固收点评 20260214：二级资本债周度数据跟踪（20260209-20260213）-20260214

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week (from February 9th to February 13th, 2026), there were no new secondary capital bonds issued in the inter - bank and exchange markets [1] - The weekly trading volume of secondary capital bonds this week was approximately 204.5 billion yuan, a decrease of 70.6 billion yuan compared to last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC, 25 Bank of China Secondary Capital Bond 03A(BC), and 25 Agricultural Bank of China Secondary Capital Bond 04A(BC) [2] Summary by Relevant Catalogs Primary Market Issuance - No new secondary capital bonds were issued in the inter - bank and exchange markets from February 9th to February 13th, 2026 [1] Secondary Market Transactions - Trading Volume: The total weekly trading volume of secondary capital bonds was about 204.5 billion yuan, down 70.6 billion yuan from last week. The top three bonds in trading volume were 25 Bank of China Secondary Capital Bond 02BC (13.209 billion yuan), 25 Bank of China Secondary Capital Bond 03A(BC) (8.914 billion yuan), and 25 Agricultural Bank of China Secondary Capital Bond 04A(BC) (8.217 billion yuan) [2] - Regional Trading Volume: The top three regions in terms of trading volume were Guangdong Province (about 155.3 billion yuan), Shandong Province (about 16.5 billion yuan), and Shanxi Province (about 8.5 billion yuan) [2] - Yield to Maturity: As of February 13th, for 5Y secondary capital bonds, the yield to maturity of AAA -, AA +, and AA - rated bonds changed by - 6.56BP, - 6.91BP, and - 6.91BP respectively compared to last week; for 7Y bonds, the changes were - 8.84BP, - 5.66BP, and - 5.66BP; for 10Y bonds, the changes were - 6.53BP, - 4.86BP, and - 4.86BP [2] Top 30 Bonds with Valuation Deviation - Overall Situation: This week, the overall valuation deviation of the weekly trading average price of secondary capital bonds was not large. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was larger than the premium amplitude [3] - Discount Bonds: The top three bonds with the highest discount rates were 17 Binhai Rural Commercial Secondary 01 (- 0.5685%), 23 Huaxing Bank Secondary Capital Bond 01 (- 0.4765%), and 22 Industrial and Commercial Bank of China Secondary Capital Bond 04B (- 0.4336%). The implicit ratings of China Central Depository & Clearing Co., Ltd. were mainly AAA -, AA, and AA +, and the bonds were mostly from Beijing, Shanghai, and Tianjin [3] - Premium Bonds: The top three bonds with the highest premium rates were 21 Huishang Bank Secondary 01 (0.5063%), 23 Hankou Bank Secondary Capital Bond 02 (0.4304%), and 23 Tianjin Bank Secondary Capital Bond 01 (0.3847%). The implicit ratings of China Central Depository & Clearing Co., Ltd. were mainly AA +, AAA -, and AA, and the bonds were mostly from Beijing, Zhejiang, and Fujian [3]