1. Report Industry Investment Rating - No relevant information provided in the report. 2. Report's Core View - Among AA - rated urban investment bonds (subject rating) with a high discount, "24 Hengting 03" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net - price decline, "23 Chanrong 09" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net - price increase, "22 Vanke 06" has the largest deviation in valuation price. Among the top 50 secondary perpetual bonds with the largest net - price increase, "24 ABC Secondary Capital Bond 02B" has the largest deviation in valuation price [2]. 3. Summary by Related Catalogs 3.1 Discount - Rate Ranking of AA Urban Investment Bonds - The report presents a list of AA urban investment bonds with high discount rates, including details such as remaining term, valuation price, valuation net - price, valuation yield, etc. "24 Hengting 03" has a remaining term of 4.57 years, a valuation price deviation of - 0.27%, a valuation net - price of 100.53 yuan, and a valuation yield of 2.45% [3]. 3.2 Top 50 Individual Bonds with the Largest Net - Price Decline - The list shows 50 individual bonds with significant net - price declines. "23 Chanrong 09" has a remaining term of 3.38 years, a valuation price deviation of - 0.62%, a valuation net - price of 98.08 yuan, and a valuation yield of 4.02% [5]. 3.3 Top 50 Individual Bonds with the Largest Net - Price Increase - The report lists 50 individual bonds with the largest net - price increases. "22 Vanke 06" has a remaining term of 2.19 years, a valuation price deviation of 0.99%, a valuation net - price of 90.55 yuan, and a valuation yield of 8.61% [7]. 3.4 Top 50 Secondary Perpetual Bonds with the Largest Net - Price Increase - The list includes 50 secondary perpetual bonds with significant net - price increases. "24 ABC Secondary Capital Bond 02B" has a remaining term of 9.00 years, a valuation price deviation of 0.09%, a valuation net - price of 102.56 yuan, and a valuation yield of 2.17% [10].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - In the bonds with discounted transactions, "22 Zunqiao 05" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "20 Vanke 08" had a relatively high deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "23 Huaxing Bank Tier 2 Capital Bond 01" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "24 Zhuhai Rural Commercial Bank Bond" had a relatively high deviation in valuation price. Among the bonds with a transaction yield higher than 10%, real estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The transaction term of non - financial credit bonds was mainly within 0.5 years, and the 3 - 4 - year variety had the highest proportion of discounted transactions. The transaction term of Tier 2 and perpetual bonds was mainly between 4 - 5 years, and the variety within 1.5 years had the highest proportion of discounted transactions. By industry, the bonds in the automotive industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "22 Zunqiao 05", "25 Zhangjiu 02", etc. had discounted transactions. The remaining terms, valuation price deviations, valuation yields, and other indicators varied. For example, "22 Zunqiao 05" had a remaining term of 2.00 years, a valuation price deviation of - 0.30%, a valuation yield of 4.66%, and a transaction scale of 8.04 million yuan [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "20 Vanke 08", "22 Vanke 07" had rising net prices. "20 Vanke 08" had a remaining term of 0.58 years, a valuation price deviation of 0.50%, a valuation yield of 14.31%, and a transaction scale of 14.53 million yuan [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - "23 Huaxing Bank Tier 2 Capital Bond 01" had a relatively large deviation in valuation price among Tier 2 and perpetual bonds. The valuation yield deviation was - 3.60bp, the remaining term was 0.11 years, and the transaction scale was 41.5 million yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - "24 Zhuhai Rural Commercial Bank Bond" had a relatively high deviation in valuation price among commercial financial bonds. The valuation yield deviation was - 2.15bp, the remaining term was 2.19 years, and the transaction scale was 60.32 million yuan [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 10% - Real estate bonds such as "20 Vanke 08", "22 Vanke 07" had a transaction yield higher than 10%. For example, "20 Vanke 08" had a valuation yield of 14.31% and a transaction scale of 14.53 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Yield Changes - The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms - The transaction term of non - financial credit bonds was mainly within 0.5 years, and the 3 - 4 - year variety had the highest proportion of discounted transactions [2]. 3.8 Distribution of Tier 2 and Perpetual Bond Transaction Terms - The transaction term of Tier 2 and perpetual bonds was mainly between 4 - 5 years, and the variety within 1.5 years had the highest proportion of discounted transactions [2]. 3.9 Proportion and Transaction Scale of Discounted Transactions of Non - Financial Credit Bonds by Industry - The bonds in the automotive industry had the largest average deviation in valuation price [2].