1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, the bond market sentiment was volatile, with interest rates showing a V-shaped oscillation. Credit bonds also had mixed performance, with the over - sold second - tier and perpetual (二永) bonds partially recovering, while ultra - long - term credit bonds continued to perform poorly. The cost - effectiveness of coupon assets has increased [1][4][10]. - 2 - 5 - year bank secondary capital bonds can continue to be considered; a strategy of sinking into 1 - 3 - year weak - quality urban investment bonds is recommended, as the riding income of about 3 - year varieties with a yield of over 2.2% is quite significant. Ultra - long - term credit bonds have improved in coupon cost - effectiveness after continuous adjustment, but only allocation - type institutions are advised to consider them due to the lack of marginal improvement in liquidity [4][25]. 3. Summary According to the Catalog 3.1 Bond Market Performance - **Interest Rate Bonds**: The overall trend of interest rate bonds was oscillatory last week. The active 10 - year Treasury bond fluctuated between 1.76% - 1.81%, with the bearish force slightly stronger and the bond price weakening over the week [1][10]. - **Credit Bonds**: Different - term credit bond varieties showed differentiated performance. The yields of 1Y - 5Y Treasury bonds and AAA, AA + medium - and short - term notes changed to varying degrees from September 15th to September 19th, 2025. Ultra - long - term credit bonds continued to weaken, with the decline of 10Y varieties generally exceeding that of the same - term interest rate bonds [10][11][12]. 3.2 Secondary - tier and Perpetual (二永) Bonds - **Yield Changes**: After over - adjustment the week before last, the yields of 1Y - 5Y of secondary - tier and perpetual bonds decreased, while those of ultra - long - term parts were similar to ultra - long - term credit bonds. The yields of 1 - 5 years, 7 years, and 10 years of AAA - bank secondary capital bonds decreased by 1.19BP, 1.21BP, 2.58BP, 0.53BP, 1.51BP respectively, and increased by 1.63BP and 3.53BP respectively [2][17]. - **Trading Situation**: In the first half of the week, the sentiment for recovery was high, while in the second half, it was more pessimistic. From September 15th to September 19th, the proportion of low - valuation transactions of secondary - tier and perpetual bonds was 100.00%, 100.00%, 100.00%, 0.00%, 2.44% respectively; the average trading durations were 6.16 years, 4.66 years, 5.01 years, 1.07 years, 0.96 years respectively. The discount trading amplitude was generally within 2BP, and there were only 8 transactions with an amplitude of over 3BP [18][20]. 3.3 Ultra - long - term Credit Bonds - **Selling Pressure**: The institutional selling of ultra - long - term credit bonds continued to strengthen throughout the week, but it was not a typical urgent selling situation. From September 15th to September 19th, the proportion of discount transactions was 56.10%, 70.73%, 48.78%, 65.85%, 78.05% respectively, and most of the discount amplitudes were within 4BP [3][21]. - **Buying Willingness**: The market's willingness to buy ultra - long - term credit bonds remained weak, and high - activity transactions were mainly concentrated in weak - quality urban investment bonds. The proportion of transactions below the valuation was 26.83%, 9.76%, 36.59%, 21.95%, 7.32% respectively. However, about 25% of the transactions below the valuation had an amplitude of over 4BP, mainly in 2 - 5 - year weak - quality urban investment bonds [3][22][27]. 3.4 Curve Shape and Yield Quantiles - **Curve Steepness**: The steepness of the 1 - 2 - year and 2 - 3 - year segments of the full - grade yield curve was the highest, and it was steeper than that after the sharp decline at the end of July. Taking AA + medium - term notes and AA urban investment bonds as examples, the slopes of different segments were calculated [13]. - **Yield Quantiles**: From September 15th to September 19th, 2025, the 1Y - 3Y coupon assets had a certain cost - effectiveness, but the credit spread protection was insufficient. The valuation yields to maturity of 1Y - AAA, 3Y - AAA, etc. were at the corresponding quantiles since 2024, and the historical quantiles of credit spreads were also provided [14][16].

