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流动性打分周报:长久期中低评级产业债流动性下降-20250826
China Post Securities· 2025-08-26 06:32
发布时间:2025-08-26 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:谢鹏 SAC 登记编号:S1340124010004 Email:xiepeng@cnpsec.com 近期研究报告 《风险偏好如何定价?——流动性周 报 20250824》 - 2025.08.25 证券研究报告:固定收益报告 固收周报 长久期中低评级产业债流动性下降 ——流动性打分周报 20250825 ⚫ 核心解读 本周报以 qb 的债券资产流动性打分为基础,跟踪不同债券板块 个券的流动性得分情况。 城投债方面,分区域看,江苏高等级流动性债项数量有所增加, 四川、天津、重庆整体维持,山东有所减少。分期限看,1 年以内、 2-3 年期高等级流动性债项数量有所增加,1-2 年期整体维持,3-5 年 和 5 年期以上有所减少。从隐含评级看,隐含评级为 AA(2)的高等级 流动性债项数量有所增加,隐含评级为 AA+的高等级流动性债项数量 整体维持,隐含评级为 AAA、AA、AA-的高等级流动性债项数量有所减 少。 产业债方面,分行业看,公用 ...
流动性打分周报:短久期中高评级城投债流动性下降-20250813
China Post Securities· 2025-08-13 10:48
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - and medium - term, medium - to high - rated bond issues in the urban investment bond and industrial bond sectors have seen a decline in liquidity. [2][9][18] - In terms of yield, the yields of high - grade liquid bonds in both urban investment and industrial bonds are mainly decreasing, with the decline ranging from 2 - 6bp, and some sub - items showing larger declines. [11][20] 3. Summary by Directory 3.1 Urban Investment Bonds - **Liquidity**: Short - term, medium - to high - rated high - grade liquid bond issues have decreased. Regionally, the number of high - grade liquid bond issues in Sichuan, Tianjin, and Chongqing remained stable, while those in Jiangsu and Shandong decreased. In terms of maturity, the number of 1 - 2 - year high - grade liquid bond issues increased, while those within 1 year and over 5 years decreased, especially within 1 year. In terms of implicit ratings, the number of high - grade liquid bond issues with an implicit rating of AA - increased, while those with ratings of AAA, AA +, AA, and AA(2) decreased. [9] - **Yield**: The yields of high - grade liquid urban investment bonds are mainly decreasing, with the decline concentrated at 2 - 5bp. [11] - **Top 20 in Liquidity Score Increase**: The main body levels are mainly AA + and AA, concentrated in regions such as Jiangsu, Zhejiang, Guangdong, and Shanghai, and mainly involve industries such as building decoration. [12] - **Top 20 in Liquidity Score Decrease**: The main body levels are mainly AA, and the regional distribution is mainly in Henan, Guangdong, Jiangsu, Zhejiang, Anhui, etc. The top 20 entities are mainly in building decoration and comprehensive industries. [12] 3.2 Industrial Bonds - **Liquidity**: Medium - and short - term, medium - to high - rated high - grade liquid bond issues have decreased. By industry, the number of high - grade liquid bond issues in transportation and coal increased, while those in real estate and public utilities remained stable, and those in steel decreased. In terms of maturity, the number of high - grade liquid bond issues increased overall, with the number within 1 year, 2 - 3 years, 3 - 5 years, and over 5 years remaining stable, and the 1 - 2 - year period decreasing. In terms of implicit ratings, the number of high - grade liquid bond issues with an implicit rating of AA increased, the number with a rating of AAA - remained stable, and those with ratings of AAA +, AAA, and AA + decreased. [18] - **Yield**: The yields of high - grade liquid bond issues are mainly decreasing, with the decline concentrated at 2 - 6bp. Some sub - items have larger declines, such as an 18bp decline in the A - grade liquid bond issues in the real estate sector, an 8bp decline in the A - grade liquid bond issues within 1 year, and an 11bp decline in the A - grade liquid bond issues with an implicit rating of AA +. [20] - **Top 20 in Liquidity Score Increase**: The industries of the top 20 entities are mainly transportation, pharmaceutical biology, building decoration, etc., and the main body levels are mainly AAA and AA +. The industries of the top 20 bonds are mainly public utilities, transportation, and commercial retail. [21] - **Top 20 in Liquidity Score Decrease**: The top 20 entities are mainly in public utilities, real estate, building decoration, transportation, machinery and equipment, etc., and the main body levels are mainly AAA and AA +. The industries of the top 20 bonds are mainly transportation, real estate, and public utilities. [21]
