摘要 根据 Wind 数据，折价成交个券中，"24 产融 08"债券估值价格偏离幅度较大。净价上涨成交个券中，"22 万科 02" 估值价格偏离程度靠前。净价上涨成交二永债中，"25 农行二级资本债 04B(BC)"估值价格偏离幅度较大；净价上涨 成交商金债中，"25 农行 TLAC 非资本债 02C(BC)"估值价格偏离幅度靠前。成交收益率高于 5%的个券中，地产债排名 靠前。 信用债估值收益变动主要分布在[-5,0)区间。非金信用债成交期限主要分布在 0.5 年内，其中 0.5 至 1 年品种折价成 交占比最高；二永债成交期限主要分布在 4 至 5 年，其中 1 年内品种折价成交占比最高。分行业看，轻工制造行业的 债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 敬请参阅最后一页特别声明 2 扫码获取更多服务 固定收益动态(动态) 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | 成交规模 | | --- | --- | --- | --- | --- | --- | --- | -- ...

摘要 根据 Wind 数据，折价成交个券中，"23 产融 09"债券估值价格偏离幅度较大。净价上涨成交个券中，"22 万科 06" 估值价格偏离程度靠前。净价下跌成交二永债中，"22 兴业银行二级 01"估值价格偏离幅度较小；净价下跌成交商金 债中，"25 威海银行小微债"估值价格偏离幅度较小。成交收益率高于 5%的个券中，地产债排名靠前。 信用债估值收益变动主要分布在(0,5]区间。非金信用债成交期限主要分布在 2 至 3 年，其中 3 至 4 年品种折价成交 占比最高；二永债成交期限主要分布在 4 至 5 年。分行业看，农林牧渔行业的债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 剩余期限 | 估值价格偏 | 估值净价 | 估值收益率 | 估值收益率 | 前一日估值 | ...

摘要 根据 Wind 数据，折价成交个券中，"24 诚通控股 MTN010B"债券估值价格偏离幅度较大。净价上涨成交个券中，"京 资 K10"估值价格偏离程度靠前。净价上涨成交二永债中，"25 平安银行永续债 01BC"估值价格偏离幅度较大；净价 上涨成交商金债中，"25 张家港农商科创债 01"估值价格偏离幅度靠前。成交收益率高于 5%的个券中，交运债排名靠 前。 信用债估值收益变动主要分布在[-5,5]区间。非金信用债成交期限主要分布在 2 至 3 年，其中 0.5 年内品种折价成交 占比最高；二永债成交期限主要分布在 4 至 5 年，其中 1 至 3 年品种折价成交占比最高。分行业看，轻工制造行业的 债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 剩余期限 | 估值价格 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Among the bonds with discounted transactions, "24 Guoyuan 01" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "22 Vanke 02" ranked high in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "25 Agricultural Bank of China Tier 2 Capital Bond 01A(BC)" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "25 China Everbright Bank Bond 02" ranked high in terms of valuation price deviation. Among the individual bonds with a transaction yield higher than 5%, real estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 1 - 1.5 - year - term varieties 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 having the highest proportion of discounted transactions. By industry, real estate industry bonds had the largest average deviation in valuation prices [2]. 3. Summaries Based on Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "24 Guoyuan 01", "Jian Guan VY02", and "24 China Construction MTN002" had significant valuation price deviations in discounted transactions. The industries involved included urban investment, transportation, and building decoration. The transaction scales ranged from several million yuan to tens of millions of yuan [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" had large positive deviations in valuation prices. The industries mainly included real estate, non - bank finance, and urban investment. The transaction scales varied from tens of thousands of yuan to hundreds of millions of yuan [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Bonds such as "25 Agricultural Bank of China Tier 2 Capital Bond 01A(BC)", "25 Industrial and Commercial Bank of China Tier 2 Capital Bond 03BC", and "25 Agricultural Bank of China Tier 2 Capital Bond 02A(BC)" had certain valuation price deviations. Banks involved included state - owned banks, joint - stock banks, and city commercial banks. The transaction scales were relatively large, reaching tens of millions of yuan to billions of yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Bonds like "25 China Everbright Bank Bond 02", "24 China Construction Bank Bond 01B", and "25 Jiangsu Bank Bond 02BC" had valuation price deviations. Banks included joint - stock banks, state - owned banks, and city commercial banks. The transaction scales ranged from several million yuan to hundreds of millions of yuan [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - Bonds such as "22 Vanke 02", "22 Vanke 04", and "24 Chanrong 06" had a transaction yield higher than 5%. The industries mainly included real estate and non - bank finance. The transaction scales were relatively small, mostly in the range of tens of thousands to hundreds of thousands of yuan [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 1 - 1.5 - year - term varieties having the highest proportion of discounted transactions [2]. 3.8 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, with the varieties within 1 year having the highest proportion of discounted transactions [2]. 3.9 Discounted Transaction Proportions and Transaction Scales of Non - Financial Credit Bonds in Each Industry - The real estate industry had the largest average deviation in non - financial credit bond valuation prices [2].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Among the bonds with discounted transactions, "24 Zhonghua MTN004" had a relatively large deviation in valuation price; among the bonds with rising net prices, "25 ABC Tier 2 Capital Bond 01B(BC)" had a relatively large deviation in valuation price; among the second-tier perpetual bonds with rising net prices, "25 ABC Tier 2 Capital Bond 01B(BC)" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 ABC TLAC Non-capital Bond 02C(BC)" had a relatively large deviation in valuation price. Real estate bonds ranked high among the bonds with a transaction yield higher than 5% [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The transaction terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions in the 4 - 5 year variety; the transaction terms of second-tier perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions in the within-1-year variety. In terms of industries, the bonds in the national defense and military industry had the largest average deviation in valuation price [2]. 3. Summary According to Relevant Catalogs 3.1 Discounted Transaction Tracking - The report tracked the discounted transactions of multiple bonds, including "24 Zhonghua MTN004" with a residual term of 28.65 years, a valuation price deviation of -0.34%, and a transaction volume of 18.58 million yuan; "24 Chanrong 08" with a residual term of 3.35 years, a valuation price deviation of -0.30%, and a transaction volume of 3.29 million yuan, etc. [4]. 3.2 Tracking of Bonds with Rising Net Prices - The report tracked the transactions of bonds with rising net prices, such as "25 ABC Tier 2 Capital Bond 01B(BC)" with a residual term of 9.53 years, a valuation price deviation of 0.29%, and a transaction volume of 539.4 million yuan; "25 ABC Tier 2 Capital Bond 02B(BC)" with a residual term of 9.63 years, a valuation price deviation of 0.27%, and a transaction volume of 916.26 million yuan [5]. 3.3 Tracking of Second-tier Perpetual Bond Transactions - The report tracked the transactions of second-tier perpetual bonds, including those of state-owned banks, joint-stock banks, and city commercial banks. For example, "25 ABC Tier 2 Capital Bond 01B(BC)" of state-owned banks had a residual term of 9.53 years, a valuation price deviation of 0.29%, and a transaction volume of 539.4 million yuan; "21 Industrial Bank Tier 2 03" of joint-stock banks had a residual term of 5.96 years, a valuation price deviation of 0.12%, and a transaction volume of 108.07 million yuan [7]. 3.4 Tracking of Commercial Financial Bond Transactions - The report tracked the transactions of commercial financial bonds, such as "25 ABC TLAC Non-capital Bond 02C(BC)" with a residual term of 9.66 years, a valuation price deviation of 0.17%, and a transaction volume of 48.68 million yuan; "25 Nanjing Bank Bond 01BC" with a residual term of 2.78 years, a valuation price deviation of 0.06%, and a transaction volume of 250.01 million yuan [8]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - The report tracked the bonds with a transaction yield higher than 5%, mainly including real estate and non-financial bonds. For example, "21 Vanke 02" in the real estate industry had a residual term of 0.12 years, a valuation price deviation of 22.72%, and a transaction volume of 25.76 million yuan; "23 Chanrong 04" in the non-financial industry had a residual term of 0.20 years, a valuation price deviation of -0.01%, and a transaction volume of 10.16 million yuan [9]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [2]. 3.7 Distribution of Non-financial Credit Bond Transaction Terms - The transaction terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions in the 4 - 5 year variety [2]. 3.8 Distribution of Second-tier Perpetual Bond Transaction Terms - The transaction terms of second-tier perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions in the within-1-year variety [2]. 3.9 Proportion of Discounted Transactions and Transaction Volume of Non-financial Credit Bonds in Each Industry - The bonds in the national defense and military industry had the largest average deviation in valuation price [2].

