二级资本债周度数据跟踪-20260125

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - This week (January 19 - January 23, 2026), there were no new secondary capital bonds issued in the inter - bank market and the exchange market [1]. - This week, the total trading volume of secondary capital bonds was approximately 334.2 billion yuan, an increase of 69.1 billion yuan compared to last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (44.352 billion yuan), 25 China Guangfa Bank Secondary Capital Bond 01BC (21.98 billion yuan), and 25 Bank of China Secondary Capital Bond 03A(BC) (7.753 billion yuan) [2]. - In terms of the issuing regions, the top three regions in terms of trading volume were Guangdong Province, Shanxi Province, and Shandong Province, with trading volumes of approximately 252.1 billion yuan, 29.9 billion yuan, and 14.7 billion yuan respectively [2]. - As of January 23, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 2.18BP, - 2.84BP, and - 3.84BP respectively; for 7Y secondary capital bonds, the changes were - 2.72BP for all ratings of AAA -, AA +, and AA; for 10Y secondary capital bonds, the changes were - 4.60BP, - 5.09BP, and - 5.09BP respectively [2]. - This week, the overall deviation of the average trading price valuation of secondary capital bonds was not significant. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was greater than the premium amplitude [3]. 3. Summary by Related Catalogs 3.1 Primary Market Issuance - This week (January 19 - January 23, 2026), there were no new secondary capital bonds issued in the inter - bank market and the exchange market [1]. 3.2 Secondary Market Transactions - Trading Volume: The total trading volume of secondary capital bonds this week was approximately 334.2 billion yuan, an increase of 69.1 billion yuan compared to last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (44.352 billion yuan), 25 China Guangfa Bank Secondary Capital Bond 01BC (21.98 billion yuan), and 25 Bank of China Secondary Capital Bond 03A(BC) (7.753 billion yuan) [2]. - Regional Distribution: In terms of the issuing regions, the top three regions in terms of trading volume were Guangdong Province, Shanxi Province, and Shandong Province, with trading volumes of approximately 252.1 billion yuan, 29.9 billion yuan, and 14.7 billion yuan respectively [2]. - Yield to Maturity: As of January 23, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 2.18BP, - 2.84BP, and - 3.84BP respectively; for 7Y secondary capital bonds, the changes were - 2.72BP for all ratings of AAA -, AA +, and AA; for 10Y secondary capital bonds, the changes were - 4.60BP, - 5.09BP, and - 5.09BP respectively [2][10]. 3.3 Top Thirty Bonds with Valuation Deviation - Discount Bonds: The top three discount bonds were 23 Kecheng Rural Commercial Secondary Capital Bond 01 (- 1.7012%), 22 Xinchang Rural Commercial Bank Secondary Capital Bond 01 (- 1.6229%), and 25 Ninghai Rural Commercial Secondary Capital Bond 01 (- 1.6108%). The Zhongzhai implicit ratings were mainly AAA -, AA +, and AA -, and the bonds were mainly distributed in Beijing, Zhejiang, and Guangdong [3][13]. - Premium Bonds: The top three premium bonds were 25 Jilin Bank Secondary Capital Bond 02 (0.6619%), 22 Shengjing Bank Secondary Capital Bond 01 (0.1965%), and 24 Shengjing Bank Secondary Capital Bond 01 (0.1959%). The Zhongzhai implicit ratings were mainly AAA -, AA, and AA +, and the bonds were mainly distributed in Beijing, Zhejiang, and Liaoning [3][14].