Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - As of August 4, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the stock of credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds and real estate bonds mostly declined, and the yields of financial bonds basically declined [2][3][8] Group 3: Summary by Relevant Catalogs 1. Overall Stock Credit Bonds - The weighted average valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Compared with last week, non - financial non - real estate industrial bonds (both state - owned and private enterprises) and real estate bonds (state - owned and private enterprises) generally saw yield declines. Among them, 1 - year and 2 - 3 - year private enterprise public non - perpetual non - financial non - real estate industrial bonds had yield declines of 5.8BP and 6.7BP respectively, and the yield declines of 3 - year private enterprise public non - perpetual real estate bonds were all over 6BP. Financial bonds also had mostly declining yields, with significant declines in 1 - year perpetual lease bonds and short - end bank sub - debt [2][3][8] 2. Public Offering Urban Investment Bonds - The weighted average valuation yields in Jiangsu and Zhejiang are below 2.4%. Bonds with yields over 4.5% are in Guizhou's prefecture - level and district - county - level areas, and areas like Yunnan and Gansu have high spreads. Yields mainly declined compared with last week, with an average decline of 3.8BP for 1 - year varieties. Bonds with large decline amplitudes include 1 - year Zhejiang provincial perpetual, 1 - year Guizhou prefecture - level non - perpetual, 1 - 2 - year Guangxi district - county - level non - perpetual, and 1 - year Xinjiang provincial non - perpetual bonds [2][15] 3. Private Offering Urban Investment Bonds - The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Bonds with yields higher than 4% are in Guizhou's prefecture - level areas, and areas like Yunnan and Gansu have high spreads. The proportion of yield decline is high compared with last week, but there is differentiation among terms. The average yield of 1 - year varieties declined by 3.9BP, and the long - end performance was slightly weaker. Bonds with large decline amplitudes include 1 - 2 - year Guizhou district - county - level non - perpetual, 3 - 5 - year Shaanxi prefecture - level perpetual, 1 - year Liaoning prefecture - level and district - county - level non - perpetual urban investment bonds, with declines of 8.6BP, 15.6BP, 9.5BP, and 9.3BP respectively [2][24] 4. Financial Bonds - Bonds with high valuation yields and spreads include urban and rural commercial bank capital replenishment tools and leasing company bonds. Yields basically declined compared with last week. 1 - year perpetual lease bonds had a large decline amplitude, and 2 - 3 - year private non - perpetual varieties had slight adjustments. Bank sub - debt was favored, with dominant performance concentrated in the short - end. 1 - year joint - stock bank and 1 - 2 - year urban commercial bank secondary capital bonds had yield declines of 11.5BP and 8.8BP respectively, and the long - end secondary bonds had a decline amplitude of around 3BP. 2 - year joint - stock bank and urban commercial bank commercial financial bonds recovered first, especially the 1 - year joint - stock bank variety with a 5BP decline. The allocation sentiment for securities company bonds was good, with 1 - year private and 1 - 2 - year public non - perpetual bonds having yield declines close to 6.5BP, but the willingness to sink was weak, and private sub - non - perpetual varieties generally adjusted [4][8]