证券研究报告·固定收益·固收点评 本周（20250818-20250822）银行间市场及交易所市场无新发行二级资本 债。 截至 2025 年 8 月 22 日，二级资本债存量余额达 46,753.85 亿元，较上 周末（20250815）减少 30.0 亿元。 ◼ 二级市场成交情况： 本周（20250818-20250822）二级资本债周成交量合计约 2162 亿元，较 上周增加 545 亿元，成交量前三个券分别为 25 工行二级资本债 02BC （116.98 亿元）、25 工行二级资本债 01BC（110.37 亿元）和 25 中行二 级资本债 01BC（100.12 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和广东省，分别约 为 1733 亿元、153 亿元和 67 亿元。 固收点评 20250823 二级资本债周度数据跟踪 （20250818-20250822） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 从到期收益率角度来看，截至 8 月 22 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：6.73 ...

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].

证券研究报告·固定收益·固收点评 固收点评 20250505 二级资本债周度数据跟踪 （20250438-20250502） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 本周（20250438-20250502）银行间市场及交易所市场共新发行二级资本 债 1 只，发行规模为 500.00 亿元。发行年限为 10Y；发行人性质为中央 金融企业；主体评级为 AAA；发行人地域为北京市。 截至 2025 年 5 月 2 日，二级资本债存量余额达 45565.05 亿元，较上周 末（20250502）增加 510.0 亿元。 ◼ 二级市场成交情况： 本周（20250438-20250502）二级资本债周成交量合计约 1049 亿元，较 上周减少 313 亿元，成交量前三个券分别为 25 民生银行二级资本债 01 （208.89 亿元）、25 工行二级资本债 01BC（107.78 亿元）和 25 建行 二级资本债 01BC（36.82 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和广东省，分别约 为 758 亿元、114 亿元和 57 亿元。 从到期收益率角 ...

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]