信用久期中枢几何？

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - As of January 30, the weighted average transaction terms of urban investment bonds and industrial bonds were 2.26 years and 2.43 years respectively. Among commercial bank bonds, the weighted average transaction terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.00 years, 3.52 years, and 2.05 years respectively, with secondary capital bonds at a relatively high historical level. The durations of other financial bonds, such as securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds, were 1.70 years, 2.09 years, 3.26 years, and 1.44 years respectively. The overall duration of other financial bonds was slightly shorter than the previous week, and the historical quantile of the duration of leasing company bonds was at a relatively high historical level [2][9]. - The coupon duration congestion index has increased. After reaching its highest value in March 2024 and then declining, the index rose this week compared to last week and is currently at the 64% level since March 2021 [11]. 3. Summary by Relevant Catalog 3.1 All - Variety Term Overview - The weighted average transaction terms of urban investment bonds and industrial bonds were 2.26 years and 2.43 years respectively. Among commercial bank bonds, the weighted average transaction terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.00 years, 3.52 years, and 2.05 years respectively. The durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.70 years, 2.09 years, 3.26 years, and 1.44 years respectively [2][9]. - The coupon duration congestion index increased this week compared to last week and is currently at the 64% level since March 2021 [11]. 3.2 Variety Microscope Urban Investment Bonds - The weighted average transaction term of urban investment bonds hovered around 2.26 years. The duration of Shaanxi provincial - level urban investment bonds extended to 9.16 years, while the transaction duration of Hebei provincial - level urban investment bonds shortened to around 1.19 years. The historical quantiles of the durations of prefecture - level cities in Hunan, district - level counties in Jiangsu, and district - level counties in Beijing have exceeded 90%, and the duration of prefecture - level cities in Anhui is approaching the highest since 2021 [3][15]. Industrial Bonds - The weighted average transaction term of industrial bonds remained the same as last week, generally around 2.43 years. The transaction duration of the coal industry extended to 2.25 years, and the transaction duration of the public utilities industry shortened to 2.75 years. The transaction durations of the food and beverage and real estate industries are in the neutral historical quantile range, while those of the non - ferrous metals and pharmaceutical and biological industries are at relatively high historical quantiles [3][21]. Commercial Bank Bonds - The duration of general commercial financial bonds extended to 2.05 years, at the 53.3% historical quantile, higher than the same period last year. The duration of secondary capital bonds shortened to 4.00 years, at the 80.2% historical quantile, higher than the same period last year. The duration of bank perpetual bonds shortened to 3.52 years, at the 56.9% historical quantile, higher than the same period last year [3][24]. Other Financial Bonds - In terms of the weighted average transaction term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at historical quantiles of 65.4%, 46.6%, 60.4%, and 86.9% respectively. The overall duration of other financial bonds was slightly shorter than last week [3][27].