流动性打分周报:中长久期中低评级城投债流动性上升-20250805
China Post Securities· 2025-08-05 12:20
Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating in the given content. Group 2: Report's Core View - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on qb's bond asset liquidity scores. In the urban investment bond sector, the number of high - grade liquid bond items with medium - long - term and low - to - medium ratings has increased. In the industrial bond sector, the number of high - grade liquid bond items with medium - long - term and low ratings has increased [1]. Group 3: Summary by Relevant Catalogs 1. Urban Investment Bonds: Increase in Liquidity of Medium - Long - Term and Low - to - Medium - Rated Bond Items - **Distribution Changes**: Regionally, the number of high - grade liquid bond items in Jiangsu, Shandong, Tianjin, and Chongqing has increased, while Sichuan has remained stable. In terms of maturity, the number of high - grade liquid bond items within 1 year, 2 - 3 years, and 3 - 5 years has increased, while those in the 1 - 2 years and over 5 years ranges have decreased. Regarding implicit ratings, the number of high - grade liquid bond items with implicit ratings of AA, AA(2), and AA - has increased, while those with AAA and AA+ have remained stable [8]. - **Yield Changes**: The yields of high - grade liquid urban investment bonds have mainly declined, with the decline ranging from 1 - 5bp [9]. - **Top 20 Ascending Entities**: The entity levels are mainly AA, concentrated in regions such as Jiangsu, Zhejiang, Shandong, and Sichuan, and the industries mainly involve construction decoration, comprehensive, and real estate [11]. - **Top 20 Ascending Bonds**: Information about the bonds' characteristics such as region, remaining term, and yield changes is provided [15]. - **Top 20 Descending Entities**: The entity levels are mainly AA, with regional distributions mainly in Jiangsu, Zhejiang, Anhui, etc., and the industries are mainly construction decoration, comprehensive, and transportation [11]. - **Top 20 Descending Bonds**: Information about the bonds' characteristics such as region, remaining term, and yield changes is provided [18]. 2. Industrial Bonds: Increase in Liquidity of Medium - Long - Term and Low - Rated Bond Items - **Distribution Changes**: By industry, the number of high - grade liquid bond items in real estate and transportation has increased, while those in coal and steel have remained stable, and those in public utilities have decreased. In terms of maturity, the number of high - grade liquid bond items in the 1 - 2 years, 2 - 3 years, and 3 - 5 years ranges has increased, those over 5 years have remained stable, and those within 1 year have decreased. Regarding implicit ratings, the number of high - grade liquid bond items with implicit ratings of AAA+, AAA, and AA+ has remained stable, while those with AAA - and AA have increased [19]. - **Yield Changes**: The yields of high - grade liquid bond items have mainly declined, with the decline concentrated in 3 - 6bp. Some sub - items have seen larger declines, such as a 13bp decline in the B - grade liquid bond items in real estate, a 10bp decline in the B - grade liquid bond items within 1 year, and a 9bp decline in the B - grade liquid bond items with an implicit rating of AA+ [20]. - **Top 20 Ascending Entities**: The industries are mainly transportation, construction decoration, commerce and trade retail, real estate, etc., and the entity levels are mainly AAA and AA+ [21]. - **Top 20 Ascending Bonds**: The industries are mainly transportation, public utilities, and real estate [25]. - **Top 20 Descending Entities**: The industries are mainly construction decoration, transportation, public utilities, pharmaceutical biology, and commerce and trade retail, and the entity levels are mainly AAA and AA+ [21]. - **Top 20 Descending Bonds**: The industries are mainly transportation, public utilities, and construction decoration [28].
