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1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The secondary perpetual bond market shows a distinct feature of "long - end leading the rise", with long - end yields falling significantly more than short - end yields. The long - term spread of secondary perpetual bonds has been repaired, forming a steep term spread compression pattern. Insurance institutions increase their allocation of 7 - 10 - year bonds, and funds increase their allocation of 3 - 5 - year bonds. [2][12] - After the structural differentiation market, the transmission from the long - end to the short - end is not smooth, and the downward momentum of the long - end is limited. The trading difficulty of medium - and long - term secondary perpetual bonds remains relatively large. It is recommended to use 3 - 5 - year varieties as the bottom position and wait for opportunities in the adjustment of relatively long - term varieties. [4][5] 3. Summary According to Relevant Catalogs 3.1 1. Market Review: Insurance Institutions Increase Allocation, and Long - Term Secondary Perpetual Bonds of Large Banks Have an Independent Market - **Yield Performance**: In the third week of January, the yields of secondary perpetual bonds decreased, with long - end varieties performing particularly prominently. The 7 - year and 10 - year yields of secondary capital bonds decreased by 9.61bp and 8.84bp respectively, while the 1 - year yield only decreased by about 1bp. Perpetual bonds showed a similar pattern. In contrast, the long - end yields of other credit bonds such as medium - and short - term notes and commercial financial bonds decreased more moderately. [12] - **Spread Compression**: The credit spread quantiles of secondary perpetual bonds generally showed a compression trend, and the long - term spread repair of secondary perpetual bonds was the most prominent. The 10 - year and 7 - year spread quantiles of secondary capital bonds decreased by 20.70 and 15.61 percentage points respectively. The 7Y - 5Y term spread quantile decreased significantly, indicating a greater decline in the 7 - year yield and an obvious increase in the preference of allocation funds for this term variety. [16] - **Institutional Allocation**: Insurance institutions increased their allocation of 7 - 10 - year and 20 - 30 - year bonds, with net purchases of 12.44 billion yuan and 42.66 billion yuan respectively. Fund institutions' net purchases were mainly concentrated in the medium - and long - end, with a large - scale net purchase of 243.13 billion yuan in the 3 - 5 - year period. Other institutions had different allocation and reduction behaviors. [17] - **Transaction of Individual Bonds**: The trading of 7 - year secondary capital bonds was concentrated in state - owned banks, with Agricultural Bank of China and China Construction Bank accounting for more than 90%. The representative bonds of the two banks had significant trading volumes and their yields decreased. [19] 3.2 2. Outlook: Limited Transmission from the Long - End to the Short - End, and Relatively Large Trading Difficulty - **Analysis of Historical Market Conditions**: Five periods of similar duration differentiation market conditions since 2022 were selected. In these periods, long - term bonds generally had a greater decline in yields than short - term bonds. After that, the transmission from the long - end to the short - end was not smooth, and the long - end's downward momentum was limited. [23] - **Market Outlook**: The differentiation of spread quantiles is usually a leading signal for market differentiation. When secondary capital bond yields show a structural differentiation where long - term varieties decline more than short - term ones, there is no smooth transmission from long - to medium - and short - term bonds. Short - end yields are at relatively low historical quantiles, with limited downward space and low allocation cost - effectiveness. In a non - bull market environment, it is difficult for secondary perpetual bonds to achieve a rotation between long and short market conditions after term spread compression, and the subsequent trend of long - term secondary perpetual bonds is more likely to be volatile. [29][30] - **Trading Suggestions**: Since the end of 2025, the short - end yield and credit spread quantiles of secondary capital bonds have decreased significantly, while the long - term yield quantiles have remained around 50% and the credit spread quantiles around 80%. Although there is no obvious supply pressure for long - term secondary perpetual bonds and moderately lengthening the duration has certain feasibility, the trading difficulty is still relatively large. It is recommended to use 3 - 5 - year varieties as the bottom position and wait for adjustment opportunities in relatively long - term varieties. [32][33]

