二级资本债周度数据跟踪-20251011

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report The report presents a weekly data tracking of secondary - capital bonds from September 29, 2025, to October 10, 2025, covering primary - market issuance, secondary - market trading, and valuation deviation of individual bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary - Market Issuance - One new secondary - capital bond was issued in the inter - bank and exchange markets, with a scale of 1.2 billion yuan, a 10 - year term, the issuer being a local state - owned enterprise in Hebei Province with an AA+ credit rating [1]. 3.2 Secondary - Market Trading 3.2.1 Trading Volume - The total weekly trading volume of secondary - capital bonds was approximately 44.5 billion yuan, a decrease of 185.4 billion yuan from the previous week. The top three bonds in terms of trading volume were 22 Industrial and Commercial Bank of China Secondary Capital Bond 04A (1.808 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (1.23 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (1.219 billion yuan) [2]. - By the issuer's region, the top three regions in terms of trading volume were Beijing (about 30 billion yuan), Shanghai (about 4.7 billion yuan), and Zhejiang (about 3.1 billion yuan) [2]. 3.2.2 Yield to Maturity - As of October 10, for 5 - year secondary - capital bonds, the yield - to - maturity changes of AAA -, AA+, and AA - rated bonds compared to the previous week were - 2.57BP, - 4.00BP, and - 2.00BP respectively; for 7 - year bonds, the changes were 0.18BP, 0.84BP, and 0.84BP respectively; for 10 - year bonds, the changes were 3.73BP, 3.74BP, and 3.74BP respectively [2]. 3.3 Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly average trading price of secondary - capital bonds was not significant. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was smaller than the premium amplitude. - Among the discount bonds, the top three with the highest discount rates were 24 Sichuan Bank Secondary Capital Bond (- 0.4401%), 23 Hankou Bank Secondary Capital Bond 02 (- 0.4225%), and 22 Ningbo Bank Secondary Capital Bond 01 (- 0.3864%). The implied ratings of ChinaBond were mainly AAA -, AA+, and AA, and the bonds were mostly from Beijing, Shanghai, and Zhejiang [3]. - Among the premium bonds, the top three with the highest premium rates were 24 Yangzhou Rural Commercial Bank Secondary Capital Bond 01 (0.5852%), 25 Mintai Commercial Bank Secondary Capital Bond 01 (0.5313%), and 25 Luzhou Bank Secondary Capital Bond 01 (0.5006%). The implied ratings of ChinaBond were mainly AAA -, AA+, and AA, and the bonds were mostly from Beijing, Zhejiang, and Tianjin [3].