流动性打分周报:中长久期中高评级城投债流动性下降-20250729
China Post Securities· 2025-07-29 02:38
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. The liquidity of medium - to long - term, medium - to high - rated urban investment bonds has decreased, while the liquidity of medium - to long - term industrial bonds has increased [1]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds: Decreased Liquidity of Medium - to Long - Term, Medium - to High - Rated Bond Items - **Quantity Changes**: The number of high - grade, high - liquidity urban investment bonds with medium - to long - terms and medium - to high - ratings has decreased. Regionally, the number of high - grade, high - liquidity bond items has increased in Shandong and Sichuan, remained stable in Chongqing, and decreased in Jiangsu and Tianjin. In terms of maturity, the number of high - grade, high - liquidity bond items has remained stable for those within 1 year and over 5 years, but decreased for those in the 1 - 2 - year, 2 - 3 - year, and 3 - 5 - year ranges. In terms of implicit ratings, the number of high - grade, high - liquidity bond items with implicit ratings of AAA, AA+, AA, AA(2), and AA - has all decreased, with a larger decrease in medium - to high - rated bonds [1][7]. - **Yield Changes**: Regionally, the yields of high - grade, high - liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing have mainly increased, with the increase ranging from 5 - 15bp. In terms of maturity and implicit ratings, the yields of high - grade, high - liquidity urban investment bonds have mainly increased, with the increase ranging from 8 - 12bp [8]. - **Top 20 in Liquidity Score Increase**: The main body level is mainly AA, concentrated in regions such as Jiangsu, Zhejiang, Sichuan, Anhui, and Hunan, and the industries mainly involve construction decoration, transportation, and comprehensive industries [10]. - **Top 20 in Liquidity Score Decrease**: The main body level is mainly AA, with regional distribution mainly in Jiangsu, Zhejiang, Hunan, Fujian, and Shanghai, and the industries are mainly construction decoration, real estate, and comprehensive industries [10]. 3.2 Industrial Bonds: Increased Liquidity of Medium - to Long - Term Bond Items - **Quantity Changes**: The number of high - grade, high - liquidity industrial bonds with medium - to long - terms has increased. By industry, the number of high - grade, high - liquidity bond items has increased in the public utilities and steel industries, and decreased in the real estate, transportation, and coal industries. In terms of maturity, the number of high - grade, high - liquidity bond items has increased for those in the 2 - 3 - year, 3 - 5 - year, and over 5 - year ranges, remained stable for those in the 1 - 2 - year range, and decreased for those within 1 year. In terms of implicit ratings, the number of high - grade, high - liquidity bond items with implicit ratings of AAA, AAA -, and AA+ has increased, while the number with implicit ratings of AAA+ and AA - has decreased [2][16]. - **Yield Changes**: By industry, the yields of high - grade, high - liquidity bonds in the public utilities, transportation, coal, and steel industries have mainly increased, with the increase ranging from 8 - 15bp. The yields of bond items with a liquidity level of B in the real estate industry have decreased, with a decrease of about 12bp. In terms of maturity, the yields of high - grade, high - liquidity bonds at all maturities have mainly increased, with the increase ranging from 10 - 14bp. In terms of implicit ratings, the yields of high - grade, high - liquidity bond items at all implicit ratings have mainly increased, with the increase ranging from 8 - 10bp [17]. - **Top 20 in Liquidity Score Increase**: The industries of the top 20 main bodies in liquidity score increase are mainly commerce and retail, real estate, and power equipment, and the main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, public utilities, and real estate [18]. - **Top 20 in Liquidity Score Decrease**: The top 20 main bodies in liquidity score decrease are mainly in the construction decoration, real estate, and transportation industries, and the main body levels are mainly AAA and AA. The industries of the top 20 bonds are mainly transportation, public utilities, and coal [18].