Group 1: Credit Bond Market Performance - Credit bond yields showed mixed results, with 10Y major bank secondary bonds down by 2.05 basis points, while 7Y bonds increased by 0.5 basis points [1] - In the industrial bond sector, yields varied, with notable decreases in 25 Hebei Zhongfeng MTN001A by 4.22 basis points and 25 BWS SCP006 by 3.35 basis points, while 25 Anhui Investment MTN002 increased by 10.13 basis points [1] - City investment bonds also exhibited mixed performance, with 25 Linggui City Investment SCP002 down by 12.83 basis points and 21 Gantou 01 up by 47.59 basis points [1] Group 2: Institutional Investment Trends - Institutions recommend continuing to favor equities over bonds, with net selling of long-term bonds decreasing significantly [2] - On January 14, net buying of 10Y government bonds by securities firms reached 17 billion, while insurance funds increased their holdings by 65 billion [2] - The trading volume in the stock market reached 4 trillion, contributing to the recent rise in DR001 rates [2] Group 3: Company Bond ETF Insights - As of January 14, 2026, the company bond ETF (511030) was priced at 106.76, with a 1.48% increase over the past year [5] - The latest scale of the company bond ETF reached 34.115 billion, marking a one-year high, with a recent inflow of 1.07 million over the last five trading days [6] - The company bond ETF has maintained a tracking error of 0.003% this year, closely following the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [7]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Among the bonds with discounted transactions, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "24 Hongjian 01" had a relatively high deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "24 CCB Tier 2 Capital Bond 02B" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 CEB Bond 02" had a relatively high deviation in valuation price. Among the bonds with a transaction yield higher than 5%, transportation 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 highest proportion of discounted transactions for varieties within 0.5 years; the transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. By industry, the bonds in the household appliances industry had the largest average deviation in valuation price [2]. Summaries by Related Catalogs Discounted Transaction Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", etc. in the non - bank financial industry had relatively large deviations in valuation price and high valuation yield deviations. "24 Zhonghua 08" in the comprehensive industry and "26 Lanhua MTN001" in the coal industry also had certain deviations in valuation price [3]. Tracking of Bonds with Rising Net Prices - "24 Hongjian 01" in the urban investment industry had a relatively high deviation in valuation price. Many bank - related Tier 2 and perpetual bonds also had positive deviations in valuation price, such as "24 CCB Tier 2 Capital Bond 02B", "24 BOC Tier 2 Capital Bond 02B", etc. [5]. Tracking of Tier 2 and Perpetual Bond Transactions - Bonds of state - owned banks such as "24 CCB Tier 2 Capital Bond 02B", "24 BOC Tier 2 Capital Bond 02B" had relatively large deviations in valuation price. Some bonds of joint - stock banks and city commercial banks also showed certain deviations [7]. Tracking of Commercial Financial Bond Transactions - Bonds like "25 CEB Bond 02", "25 Huishang Bank 01" had small positive deviations in valuation price and relatively stable valuation yields [8]. Tracking of Bonds with Transaction Yield Higher than 5% - Bonds such as "24 Ruimao 02" in the transportation industry and "23 Chanrong 05" in the non - bank financial industry had high transaction yields [9]. 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]. 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, and the proportion of discounted transactions for varieties within 0.5 years was the highest [2]. 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 proportion of discounted transactions for varieties within 1 year was the highest [2]. Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds in Each Industry - The bonds in the household appliances industry had the largest average deviation in valuation price [2].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Among the bonds with discounted transactions, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "22 Vanke 02" had a prominent deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 ABC Tier 2 Capital Bond 04B(BC)" had a relatively large deviation in valuation price; among the senior unsecured bonds with rising net prices, "25 ABC TLAC Non - Capital Bond 02C(BC)" had a prominent deviation in valuation price. Among the 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 within 0.5 years, and the proportion of discounted transactions for bonds with terms between 0.5 and 1 year was the highest; the transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions for bonds within 