1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - As of March 9, 2026, 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 [8]. - Compared with the previous week, the yields of non - financial and non - real estate industrial bonds have all declined, with the yield of private enterprise public perpetual bonds within 1 year falling by more than 4BP, and the yield of private perpetual bonds within 2 years in state - owned enterprise bonds showing a relatively large decline; the yields of state - owned enterprise real estate bonds are mainly decreasing [3][8]. - In financial bonds, the varieties with high valuation yields and spreads are the capital replenishment tools of urban and rural commercial banks and leasing company bonds. Compared with the previous week, the proportion of declining yields in financial bonds is lower than that in general credit bonds [4][8]. 3. Summary by Relevant Catalogs 3.1 Overall Outstanding Credit Bonds - **Valuation Yield and Spread Distribution**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads. In financial bonds, the capital replenishment tools of urban and rural commercial banks and leasing company bonds have high valuation yields and spreads [8]. - **Yield Change Compared with Last Week**: Non - financial and non - real estate industrial bonds' yields have all declined; state - owned enterprise real estate bonds' yields are mainly decreasing; financial bonds' yield decline proportion is lower than that of general credit bonds [3][4][8]. 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - **Valuation Yield and Spread Distribution**: The weighted average valuation yields in Jiangsu and Zhejiang provinces are below 2.35%. Bonds with yields exceeding 4% are in Heilongjiang provincial, Guizhou prefecture - level cities and district - counties. Yunnan, Gansu, Shaanxi and other regions also have relatively high spreads [2][15]. - **Yield Change Compared with Last Week**: Yields have basically declined, with the average yield of varieties within 1 year falling by about 2.6BP. The varieties with relatively large decline in yields include 2 - 3 - year and 3 - 5 - year non - perpetual bonds in Guizhou prefecture - level cities, 1 - 2 - year non - perpetual bonds in Hebei provincial, and 2 - 3 - year non - perpetual bonds in Xinjiang district - counties [2][15]. 3.2.2 Private Urban Investment Bonds - **Valuation Yield and Spread Distribution**: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.65%. Varieties with yields higher than 3.5% are in Guizhou prefecture - level cities, Gansu district - counties, Yunnan prefecture - level cities and district - counties, and these regions also have relatively high spreads [2][25]. - **Yield Change Compared with Last Week**: Most yields have declined, with the average yield of varieties within 1 year falling by 2.2BP. The varieties with relatively large decline in yields include 2 - 3 - year non - perpetual bonds in Guizhou district - counties, 2 - 3 - year perpetual bonds in Shaanxi district - counties, and non - perpetual bonds within 1 year in Liaoning prefecture - level cities and district - counties, corresponding to declines of 9.5BP, 6.7BP, 7.9BP and 8.4BP respectively [2][25]. 3.3 Industrial Bonds - **Valuation Yield and Spread Distribution**: The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are generally higher than other varieties [8]. - **Yield Change Compared with Last Week**: The yields of non - financial and non - real estate industrial bonds have all declined, with the yield of private enterprise public perpetual bonds within 1 year falling by more than 4BP. In state - owned enterprise bonds, the yield of private perpetual bonds within 2 years has a relatively large decline; the yields of state - owned enterprise real estate bonds are mainly decreasing, with the 3 - 5 - year private non - perpetual and 1 - 2 - year public perpetual varieties reducing by 3.1BP and 3.9BP respectively [3][8]. 3.4 Financial Bonds - **Valuation Yield and Spread Distribution**: The varieties with high valuation yields and spreads are the capital replenishment tools of urban and rural commercial banks and leasing company bonds [4][8]. - **Yield Change Compared with Last Week**: The proportion of declining yields in financial bonds is lower than that in general credit bonds. Leasing bonds are relatively advantageous recently, with the yields of public and private perpetual bonds within 1 year falling by 6.8BP and 4.4BP respectively. The performance of bank sub - bonds shows obvious differentiation between terms. There is still a certain allocation preference for varieties within 2 years, while varieties over 2 years have seen significant adjustments. The yields of 3 - 5 - year perpetual bonds of national and joint - stock banks have rebounded by more than 4BP. Commercial financial bonds within 1 year are better than second - tier perpetual bonds of national and joint - stock banks of the same term, with the yield decline of joint - stock bank and city commercial bank varieties around 4BP. The yields of securities company bonds also show a downward trend, with the short - end private perpetual and public non - perpetual sub - bonds having a yield decline of about 5BP [4].