SINOLINK SECURITIES·2025-12-10 15:27Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Among the bonds with discounted transactions, "25 Yungang Y4" had a large deviation in the valuation price. Among the bonds with rising net prices, "25 Datong C3" had a relatively high deviation in the valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "22 Bank of Communications Tier 2 Capital Bond 02B" had a large deviation in the valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)" had a relatively high deviation in the valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions for varieties within 0.5 years. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. In terms of industries, bonds in the national defense and military industry had the largest average deviation in valuation prices [2]. 3. Summary by Relevant Charts Chart 1: Discounted Transaction Tracking - The table listed 30 bonds with large discounts, including "25 Yungang Y4", "25 Dongfang K1", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included transportation, non - financial finance, and urban investment [4]. Chart 2: Tracking of Bonds with Rising Net Prices - The table showed 43 bonds with large positive deviations, such as "25 Datong C3", "25 Raofa 02", etc. It provided details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries included non - financial finance, comprehensive, and public utilities [6]. Chart 3: Tracking of Tier 2 and Perpetual Bond Transactions - The table presented 40 Tier 2 and perpetual bonds, including "22 Bank of Communications Tier 2 Capital Bond 02B", "22 Industrial and Commercial Bank of China Tier 2 Capital Bond 04B", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [7]. Chart 4: Tracking of Commercial Financial Bond Transactions - The table listed 29 commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)", "24 Agricultural Bank of China TLAC Non - capital Bond 01B(BC)", etc., providing details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [8]. Chart 5: Bonds with a Transaction Yield Higher than 5% - The table showed 20 bonds with a high - yield transaction, including "21 Vanke 06", "23 Vanke 01", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included real estate, steel, and non - financial finance [10]. Chart 6: Distribution of Valuation Deviations in Credit Bond Transactions on the Day - The chart showed the distribution of changes in the valuation yield of credit bonds on the day, with the intervals [-10,-5), [-5,0), (0,5], and (5,10], and the number of bonds and transaction scale in each interval [13]. Chart 7: Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The chart presented the distribution of transaction terms of non - financial credit bonds on the day, including intervals such as within 0.5 years, 0.5 - 1 year, etc., and the corresponding transaction scale [15]. Chart 8: Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The chart showed the distribution of transaction terms of Tier 2 and perpetual bonds on the day, including intervals such as within 1 year, 1 - 1.5 years, etc., and the corresponding transaction scale [18]. Chart 9: Discounted Transaction Ratio and Transaction Scale of Non - financial Credit Bonds in Each Industry - The chart displayed the average valuation price deviation and transaction scale of non - financial credit bonds in various industries, including petroleum and petrochemicals, real estate, etc. The national defense and military industry had the largest average valuation price deviation [20].