4张表看信用债涨跌：4张表看信用债涨跌(12/15-12/19)

Report Summary 1. Core Viewpoint Among the top 50 AA urban investment bonds (subject rating) with the highest discount margins, "20 Tiantai Bond" has the largest valuation price deviation. Among the top 50 individual bonds with the largest net price declines, "20 Tiantai Bond" also has the largest valuation price deviation. Among the top 50 individual bonds with the largest net price increases, "22 Vanke 02" has the largest valuation price deviation. Among the top 50 secondary perpetual bonds with the largest net price increases, "25 Agricultural Bank of China Secondary Capital Bond 04B(BC)" has the largest valuation price deviation [2]. 2. Summary by Directory 2.1 Top 50 AA Urban Investment Bonds with the Highest Discount Margins - "20 Tiantai Bond" has a remaining term of 2.00 years, a valuation price deviation of -33.42%, a valuation net price of 39.95 yuan, a valuation yield deviation of 34.99 bp, a valuation yield of 1.98%, and a coupon rate of 4.80%. It has an implied rating of AA(2) and a subject rating of AA, with a transaction date of 2025/12/15 [4]. 2.2 Top 50 Individual Bonds with the Largest Net Price Declines - "20 Tiantai Bond" has a remaining term of 2.00 years, a valuation price deviation of -33.42%, a valuation net price of 39.95 yuan, a valuation yield deviation of 34.99 bp, a valuation yield of 1.98%, and a coupon rate of 4.80%. It has an implied rating of AA(2) and a subject rating of AA, with a transaction date of 2025/12/15 [5]. 2.3 Top 50 Individual Bonds with the Largest Net Price Increases - "22 Vanke 02" has a remaining term of 1.21 years, a valuation price deviation of 15.70%, a valuation net price of 22.82 yuan, a valuation yield deviation of -4185.72 bp, a valuation yield of 247.05%, and a coupon rate of 3.64%. It has an implied rating of CC and a subject rating of AAA, with a transaction date of 2025/12/16 [9]. 2.4 Top 50 Secondary Perpetual Bonds with the Largest Net Price Increases - "25 Agricultural Bank of China Secondary Capital Bond 04B(BC)" has a remaining term of 9.93 years, a valuation price deviation of 0.19%, a valuation net price of 98.85 yuan, a valuation yield deviation of -2.17 bp, a valuation yield of 2.53%, and a coupon rate of 2.40%. It has an implied rating of AAA - and a subject rating of AAA, with a transaction date of 2025/12/18 [12].