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Views of the Report - As of December 15, 2025, private enterprise real estate bonds and industrial bonds in the outstanding credit bonds have higher overall valuation yields and spreads compared to other varieties. The yields of most non - financial and non - real estate industrial bonds have increased, and real estate bond yields have generally risen. In the financial bond sector, the yields of financial bonds have declined slightly more than those of general credit bonds, but there is differentiation among bond types [2][3][8]. Group 3: Summary by Relevant Catalogs 3.1 Overall Outstanding Credit Bonds - **Valuation Yields and Spreads**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads. Non - financial non - real estate industrial bonds have more than half of their yields increasing, with most real estate bond yields rising. In financial bonds, the yields of urban and rural commercial bank capital supplementary tools and leasing company bonds have higher valuation yields and spreads [2][3][8]. - **Yield Changes Compared to Last Week**: Non - financial non - real estate industrial bonds have more than half of their yields increasing, except for private enterprise private - placement bonds within one year, with the yield adjustment of other varieties being less than 4BP. Real estate bond yields have generally increased, with the yields of non - perpetual bonds within one year rising by more than 5BP, and 3 - 5 - year private enterprise public non - perpetual bonds also having a significant adjustment. Financial bond yields have a slightly higher proportion of decline than general credit bonds, with differentiation among bond types. For example, the 1 - 2 - year public perpetual bonds of leasing bonds have a 5.5BP increase in yield [3][4][8]. 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - **Valuation Yields and Spreads**: The weighted average valuation yields of Jiangsu and Zhejiang provinces are below 2.6%. Bonds with yields exceeding 4.5% are in Guizhou's county - level areas, and regions such as Guangxi, Yunnan, and Gansu also have higher spreads [2][17]. - **Yield Changes Compared to Last Week**: Most yields have declined. The average decline of 2 - 3 - year varieties is 1.4BP, but most varieties within one year have continued to adjust. The varieties with a large decline in yield include 3 - 5 - year non - perpetual bonds of Guizhou prefecture - level cities, 1 - 2 - year non - perpetual bonds of Yunnan county - level areas, etc. [2][17]. 3.2.2 Private Urban Investment Bonds - **Valuation Yields and Spreads**: The weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.95%. Bonds with yields higher than 4% are in Guizhou's prefecture - level cities, and regions such as Yunnan, Gansu, and Liaoning also have higher spreads [27]. - **Yield Changes Compared to Last Week**: More than half of the bond varieties have yield adjustments, with the average yield of varieties within one year increasing by 2BP. The varieties with a large decline in yield include 2 - 3 - year non - perpetual bonds of Guizhou county - level areas, 1 - 2 - year non - perpetual bonds of Yunnan county - level areas, etc. [27]. 3.3 Industrial Bonds - **Valuation Yields and Spreads**: Private enterprise real estate bonds and industrial bonds have higher overall valuation yields and spreads compared to other varieties [2][3][8]. - **Yield Changes Compared to Last Week**: More than half of the yields of non - financial non - real estate industrial bonds have increased. Except for private enterprise private - placement bonds within one year, the yield adjustment of other varieties is less than 4BP. Real estate bond yields have generally increased, with the yields of non - perpetual bonds within one year rising by more than 5BP, and 3 - 5 - year private enterprise public non - perpetual bonds also having a significant adjustment [3][8]. 3.4 Financial Bonds - **Valuation Yields and Spreads**: The valuation yields and spreads of urban and rural commercial bank capital supplementary tools and leasing company bonds are relatively high [4][8]. - **Yield Changes Compared to Last Week**: The proportion of yield decline is slightly higher than that of general credit bonds, but there is differentiation among bond types. Leasing bonds have the largest adjustment, with the 1 - 2 - year public perpetual bond yield increasing by 5.5BP. The yields of commercial financial bonds within 3 years are mainly increasing, with an increase of generally less than 2BP, and the adjustment of varieties within one year is greater than that of 1 - 3 - year varieties. The valuation of bank sub - bonds has generally recovered, with the yields of 3 - 5 - year secondary capital bonds and 2 - 5 - year perpetual bonds of different banks generally decreasing. The performance of securities company sub - bonds is better than that of ordinary bonds, with the yields of 1 - 2 - year public perpetual and private non - perpetual bonds of the same period decreasing by about 3BP [4][8].

