Grade Liquid Bond Items - Regional: The number of high - grade liquid bond items in Jiangsu has increased, while those in Shandong, Sichuan, and Tianjin have decreased, and Chongqing has remained stable [1][7]. - Term: The number of high - grade liquid bond items within 1 year has increased, while those in the 1 - 2 year, 3 - 5 year, and over 5 - year terms have decreased, and the 2 - 3 year term has remained stable [1][7]. - Implied Rating: The number of high - grade liquid bond items with implied ratings of AAA and AA+ has decreased, while those with AA, AA(2), and AA - have remained stable [1][7]. - Yield of High - Grade Liquid Bond Items - Regional: The yields of high - grade liquid bond items in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing have mainly increased, with the increase ranging from 2 - 7bp [9]. - Term: The yields of high - grade liquid bond items within 1 year, 1 - 2 years, 2 - 3 years, and 3 - 5 years have mainly increased, with fluctuations ranging from 3.2 - 5.2bp; the yield of those over 5 years has mainly decreased, with an increase of about 3bp [9]. - Implied Rating: The yields of high - grade liquid bond items with implied ratings of AAA, AA+, AA, AA(2), and AA - have mainly increased, with the increase ranging from 2 - 6bp [9]. - Top 20 Entities and Bonds with Rising and Falling Liquidity Scores - Rising: The entities are mainly in the construction and decoration industries, with the entity level mainly AA, and the regions are concentrated in Jiangsu, Zhejiang, and Shandong. The bonds are mainly from Jiangsu, Sichuan, and other regions [11][13][14]. - Falling: The entities are mainly in the construction and decoration, comprehensive, and social service industries, with the entity level mainly AA, and the regions are mainly Zhejiang, Shandong, etc. The bonds are mainly from Zhejiang, Jiangsu, and other regions [12][15][16]. 3.2 Industrial Bonds - Distribution of High - Grade Liquid Bond Items - Industry: The number of high - grade liquid bond items in the real estate, public utilities, and transportation industries has decreased, while those in the coal and steel industries have remained stable [2][17]. - Term: The number of high - grade liquid bond items in the 2 - 3 year term has increased, while those in the 1 - 2 year, 3 - 5 year, and over 5 - year terms have decreased, and the number within 1 year has remained stable [2][17]. - Implied Rating: The number of high - grade liquid bond items with an implied rating of AA has increased, while those with AAA, AAA -, and AA+ have decreased, and those with AAA+ have remained stable [2][17]. - Yield of High - Grade Liquid Bond Items - Industry: The yields of high - grade liquid bond items in the real estate, transportation, coal, steel, and public utilities industries have mainly increased, with fluctuations ranging from 1 - 8bp [18][19]. - Term: The yields of high - grade liquid bond items in all terms (within 1 year, 1 - 2 years, 2 - 3 years, 3 - 5 years, and over 5 years) have mainly increased, with the increase ranging from 2 - 8bp [19]. - Implied Rating: The yields of high - grade liquid bond items with implied ratings of AAA+, AAA, AAA -, AA+, and AA have mainly increased, with the increase ranging from 1 - 10bp [19]. - Top 20 Entities and Bonds with Rising and Falling Liquidity Scores - Rising: The industries of the top 20 entities are mainly construction and decoration, environmental protection, and public utilities, with the entity level mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation and public utilities [21][22][23]. - Falling: The industries of the top 20 entities are mainly construction and decoration, real estate, and transportation, with the entity level mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation and construction and decoration [21][25][26].