Report Industry Investment Rating - No relevant content provided Core Viewpoints - As of September 22, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of most varieties in non - financial and non - real estate industrial bonds have increased, while the adjustment range of real estate bond yields is relatively small. In financial bonds, the yields of medium - term varieties from 1 - 3 years have mostly declined [2][3][8] - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang are below 2.7%, and the yields of urban investment bonds in prefecture - level and district - county levels in Guizhou exceed 4.5%. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%, and the yields of varieties in prefecture - level cities in Guizhou and Yunnan are higher than 4% [2][14][22] Summary by Directory Chart 1: Outstanding Credit Bond Weighted Average Valuation Yield - Displays the weighted average valuation yields of various types of outstanding credit bonds as of September 22, including urban investment bonds, non - financial non - real estate industrial bonds (state - owned and private enterprises), real estate bonds (state - owned and private enterprises), financial bonds, etc. [10] Chart 2: Outstanding Credit Bond Weighted Average Spread - Presents the weighted average spreads of various types of outstanding credit bonds as of September 22, with the calculation benchmark being the same - term China Development Bank bonds [11] Chart 3: Change in Outstanding Credit Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the yields of September 22 and September 15 [12] Chart 4: Change in Outstanding Credit Bond Weighted Average Spread Compared to Last Week - Illustrates the changes in the weighted average spreads of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the spreads of September 22 and September 15 [13] Chart 5: Public Urban Investment Bond Weighted Average Valuation Yield - Details the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22, such as provincial, prefecture - level, and district - county levels in various provinces [15] Chart 6: Public Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of public urban investment bonds in different administrative levels and regions as of September 22 [17] Chart 7: Change in Public Urban Investment Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22 compared to last week [19] Chart 8: Private Urban Investment Bond Weighted Average Valuation Yield - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels and regions as of September 22 [23] Chart 9: Private Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of private urban investment bonds in different administrative levels and regions as of September 22 [25]

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - As of September 15, 2025, private enterprise real - estate bonds and industrial bonds have higher valuation yields and spreads compared to other varieties. The yields of non - financial and non - real - estate industrial bonds and real - estate bonds have generally increased compared to the previous week [3][8]. - Among financial bonds, urban and rural commercial bank capital supplementary instruments and leasing company bonds have higher valuation yields and spreads. Financial bond yields have generally risen compared to the previous week [4][8]. - In the urban investment bond market, public urban investment bonds in Jiangsu and Zhejiang have relatively low weighted average valuation yields, while those in Guizhou, Yunnan, and Gansu have higher yields or spreads. Private urban investment bonds in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have relatively low weighted average valuation yields, and those in Guizhou have higher yields [2][14][23]. Group 3: Summary by Category Urban Investment Bonds - **Public Urban Investment Bonds**: The weighted average valuation yields in Jiangsu and Zhejiang are below 2.65%. Bonds with yields over 4.5% are in prefecture - level and district - county - level areas of Guizhou. Yields in Yunnan, Gansu and other regions also have higher spreads. Compared to last week, the overall yields have increased, with an average increase of over 3BP for 2 - 3 - year and 3 - 5 - year varieties [2][14]. - **Private Urban Investment Bonds**: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%. Bonds with yields higher than 4% are in prefecture - level areas of Guizhou. Yields in Yunnan, Gansu and other regions also have higher spreads. Compared to last week, the overall yields have increased, with an average increase of 3.8BP for 2 - 3 - year varieties [23]. Industrial Bonds - **Non - financial and Non - real - estate Industrial Bonds**: Yields have basically increased. The yields of 2 - 3 - year private enterprise public perpetual bonds and private non - perpetual bonds have increased significantly [3][8]. - **Real - estate Bonds**: All yields have increased, with the adjustment of varieties over 1 year being stronger than that of short - term bonds. The yields of 1 - 2 - year state - owned enterprise private and private enterprise public non - perpetual bonds have increased by about 5BP [3][8]. Financial Bonds - **Leasing Company Bonds**: There has been some adjustment, with relatively large increases in the yields of 1 - 2 - year perpetual and 2 - 3 - year private perpetual varieties [4]. - **Bank Sub - debt**: It is the most volatile bond type among financial bonds. The yields of secondary capital bonds over 1 year and perpetual bonds over 2 years have significantly adjusted [4]. - **Commercial Financial Bonds**: They have strong defensive attributes, with all varieties having an adjustment within 3BP, and the yield of state - owned bank varieties within 1 year has decreased by 1BP [4]. - **Securities Company Bonds**: The performance varies by term. Some varieties within 2 years have stable yields, while the yields of 2 - 3 - year and 3 - 5 - year public sub - debt have increased by around 5BP [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of August 11, 2025, in the stock of credit bonds, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds mostly declined, with the 1 - year - within private enterprise private non - perpetual varieties having a relatively larger decline, averaging 6.9BP; in real estate bonds, the yields of each variety basically declined, and the 1 - year - within varieties also had a larger average decline. In financial bonds, varieties with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. More than half of the yields of each variety of financial bonds declined compared with last week [3][8]. Group 3: Summary by Related Catalogs 3.1 General Information on Credit Bonds - As of August 11, 2025, in the stock of credit bonds, private enterprise industrial bonds and real estate bonds have higher valuation yields and spreads. Non - financial non - real estate industrial bonds and real estate bonds' yields mostly declined compared with last week, and financial bonds' yields also had a downward trend in more than half of the varieties [3][8]. 3.2 City Investment Bonds 3.2.1 Public Offering City Investment Bonds - In public offering city investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces are below 2.4%. Bonds with yields over 4.5% are in prefecture - level and district - county - level areas of Guizhou. Guangxi, Yunnan, Gansu and other regions also have high spreads. Compared with last week, the yields of public offering city investment bonds mainly declined, especially in key provinces. The varieties with large downward amplitudes include non - perpetual bonds of prefecture - level cities in Inner Mongolia within 1 year, non - perpetual bonds of prefecture - level cities in Gansu within 1 year, perpetual bonds of district - county - level areas in Chongqing from 1 - 2 years, and non - perpetual city investment bonds of prefecture - level cities in Hebei from 1 - 2 years [2][14]. 3.2.2 Private Offering City Investment Bonds - In private offering city investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Bonds with yields higher than 4% are in prefecture - level cities in Guizhou. Shaanxi, Yunnan, Gansu and other regions also have high spreads. Compared with last week, the yields of each variety in private offering city investment bonds mostly declined. The varieties with large downward amplitudes are non - perpetual bonds of prefecture - level cities in Inner Mongolia from 2 - 3 years, non - perpetual bonds of prefecture - level cities in Yunnan from 3 - 5 years, non - perpetual bonds of prefecture - level cities in Liaoning within 1 year, and perpetual city investment bonds of prefecture - level cities in Shaanxi from 3 - 5 years, with corresponding declines of 10.7BP, 9.4BP, 9.0BP, and 8.8BP respectively [2][24]. 3.3 Industrial Bonds - The valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Non - financial non - real estate industrial bonds' yields mostly declined, with the 1 - year - within private enterprise private non - perpetual varieties having an average decline of 6.9BP. Real estate bonds' yields also basically declined, and the 1 - year - within varieties had a larger average decline [3][8]. 3.4 Financial Bonds - Financial bonds with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. More than half of the yields of each variety of financial bonds declined compared with last week. In leasing bonds, private varieties had more significant declines, with private perpetual bonds within 2 years declining by more than 6BP. In general commercial financial bonds, the interest rates of each variety fluctuated within a narrow range, not exceeding 1.5BP. In Tier 2 capital bonds, the varieties with more significant declines were mostly perpetual bonds of urban and rural commercial banks within 1 year, and the decline amplitude of perpetual bonds of urban commercial banks within 1 year was greater than 5BP. In addition, the yield of 2 - 3 - year private non - perpetual sub - bonds of securities companies increased by 2.9BP [4][8].

