信用利差周度跟踪20260313：普信债利差略有提升，二永债随利率显著趋陡-20260314

Group 1 - The report indicates a steepening of the yield curve with a slight increase in credit spreads. The 1Y and 3Y national development bond yields decreased by 2BP and 1BP respectively, while the 10Y yield increased by 1BP. The overall credit spreads have slightly widened, particularly for higher-rated bonds [3][10]. - For city investment bonds, the credit spreads mostly increased by 1BP. AAA, AA+, and AA-rated platforms saw an overall rise in spreads, with specific regions like Ningxia experiencing a 3BP increase [4][15]. - The report highlights that the mixed-ownership real estate bonds experienced a decline in spreads by 20BP, while state-owned enterprise real estate bonds saw a slight widening of 0-1BP [26][32]. Group 2 - The report notes that the secondary capital bonds showed a strong short-end and weak long-end characteristic, with 3Y and longer spreads widening. The 1Y yields for various grades decreased by 2-3BP, while the 10Y yields increased by 7BP [5][32]. - The 3Y industrial perpetual bonds' excess spread increased by 0.34BP to 9.97BP, while the city investment AAA-rated 3Y perpetual bonds' excess spread narrowed by 1.40BP to 6.06BP [35][36].