品种久期跟踪：防御久期有多短？

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View The mainstream varieties of credit bonds have seen a continuous shortening in duration. The ticket - coupon duration congestion index has rebounded, and different types of bonds show various duration changes and historical quantile positions [2][9][11]. 3. Summary by Directory 3.1 Full - Variety Term Overview - As of October 10, the weighted average trading terms of urban investment bonds and industrial bonds were 1.65 years and 1.88 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.79 years, 3.36 years, and 1.69 years respectively, with general commercial financial bonds at a relatively low historical level. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.37 years, 1.79 years, 3.22 years, and 1.11 years respectively. The durations of securities sub - bonds and leasing company bonds shortened, and securities company bonds were at a relatively low historical quantile [2][9]. - The ticket - coupon duration congestion index rebounded this week compared to last week and is currently at 41.7% of the level since March 2021 [11]. 3.2 Variety Microscope - Urban Investment Bonds: The weighted average trading term hovers around 1.65 years. The duration of urban investment bonds in Fujian prefecture - level cities has extended to 2.39 years, while that of Shanxi provincial - level urban investment bonds has shortened to around 0.06 years. The historical quantiles of the durations of Hunan provincial - level and Jiangxi prefecture - level urban investment bonds have exceeded 90%, and the duration of Hunan provincial - level urban investment bonds is approaching the highest since 2021 [3][15]. - Industrial Bonds: The weighted average trading term has slightly shortened compared to last week, generally around 1.55 years. The trading duration of the non - ferrous metals industry has extended to 1.97 years, and that of the food and beverage industry has shortened to 0.50 years. The trading duration of the food and beverage industry is at a relatively low historical quantile, while the public utilities and non - ferrous metals industries are at relatively high historical quantiles [3][21]. - Commercial Bank Bonds: The duration of general commercial financial bonds has shortened to 1.69 years, at the 10.9% historical quantile, lower than the level of the same period last year. The duration of secondary capital bonds has shortened to 3.79 years, at the 67% historical quantile, higher than the level of the same period last year. The duration of bank perpetual bonds has shortened to 3.36 years, at the 50.2% historical quantile, higher than the level of the same period last year [3][23]. - Other Financial Bonds: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 66%, 19.4%, 9.7%, and 51.4% historical quantiles respectively. The durations of securities company bonds, insurance company bonds, and leasing company bonds have slightly shortened compared to last week [3][26].