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report According to Wind data, among the bonds traded at a discount, '25 Henan Road and Bridge MTN002' had a relatively large deviation in valuation price. Among the bonds with rising net prices, '21 Vanke 02' had a leading deviation in valuation price. Among the secondary perpetual bonds with rising net prices, '23 Dalian Bank Perpetual Bond 01' had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a leading deviation in valuation price. Among the bonds with a trading yield higher than 10%, 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 2 - 3 year - term varieties having the highest proportion of discount trading. The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading. By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading - The report tracked the trading of significantly discounted bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '25 Henan Road and Bridge MTN002' had a remaining term of 2.89 years, a valuation price deviation of - 0.27%, a valuation net price of 99.74 yuan, and a trading volume of 39.52 million yuan [4]. 3.2 Bonds with Rising Net Prices - The report tracked the trading of bonds with significant positive deviations in net prices, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, and a trading volume of 9.01 million yuan [5]. 3.3 Secondary Perpetual Bond Trading - The report tracked the trading of secondary perpetual bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '23 Dalian Bank Perpetual Bond 01' had a remaining term of 2.78 years, a valuation price deviation of 0.11%, a valuation net price of 104.40 yuan, and a trading volume of 198.16 million yuan [6]. 3.4 Commercial Financial Bond Trading - The report tracked the trading of commercial financial bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a remaining term of 2.99 years, a valuation price deviation of 0.01%, a valuation net price of 100.01 yuan, and a trading volume of 1.75021 billion yuan [7]. 3.5 Bonds with a Trading Yield Higher than 10% - The report tracked the trading of high - yield bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, a valuation yield of 17.14%, and a trading volume of 9.01 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations 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 The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading [2]. 3.8 Distribution of Secondary Perpetual Bond Trading Terms The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading [2]. 3.9 Distribution of Discounted Trading Proportions and Trading Volumes by Industry By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2].

Report Summary 1. Core Viewpoints - Among the bonds with discounted transactions, "24 Xintai 01" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "24 Kunpeng Investment MTN004B" had a relatively large deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "23 Tianjin Bank Tier 2 Capital Bond 01" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "23 Hangzhou Bank 01" had a relatively large deviation in valuation price. Among the bonds with a transaction yield higher than 10%, real estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The transaction terms of non - financial credit bonds were mainly distributed between 4 and 5 years, with the 1 - 1.5 - year - term variety having the highest proportion of discounted transactions. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year and 2 - 3 years having the highest proportion of discounted transactions. By industry, real estate industry bonds had the largest average deviation in valuation price [2]. 2. Key Points from Related Tables 2.1 Discounted Transaction Tracking - Bonds such as "24 Xintai 01", "25 Wujian 01", and "25 Wuhu Investment Control MTN001" had discounted transactions, with their remaining terms ranging from 2.18 to 9.96 years, and the deviation in valuation price ranging from - 0.05% to - 0.24%. The industries involved included urban investment, comprehensive, and non - bank finance [4]. 2.2 Tracking of Bonds with Rising Net Prices - Bonds like "24 Kunpeng Investment MTN004B", "24 Zhonghua 08", and "24 Sichuan Energy Investment GN001" had rising net prices, with their remaining terms ranging from 0.88 to 29.29 years, and the deviation in valuation price ranging from 0.12% to 0.55%. The industries mainly included non - bank finance, comprehensive, and urban investment [5]. 2.3 Tier 2 and Perpetual Bond Transaction Tracking - "23 Tianjin Bank Tier 2 Capital Bond 01" had a relatively large deviation in valuation price among Tier 2 and perpetual bonds. Banks involved included city commercial banks, rural commercial banks, and state - owned banks, with transaction scales ranging from 4623 to 122511 million yuan [6]. 2.4 Commercial Financial Bond Transaction Tracking - "23 Hangzhou Bank 01" had a relatively large deviation in valuation price among commercial financial bonds. Banks included city commercial banks, joint - stock banks, and state - owned banks, with transaction scales ranging from 1010 to 44457 million yuan [7]. 2.5 Tracking of Bonds with a Transaction Yield Higher than 10% - Bonds such as "21 Vanke 06", "21 Vanke 04", and "22 Vanke 07" had a transaction yield higher than 10%, all belonging to the real estate industry, with transaction scales ranging from 488 to 1293 million yuan [8]. 2.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 2.7 Distribution of Non - financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 4 and 5 years, and the 1 - 1.5 - year - term variety had the highest proportion of discounted transactions [2]. 2.8 Distribution of Tier 2 and Perpetual Bond Transaction Terms on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the varieties within 1 year and 2 - 3 years had the highest proportion of discounted transactions [2]. 2.9 Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds in Each Industry - The real estate industry had the largest average deviation in non - financial credit bond valuation price, and different industries had different transaction scales [2][18]