SINOLINK SECURITIES·2026-01-09 01:13Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Among the bonds with discounted transactions, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "22 Vanke 02" had a prominent deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 ABC Tier 2 Capital Bond 04B(BC)" had a relatively large deviation in valuation price; among the senior unsecured bonds with rising net prices, "25 ABC TLAC Non - Capital Bond 02C(BC)" had a prominent deviation in valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed within 0.5 years, and the proportion of discounted transactions for bonds with terms between 0.5 and 1 year was the highest; the transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions for bonds within 1 year was the highest. By industry, the bonds in the light manufacturing industry had the largest average deviation in valuation price [2]. Summary by Relevant Catalogs Discounted Transaction Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", etc. in the non - banking finance industry had relatively large deviations in valuation price, with deviations ranging from - 1.17% to - 0.82%. Bonds like "20 Boshui 02" in the agriculture, forestry, animal husbandry and fishery industry and "25 Qingcheng 09" in the urban investment industry also had certain deviations in valuation price [4]. Tracking of Bonds with Rising Net Prices - Real - estate bonds such as "22 Vanke 02", "22 Vanke 06" etc. had a valuation price deviation of 3.98%. Bonds in the banking industry like "25 ABC Tier 2 Capital Bond 04B(BC)" and "25 ABC TLAC Non - Capital Bond 02C(BC)" also had certain deviations in valuation price [6]. Tracking of Tier 2 and Perpetual Bond Transactions - Bonds such as "25 ABC Tier 2 Capital Bond 04B(BC)", "24 Fudian Bank Tier 2 Capital Bond 01" etc. had different degrees of deviation in valuation yield, with deviations ranging from - 5.35bp to - 0.56bp [8]. Tracking of Senior Unsecured Bond Transactions - Bonds such as "25 ABC TLAC Non - Capital Bond 02C(BC)", "25 CITIC Baixin Bank Small and Micro - enterprise Bond 01" etc. had deviations in valuation yield, with deviations ranging from - 1.46bp to - 0.58bp [10]. Tracking of Bonds with a Transaction Yield Higher than 5% - Real - estate bonds such as "22 Vanke 02", "22 Vanke 06" etc. and non - banking finance bonds like "23 Chanrong 05", "23 AVIC Chanrong MTN001 (Science and Technology Innovation Note)" had a transaction yield higher than 5% [11]. Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. Distribution of Non - financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed within 0.5 years, and the proportion of discounted transactions for bonds with terms between 0.5 and 1 year was the highest [2]. Distribution of Tier 2 and Perpetual Bond Transaction Terms on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions for bonds within 1 year was the highest [2]. Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds by Industry - The bonds in the light manufacturing industry had the largest average deviation in valuation price [2].