二级资本债周度数据跟踪-20260307

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week (20260302 - 20260306), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1] - The weekly trading volume of secondary capital bonds this week totaled approximately 211.4 billion yuan, an increase of 98.2 billion yuan from last week [2] - This week, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large, with the proportion and amplitude of discount transactions greater than those of premium transactions [3] Summary by Directory Primary Market Issuance - This week (20260302 - 20260306), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1] Secondary Market Transactions - Trading Volume: The weekly trading volume of secondary capital bonds this week totaled approximately 211.4 billion yuan, an increase of 98.2 billion yuan from last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 03A(BC) (14.493 billion yuan), 25 Bank of China Secondary Capital Bond 02BC (11.006 billion yuan), and 25 Agricultural Bank of China Secondary Capital Bond 04A(BC) (8.16 billion yuan). By issuer region, the top three in trading volume were Guangdong Province (158.6 billion yuan), Guizhou Province (17.8 billion yuan), and Heilongjiang Province (8.7 billion yuan) [2] - Yield to Maturity: As of March 6, for 5Y secondary capital bonds, the yield - to - maturity changes compared to last week for ratings AAA -, AA +, and AA were - 1.82BP, - 2.57BP, and - 3.57BP respectively; for 7Y secondary capital bonds, they were - 1.15BP, - 1.16BP, and - 1.16BP respectively; for 10Y secondary capital bonds, they were - 1.16BP, - 1.83BP, and - 1.83BP respectively [2] Top Thirty Bonds by Valuation Deviation - Discount Bonds: The top three discount bonds were 25 Guangdong Huaxing Bank Secondary Capital Bond 01 (- 1.1331%), 24 Yinzhou Rural Commercial Bank Secondary Capital Bond 01 (- 0.9793%), and 21 Huishang Bank Secondary 01 (- 0.4872%). The Zhongzhai implicit ratings were mainly AAA -, AA -, and AA +, and the regional distribution was concentrated in Beijing, Shanghai, and Guangdong [3] - Premium Bonds: The top three premium bonds were 24 Lanzhou Bank Secondary Capital Bond 01 (0.1904%), 25 Chouzhou Commercial Bank Secondary Capital Bond (0.1844%), and 25 Shanghai Pufa Bank Secondary Capital Bond 01B (0.0859%). The Zhongzhai implicit ratings were mainly AAA -, AA, and AA +, and the regional distribution was concentrated in Beijing, Shanghai, and Shandong [3]