流动性打分周报：中短久期低评级城投债流动性上升-20251014

Group 1: Report General Information - Report Type: Fixed Income Report [1] - Release Time: October 14, 2025 [1] - Analysts: Liang Weichao, Xie Peng [2] Group 2: Core Views - Core view of the weekly report: Track the liquidity score of individual bonds in different bond sectors based on the bond asset liquidity score of qb. For urban investment bonds, the number of high - grade and high - liquidity bond items with medium - short duration and low rating has increased. For industrial bonds, the number of high - grade and high - liquidity bond items with medium - long duration and medium - high rating has generally remained stable [2]. Group 3: Urban Investment Bonds Quantity and Distribution - By region: The number of high - grade and high - liquidity bond items in Sichuan has increased, while that in Shandong, Tianjin, and Chongqing has generally remained stable, and that in Jiangsu has decreased [2][9]. - By duration: The number of high - grade and high - liquidity bond items within 1 year and 1 - 2 years has increased, while that in 2 - 3 years, 3 - 5 years, and over 5 years has decreased [2][9]. - By implied rating: The number of high - grade and high - liquidity bond items of AA+ and AA - has increased, especially AA -; the number of AAA has generally remained stable, and the number of AA and AA(2) has decreased [2][9]. Yield - By region: The yields of high - grade and high - liquidity bond items in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing have generally declined, with the decline ranging from 1 - 7bp [11]. - By duration: The yields of high - grade and high - liquidity bond items within 1 year, 1 - 2 years, 2 - 3 years, 3 - 5 years, and over 5 years have generally declined, with the decline ranging from 1 - 9bp [11]. - By implied level: The yields of high - grade and high - liquidity bond items of AAA, AA+, AA, AA(2), and AA - have generally declined, with the decline ranging from 1 - 10bp [11]. Score Changes - Ascending top twenty: The main body levels are mainly AA, concentrated in Jiangsu, Zhejiang, and Shandong, and mainly involve industries such as building decoration and comprehensive [12]. - Descending top twenty: The main body levels are mainly AA, distributed in regions such as Jiangsu and Chongqing, and mainly involve industries such as building decoration, comprehensive, and retail [12]. Group 4: Industrial Bonds Quantity and Distribution - By issuer's industry: The overall situation of transportation, coal, and steel industries has remained stable, while that of real estate and public utilities industries has decreased [3][18]. - By duration: The number of high - grade and high - liquidity bond items within 1 year and over 5 years has decreased slightly; the number of those in 1 - 2 years, 2 - 3 years, and 3 - 5 years has generally remained stable [3][18]. - By implied rating: The number of high - grade and high - liquidity bond items with an implied rating of AA+ has increased, while the number of AAA, AAA -, and AA has decreased, and the number of AAA+ has generally remained stable [3][18]. Yield - By industry: The yields of high - grade and high - liquidity bond items in real estate, public utilities, transportation, coal, and steel industries have generally declined, with the decline ranging from 2 - 9bp [20]. - By duration: The yields of high - grade and high - liquidity bond items within 1 year, 1 - 2 years, 2 - 3 years, 3 - 5 years, and over 5 years have generally declined, with the decline ranging from 2 - 8bp [20]. - By implied level: The yields of high - grade and high - liquidity bond items of AAA+, AAA, AAA -, AA+, and AA have generally declined, with the decline ranging from 3 - 11bp [20]. Score Changes - Ascending top twenty: The industries of the main bodies are mainly building decoration, real estate, and non - ferrous metals, with main body levels of AAA and AA+; the industries of the top twenty bonds are mainly transportation and building decoration [21][22]. - Descending top twenty: The main bodies mainly involve industries such as building decoration, real estate, transportation, and public utilities, with main body levels of AAA and AA+; the industries of the top twenty bonds are mainly transportation and public utilities [22].