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - According to Wind data, among the bonds traded at a discount, "24 Railway MTN004B" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "25 Quwenkong MTN001" led in terms of valuation price deviation. Among the secondary and perpetual bonds with rising net prices, "23 Hankou Bank Secondary Capital Bond 02" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Ruifeng Rural Commercial Bank Science - and - Technology Innovation Bond 01" led in terms of valuation price deviation. Among the bonds with a trading yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the (0, 5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - to 4 - year - term varieties having the highest proportion of discounted trades; the trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted trades was relatively high for all terms. In terms of industries, the bonds in the petroleum and petrochemical industry had the largest average deviation in valuation price [2]. 3. Summaries Based on Relevant Catalogs 3.1 Discounted Bond Trading Tracking - "24 Railway MTN004B" had a remaining term of 28.75 years, a valuation price deviation of - 0.67%, a valuation net price of 104.85 yuan, a valuation yield deviation of 3.29 bp, a valuation yield of 2.37%, and a trading volume of 24,042 yuan. It belonged to the transportation industry with an implied rating of AAA+ and a subject rating of AAA [4]. 3.2 Tracking of Bonds with Rising Net Prices - "25 Quwenkong MTN001" had a remaining term of 4.93 years, a valuation price deviation of 0.32%, a valuation net price of 100.14 yuan, a valuation yield deviation of - 7.23 bp, a valuation yield of 3.87%, and a trading volume of 5,989 yuan. It belonged to the urban investment industry with an implied rating of AA(2) and a subject rating of AAA [6]. 3.3 Tracking of Secondary and Perpetual Bond Trading - "23 Hankou Bank Secondary Capital Bond 02" had a remaining term of 3.24 years, a valuation price deviation of 0.01%, a valuation net price of 106.31 yuan, a valuation yield deviation of - 0.50 bp, a valuation yield of 2.35%, and a trading volume of 21,231 yuan. It was a city - commercial bank bond with an implied rating of AA - and a subject rating of AA+ [7]. 3.4 Tracking of Commercial Financial Bond Trading - "25 Ruifeng Rural Commercial Bank Science - and - Technology Innovation Bond 01" had a remaining term of 4.87 years, a valuation price deviation of 0.01%, a valuation net price of 98.36 yuan, a valuation yield deviation of - 0.27 bp, a valuation yield of 2.13%, and a trading volume of 983 yuan. It was a rural - commercial bank bond with an implied rating of AA and a subject rating of AA+ [8]. 3.5 Tracking of Bonds with a Trading Yield Higher than 5% - "22 Vanke 07" had a remaining term of 0.14 years, a valuation price deviation of 0.01%, a valuation net price of 99.73 yuan, a valuation yield deviation of - 0.62 bp, a valuation yield of 5.26%, and a trading volume of 2,569 yuan. It belonged to the real - estate industry with an implied rating of AA+ and a subject rating of AAA [9]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the (0, 5] range [2]. 3.7 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - to 4 - year - term varieties having the highest proportion of discounted trades [2]. 3.8 Distribution of Trading Terms of Secondary and Perpetual Bonds on the Day - The trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted trades was relatively high for all terms [2]. 3.9 Proportion and Trading Volume of Discounted Trades of Non - Financial Credit Bonds in Each Industry - The bonds in the petroleum and petrochemical industry had the largest average deviation in valuation price [2].

Group 1 - The report focuses on how to accurately and finely track the institutional trading behavior of perpetual bonds from the limited available data dimensions [1][10] - "Other" bonds mainly refer to commercial bank ordinary bonds, secondary capital bonds, and PPN, excluding other separately listed interbank bond types [1][10] - The trading data and transaction data roughly correspond to three categories: commercial bank bonds, perpetual bonds, and PPN [1][10] Group 2 - For bonds with a maturity of less than 5 years, over 85% are commercial bank bonds and PPN, with commercial bank bonds accounting for about 50% and PPN for about 35% [2][12] - The remaining portion includes a small amount of TLAC bonds and perpetual bonds [2][12] - For bonds with a maturity of more than 5 years, approximately 90% to 95% are secondary capital bonds and perpetual bonds, with a small amount of TLAC bonds and PPN [3][23] Group 3 - Bank perpetual bonds are primarily classified as "other" bonds with a maturity of over 30 years, showing a high correlation in scale and trend with the trading volume of bank perpetual bonds [4][26] - Secondary capital bonds are the main component of "other" bonds with maturities between 5 to 15 years, with a significant correlation observed in the 7-10 year and 10-15 year maturity segments [5][31] - The issuance period of secondary capital bonds is generally structured as 5+5 years or 10+5 years, leading to a fixed difference of 5 years between the exercise period and maturity period [5][40]

