信用久期拉升几何？

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The duration of niche financial bonds has generally increased. As of January 16, the weighted average trading durations of urban investment bonds and industrial bonds were 2.10 years and 2.22 years respectively. Among commercial bank bonds, the weighted average trading durations of Tier 2 capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.92 years, 3.62 years, and 1.86 years respectively. The duration of general commercial financial bonds was at a relatively low historical level, while that of Tier 2 capital bonds was at a relatively high historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.76 years, 2.41 years, 3.94 years, and 1.27 years respectively, all slightly longer than the previous week. The historical quantile of the duration of insurance company bonds was at a relatively high level [9]. - The ticket 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 36.6% level since March 2021 [12]. 3. Summary by Directory 3.1 Full - Variety Term Overview - The weighted average trading durations of urban investment bonds and industrial bonds were 2.10 years and 2.22 years respectively. Among commercial bank bonds, the weighted average trading durations of Tier 2 capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.92 years, 3.62 years, and 1.86 years respectively. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.76 years, 2.41 years, 3.94 years, and 1.27 years respectively, all slightly longer than the previous week [9]. 3.2 Variety Microscope 3.2.1 Urban Investment Bonds - The weighted average trading duration of urban investment bonds hovered around 2.26 years. The duration of urban investment bonds in prefecture - level cities in Guangdong extended to 4.09 years, while that of provincial - level urban investment bonds in Shandong shortened to around 1.09 years. The historical quantiles of the durations of urban investment bonds in prefecture - level cities in Guangdong, district - level in Beijing, and prefecture - level in Hunan exceeded 90%, and the duration of urban investment bonds in prefecture - level cities in Anhui approached the highest level since 2021 [16]. 3.2.2 Industrial Bonds - The weighted average trading duration of industrial bonds shortened compared to the previous week, generally around 1.86 years. The trading duration of the food and beverage industry extended to 1.66 years, while that of the steel industry shortened to 1.52 years. The trading duration of the real estate industry was at a relatively low historical quantile, while those of the building materials, food and beverage, and pharmaceutical biology industries were at relatively high historical quantiles [21]. 3.2.3 Commercial Bank Bonds - The duration of general commercial financial bonds shortened to 1.86 years, at the 25.4% historical quantile, higher than the same period last year. The duration of Tier 2 capital bonds shortened to 3.92 years, at the 73.3% historical quantile, higher than the same period last year. The duration of bank perpetual bonds extended to 3.62 years, at the 60.1% historical quantile, higher than the same period last year [23]. 3.2.4 Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at the 91.8%, 67.3%, 67.7%, and 70.1% historical quantiles respectively. The durations of all of them increased compared to the previous week [26].