固收点评20251025：二级资本债周度数据跟踪-20251025

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report - This week (from October 20 to October 24, 2025), one new secondary - capital bond was issued in the inter - bank and exchange markets, with an issuance scale of 2 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Shandong Province, and a subject rating of AAA [1]. - This week, the total trading volume of secondary - capital bonds was approximately 173 billion yuan, an increase of 6.2 billion yuan compared to last week. The top three trading - volume bonds were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (8.076 billion yuan), 25 Suzhou Bank Secondary Capital Bond 01 (7.582 billion yuan), and 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (5.568 billion yuan). By issuer's regional location, the top three in trading volume were Beijing, Shanghai, and Jiangsu, with approximately 121.6 billion yuan, 13.5 billion yuan, and 9.7 billion yuan respectively. Regarding yields to maturity, as of October 24, the changes in yields to maturity of 5Y, 7Y, and 10Y secondary - capital bonds with different ratings compared to last week varied [2]. - This week, the overall deviation of the average trading - price valuation of secondary - capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary ( - 6.2758%), 25 Shunde Rural Commercial Secondary Capital Bond 01 ( - 0.5985%), and 24 Tianjin Rural Commercial Bank Secondary Capital Bond 01 ( - 0.4717%); the top three premium - rate bonds were 25 Guizhou Bank Secondary Capital Bond 01 (0.5302%), 24 Yangzhou Rural Commercial Bank Secondary Capital Bond 01 (0.1925%), and 25 Mintai Commercial Bank Secondary Capital Bond 01 (0.1606%) [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - One new secondary - capital bond was issued this week, with an issuance scale of 2 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Shandong Province, and a subject rating of AAA [1][6]. 3.2 Secondary Market Trading - Trading Volume: The total trading volume this week was approximately 173 billion yuan, an increase of 6.2 billion yuan compared to last week. The top three trading - volume bonds were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC), 25 Suzhou Bank Secondary Capital Bond 01, and 25 Agricultural Bank of China Secondary Capital Bond 03B(BC). By region, Beijing, Shanghai, and Jiangsu had the top three trading volumes [2]. - Yields to Maturity: As of October 24, for 5Y secondary - capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA ratings compared to last week were 0.84BP, - 0.73BP, and - 4.73BP respectively; for 7Y, they were - 1.95BP, 0.49BP, and 0.49BP; for 10Y, they were - 0.46BP, - 0.12BP, and - 0.12BP [2][10]. 3.3 Top 30 Bonds with Valuation Deviation - Discount Bonds: The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary, 25 Shunde Rural Commercial Secondary Capital Bond 01, and 24 Tianjin Rural Commercial Bank Secondary Capital Bond 01. Most of the bonds had ChinaBond implicit ratings of AAA -, AA -, and AA +, and were mainly located in Beijing, Shanghai, and Guangdong [3][15]. - Premium Bonds: The top three premium - rate bonds were 25 Guizhou Bank Secondary Capital Bond 01, 24 Yangzhou Rural Commercial Bank Secondary Capital Bond 01, and 25 Mintai Commercial Bank Secondary Capital Bond 01. Most of the bonds had ChinaBond implicit ratings of AAA -, AA, and AA +, and were mainly located in Beijing, Zhejiang, and Shanghai [3][16].