信用债市场周度跟踪（2026.2.2-2026.2.8）：收益率下行为主，信用利差被动走阔-20260208

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the primary market, the net supply of ordinary credit bonds increased compared to the previous period, while the net supply of bank perpetual and secondary capital bonds (two - tiered perpetual bonds, "二永债") turned negative due to no issuance this period [4]. - In the secondary market, yields mainly declined, and credit spreads mostly widened. 3 - year ordinary credit bonds, 5 - year financial bonds, and weak - quality urban investment bonds performed well. The turnover rate of ordinary credit bonds and bank perpetual bonds decreased, while that of bank secondary capital bonds increased [4]. - For credit strategies, it is advisable to moderately extend the duration to 3 - 5 years for carry trades, and also focus on short - to - medium - term coupon - bearing assets and the potential cost - effectiveness of ETF component bonds. For two - tiered perpetual bonds, it is recommended to be cautious and wait for opportunities for valuation recovery or increased supply [4]. 3. Summary by Related Catalogs 3.1 Primary Market 3.1.1 Ordinary Credit Bonds - Supply increased compared to the previous period, with the issuance amount reaching 357.3 billion yuan and net financing of 255.1 billion yuan. Both industrial and urban investment bonds saw an increase in issuance and net financing. The issuance of industrial bonds increased to 204.6 billion yuan, and net financing rose to 146.5 billion yuan. The issuance of urban investment bonds increased to 152.7 billion yuan, and net financing reached 108.6 billion yuan, the highest since 2024 [4]. - The weighted issuance term increased to 2.89 years (previously 2.76 years). The weighted issuance terms of urban investment bonds and industrial bonds also increased [15]. - The credit bond bid - cap minus the coupon rate rose from 0.37% to 0.43%, and the subscription multiple increased from 2.52 to 2.82, indicating increased subscription enthusiasm [21]. 3.1.2 Bank Two - Tiered Perpetual Bonds - There was no issuance of bank two - tiered perpetual bonds this period, and the net financing scale turned negative. Two secondary capital bonds matured, with net financing of - 7 billion yuan, and one perpetual bond matured, with net financing of - 10 billion yuan [4]. 3.2 Secondary Market 3.2.1 Overall Yield and Credit Spread - Yields mainly declined, with 3 - year ordinary credit bonds, 5 - year financial bonds, and weak - quality urban investment bonds performing better. For example, among 3 - year ordinary credit bonds, the AA - rated extendible industrial bonds had the largest decline of - 5.34BP [4]. - Credit spreads mostly widened, except for a small number of varieties such as 1 - year commercial financial bonds, some weak - quality urban investment bonds, and 10 - year two - tiered perpetual bonds, which saw a slight narrowing. The 5 - year AA - rated urban investment bonds performed best with a - 1.24BP change, while the 5 - year high - grade ordinary credit bonds had a relatively large widening [4]. 3.2.2 Urban Investment Bonds - Yields in various regions mostly declined, and credit spreads mostly widened. Weak - quality urban investment bonds performed better. For example, in Anhui, the yields of AA - rated and AA(2) - rated urban investment bonds decreased by - 1.76BP and - 6.33BP respectively in the past week [59]. - The turnover rate of urban investment bonds in different regions showed different trends, and the trading volume also varied [62][65]. 3.2.3 Industrial Bonds - Yields in various industries showed differentiation, and credit spreads generally widened. For example, in the steel industry, the AA - rated industrial bonds' yields decreased by - 2.30BP in the past week, while in the real estate industry, the AA - rated industrial bonds' yields increased by 4.80BP [68]. - The turnover rate and trading volume of industrial bonds in different industries also showed different characteristics [70][73]. 3.2.4 Financial Bonds - Yields mostly declined, credit spreads generally widened, and the performance of excess spreads was differentiated. For bank secondary capital bonds and perpetual bonds, yields of different ratings and bank types showed different degrees of decline, and credit spreads and excess spreads also changed accordingly [93]. 3.3 Stock Bond Distribution - Currently, most yields are distributed within 2.4%. The average yield distributions of industrial bonds in various industries and urban investment bonds in different regions are presented in detail in the report, with most yields concentrated in a relatively low range [105][106][108].