1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report - This week (from October 20 to October 24, 2025), one new secondary - capital bond was issued in the inter - bank and exchange markets, with an issuance scale of 2 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Shandong Province, and a subject rating of AAA [1]. - This week, the total trading volume of secondary - capital bonds was approximately 173 billion yuan, an increase of 6.2 billion yuan compared to last week. The top three trading - volume bonds were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (8.076 billion yuan), 25 Suzhou Bank Secondary Capital Bond 01 (7.582 billion yuan), and 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (5.568 billion yuan). By issuer's regional location, the top three in trading volume were Beijing, Shanghai, and Jiangsu, with approximately 121.6 billion yuan, 13.5 billion yuan, and 9.7 billion yuan respectively. Regarding yields to maturity, as of October 24, the changes in yields to maturity of 5Y, 7Y, and 10Y secondary - capital bonds with different ratings compared to last week varied [2]. - This week, the overall deviation of the average trading - price valuation of secondary - capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary ( - 6.2758%), 25 Shunde Rural Commercial Secondary Capital Bond 01 ( - 0.5985%), and 24 Tianjin Rural Commercial Bank Secondary Capital Bond 01 ( - 0.4717%); the top three premium - rate bonds were 25 Guizhou Bank Secondary Capital Bond 01 (0.5302%), 24 Yangzhou Rural Commercial Bank Secondary Capital Bond 01 (0.1925%), and 25 Mintai Commercial Bank Secondary Capital Bond 01 (0.1606%) [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - One new secondary - capital bond was issued this week, with an issuance scale of 2 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Shandong Province, and a subject rating of AAA [1][6]. 3.2 Secondary Market Trading - **Trading Volume**: The total trading volume this week was approximately 173 billion yuan, an increase of 6.2 billion yuan compared to last week. The top three trading - volume bonds were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC), 25 Suzhou Bank Secondary Capital Bond 01, and 25 Agricultural Bank of China Secondary Capital Bond 03B(BC). By region, Beijing, Shanghai, and Jiangsu had the top three trading volumes [2]. - **Yields to Maturity**: As of October 24, for 5Y secondary - capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA ratings compared to last week were 0.84BP, - 0.73BP, and - 4.73BP respectively; for 7Y, they were - 1.95BP, 0.49BP, and 0.49BP; for 10Y, they were - 0.46BP, - 0.12BP, and - 0.12BP [2][10]. 3.3 Top 30 Bonds with Valuation Deviation - **Discount Bonds**: The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary, 25 Shunde Rural Commercial Secondary Capital Bond 01, and 24 Tianjin Rural Commercial Bank Secondary Capital Bond 01. Most of the bonds had ChinaBond implicit ratings of AAA -, AA -, and AA +, and were mainly located in Beijing, Shanghai, and Guangdong [3][15]. - **Premium Bonds**: The top three premium - rate bonds were 25 Guizhou Bank Secondary Capital Bond 01, 24 Yangzhou Rural Commercial Bank Secondary Capital Bond 01, and 25 Mintai Commercial Bank Secondary Capital Bond 01. Most of the bonds had ChinaBond implicit ratings of AAA -, AA, and AA +, and were mainly located in Beijing, Zhejiang, and Shanghai [3][16].