1 year was the highest. By industry, the bonds in the light manufacturing industry had the largest average deviation in valuation price [2]. Summary by Relevant Catalogs Discounted Transaction Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", etc. in the non - banking finance industry had relatively large deviations in valuation price, with deviations ranging from - 1.17% to - 0.82%. Bonds like "20 Boshui 02" in the agriculture, forestry, animal husbandry and fishery industry and "25 Qingcheng 09" in the urban investment industry also had certain deviations in valuation price [4]. Tracking of Bonds with Rising Net Prices - Real - estate bonds such as "22 Vanke 02", "22 Vanke 06" etc. had a valuation price deviation of 3.98%. Bonds in the banking industry like "25 ABC Tier 2 Capital Bond 04B(BC)" and "25 ABC TLAC Non - Capital Bond 02C(BC)" also had certain deviations in valuation price [6]. Tracking of Tier 2 and Perpetual Bond Transactions - Bonds such as "25 ABC Tier 2 Capital Bond 04B(BC)", "24 Fudian Bank Tier 2 Capital Bond 01" etc. had different degrees of deviation in valuation yield, with deviations ranging from - 5.35bp to - 0.56bp [8]. Tracking of Senior Unsecured Bond Transactions - Bonds such as "25 ABC TLAC Non - Capital Bond 02C(BC)", "25 CITIC Baixin Bank Small and Micro - enterprise Bond 01" etc. had deviations in valuation yield, with deviations ranging from - 1.46bp to - 0.58bp [10]. Tracking of Bonds with a Transaction Yield Higher than 5% - Real - estate bonds such as "22 Vanke 02", "22 Vanke 06" etc. and non - banking finance bonds like "23 Chanrong 05", "23 AVIC Chanrong MTN001 (Science and Technology Innovation Note)" had a transaction yield higher than 5% [11]. Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. Distribution of Non - financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed within 0.5 years, and the proportion of discounted transactions for bonds with terms between 0.5 and 1 year was the highest [2]. 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 proportion of discounted transactions for bonds within 1 year was the highest [2]. Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds by Industry - The bonds in the light manufacturing industry had the largest average deviation in valuation price [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Credit - related data shows that among discounted - traded bonds, "23 Chanjin 09" has a large deviation in bond valuation price; among bonds with rising clean prices, "22 Vanke 06" ranks high in valuation price deviation; among secondary and perpetual bonds with falling clean prices, "22 Industrial Bank Secondary 01" has a small valuation price deviation; among commercial financial bonds with falling clean prices, "25 Weihai Bank Small - and - Micro - enterprise Bond" has a small valuation price deviation; among bonds with a trading yield higher than 5%, real - estate bonds rank high [2]. - Credit bond valuation yield changes are mainly distributed in the (0, 5] range. Non - financial credit bond trading terms are mainly distributed between 2 and 3 years, with the 3 - to 4 - year variety having the highest proportion of discounted trades; secondary and perpetual bond trading terms are mainly distributed between 4 and 5 years. By industry, bonds in the agriculture, forestry, animal husbandry, and fishery industry have the largest average valuation price deviation [2]. 3. Summary According to Relevant Catalogs 3.1 Discounted - Traded Bond Tracking - Bonds such as "23 Chanjin 09", "24 Chanjin 08", etc. in the non - bank financial industry have relatively large valuation price deviations, with "23 Chanjin 09" having a deviation of - 1.05% and a remaining term of 2.69 years, and a trading volume of 16 million yuan [4]. - Bonds in other industries like "20 Boshui 02" in agriculture, forestry, animal husbandry, and fishery, and "Shaanxi Coal KY13" in the coal industry also have certain valuation price deviations [4]. 3.2 Tracking of Bonds with Rising Clean Prices - "22 Vanke 06", "22 Vanke 04", and "22 Vanke 02" in the real - estate industry have large positive deviations in valuation prices, with "22 Vanke 06" having a deviation of 4.15% and a trading volume of 297 million yuan [5]. - Many urban investment bonds also show positive deviations in valuation prices, such as "20 Zunhe 02" and "25 Raochuang 04" [5]. 3.3 Secondary and Perpetual Bond Trading Tracking - Secondary and perpetual bonds of various banks, including state - owned banks, joint - stock banks, and city commercial banks, have a valuation price deviation of - 0.01%. For example, "22 Industrial Bank Secondary 01" has a trading volume of 112,946 million yuan [6]. 