Core Insights - The report indicates that the credit spread compression is entering its second half, with expectations of further declines in the bond market during November and December due to central bank actions and reduced government bond supply [5][8]. - The credit market has shown limited room for further gains, particularly for short to medium-term credit bonds, as many have approached or breached previous lows [2][13]. - The behavior of institutional investors is constrained by upcoming regulatory changes and valuation adjustments, leading to limited incremental funds for credit bonds [3][14]. Credit Market Performance - In October, the bond market experienced fluctuations, with credit spreads narrowing as the 10-year government bond yield decreased from 1.788% to 1.741% by the end of the month [1][8]. - The narrowing of credit spreads was more pronounced in medium to long-term credit bonds compared to short-term ones, indicating a preference for longer durations [1][8]. - The report highlights that the valuation of credit bonds, particularly those rated AAA and AA+, has limited downward space, with most nearing previous lows [2][13]. Institutional Behavior - The anticipated reform of fund fee structures has led to a significant reduction in bond fund volumes, with a cautious approach expected from funds until the formal guidelines are released [3][14]. - Wealth management products are expected to maintain stable incremental funds, but their allocation to bonds may remain conservative due to valuation adjustments required by year-end [3][14]. - The recent performance of the Sci-Tech Innovation Bond ETF has shown limited growth, indicating a lack of substantial incremental demand in the credit market [3][14]. Seasonal Trends - Historically, credit spreads tend to fluctuate towards the end of the year, with limited independent trends observed in the fourth quarter [4][5]. - The report notes that while the credit market may not perform poorly at year-end, it often lags behind interest rate movements, with institutions prioritizing government bonds [4][5]. Future Outlook - The report suggests that the credit spread compression is likely to continue, with a focus on structural opportunities within the credit market as incremental funds remain limited [5][8]. - For investors seeking excess returns, the report recommends exploring lower-rated bonds in the 4-5 year range or focusing on longer-duration bonds with stable liquidity [5][8].

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]