流动性打分周报:低评级产业债流动性上升-20250722
China Post Securities· 2025-07-22 01:57
1. Report Information - Report Type: Fixed Income Report - Release Time: July 22, 2025 - Analysts: Liang Weichao, Xie Peng [1][2] 2. Core Viewpoints - The weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the bond asset liquidity scores of qb. - For urban investment bonds, short - duration and low - rated high - grade liquidity bonds have increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, while Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, while those in 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA remained stable, those with AA+ and AA decreased, and those with AA(2) and AA - increased. - For industrial bonds, the number of low - rated high - grade liquidity bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, while those in real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, while those in 1 - 2 years and over 5 years remained stable. In terms of implied ratings, the number of high - grade liquidity bonds with an implied rating of AAA - and AA increased, while those with AAA+, AAA, and AA+ remained stable. [3][8][18] 3. Summary by Directory 3.1 Urban Investment Bonds - **Liquidity Changes**: Short - duration and low - rated high - grade liquidity urban investment bonds increased. Regionally, Shandong, Sichuan, Tianjin, and Chongqing remained stable, Jiangsu decreased. In terms of maturity, high - grade liquidity bonds within 1 year, 1 - 2 years, and over 5 years increased, 2 - 3 years and 3 - 5 years decreased. In terms of implied ratings, AAA remained stable, AA+ and AA decreased, AA(2) and AA - increased. [8] - **Yield Changes**: Regionally, the yields of high - grade liquidity urban investment bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly decreased, with a decline of 2 - 5bp. By maturity and implied rating, the yields of high - grade liquidity urban investment bonds mainly decreased, with a small decline of 1 - 2bp. [9] - **Top 20 Ascending Entities in Liquidity Score**: The entity levels are mainly AA, concentrated in regions such as Zhejiang, Sichuan, Tianjin, and Beijing, and the industries mainly involve construction decoration and comprehensive industries. - **Top 20 Ascending Bonds in Liquidity Score**: The bonds are mainly from regions such as Beijing, Hunan, and Zhejiang. - **Top 20 Descending Entities in Liquidity Score**: The entity levels are mainly AA, with regional distributions mainly in Zhejiang, Jiangsu, and Shandong, and the industries are mainly construction decoration, transportation, and real estate. - **Top 20 Descending Bonds in Liquidity Score**: The bonds are mainly from regions such as Jiangsu, Zhejiang, and Shandong. [12][13][15][17] 3.2 Industrial Bonds - **Liquidity Changes**: The number of low - rated high - grade liquidity industrial bonds increased. By industry, high - grade liquidity bonds in the coal industry increased, real estate, public utilities, steel, and transportation remained stable. In terms of maturity, high - grade liquidity bonds within 1 year, 2 - 3 years, and 3 - 5 years increased, 1 - 2 years and over 5 years remained stable. In terms of implied ratings, AAA - and AA increased, AAA+, AAA, and AA+ remained stable. [18] - **Yield Changes**: By industry, the yields of high - grade liquidity bonds in real estate, public utilities, transportation, coal, and steel mainly decreased, with the decline concentrated in 1 - 4bp; the yield of real estate decreased by more than 10bp. By maturity, the yields of high - grade liquidity bonds in each maturity mainly decreased, with a decline of 3 - 5bp. By implied level, the yields of high - grade liquidity bonds in each implied level mainly decreased, with the decline concentrated in 2 - 5bp. [20] - **Top 20 Ascending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce, and the entity levels are mainly AAA and AA+. - **Top 20 Ascending Bonds in Liquidity Score**: The industries are mainly transportation and public utilities. - **Top 20 Descending Entities in Liquidity Score**: The industries are mainly construction decoration, public utilities, and commerce and retail, and the entity levels are mainly AAA and AA. - **Top 20 Descending Bonds in Liquidity Score**: The industries are mainly public utilities and transportation. [21][24][27][29][30]
央行拟取消债券回购质押券冻结 业内:核心是增强债券流动性,优化央行货币政策操作机制
news flash· 2025-07-21 05:55
Core Viewpoint - The People's Bank of China (PBOC) has proposed to cancel the regulation that freezes collateral for bond repurchase agreements, aiming to enhance market liquidity and optimize monetary policy operations, while facilitating the high-level opening of the bond market [1] Group 1: Regulatory Changes - The PBOC issued a draft decision on July 18, 2023, to solicit opinions on modifying certain regulations, specifically regarding the freezing of collateral for bond repurchase agreements [1] - The public consultation period for this draft will end on August 17, 2023 [1] Group 2: Market Implications - The cancellation of the collateral freeze is expected to improve bond liquidity and is seen as a continuation of the PBOC's recent focus on maintaining liquidity in the market [1] - While some market participants speculate that this move may indicate a resumption of government bond trading by the PBOC, the general consensus among industry experts is that the connection between the two is limited [1] Group 3: Long-term Strategy - The primary objective of this regulatory change is to optimize the market mechanism and align with international standards, rather than an immediate shift in monetary policy [1]
央行拟取消债券回购质押券冻结,与国债买卖有何关联?