3.4 Commercial Financial Bond Trading Tracking - "25 Weihai Bank Small - and - Micro - enterprise Bond" and "25 Weihai Bank Green Bond" have a valuation price deviation of 0.00%, with trading volumes of 32,901 million yuan and 11,966 million yuan respectively [7]. - Some commercial financial bonds have a valuation price deviation of - 0.01%, such as "23 Beijing Rural Commercial Small - and - Micro - enterprise Bond" and "25 CITIC Baixin Bank Small - and - Micro - enterprise Bond 01" [7]. 3.5 Tracking of Bonds with a Trading Yield Higher than 5% - Real - estate bonds like "22 Vanke 06", "22 Vanke 04", etc., and non - bank financial bonds such as "23 Chanjin 05", "23 Chanjin 13" are among the bonds with a trading yield higher than 5% [8]. 3.6 Distribution of Credit Bond Trading Valuation Deviations on the Day - Credit bond valuation yield changes are mainly distributed in the (0, 5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms on the Day - Non - financial credit bond trading terms are mainly distributed between 2 and 3 years, and the 3 - to 4 - year variety has the highest proportion of discounted trades [2]. 3.8 Distribution of Secondary and Perpetual Bond Trading Terms on the Day - Secondary and perpetual bond trading terms are mainly distributed between 4 and 5 years [2]. 3.9 Discounted - Trade Ratio and Trading Volume of Non - financial Credit Bonds in Each Industry - Bonds in the agriculture, forestry, animal husbandry, and fishery industry have the largest average valuation price deviation, while different industries have different trading volumes [2][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - According to Wind data, among the bonds traded at a discount, "24 Chengtong Holdings MTN010B" had a relatively large deviation in valuation price; among the bonds with rising net prices, "Jingzi K10" led in terms of valuation price deviation; among the Tier 2 and perpetual bonds with rising net prices, "25 Ping An Bank Perpetual Bond 01BC" showed a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Zhangjiagang Rural Commercial Science and Technology Innovation Bond 01" ranked high in terms of valuation price deviation; among the bonds with a trading yield higher than 5%, transportation bonds were at the forefront [2]. - The changes in credit bond valuation yields are mainly distributed in the [-5,5] range. The trading terms of non - financial credit bonds are mainly between 2 and 3 years, with the highest proportion of discount - traded varieties within 0.5 years; the trading terms of Tier 2 and perpetual bonds are mainly between 4 and 5 years, with the highest proportion of discount - traded varieties between 1 and 3 years. By industry, the bonds in the light manufacturing industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading Tracking - The report tracked the trading of significantly discounted bonds, listing the remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous - day valuation yield, implied rating, subject rating, industry, and trading volume of various bonds such as "24 Chengtong Holdings MTN010B" [4]. 3.2 Tracking of Bonds with Rising Net Prices - It tracked the trading of bonds with significant positive deviations in net prices. Bonds like "Jingzi K10" had a valuation price deviation of 0.21%, and the report also provided details on other bonds including remaining term, valuation price deviation, etc. [5]. - For Tier 2 and perpetual bonds with rising net prices, "25 Ping An Bank Perpetual Bond 01BC" and others were listed, with a valuation price deviation of about 0.03% for many of them [6]. 3.3 Commercial Financial Bond Trading Tracking - The trading of commercial financial bonds was tracked, such as "25 Zhangjiagang Rural Commercial Science and Technology Innovation Bond 01", with information on remaining term, valuation price deviation, etc. provided [9]. 3.4 Tracking of Bonds with a Trading Yield Higher than 5% - Bonds like "24 Ruimao 02" with a trading yield higher than 5% were tracked, and the report presented details such as remaining term, valuation price deviation, and trading volume [10]. 3.5 Distribution of Credit Bond Trading Valuation Deviations on the Day - The distribution of changes in credit bond valuation yields on the day was mainly in the [-10,-5), [-5,0), (0,5], (5,10] intervals, along with the number of bonds and trading volume [13]. 3.6 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds (including urban investment and industrial bonds) on the day were mainly between 2 and 3 years, with corresponding trading volumes [15]. 3.7 Distribution of Trading Terms of Tier 2 and Perpetual Bonds on the Day - The trading terms of Tier 2 and perpetual bonds on the day were mainly between 4 and 5 years, with relevant trading volume data [18]. 3.8 Discounted Trading Ratio and Trading Volume of Non - Financial Credit Bonds by Industry - The average valuation price deviation and trading volume of non - financial credit bonds in various industries were presented, with the light manufacturing industry having the largest average valuation price deviation [20].

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].