Soochow Securities·2025-11-08 12:06Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - This is a weekly data tracking report on secondary capital bonds from November 3, 2025, to November 7, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3] 3. Summary by Relevant Catalogs Primary Market Issuance - Two secondary capital bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of 15 billion yuan. The issuance term is 10 years, the issuers are subsidiaries of central enterprises and local state - owned enterprises, the issuer ratings are AAA, and the issuer regions are Guangdong and Shandong provinces [1][6] Secondary Market Trading - Trading Volume: The weekly trading volume of secondary capital bonds was approximately 186 billion yuan, a decrease of 13.8 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (16.084 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (10.937 billion yuan), and 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (5.996 billion yuan). By issuer region, the top three in trading volume were Beijing (about 140.8 billion yuan), Shanghai (about 11.6 billion yuan), and Fujian (about 8.6 billion yuan) [2] - Yield to Maturity: As of November 7, for 5Y secondary capital bonds, the yield - to - maturity changes of ratings AAA-, AA+, and AA compared to the previous week were 4.16BP, 3.24BP, and 3.24BP respectively; for 7Y bonds, they were 1.30BP, - 0.08BP, and - 0.08BP respectively; for 10Y bonds, they were 0.64BP, 0.64BP, and 0.64BP respectively [2][11] Valuation Deviation of Top 30 Individual Bonds - Discount Bonds: The top three discount bonds were 21 Jiutai Rural Commercial Secondary (-48.9752%), 22 Jiangshan Rural Commercial Bank Secondary Capital Bond 01 (-0.4149%), and 24 Longwan Rural Commercial Bank Secondary Capital Bond 01 (-0.3907%). The Zhongzheng implied ratings were mainly AA+, AA-, and A+, and the regional distribution was mostly in Tianjin, Guangdong, and Shanghai [3][14] - Premium Bonds: The top three premium bonds were 24 Qingdao Bank Secondary Capital Bond 01 (0.5969%), 23 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.5512%), and 25 Jinshang Bank Secondary Capital Bond 01 (0.4984%). The Zhongzheng implied ratings were mainly AAA-, AA+, and AA, and the regional distribution was mostly in Beijing, Shanghai, and Guangdong [3][15]