Report Industry Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - This week (20250818 - 20250822), there were no new secondary capital bonds issued in the inter - bank and exchange markets. As of August 22, 2025, the outstanding balance of secondary capital bonds reached 46,753.85 billion yuan, a decrease of 30.0 billion yuan from the previous weekend (20250815) [1]. - The total trading volume of secondary capital bonds this week was approximately 216.2 billion yuan, an increase of 54.5 billion yuan from last week. The top three trading volume bonds were 25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC (11.698 billion yuan), 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (11.037 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (10.012 billion yuan). In terms of the issuer's region, the top three in trading volume were Beijing, Shanghai, and Guangdong, with approximately 173.3 billion yuan, 15.3 billion yuan, and 6.7 billion yuan respectively. Regarding the yield to maturity, as of August 22, the yield to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA increased by 6.73BP, 7.65BP, and 6.65BP respectively compared to last week; for 7Y secondary capital bonds, the corresponding increases were 7.07BP, 8.14BP, and 5.14BP; for 10Y secondary capital bonds, the increases were 6.69BP, 5.13BP, and 2.13BP [2]. - This week, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. Among the discount bonds, the top three discount rates were for 21 Changchun Development Rural Commercial Secondary (- 21.5075%), 21 Jiutai Rural Commercial Secondary (- 21.4869%), and 22 Great Wall Huaxi Secondary Capital Bond 01 (- 0.4696%). Among the premium bonds, the top four premium rates were for 24 Shanghai Pufa Bank Secondary Capital Bond 02B (0.4943%), 23 Hankou Bank Secondary Capital Bond 02 (0.4546%), 23 Postal Savings Bank of China Secondary Capital Bond 01 (0.4059%), and 21 China Construction Bank Secondary 02 (0.3893%) [3]. Summary by Relevant Catalogs Primary Market Issuance and Outstanding Balance - No new secondary capital bonds were issued in the inter - bank and exchange markets this week (20250818 - 20250822). As of August 22, 2025, the outstanding balance of secondary capital bonds was 46,753.85 billion yuan, down 30.0 billion yuan from the previous weekend (20250815) [1]. Secondary Market Trading - The total trading volume of secondary capital bonds this week was about 216.2 billion yuan, up 54.5 billion yuan from last week. The top three trading volume bonds were 25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC, 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC, and 25 Bank of China Secondary Capital Bond 01BC. By issuer's region, Beijing, Shanghai, and Guangdong had the highest trading volumes [2]. - As of August 22, the yield to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA increased by 6.73BP, 7.65BP, and 6.65BP respectively compared to last week; for 7Y, the increases were 7.07BP, 8.14BP, and 5.14BP; for 10Y, the increases were 6.69BP, 5.13BP, and 2.13BP [2]. Top Thirty Individual Bonds by Valuation Deviation - The overall valuation deviation of secondary capital bonds this week was not large. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater. The top three discount - rate bonds were 21 Changchun Development Rural Commercial Secondary, 21 Jiutai Rural Commercial Secondary, and 22 Great Wall Huaxi Secondary Capital Bond 01. The top four premium - rate bonds were 24 Shanghai Pufa Bank Secondary Capital Bond 02B, 23 Hankou Bank Secondary Capital Bond 02, 23 Postal Savings Bank of China Secondary Capital Bond 01, and 21 China Construction Bank Secondary 02 [3].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week (20250505 - 20250509), 1 secondary capital bond was newly issued in the inter - bank and exchange markets, with a scale of 6 billion yuan, a term of 10 years, the issuer being a local state - owned enterprise in Jilin Province with a AAA rating. As of May 9, 2025, the outstanding balance of secondary capital bonds was 452.2505 billion yuan, a decrease of 34 billion yuan from the end of last week [1]. - This week, the total trading volume of secondary capital bonds was about 188.6 billion yuan, an increase of 83.7 billion yuan from last week. The top three trading volume bonds were 25 ICBC Secondary Capital Bond 02BC, 25 ICBC Secondary Capital Bond 01BC, and 25 Minsheng Bank Secondary Capital Bond 01. By issuer region, the top three in trading volume were Beijing, Shanghai, and Guangdong [2]. - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not large, with the proportion and amplitude of discount transactions greater than those of premium transactions [3]. 