Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of July 21, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds have all declined, with private enterprise bonds declining more than state - owned enterprise bonds, and short - term bonds being more favored than those over 1 year. Real estate bond yields mainly declined, with the yield of public non - perpetual bonds within 1 year dropping by more than 5BP. In financial bonds, urban and rural commercial bank capital supplementary tools and leasing company bonds have relatively high valuation yields and spreads. Compared with last week, financial bond yields generally declined, with some adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] Group 3: Summary According to Related Catalogs 1. Overall Outstanding Credit Bonds - The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Non - financial non - real estate industrial bond yields declined, with private enterprise bonds having a larger decline. Real estate bond yields mainly declined, and 1 - year - within public non - perpetual real estate bonds had a yield reduction of over 5BP. Financial bond yields generally declined, with certain adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] 2. Urban Investment Bonds Public Urban Investment Bonds - In Jiangsu and Zhejiang provinces, the weighted average valuation yields are below 2.3%. Yields over 4.5% are in Guizhou's district - level. Yunnan, Gansu and other regions have high spreads. Compared with last week, yields generally declined, with an average decline of less than 2BP. Larger decline varieties include 2 - 3 - year and 3 - 5 - year non - perpetual bonds of Guangdong provincial level, 2 - 3 - year perpetual bonds of Shaanxi district - level, and 1 - 2 - year non - perpetual bonds of Yunnan prefectural - level [2][15][16] Private Urban Investment Bonds - Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have weighted average valuation yields below 2.8%. Yields higher than 3.5% are in Shaanxi prefectural - level, Guizhou and Yunnan prefectural - and district - levels. Gansu, Heilongjiang and other regions have high spreads. Compared with last week, yields mainly declined. Larger decline varieties include 2 - 3 - year non - perpetual bonds of Tianjin provincial level, 1 - year - within non - perpetual bonds of Guizhou district - level, 3 - 5 - year perpetual bonds of Shaanxi prefectural - level, and 2 - 3 - year non - perpetual bonds of Heilongjiang prefectural - level, with declines of 10.5BP, 11.1BP, 21.8BP, and 13.5BP respectively [2][24][25] 3. Non - Financial Non - Real Estate Industrial Bonds - Yields declined compared with last week, with private enterprise bonds having a larger decline than state - owned enterprise bonds, and short - term bonds being more popular [3][8] 4. Real Estate Bonds - Yields mainly declined, and the yield of 1 - year - within public non - perpetual bonds dropped by more than 5BP [3][8] 5. Financial Bonds - Valuation yields and spreads are relatively high in urban and rural commercial bank capital supplementary tools and leasing company bonds. Yields generally declined compared with last week. 1 - year - within private and 2 - 3 - year public perpetual leasing bonds had large declines, while 3 - 5 - year non - perpetual varieties had adjustments. Commercial financial bond yields declined within 4BP, and 3 - 5 - year urban and rural commercial bank varieties had callbacks. Short - duration bank sub - bonds performed better than medium - and long - term ones [4][8]