Report Summary 1. Core Viewpoints - Among the bonds traded at a discount, "24 Railway MTN008B" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "23 Vanke 01" led in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with falling net prices, "20 Langfang Bank Perpetual Bond 01" had a relatively small deviation in valuation price; among the commercial financial bonds with falling net prices, "22 HSBC Bank 02" had a relatively small deviation in valuation price. Among the bonds with a trading yield higher than 6%, real estate bonds ranked at the top [2]. - The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 0.5 - 1 - year variety having the highest proportion of discounted trades; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years. By industry, bonds in the petroleum and petrochemical industry had the largest average deviation in valuation price [2]. 2. Summary by Relevant Catalogs 2.1 Discounted Bond Trading - The report tracked bonds with large discounts, including "24 Railway MTN008B" with a valuation price deviation of - 1.05% and a trading volume of 20,857 million yuan, and "GC Three Gorges K4" with a valuation price deviation of - 0.78% and a trading volume of 105 million yuan [3]. 2.2 Bonds with Rising Net Prices - Bonds with significant positive deviations in trading were tracked, such as "23 Vanke 01" with a valuation price deviation of 0.17% and a trading volume of 10 million yuan, and "21 Vanke 06" with a valuation price deviation of 0.17% and a trading volume of 621 million yuan [5]. 2.3 Tier 2 and Perpetual Bond Trading - The trading of Tier 2 and perpetual bonds was monitored. For example, "20 Langfang Bank Perpetual Bond 01" had a valuation price deviation of - 0.01% and a trading volume of 198 million yuan, and "20 Construction Bank Tier 2" had a valuation price deviation of - 0.02% and a trading volume of 3,507 million yuan [6]. 2.4 Commercial Financial Bond Trading - The trading of commercial financial bonds was tracked. "22 HSBC Bank 02" had a valuation price deviation of - 0.01% and a trading volume of 32,014 million yuan, and "22 Hangzhou Bank Bond 01" had a valuation price deviation of - 0.01% and a trading volume of 30,035 million yuan [7]. 2.5 Bonds with Yields Higher than 6% - Bonds with trading yields higher than 6% were monitored, including "22 Vanke 06" with a valuation yield of 7.05% and a trading volume of 1,029 million yuan, and "24 Ruimao 02" with a valuation yield of 8.14% and a trading volume of 328 million yuan [8]. 2.6 Credit Bond Valuation Deviation Distribution - The distribution of credit bond valuation yield changes on the day was mainly in the (0,5] range, and the trading terms of non - financial credit bonds and Tier 2 and perpetual bonds showed different characteristics [2]. 2.7 Industry - wise Non - financial Credit Bond Discounted Trading - By industry, bonds in the petroleum and petrochemical industry had the largest average deviation in valuation price, and different industries had different proportions of discounted trades and trading volumes [2][17]

Report Summary 1. Core Viewpoints The report presents the valuation price deviations of different types of bonds, including AA-rated urban investment bonds, individual bonds with top net price declines, individual bonds with top net price increases, and Tier 2 and perpetual bonds with top net price increases [2]. 2. Summary by Category 2.1 Discounted AA Urban Investment Bonds - Among the top 50 AA urban investment bonds (by subject rating) with the largest discount margins, "25 Dongtou Group PPN001B" has the largest valuation price deviation, with a remaining term of 4.66 years, a valuation price deviation of -0.29%, a valuation net price of 102.18 yuan, and a valuation yield of 2.78% [2][4]. 2.2 Individual Bonds with Top Net Price Declines - Among the top 50 individual bonds with the largest net price declines, "21 Ningzhuan 01" has the largest valuation price deviation, with a remaining term of 3.00 years, a valuation price deviation of -23.99%, a valuation net price of 63.43 yuan, and a valuation yield of 1.99% [2][5]. 2.3 Individual Bonds with Top Net Price Increases - Among the top 50 individual bonds with the largest net price increases, "H1 Bidi 02" has the largest valuation price deviation, with a remaining term of 1.84 years, a valuation price deviation of 7.48%, a valuation net price of 4.31 yuan, and a valuation yield of 2468.03% [2][7]. 2.4 Tier 2 and Perpetual Bonds with Top Net Price Increases - Among the top 50 Tier 2 and perpetual bonds with the largest net price increases, "23 Weifang Bank Tier 2 Capital Bond 01" has the largest valuation price deviation, with a remaining term of 3.05 years, a valuation price deviation of 0.08%, a valuation net price of 105.36 yuan, and a valuation yield of 2.92% [2][9].