Di Yi Cai Jing· 2025-07-21 05:41
央行就取消债券回购质押券冻结的规定公开征求意见,被业内视为优化流动性管理与接轨国际市场的重 要信号。 从政策目的看,增强债券流动性是核心诉求。中信证券首席经济学家明明认为,在货币政策端,可避免 央行对商业银行进行国债买入阶段,商业银行在质押式回购等交易下由于债券被质押而无法交易,进而 加大对特定券种的需求,并引起这一期限品种利率过快下行的情况。 与央行实际开展国债买卖操作之间不存在必然联系。即便央行恢复国债买卖,也无需依赖这一机制作为 铺垫。 近日,央行就取消债券回购质押券冻结的规定公开征求意见,引发市场广泛关注。 7月18日,央行发布《中国人民银行关于修改部分规章的决定(征求意见稿)》表示,"为便于公开市场 买卖国债等货币政策操作和促进债券市场高水平对外开放,取消对债券回购的质押券进行冻结的规 定。"征求意见8月17日结束。 如何理解央行取消债券回购质押券冻结?对债市、货币政策操作有何影响?是否意味着央行重启买卖国 债? 尽管市场有观点将其与央行重启国债买卖关联,但业内普遍认为两者关联性有限,更多是中长期优化市 场机制、接轨国际的举措。核心是增强债券流动性,优化央行货币政策操作机制,也是近期央行呵护流 动性 ...
流动性打分周报:中低评级产业债流动性上升-20250715
China Post Securities· 2025-07-15 10:32
Group 1: Report Overview - Report Type: Fixed Income Report [1] - Release Date: July 15, 2025 [1] - Analysts: Liang Weichao, Xie Peng [2] Group 2: Core Views - The liquidity of medium - and long - term, low - to medium - rated urban investment bonds has declined, while the liquidity of low - to medium - rated industrial bonds has increased [2][9][18] Group 3: Urban Investment Bonds Distribution and Yield - Regionally, high - grade liquid bonds in Jiangsu and Shandong increased, those in Tianjin and Chongqing remained stable, and those in Sichuan decreased. Yield fluctuations were within 1 - 2bp [9][10] - In terms of maturity, 1 - 2 - year high - grade liquid bonds increased, 1 - year - within, 2 - 3 - year bonds remained stable, and 3 - 5 - year and over - 5 - year bonds decreased [9][10] - By implicit rating, the number of high - grade liquid bonds with implicit ratings of AAA and AA - increased, while those with AA +, AA, and AA(2) decreased [9][10] Top 20 Ascending and Descending Liquidity Scores - Ascending: Mainly AA - rated, concentrated in Zhejiang, Anhui, etc., in industries like construction decoration and comprehensive [12] - Descending: Mainly AA - rated, in regions such as Jiangsu, Shandong, Sichuan, in industries like construction decoration, real estate, and comprehensive [12] Group 4: Industrial Bonds Distribution and Yield - By industry, high - grade liquid bonds in real estate and steel increased, those in public utilities decreased, and those in transportation and coal remained stable. Yield changes varied by industry, grade, and maturity [18][19][20] - In terms of maturity, 1 - 2 - year and over - 5 - year high - grade liquid bonds increased, 1 - year - within and 3 - 5 - year bonds decreased, and 2 - 3 - year bonds remained stable [18][19] - By implicit rating, the number of high - grade liquid bonds with implicit ratings of AA + and AA increased, while those with AAA +, AAA, and AAA - remained stable [18][19] Top 20 Ascending and Descending Liquidity Scores - Ascending: Mainly in public utilities, construction decoration, and real estate, with AAA and AA + ratings [20] - Descending: Mainly in construction decoration, commerce and trade retail, and transportation, with AAA ratings [20]
流动性打分周报:中长久期城投债流动性继续上升-20250701
China Post Securities· 2025-07-01 08:48
1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The liquidity of medium - and long - term urban investment bonds continues to rise, and the number of high - grade liquid bonds of medium - and high - grade medium - and long - term industrial bonds increases [1][8][18]. 