3. Summary by Directory 3.1 Primary Market Issuance and Outstanding Situation - New issuance: 1 secondary capital bond was issued this week, with a scale of 6 billion yuan, a term of 10 years, the issuer being a local state - owned enterprise in Jilin Province with a AAA rating [1]. - Outstanding balance: As of May 9, 2025, the outstanding balance of secondary capital bonds was 452.2505 billion yuan, a decrease of 34 billion yuan from the end of last week (20250502) [1]. 3.2 Secondary Market Trading Situation - Trading volume: The total trading volume this week was about 188.6 billion yuan, an increase of 83.7 billion yuan from last week. The top three trading volume bonds were 25 ICBC Secondary Capital Bond 02BC (58.779 billion yuan), 25 ICBC Secondary Capital Bond 01BC (9.071 billion yuan), and 25 Minsheng Bank Secondary Capital Bond 01 (7.429 billion yuan) [2]. - Trading volume by region: The top three in trading volume by issuer region were Beijing (about 153 billion yuan), Shanghai (about 9.9 billion yuan), and Guangdong (about 6.8 billion yuan) [2]. - Yield to maturity: As of May 9, for 5Y secondary capital bonds, the yield to maturity of AAA -, AA +, and AA - rated bonds changed by - 0.02BP, - 0.04BP, and - 0.02BP respectively compared to last week; for 7Y, the changes were - 0.04BP, - 0.02BP, and 0.00BP; for 10Y, the changes were - 0.04BP, - 0.01BP, and 0.01BP [2]. 3.3 Top 30 Bonds in Valuation Deviation % - Discount bonds: The top three discount bonds were 17 Chaoyang Bank Secondary (- 2.0484%), 24 Suzhou Rural Commercial Bank Secondary Capital Bond 01 (- 1.1242%), and 23 Huaxing Bank Secondary Capital Bond 01 (- 0.8407%). The Zhongzhai implicit ratings were mainly AAA -, AA +, and AA -, and the regional distribution was mainly in Beijing and Zhejiang [3]. - Premium bonds: The top three premium bonds were 24 Shengjing Bank Secondary Capital Bond 01 (0.8988%), 25 Guangdong Huaxing Bank Secondary Capital Bond 01 (0.6219%), and 25 Xi'an Bank Secondary Capital Bond 01 (0.1698%). The Zhongzhai implicit ratings were mainly AA -, AA, and A +, and the regional distribution was mainly in Zhejiang and Shaanxi [3].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints - This week (from April 28, 2025, to May 2, 2025), 1 secondary capital bond was newly issued in the inter - bank and exchange markets, with an issuance scale of 50 billion yuan, a maturity of 10 years, the issuer being a central financial enterprise, a subject rating of AAA, and the issuer's location in Beijing [1]. - As of May 2, 2025, the outstanding balance of secondary capital bonds reached 4,556.505 billion yuan, an increase of 51 billion yuan from the end of last week [1]. Group 3: Summary by Related Catalogs 1. Primary Market Issuance and Outstanding Situation - This week, 1 secondary capital bond was newly issued with a scale of 50 billion yuan, a 10 - year maturity, the issuer being a central financial enterprise, a subject rating of AAA, and the issuer located in Beijing [1]. - As of May 2, 2025, the outstanding balance of secondary capital bonds was 4,556.505 billion yuan, up 51 billion yuan from the end of last week [1]. 2. Secondary Market Trading Situation - This week, the total trading volume of secondary capital bonds was about 104.9 billion yuan, a decrease of 31.3 billion yuan from last week. The top three bonds in trading volume were 25 Minsheng Bank Secondary Capital Bond 01 (20.889 billion yuan), 25 ICBC Secondary Capital Bond 01BC (10.778 billion yuan), and 25 CCB Secondary Capital Bond 01BC (3.682 billion yuan) [2]. - By the issuer's location, the top three in trading volume were Beijing (about 75.8 billion yuan), Shanghai (about 11.4 billion yuan), and Guangdong (about 5.7 billion yuan) [2]. - As of May 2, for 5 - year secondary capital bonds, the changes in the yields to maturity of AAA -, AA +, and AA - rated bonds compared with last week were - 0.07BP, - 0.06BP, and - 0.03BP respectively; for 7 - year bonds, they were - 0.07BP, - 0.06BP, and - 0.03BP respectively; for 10 - year bonds, they were - 0.05BP, - 0.05BP, and - 0.02BP respectively [2]. 3. Situation of the Top 30 Individual Bonds with Valuation Deviation % - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not large. The proportion of discount transactions was greater than that of premium transactions, and the discount range was larger than the premium range [3]. - Among the discount bonds, the top three in discount rate were 20 Changchun Rural Commercial Secondary 01 (- 4.0137%), 23 Cangzhou Bank Secondary Capital Bond 01 (- 1.2905%), and 24 Jianyang Rural Commercial Bank Secondary Capital Bond 01 (- 0.8944%). The implied ratings of ChinaBond were mainly AAA - and AA +, and the geographical distribution was mainly in Beijing, Shanghai, and Sichuan [3]. - Among the premium bonds, the top three in premium rate were 25 Guangdong Huaxing Bank Secondary Capital Bond 01 (1.8820%), 22 Great Wall Huaxi Secondary Capital Bond 01 (0.6003%), and 25 Xi'an Bank Secondary Capital Bond 01 (0.1140%). The implied ratings of ChinaBond were mainly AAA - and AA +, and the geographical distribution was mainly in Beijing and Shanghai [3].

