2%以上的AA+还有多少？

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - As of March 9, 2026, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than other varieties [8]. - Compared with the previous week, the yields of non - financial and non - real estate industrial bonds have all declined, with the yield of private enterprise public perpetual bonds within 1 year falling by more than 4BP, and the yield of private perpetual bonds within 2 years in state - owned enterprise bonds showing a relatively large decline; the yields of state - owned enterprise real estate bonds are mainly decreasing [3][8]. - In financial bonds, the varieties with high valuation yields and spreads are the capital replenishment tools of urban and rural commercial banks and leasing company bonds. Compared with the previous week, the proportion of declining yields in financial bonds is lower than that in general credit bonds [4][8]. 3. Summary by Relevant Catalogs 3.1 Overall Outstanding Credit Bonds - Valuation Yield and Spread Distribution: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads. In financial bonds, the capital replenishment tools of urban and rural commercial banks and leasing company bonds have high valuation yields and spreads [8]. - Yield Change Compared with Last Week: Non - financial and non - real estate industrial bonds' yields have all declined; state - owned enterprise real estate bonds' yields are mainly decreasing; financial bonds' yield decline proportion is lower than that of general credit bonds [3][4][8]. 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - Valuation Yield and Spread Distribution: The weighted average valuation yields in Jiangsu and Zhejiang provinces are below 2.35%. Bonds with yields exceeding 4% are in Heilongjiang provincial, Guizhou prefecture - level cities and district - counties. Yunnan, Gansu, Shaanxi and other regions also have relatively high spreads [2][15]. - Yield Change Compared with Last Week: Yields have basically declined, with the average yield of varieties within 1 year falling by about 2.6BP. The varieties with relatively large decline in yields include 2 - 3 - year and 3 - 5 - year non - perpetual bonds in Guizhou prefecture - level cities, 1 - 2 - year non - perpetual bonds in Hebei provincial, and 2 - 3 - year non - perpetual bonds in Xinjiang district - counties [2][15]. 3.2.2 Private Urban Investment Bonds - Valuation Yield and Spread Distribution: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.65%. Varieties with yields higher than 3.5% are in Guizhou prefecture - level cities, Gansu district - counties, Yunnan prefecture - level cities and district - counties, and these regions also have relatively high spreads [2][25]. - Yield Change Compared with Last Week: Most yields have declined, with the average yield of varieties within 1 year falling by 2.2BP. The varieties with relatively large decline in yields include 2 - 3 - year non - perpetual bonds in Guizhou district - counties, 2 - 3 - year perpetual bonds in Shaanxi district - counties, and non - perpetual bonds within 1 year in Liaoning prefecture - level cities and district - counties, corresponding to declines of 9.5BP, 6.7BP, 7.9BP and 8.4BP respectively [2][25]. 3.3 Industrial Bonds - Valuation Yield and Spread Distribution: The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are generally higher than other varieties [8]. - Yield Change Compared with Last Week: The yields of non - financial and non - real estate industrial bonds have all declined, with the yield of private enterprise public perpetual bonds within 1 year falling by more than 4BP. In state - owned enterprise bonds, the yield of private perpetual bonds within 2 years has a relatively large decline; the yields of state - owned enterprise real estate bonds are mainly decreasing, with the 3 - 5 - year private non - perpetual and 1 - 2 - year public perpetual varieties reducing by 3.1BP and 3.9BP respectively [3][8]. 3.4 Financial Bonds - Valuation Yield and Spread Distribution: The varieties with high valuation yields and spreads are the capital replenishment tools of urban and rural commercial banks and leasing company bonds [4][8]. - Yield Change Compared with Last Week: The proportion of declining yields in financial bonds is lower than that in general credit bonds. Leasing bonds are relatively advantageous recently, with the yields of public and private perpetual bonds within 1 year falling by 6.8BP and 4.4BP respectively. The performance of bank sub - bonds shows obvious differentiation between terms. There is still a certain allocation preference for varieties within 2 years, while varieties over 2 years have seen significant adjustments. The yields of 3 - 5 - year perpetual bonds of national and joint - stock banks have rebounded by more than 4BP. Commercial financial bonds within 1 year are better than second - tier perpetual bonds of national and joint - stock banks of the same term, with the yield decline of joint - stock bank and city commercial bank varieties around 4BP. The yields of securities company bonds also show a downward trend, with the short - end private perpetual and public non - perpetual sub - bonds having a yield decline of about 5BP [4].