3. Summary by Relevant Catalogs 3.1 Urban Investment Bonds - **Liquidity**: Medium - and long - term high - grade liquid urban investment bonds continue to increase. Regionally, high - grade liquid bonds in Jiangsu, Shandong, and Sichuan increase, while those in Tianjin and Chongqing remain stable. In terms of maturity, the liquidity of short - term and medium - long - term bonds rises; the number of high - grade liquid bonds within 1 year and 1 - 2 years increases, that of 2 - 3 years decreases, and that of 3 - 5 years and over 5 years continues to increase. In terms of implicit rating, the liquidity of medium - and high - grade bonds increases, while that of low - grade bonds remains stable [1][8]. - **Yield**: Regionally, the yields of high - grade liquid bonds in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly rise, with an increase range of 1 - 3BP. In terms of maturity, the yields of high - grade liquid bonds at all maturities mainly rise, with an increase range of 1 - 2BP. In terms of implicit rating, the yields of bonds at all implicit levels mainly rise, with an increase range of 1 - 3BP; the yield of AA - bonds rises by about 5bp [11]. - **Top 20 Increase and Decrease in Liquidity Score**: The top 20 in terms of increase in liquidity score are mainly AA and AA + in terms of entity level, concentrated in regions such as Jiangsu, Shandong, and Guangdong, and mainly in industries such as architectural decoration, transportation, and real estate. The top 20 in terms of decrease are mainly AA in terms of entity level, distributed in regions such as Jiangsu, Shandong, Guangdong, and Hubei, and mainly in industries such as architectural decoration and comprehensive [13]. 3.2 Industrial Bonds - **Liquidity**: The number of high - grade liquid bonds of medium - and long - term medium - and high - grade industrial bonds increases. By industry, the high - grade liquid bonds in industries such as real estate, public utilities, transportation, coal, and steel all increase, with public utilities increasing more. In terms of maturity, the high - grade liquid bonds within 1 year and 3 - 5 years increase overall, while those of 1 - 2 years, 2 - 3 years, and over 5 years basically remain stable. In terms of implicit rating, the number of high - grade liquid bonds with implicit ratings of AAA, AAA -, and AA + increases, while those with implicit ratings of AAA + and AA remain stable [2][18]. - **Yield**: By industry, the yields of real estate bonds mainly decline, with a decline range of about 2 - 4bp, concentrated at 1 - 3BP; the yields of public utilities and coal bonds mainly rise, with an increase range of 1 - 3bp; the yields of transportation, coal, and steel bonds fluctuate. In terms of maturity, the yields of 2 - 3 - year bonds mainly decline, with a decline range of 2 - 3bp; the yields of 3 - 5 - year bonds mainly rise, with an increase range of 1 - 3bp; the yields of other maturities fluctuate. In terms of implicit level, the yields of AAA bonds mainly rise, with an increase range of 2 - 3bp; the yields of A - grade liquid bonds with an implicit level of AA + basically remain stable, and the yields of B - grade bonds decline by about 3bp; the yields of bonds at other implicit levels fluctuate [20]. - **Top 20 Increase and Decrease in Liquidity Score**: In terms of the increase in liquidity score, the top 20 entities are mainly in industries such as public utilities, real estate, steel, and architectural decoration, with entity levels mainly AAA and AA +; the top 20 bonds are mainly in industries such as transportation, coal, and public utilities. In terms of the decrease, the top 20 entities are mainly in architectural decoration, real estate, and public utilities, with entity levels mainly AAA, and the top 20 bonds are mainly in industries such as transportation and architectural decoration [22].
