品种久期跟踪：城投债久期缩短至1.6年

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The duration of general credit bonds has significantly shortened. As of December 31, the weighted average trading terms of urban investment bonds and industrial bonds were 1.58 years and 2.19 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.01 years, 3.31 years, and 1.73 years respectively. The duration of other financial bonds, such as securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds, also shortened compared to the previous week [2][9]. - The coupon duration congestion index has decreased. After reaching its peak in March 2024, the index has declined. This week, it decreased compared to last week and is currently at the 40.9% level since March 2021 [12]. 3. Summary by Relevant Catalogs 3.1 Full - Variety Term Overview - As of December 31, the weighted average trading terms of urban investment bonds and industrial bonds were 1.58 years and 2.19 years respectively. Among commercial bank bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds had weighted average trading terms of 4.01 years, 3.31 years, and 1.73 years respectively. General commercial financial bonds were at a relatively low historical level, while secondary capital bonds were at a relatively high historical level. The durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.41 years, 1.43 years, 3.06 years, and 1.35 years respectively, and all shortened compared to the previous week. Securities company bonds and securities subordinated bonds were at low historical percentiles [2][9]. - The coupon duration congestion index decreased. After reaching its peak in March 2024, it declined this week compared to last week and is at the 40.9% level since March 2021 [12]. 3.2 Variety Microscope Urban Investment Bonds - The weighted average trading term of urban investment bonds hovered around 1.65 years. The duration of Shaanxi provincial - level urban investment bonds extended to 4.88 years, while the trading duration of Hebei provincial - level urban investment bonds shortened to around 0.61 years. The historical percentiles of the durations of Fujian district - level and Gansu provincial - level urban investment bonds exceeded 90%, and the duration of Gansu provincial - level urban investment bonds was approaching its highest since 2021 [3][16]. Industrial Bonds - The weighted average trading term of industrial bonds shortened compared to the previous week, generally around 1.84 years. The trading duration of the basic chemical industry extended to 2.33 years, while that of the food and beverage industry shortened to 0.80 years. The trading duration of the real estate industry was at a low historical percentile, and that of the pharmaceutical and biological industry was at a high historical percentile [3][21]. Commercial Bank Bonds - The duration of general commercial financial bonds shortened to 1.73 years, at the 13.6% historical percentile, lower than the same period last year. The duration of secondary capital bonds extended to 4.01 years, at the 81.1% historical percentile, lower than the same period last year. The duration of bank perpetual bonds shortened to 3.31 years, at the 45.3% historical percentile, lower than the same period last year [3][23]. Other Financial Bonds - In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 54.5%, 4%, 14%, and 79.9% historical percentiles respectively, and their durations all shortened compared to the previous week [3][26].