Core Viewpoint - The credit bond ETF from Bosera (159396) is experiencing a stable performance with a recent price of 101.12 yuan, showing a 1.05% increase over the past six months, ranking 2nd among comparable funds [1] Group 1: Market Performance - As of August 4, 2025, the credit bond ETF from Bosera has a recent scale of 11.501 billion yuan [2] - The ETF has seen a net value increase of 1.23% over the past six months, ranking 17th out of 480 index bond funds, placing it in the top 3.54% [2] - The ETF's maximum drawdown since inception is 0.89%, with a relative benchmark drawdown of 0.10% [2] Group 2: Trading Activity - The ETF has a trading volume of 28.83 billion yuan with a turnover rate of 25.11%, indicating active market participation [1] - The average daily trading volume over the past month is 4.2 billion yuan, ranking first among comparable funds [1] Group 3: Financial Metrics - The management fee for the credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] - The tracking error for the ETF over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3] Group 4: Investment Environment - The overall trend for credit bonds is not expected to decline significantly, with a supportive stance from the central bank and a favorable environment for positive carry [1] - Institutional investors are likely to gradually enter the market, taking advantage of buying opportunities after recent adjustments [1]

Core Insights - Goldman Sachs credit strategists urge clients to hedge risks as global corporate bond yield spreads have tightened to the lowest level since 2007 [1] - Recent trade agreements between the US and several trading partners provide clarity on tariff issues, leading investors to overlook short-term economic growth weakness as long as recession risks are controlled [1] - Bloomberg index indicates that global investment-grade bond yield spreads narrowed to 79 basis points, the lowest level since July 2007, prior to the global financial crisis [1] Economic Context - The S&P 500 index reached a historical high this week, reflecting investor confidence despite tightening credit spreads [1] - Federal Reserve policymakers have not indicated an imminent rate cut, suggesting that more data is needed to ensure inflation risks do not persist [1]

美国与其多个贸易伙伴之间近期达成贸易协议，在关税问题上提供了明确性，而且"只要经济衰退风险 得到控制，投资者就愿意忽略短期内经济增长疲软"，高盛策略师Lotfi Karoui在7月31日的一份报告中写 道。不过，他们警告投资者不要自满。根据一项彭博指数，周四全球投资级债券的收益率溢价收紧至79 个基点，为2007年7月全球金融危机爆发前以来的最低水平。本周信用利差进一步收窄，标普500指数创 下历史新高，美联储的政策制定者并未暗示即将降息，表明央行仍需要更多数据来确保通胀风险不会持 续。 智通财经8月1日电，高盛集团信用策略师敦促客户对冲风险，本周全球公司债收益率溢价已收紧至2007 年以来的最低水平。 全球信用债利差触及2007年以来低点 高盛提示客户保持谨慎 ...

Group 1: Overall Situation of Credit Bonds - As of July 28, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds have been adjusted, and the yields of state - owned enterprise private non - perpetual real estate bonds have all increased [3][8]. - The varieties with high valuation yields and spreads in financial bonds include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - debt. Compared with last week, the yields of various financial varieties have basically increased [4][8]. Group 2: Urban Investment Bonds Public Urban Investment Bonds - The weighted average valuation yields of public urban investment bonds in Jiangsu and Zhejiang provinces are both below 2.4%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level cities and district - level counties in Guizhou. The spreads in Guangxi, Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of public urban investment bonds have basically increased across the board, with the 2 - 3 - year varieties having a larger adjustment range [2][15]. - Specific regions' weighted average valuation yields and spreads are shown in Chart 5 and Chart 6, and the changes compared with last week are shown in Chart 7 [16][18][21]. Private Urban Investment Bonds - The weighted average valuation yields of private urban investment bonds in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.9%. The varieties with yields higher than 4% appear in prefecture - level cities in Guizhou. The spreads in Shaanxi, Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of various private urban investment bond varieties have mainly increased. The varieties with relatively large yield increases are 3 - 5 - year non - perpetual bonds in Guangxi's district - level counties, 1 - 2 - year non - perpetual bonds in Ningxia's prefecture - level cities, 2 - 3 - year non - perpetual bonds in Guizhou's district - level counties, and 1 - 2 - year non - perpetual bonds of Guangxi provincial - level, with corresponding increases of 18.8BP, 15.6BP, 14.1BP and 12.7BP respectively [2][24]. - Specific regions' weighted average valuation yields and spreads are shown in Chart 8 and Chart 9 [25][28]. Group 3: Industrial Bonds Private Enterprise Industrial Bonds - The valuation yields and spreads of private enterprise industrial bonds are relatively high. Among them, the 2 - 3 - year private enterprise public perpetual varieties have a relatively larger upward range, with an average increase of 147.5BP compared with last week [3][13]. Real Estate Bonds - The yields of state - owned enterprise private non - perpetual real estate bonds have all increased. Among them, the yields of 1 - 2 - year private enterprise public non - perpetual real estate bonds have increased by 11.1BP [3][13]. Group 4: Financial Bonds Leasing Company Bonds - The 1 - 2 - year varieties of leasing bonds have a larger yield increase, with an average increase of about 10BP [4]. General Commercial Financial Bonds - The interest rates of all varieties of general commercial financial bonds have increased, with an increase range of 4 to 7BP [4]. Secondary Perpetual Bonds - The yield increase of rural commercial bank secondary capital bonds in secondary perpetual bonds mostly exceeds that of other bank varieties. The