流动性打分周报:中长久期高评级城投债流动性上升-20250624
China Post Securities· 2025-06-24 04:57
Group 1: Report General Information - Report Type: Fixed Income Report [1] - Release Time: June 24, 2025 [1] - Analyst: Liang Weichao, SAC Registration Number: S1340523070001 [2] - Research Assistant: Xie Peng, SAC Registration Number: S1340124010004 [2] Group 2: Core Viewpoints - In the urban investment bond market, the liquidity of medium - to long - term and high - rated bond items has increased. In the industrial bond market, the liquidity of medium - and high - rated bond items has increased [3][4][10][20] Group 3: Urban Investment Bonds Liquidity Analysis - Regionally, high - grade liquid bond items in Jiangsu increased, while those in Shandong, Sichuan, Tianjin, and Chongqing remained stable. In terms of maturity, medium - to long - term liquidity increased, and short - term liquidity decreased. By implied rating, high - grade bond item liquidity increased, and low - grade liquidity decreased [3][10] - Among the top twenty with rising liquidity scores, the main body levels are mainly AA, concentrated in regions such as Jiangsu, Zhejiang, and Anhui, and the industries mainly involve construction decoration and comprehensive industries. Among the top twenty with falling liquidity scores, the main body levels are mainly AA, and the regional distribution is mainly in Zhejiang, Sichuan, Shandong, etc., with industries mainly in construction decoration and comprehensive industries [12] Yield Analysis - Regionally, the yields of high - grade liquid bond items in Jiangsu, Shandong, Sichuan, Tianjin, and Chongqing mainly decreased, with the amplitude concentrated between 1 - 5BP. By maturity, the yields of high - grade liquid bond items at all maturities mainly decreased, with the amplitude concentrated between 1 - 5BP. By implied rating, the yields of bond items at all implied levels mainly decreased, with the amplitude concentrated between 1 - 3BP [3][12] Group 4: Industrial Bonds Liquidity Analysis - By industry, the high - grade liquid bond items in industries such as public utilities and coal increased, while those in real estate, transportation, and steel remained stable. By maturity, the high - grade liquid bond items at all maturities increased overall. By implied rating, the high - grade liquid bond items with implied ratings of AAA and AA+ increased, while AAA+, AAA -, and AA remained stable overall [4][20] - In terms of the rising liquidity scores, the industries of the top twenty main bodies are mainly construction decoration, public utilities, and transportation, with the main body levels mainly AAA. The industries of the top twenty bonds are mainly transportation and public utilities. In terms of the falling liquidity scores, the top twenty main bodies are mainly in the construction decoration and real estate industries, with the main body levels mainly AAA and AA+. The industries of the top twenty bonds are mainly transportation and coal [25] Yield Analysis - By industry, the yields of bond items in all industries mainly decreased, with the amplitude concentrated between 1 - 3BP. By maturity, except for the 1 - 2 - year - term, the yields of bond items at other maturities mainly decreased, with the amplitude concentrated between 3 - 5BP; the yields of 1 - 2 - year - term bond items mainly increased, with the amplitude between 1 - 2BP. By implied level, the yields of all levels mainly decreased, with the amplitude concentrated between 1 - 3BP [4][23]