Soochow Securities·2025-09-28 07:29I. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. II. Core View of the Report The report provides a weekly data tracking of secondary capital bonds from September 22 to September 26, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3]. III. Summary by Relevant Catalogs 1. Primary Market Issuance - There were no new issuances of secondary capital bonds in the inter - bank market and the exchange market during the week from September 22 to September 26, 2025 [1]. 2. Secondary Market Trading - Trading Volume: The total weekly trading volume of secondary capital bonds was approximately 229.9 billion yuan, an increase of 52.1 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (54.049 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (16.307 billion yuan), and 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (7.88 billion yuan) [2]. - Trading Volume by Region: The top three regions in terms of trading volume were Beijing, Shanghai, and Fujian, with trading volumes of approximately 189 billion yuan, 12.7 billion yuan, and 7.9 billion yuan respectively [2]. - Yield to Maturity: As of September 26, the yield to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA increased by 17.93BP, 17.31BP, and 16.31BP respectively compared to the previous week; for 7Y secondary capital bonds, the increases were 18.31BP, 18.26BP, and 18.26BP respectively; for 10Y secondary capital bonds, the increases were 16.19BP, 16.82BP, and 16.82BP respectively [2][10]. 3. Valuation Deviation of Top 30 Individual Bonds - Overall Situation: The overall valuation deviation of the weekly average trading price of secondary capital bonds was not significant during the week from September 22 to September 26, 2025. The proportion of discount transactions was less than that of premium transactions, and the discount range was smaller than the premium range [3]. - Discount Bonds: The top three bonds with the highest discount rates were 17 Fushun Bank Secondary (- 0.3988%), 21 Deqing Rural Commercial Bank Secondary (- 0.3851%), and 22 Yongcheng Rural Commercial Bank Secondary (- 0.3606%). The Zhongzheng implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mostly distributed in Beijing, Shanghai, and Guangdong [3][12]. - Premium Bonds: The top three bonds with the highest premium rates were 24 China Construction Bank Secondary Capital Bond 02B (1.2298%), 24 Guangfa Bank Secondary Capital Bond 01 (0.8398%), and 23 China Construction Bank Secondary Capital Bond 02B (0.8050%). The Zhongzheng implicit ratings were mainly AAA -, AA +, and AA -, and the bonds were mostly distributed in Beijing, Shanghai, and Guangdong [3][13].