Group 1: Report Industry Investment Rating - No information provided on the industry investment rating in the given content Group 2: Report's Core View - The report provides a weekly data tracking of secondary capital bonds from April 21 - 25, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1] Group 3: Summary by Relevant Catalogs Primary Market Issuance and Stock Situation - Five secondary capital bonds were newly issued in the inter - bank and exchange markets this week, with a total issuance scale of 59 billion yuan, a maturity of 10 years, and issuers including central financial enterprises, local state - owned enterprises, large private enterprises, and other enterprises, with credit ratings of AAA and AA+ from regions such as Beijing, Guangdong, Shaanxi, and Jiangsu [1] - As of April 25, 2025, the outstanding balance of secondary capital bonds reached 4,505.505 billion yuan, an increase of 49.2 billion yuan from the previous weekend [1] Secondary Market Trading Situation - The weekly trading volume of secondary capital bonds this week was approximately 136.2 billion yuan, a decrease of 19.2 billion yuan from last week. The top three bonds in terms of trading volume were 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (16.473 billion yuan), 25 Nanjing Bank Secondary Capital Bond 01BC (11.313 billion yuan), and 25 China Construction Bank Secondary Capital Bond 01BC (8.718 billion yuan) [2] - By issuer region, the top three in trading volume were Beijing (about 85.8 billion yuan), Shanghai (about 16.2 billion yuan), and Jiangsu (about 12.2 billion yuan) [2] - As of April 25, for 5Y secondary capital bonds, the yield - to - maturity changes of AAA -, AA+, and AA - rated bonds compared to last week were 0.05BP, 0.05BP, and 0.04BP respectively; for 7Y bonds, the changes were 0.04BP, 0.02BP, and 0.01BP respectively; for 10Y bonds, the changes were 0.02BP, 0.02BP, and 0.01BP respectively [2] Top Thirty Individual Bonds in Valuation Deviation % - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not large. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude [3] - Among the discount bonds, the top three in discount rate were 21 Jiutai Rural Commercial Secondary (- 3.9011%), 23 Cangzhou Bank Secondary Capital Bond 01 (- 1.2072%), and 23 Zhangjiakou Bank Secondary Capital Bond 01 (- 0.7201%), with most of the Zhongzheng implicit ratings being AA -, A+, and AA, and the regional distribution mainly in Zhejiang, Hebei, and Shandong [3] - Among the premium bonds, the top three in premium rate were 22 Great Wall Huaxi Secondary Capital Bond 01 (0.4272%), 24 Fudian Bank Secondary Capital Bond 01 (0.4172%), and 24 Bank of Communications Secondary Capital Bond 01B (0.3563%), with most of the Zhongzheng implicit ratings being AAA -, A+, and AA+, and the regional distribution mainly in Beijing, Shanghai, and Zhejiang [3]