二级资本债周度数据跟踪（20251208-20251212）-20251213

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report tracks the weekly data of secondary capital bonds from December 8, 2025, to December 12, 2025, including the issuance in the primary market, trading in the secondary market, and the valuation deviation of the top 30 individual bonds. 3. Summary by Directory Primary Market Issuance - Four secondary capital bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of 36 billion yuan. The issuance term was 10 years. The issuers included other enterprises, large private enterprises, and central enterprise subsidiaries, with credit ratings of AA +, AA -, AA, and AAA, located in Jiangsu, Zhejiang, and Guangdong provinces [1]. Secondary Market Trading - The weekly trading volume of secondary capital bonds totaled approximately 329.2 billion yuan, an increase of 134.3 billion yuan from the previous week. The top three most - traded bonds were 25 CCB Secondary Capital Bond 03BC (66.381 billion yuan), 25 BOC Secondary Capital Bond 01BC (16.157 billion yuan), and 25 Huishang Bank Secondary Capital Bond 01 (12.305 billion yuan) [2]. - By the issuer's region, the top three in trading volume were Beijing, Anhui, and Shanghai, with approximately 271.9 billion yuan, 12.4 billion yuan, and 11 billion yuan respectively [2]. - As of December 12, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were as follows: for 5Y bonds, - 0.40BP, - 1.63BP, - 1.63BP; for 7Y bonds, - 5.55BP, - 4.38BP, - 4.38BP; for 10Y bonds, - 3.91BP, - 2.99BP, - 2.99BP [2][11]. Valuation Deviation of the Top 30 Individual Bonds - The overall valuation deviation of the weekly trading average price of secondary capital bonds was not significant. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was larger. - Among the discount - traded bonds, the top three in terms of discount rate were 23 EXIM Bank Secondary Capital Bond 02B (- 0.5669%), 24 Hankou Bank Secondary Capital Bond 01 (- 0.3695%), and 22 ICBC Secondary 01 (- 0.3295%), with most other discount rates within - 0.33%. The implied ratings of ChinaBond were mainly AAA -, AA +, and AA -, and the bonds were mostly from Beijing, Shanghai, and Jilin [3]. - Among the premium - traded bonds, the top three in terms of premium rate were 21 Great Wall Huaxi Bank Secondary 02 (0.4779%), 22 Great Wall Huaxi Secondary Capital Bond 01 (0.4722%), and 25 China Resources Bank Secondary Capital Bond 02 (0.2109%), with most other premium rates within 0.21%. The implied ratings of ChinaBond were mainly AAA -, AA, and AA +, and the bonds were mostly from Beijing, Zhejiang, and Sichuan [3].