Group 1 - In July, China's social financing scale increased by 1.16 trillion yuan, down from 4.20 trillion yuan in the previous month [1] - The new loans to the real economy in July were negative at -0.43 trillion yuan, compared to 2.36 trillion yuan previously [1] - For the first seven months of 2025, the total social financing scale increased to 23.99 trillion yuan, up from 22.83 trillion yuan in the same period last year [1] Group 2 - The personal consumption loan market is seeing increased demand, with banks offering loans at a minimum interest rate of 3%, and rates for quality clients expected to drop to the "2" range following the implementation of a new subsidy policy [2] - Major state-owned banks and several joint-stock banks are participating in the consumption loan subsidy program, with some banks planning to implement these measures by September 1 [2] Group 3 - The Shanghai Composite Index reached a four-year high of 3682 points, while long-term government bond yields experienced significant volatility, with the 30-year bond yield touching 1.99% [3] - The bond market is undergoing adjustments, with the 10-year government bond yield rising approximately 12 basis points since its low point [3] Group 4 - The Financial Times cautioned against overemphasizing monthly credit data fluctuations, suggesting that such data may not accurately reflect the economic activity or the financial support for the real economy [4] - Financial institutions are encouraged to adapt their strategies to the changing economic landscape, focusing on effective credit demand in emerging sectors [4] Group 5 - Longfor Group announced the early redemption of 2 billion yuan of its medium-term notes, with a coupon rate of 3.00% [5] Group 6 - Road King Infrastructure Limited has suspended all offshore debt payments due to insufficient consent from bondholders for proposed amendments [6][7] Group 7 - The issuance of perpetual bonds by banks has exceeded 1 trillion yuan this year, driven by the need for capital replenishment amid economic pressures [8] Group 8 - Gold prices have recently declined, falling below the $3400 mark, influenced by the easing of tariff concerns [9] - The gold price fluctuated around $3365 after a brief recovery [9] Group 9 - Thirteen wealth management companies reported mixed performance in their asset management business, with some experiencing significant growth while others saw declines [10] Group 10 - Geely's financing leasing company reported a net loss of 157 million yuan in the first half of 2025, with a significant increase in credit impairment losses [11] Group 11 - The U.S. Treasury Secretary indicated a high likelihood of a 50 basis point rate cut by the Federal Reserve in September, citing weak employment data [12] Group 12 - The cost of default insurance for euro-denominated junk bonds has dropped to its lowest level in over three years, reflecting increased investor interest in risk assets [13][14]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Based on Wind data, among the bonds traded at a discount, "24 Chengtong Holdings MTN009A" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "24 Huangchan 02" led in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "23 Haixia Bank Perpetual Bond 03" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Nanjing Bank Green Bond 01" led in terms of valuation price deviation. Among the bonds with a trading yield higher than 6%, real - estate bonds ranked at the top. The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discount transactions in the 0.5 - 1 - year varieties; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discount transactions in the within - 1 - year varieties. By industry, the bonds in the agriculture, forestry, animal husbandry, and fishery industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading Tracking - "24 Chengtong Holdings MTN009A" had a valuation price deviation of - 0.28%, a valuation net price of 110.08 yuan, a valuation yield of 2.52%, and a trading volume of 5,519 million yuan. Other bonds such as "25 Ganfeng Lithium MTN001 (Science and Technology Innovation Notes)" also had different degrees of discount trading [4]. 3.2 Tracking of Bonds with Rising Net Prices - "24 Huangchan 02" had a valuation price deviation of 0.39%, a valuation net price of 105.38 yuan, a valuation yield of 3.96%, and a trading volume of 1,148 million yuan. There were also many other bonds with rising net prices and different degrees of valuation price deviations [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Trading - "23 Haixia Bank Perpetual Bond 03" had a valuation price deviation of 0.03%, a valuation net price of 107.30 yuan, a valuation yield of 2.46%, and a trading volume of 4,291 million yuan. Most of the Tier 2 and perpetual bonds had a valuation price deviation of around 0.02% - 0.03% [6]. 3.4 Tracking of Commercial Financial Bond Trading - "25 Nanjing Bank Green Bond 01" had a valuation price deviation of 0.01%, a valuation net price of 99.83 yuan, a valuation yield of 1.75%, and a trading volume of 998 million yuan. Most of the commercial financial bonds had a valuation price deviation of 0.01% [7]. 3.5 Tracking of Bonds with a Trading Yield Higher than 6% - Bonds such as "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" all had trading yields higher than 6%, with "22 Vanke 02" having a valuation yield of 7.25% and a trading volume of 727 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms on the Day The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discount transactions in the 0.5 - 1 - year varieties [2]. 3.8 Distribution of Tier 2 and Perpetual Bond Trading Terms on the Day The trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discount transactions in the within - 1 - year varieties [2]. 3.9 Deviation and Trading Volume of Non - financial Credit Bond Valuation Prices by Industry The bonds in the agriculture, forestry, animal husbandry, and fishery industry had the largest average deviation in valuation price [2].