yield increase of 1 - year - within and 2 - 3 - year rural commercial bank secondary bonds is greater than 20BP [4]. Securities Company Bonds and Sub - debt - The yield increase of 3 - 5 - year private non - perpetual sub - debt of securities companies exceeds 10BP [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of July 21, 2025, 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. Compared with last week, the yields of non - financial and non - real estate industrial bonds have all declined, with private enterprise bonds declining more than state - owned enterprise bonds, and short - term bonds being more favored than those over 1 year. Real estate bond yields mainly declined, with the yield of public non - perpetual bonds within 1 year dropping by more than 5BP. In financial bonds, urban and rural commercial bank capital supplementary tools and leasing company bonds have relatively high valuation yields and spreads. Compared with last week, financial bond yields generally declined, with some adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] Group 3: Summary According to Related Catalogs 1. Overall Outstanding Credit Bonds - The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Non - financial non - real estate industrial bond yields declined, with private enterprise bonds having a larger decline. Real estate bond yields mainly declined, and 1 - year - within public non - perpetual real estate bonds had a yield reduction of over 5BP. Financial bond yields generally declined, with certain adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] 2. Urban Investment Bonds Public Urban Investment Bonds - In Jiangsu and Zhejiang provinces, the weighted average valuation yields are below 2.3%. Yields over 4.5% are in Guizhou's district - level. Yunnan, Gansu and other regions have high spreads. Compared with last week, yields generally declined, with an average decline of less than 2BP. Larger decline varieties include 2 - 3 - year and 3 - 5 - year non - perpetual bonds of Guangdong provincial level, 2 - 3 - year perpetual bonds of Shaanxi district - level, and 1 - 2 - year non - perpetual bonds of Yunnan prefectural - level [2][15][16] Private Urban Investment Bonds - Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have weighted average valuation yields below 2.8%. Yields higher than 3.5% are in Shaanxi prefectural - level, Guizhou and Yunnan prefectural - and district - levels. Gansu, Heilongjiang and other regions have high spreads. Compared with last week, yields mainly declined. Larger decline varieties include 2 - 3 - year non - perpetual bonds of Tianjin provincial level, 1 - year - within non - perpetual bonds of Guizhou district - level, 3 - 5 - year perpetual bonds of Shaanxi prefectural - level, and 2 - 3 - year non - perpetual bonds of Heilongjiang prefectural - level, with declines of 10.5BP, 11.1BP, 21.8BP, and 13.5BP respectively [2][24][25] 3. Non - Financial Non - Real Estate Industrial Bonds - Yields declined compared with last week, with private enterprise bonds having a larger decline than state - owned enterprise bonds, and short - term bonds being more popular [3][8] 4. Real Estate Bonds - Yields mainly declined, and the yield of 1 - year - within public non - perpetual bonds dropped by more than 5BP [3][8] 5. Financial Bonds - Valuation yields and spreads are relatively high in urban and rural commercial bank capital supplementary tools and leasing company bonds. Yields generally declined compared with last week. 1 - year - within private and 2 - 3 - year public perpetual leasing bonds had large declines, while 3 - 5 - year non - perpetual varieties had adjustments. Commercial financial bond yields declined within 4BP, and 3 - 5 - year urban and rural commercial bank varieties had callbacks. Short - duration bank sub - bonds performed better than medium - and long - term ones [4][8]

Group 1: Report's Core View - As of July 14, 2025, private enterprise industrial bonds and real estate bonds generally have higher valuation yields and spreads. Compared with the previous week, the yields of non - financial and non - real estate industrial bonds and real estate bonds have been adjusted, with varying degrees of increase in different varieties. In the financial bond sector, the yields of most varieties have also increased [2][3][8] Group 2: Summary by Bond Type Urban Investment Bonds - **Public Offering**: The weighted average valuation yields in Jiangsu and Zhejiang are below 2.4%. Yields exceeding 4.5% are found in Guizhou's district - level bonds. Spreads in Guangxi, Yunnan, Gansu, etc., are relatively high. Compared with last week, yields mostly increased slightly, with 3 - 5 - year varieties having a larger adjustment [2][17] - **Private Placement**: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Yields above 4% are in Guizhou's prefecture - level bonds. Spreads in Shaanxi, Yunnan, Gansu, etc., are relatively high. Yields of most varieties increased, with some having significant increases [2] Industrial Bonds - **Non - financial and Non - real estate (Private Enterprises)**: The 1 - year - within private non - perpetual varieties had an average yield increase of 9.7BP [3][8] - **Real Estate (State - owned Enterprises)**: The yields of private non - perpetual varieties all increased, with the 1 - year - within variety rising by 4.1BP [3][8] Financial Bonds - Valuation yields and spreads are high for leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. Yields of most financial bond varieties increased. For example, the yields of leasing bonds over 1 year increased by about 5BP, and the 2 - 3 - year urban commercial bank secondary capital bonds rose by 12.3BP [4][8] Group 3: Summary of Key Data Tables Overall Credit Bonds - **Weighted Average Valuation Yield**: Data shows the weighted average valuation yields