Group 1: Report Overview - The report is a fixed - income report released on October 29, 2025, focusing on the liquidity of urban investment bonds and industrial bonds [1] Group 2: Core Views - For urban investment bonds, the liquidity of short - duration, medium - and low - rated bond items has declined, while for industrial bonds, the liquidity of medium - and long - duration, medium - and high - rated bond items has increased [2][3][8][16] Group 3: Urban Investment Bond Analysis Distribution Changes - Regionally, the number of high - grade liquid bond items in Shandong has increased, while that in Jiangsu has decreased, and Sichuan, Tianjin, and Chongqing have remained stable. In terms of duration, the number of high - grade liquid bond items within 1 year and 3 - 5 years has decreased, while those in the 1 - 2 year and over 5 - year periods have increased, and the 2 - 3 year period has remained stable. In terms of implied ratings, the number of high - grade liquid bond items with AA and AA(2) has decreased, AAA and AA+ have remained stable, and AA - has increased [8] Yield Changes - Regionally, except for Shandong, the yields of high - grade liquid bond items in other regions have mainly declined, with the decline ranging from 2 - 6bp. In terms of duration, the yields of high - grade liquid bond items in each duration have mainly declined, with the decline ranging from 1 - 6bp. In terms of implied ratings, the yields of high - grade liquid bond items at each implied level have mainly declined, with the decline ranging from 1 - 5bp [9][10] Top 20 Changes in Liquidity Score - The top 20 entities with rising liquidity scores are mainly of AA and AA+ levels, concentrated in Jiangsu, Zhejiang, and Anhui, and mainly involve industries such as building decoration and environmental protection. The top 20 entities with falling liquidity scores are also mainly of AA and AA+ levels, distributed in Zhejiang, Jiangsu, Hubei, Sichuan, etc., and mainly include building decoration, comprehensive, and real estate industries [11] Group 4: Industrial Bond Analysis Distribution Changes - By industry, the number of high - grade liquid bond items in the transportation industry has increased, while those in the public utilities and coal industries have decreased, and the real estate and steel industries have remained stable. In terms of duration, the number of high - grade liquid bond items in the 3 - 5 year and over 5 - year periods has increased, while those within 1 year and 2 - 3 years have decreased, and the 1 - 2 year period has remained stable. In terms of implied ratings, the number of high - grade liquid bond items with implied ratings of AAA - and AA+ has increased, those with AAA+ and AA have decreased, and AAA has remained stable [16] Yield Changes - By industry, the yields of the public utilities, real estate, transportation, coal, and steel industries have mainly declined, with the fluctuation ranging from 1 - 6bp. In terms of duration, the yields of high - grade liquid bond items in each duration have mainly declined, with the decline ranging from 1 - 4bp. In terms of implied ratings, the yields of high - grade liquid bond items with AAA+ have mainly increased, while those with AAA, AAA -, AA+, and AA have mainly declined, with the decline ranging from 1 - 4bp [18] Top 20 Changes in Liquidity Score - The top 20 entities with rising liquidity scores are mainly in industries such as building decoration, real estate, and machinery and equipment, and of AAA and AA+ levels. The top 20 bonds with rising liquidity scores belong to industries such as building decoration, public utilities, and transportation. The top 20 entities with falling liquidity scores are mainly in building decoration, transportation, etc., and of AAA and AA+ levels. The top 20 bonds with falling liquidity scores belong to industries such as transportation and building decoration [19][20]
流动性打分周报：中长久期中高评级产业债流动性上升-20251029
China Post Securities·2025-10-29 05:10