Group 1 - The stock price of Jiangsu Bank closed at 11.69 yuan on August 6, 2025, down 0.60% from the previous trading day, with a trading range of 1.96% and a transaction volume of 891,556 hands, amounting to 1.042 billion yuan [1] - Jiangsu Bank is a significant urban commercial bank in Jiangsu Province, primarily engaged in traditional banking services such as deposits and loans, settlement, and bill discounting, while also involved in bond underwriting and wealth management [1] - Jiangsu Bank has been active in issuing "perpetual bonds" this year, ranking among the top regional banks in Jiangsu in terms of issuance scale, with a total of 42 "perpetual bonds" issued by small and medium-sized banks nationwide as of August 5 [1] Group 2 - On August 6, Jiangsu Bank saw a net inflow of main funds amounting to 8.9223 million yuan, with a cumulative net inflow of 146 million yuan over the past five trading days, indicating sustained investor interest in the stock [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Among bonds with discounted transactions, "20 Huainan Jianfa MTN003" had a relatively large deviation in bond valuation price. Among bonds with rising net - price transactions, "25 Changde Jingjian MTN002" ranked high in terms of valuation price deviation. Among secondary and perpetual bonds with rising net - price transactions, "20 CITIC Bank Secondary" had a relatively large deviation in valuation price; among commercial financial bonds with rising net - price transactions, "22 Industrial Bank 04" ranked high in terms of valuation price deviation. Among individual bonds with a transaction yield higher than 6%, real - estate bonds ranked high. Credit bond valuation yield changes were mainly distributed in the (0,5] interval. Non - financial credit bond transaction terms were mainly distributed between 2 and 3 years, with the 3 - 4 - year - term variety having the highest proportion of discounted transactions; secondary and perpetual bond transaction terms were mainly distributed between 4 and 5 years. By industry, bonds in the communication industry had the largest average valuation price deviation [2]. 3. Summaries According to Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "20 Huainan Jianfa MTN003" had discounted transactions, with different remaining terms, valuation price deviations, and transaction scales. For example, "20 Huainan Jianfa MTN003" had a remaining term of 0.28 years, a valuation price deviation of - 0.59%, and a transaction scale of 8,053 yuan [4]. 3.2 Tracking of Bonds with Rising Net - Price Transactions - Bonds like "25 Changde Jingjian MTN002" had rising net - price transactions, with different remaining terms, valuation price deviations, and transaction scales. For instance, "25 Changde Jingjian MTN002" had a remaining term of 4.96 years, a valuation price deviation of 0.16%, and a transaction scale of 5,000 yuan [5]. 3.3 Tracking of Secondary and Perpetual Bond Transactions - Secondary and perpetual bonds such as "20 CITIC Bank Secondary" were tracked. "20 CITIC Bank Secondary" had a remaining term of 0.06 years, a valuation price deviation of - 0.01%, and a transaction scale of 35,046 yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Commercial financial bonds like "22 Industrial Bank 04" were tracked. "22 Industrial Bank 04" had a remaining term of 0.03 years, a valuation price deviation of 0.00%, and a transaction scale of 16,004 yuan [7]. 3.5 Tracking of Individual Bonds with a Transaction Yield Higher than 6% - Real - estate bonds such as "23 Vanke MTN002" had a transaction yield higher than 6%. "23 Vanke MTN002" had a remaining term of 0.80 years, a valuation price deviation of 0.07%, and a transaction scale of 7,781 yuan [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - Credit bond valuation yield changes were mainly distributed in the (0,5] interval [2][10]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms on the Day - Non - financial credit bond transaction terms were mainly distributed between 2 and 3 years, with the 3 - 4 - year - term variety having the highest proportion of discounted transactions [2][12]. 3.8 Distribution of Secondary and Perpetual Bond Transaction Terms on the Day - Secondary and perpetual bond transaction terms were mainly distributed between 4 and 5 years [2][15]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non - Financial Credit Bonds in Each Industry - Bonds in the communication industry had the largest average valuation price deviation, and different industries had different transaction scales [2][17].