of various bond types and maturities as of July 14, 2025 [10] - **Weighted Average Spread**: Displays the weighted average spreads of different bond types and maturities on July 14, 2025 [12] - **Change in Weighted Average Valuation Yield**: Compares the weighted average valuation yields of this week (July 14, 2025) and last week (July 7, 2025) [14] - **Change in Weighted Average Spread**: Compares the weighted average spreads of this week (July 14, 2025) and last week (July 7, 2025) [16] Public Offering Urban Investment Bonds - **Weighted Average Valuation Yield**: Presents the weighted average valuation yields of public offering urban investment bonds in different regions and administrative levels on July 14, 2025 [18] - **Weighted Average Spread**: Shows the weighted average spreads of public offering urban investment bonds in different regions and administrative levels on July 14, 2025 [20] - **Change in Weighted Average Valuation Yield**: Compares the weighted average valuation yields of public offering urban investment bonds in different regions and administrative levels between this week (July 14, 2025) and last week (July 7, 2025) [23] Private Placement Urban Investment Bonds - **Weighted Average Valuation Yield**: Displays the weighted average valuation yields of private placement urban investment bonds in different regions and administrative levels on July 14, 2025 [27] - **Weighted Average Spread**: Presents the weighted average spreads of private placement urban investment bonds in different regions and administrative levels on July 14, 2025 [30]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - As of July 7, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds and real estate bonds have generally declined, and the short - end varieties of non - financial and non - real estate industrial bonds have a larger decline. Among them, the 1 - 2 - year public and 1 - year private non - perpetual bonds of private enterprises have declined by 19.6BP and 14.2BP respectively. The 2 - year private enterprise real estate bonds are more popular [3][8]. - In financial bonds, the varieties with high valuation yields and spreads include urban and rural commercial bank capital supplementary tools and leasing company bonds. Compared with last week, the yields of financial bonds have generally declined. For example, the yields of 3 - 5 - year non - perpetual leasing bonds have declined by more than 8.5BP, and the yields of 1 - year joint - stock bank secondary perpetual bonds have declined by nearly 13BP [4][8]. - In public offering urban investment bonds, the weighted average valuation yields of Jiangsu and Zhejiang provinces are both below 2.3%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level cities and districts and counties of Guizhou. The spreads in Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of public offering urban investment bonds have basically declined, and the average yield of varieties within 1 year has declined by 11.5BP [2][16]. - In private placement urban investment bonds, the weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong and Fujian are below 2.7%. The varieties with yields higher than 4% appear in prefecture - level cities of Guizhou and Shaanxi. The spreads in Yunnan, Gansu, Heilongjiang and other regions are also relatively high. Compared with last week, the yields of private placement urban investment bonds have mainly declined [2]. Group 3: Summary According to Relevant Catalogs 1. Overall Outstanding Credit Bonds - The weighted average valuation yields and spreads of private enterprise real estate bonds and industrial bonds are generally higher than those of other varieties. The yields of non - financial and non - real estate industrial bonds and real estate bonds have generally declined, and the short - end varieties of non - financial and non - real estate industrial bonds have a larger decline. The yields of financial bonds have also generally declined [3][4][8]. - The data in the table shows the weighted average valuation yields, spreads, and their changes compared with last week of different types of bonds (including urban investment bonds, non - financial and non - real estate industrial bonds, real estate bonds, financial bonds, etc.) under different issuance methods (public offering and private placement) and different maturities [9][12][13]. 2. Public Offering Urban Investment Bonds - The weighted average valuation yields of Jiangsu and Zhejiang provinces are below 2.3%, while those in Guizhou's prefecture - level cities and districts and counties exceed 4.5%. The spreads in Yunnan, Gansu and other regions are relatively high. The yields have basically declined compared with last week, and the 1 - year varieties have an average decline of 11.5BP. The varieties with a large decline in yields include 1 - year non - perpetual bonds of Jiangsu provincial level, 1 - year perpetual bonds of Hebei provincial level, etc. [2][16]. - The table shows the weighted average valuation yields, spreads, and their changes compared with last week of public offering urban investment bonds at different administrative levels in various regions [17][19][21]. 3. Private Placement Urban Investment Bonds - The weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong and Fujian are below 2.7%. The varieties with yields higher than 4% appear in prefecture - level cities of Guizhou and Shaanxi. The spreads in Yunnan, Gansu, Heilongjiang and other regions are relatively high. The yields have mainly declined compared with last week, and the varieties with a large decline in yields include 1 - year perpetual bonds of Shandong district and county level, etc. [2]. - The table shows the weighted average valuation yields, spreads of private placement urban investment bonds at different administrative levels in various regions [25][28].