流动性打分周报：中长久期低评级城投债流动性上升-20251111

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report focuses on the liquidity of bonds in the bond market, including the liquidity of urban investment bonds and industrial bonds. The liquidity of medium - long - term and low - rated bonds in both urban investment bonds and industrial bonds has increased. [2][3][8][18] 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds - Liquidity Quantity Changes: Medium - long - term and low - rated high - grade liquidity urban investment bonds have increased. Regionally, the number of high - grade liquidity debt items in Shandong has increased, while that in Jiangsu has decreased, and Sichuan, Tianjin, and Chongqing have remained stable. In terms of maturity, the number of high - grade liquidity debt items with a maturity of 3 - 5 years and over 5 years has increased, while those with a maturity of less than 1 year, 1 - 2 years, and 2 - 3 years have decreased. In terms of implicit rating, the number of high - grade liquidity debt items with AAA, AA(2), and AA - has increased, while those with AA+ and AA have decreased. [8] - Yield Changes: Regionally, the yields of high - grade liquidity debt items in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing have mainly decreased, with the fluctuation range concentrated at 1 - 5bp. In terms of maturity, the yields of high - grade liquidity debt items with a maturity of 1 - 2 years have mainly increased, while those with a maturity of less than 1 year, 2 - 3 years, 3 - 5 years, and over 5 years have mainly decreased, with the fluctuation range concentrated at 1 - 3bp. In terms of implicit grade, the yields of high - grade liquidity debt items with AAA, AA+, and AA have mainly increased, while those with AA(2) and AA - have decreased, with the fluctuation range concentrated at 1 - 2bp. [10][11] - Top 20 Liquidity Score Increase and Decrease: The top 20 entities with an increase in liquidity score are mainly from industries such as architectural decoration and transportation, with the entity levels mainly being AA and AA+. The regions are concentrated in Zhejiang, Jiangsu, Shandong, and Anhui. The top 20 entities with a decrease in liquidity score are mainly from industries such as architectural decoration and real estate, with the entity levels mainly being AA and AA+, and the regions mainly including Jiangsu and Hubei. [13] 3.2 Industrial Bonds - Liquidity Quantity Changes: The number of high - grade liquidity industrial bonds with medium - long - term and low - rating has increased. By industry, the number of high - grade liquidity debt items in the real estate, public utilities, and coal industries has increased, while those in the transportation and steel industries have decreased. In terms of maturity, the number of high - grade liquidity debt items with a maturity of 2 - 3 years and 3 - 5 years has increased, those with a maturity of less than 1 year have decreased, and those with a maturity of 1 - 2 years and over 5 years have remained stable. In terms of implicit rating, the number of high - grade liquidity debt items with AA+ and AA has increased, those with AAA - have decreased, and those with AAA+ and AAA have remained stable. [18] - Yield Changes: By industry, the yields of high - grade liquidity debt items in the real estate and steel industries have mainly increased, those in the public utilities industry have decreased, and those in the transportation and coal industries have fluctuated up and down, with the fluctuation range concentrated at 1 - 5bp. In terms of maturity, the yields of high - grade liquidity debt items with a maturity of 1 - 2 years, 3 - 5 years, and over 5 years have mainly increased, while those with a maturity of less than 1 year and 2 - 3 years have decreased, with the fluctuation range concentrated at 1 - 4bp. In terms of implicit grade, the yields of high - grade liquidity debt items at each implicit level have fluctuated slightly. [20] - Top 20 Liquidity Score Increase and Decrease: The top 20 entities with an increase in liquidity score are mainly from industries such as architectural decoration, transportation, and public utilities, with the entity levels mainly being AAA and AA+. The top 20 bonds are mainly from industries such as real estate and public utilities. The top 20 entities with a decrease in liquidity score are mainly from industries such as architectural decoration, commercial retail, and public utilities, with the entity levels mainly being AAA and AA+. The top 20 bonds are mainly from industries such as transportation and architectural decoration. [20][22]