Group 1: Overall Situation of Credit Bonds - As of November 17, 2025, private enterprise real estate bonds and industrial bonds in the stock credit bonds have higher overall valuation yields and spreads than other varieties [2][8]. - Compared with last week, the yields of most non - financial and non - real estate industrial bonds have declined. In particular, the yields of 1 - year - within public perpetual and 3 - 5 - year private non - perpetual bonds of private enterprise varieties have decreased by 11.2BP and 5.4BP respectively; more than half of the real estate bond varieties have seen a decline in yields, with the 2 - year - within state - owned private non - perpetual bonds declining by more than 2.5BP, while the public non - perpetual bonds of the same term have adjusted [2][3][8]. Group 2: Urban Investment Bonds Public Urban Investment Bonds - In public urban investment bonds, the weighted average valuation yields of Jiangsu and Zhejiang provinces are both below 2.5%; urban investment bonds with yields exceeding 4.5% are found in district - level areas of Guizhou; in other regions, the spreads in Yunnan, Gansu and other places are also relatively high [2][15]. - Compared with last week, the yields of more than half of the public urban investment bonds have declined, with the average decline of 3 - 5 - year varieties reaching 1.2BP. Specifically, the varieties with relatively large declines in yields include 3 - 5 - year non - perpetual bonds in district - level areas of Henan, 3 - 5 - year non - perpetual bonds in district - level areas of Guizhou, and 1 - year - within and 2 - 3 - year perpetual bonds in district - level areas of Guangxi [2][15]. Private Urban Investment Bonds - In private urban investment bonds, the weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.85%; varieties with yields higher than 3.5% are found in prefecture - level and district - level areas of Yunnan and Guizhou, as well as district - level areas of Gansu; the spreads in other regions such as Guangxi and Qinghai are also relatively high [2][23]. - Compared with last week, the yields of private urban investment bonds have generally declined, with the average decline of 3 - 5 - year varieties reaching 2.6BP. Specifically, the varieties with relatively large declines in yields include 1 - year - within perpetual bonds in prefecture - level areas of Fujian, 2 - 3 - year perpetual bonds in prefecture - level areas of Hebei, 2 - 3 - year non - perpetual bonds in district - level areas of Shanxi, and 1 - 2 - year non - perpetual bonds in prefecture - level areas of Ningxia, with corresponding declines of 8.6BP, 9.3BP, 12.6BP, and 22.7BP respectively [2][23]. Group 3: Financial Bonds - In financial bonds, the varieties with relatively high valuation yields and spreads include capital replenishment tools of urban and rural commercial banks and leasing company bonds [4][8]. - Compared with last week, the overall yields of financial bonds have declined, but there are differences among terms. Specifically, the yields of 2 - 3 - year and 3 - 5 - year private non - perpetual leasing bonds have decreased by more than 3.5BP, while the yields of 2 - year - within private and 1 - year - within public non - perpetual varieties have increased slightly; the trading sentiment of bank sub - bonds has improved, especially the yields of 1 - 2 - year rural commercial bank and 1 - year - within urban commercial bank perpetual bonds have decreased by 8.2BP and 6.6BP respectively; the yields of commercial financial bonds have also mainly declined, among which the 1 - 2 - year varieties of joint - stock banks and urban commercial banks have yield declines of 3.4BP and 2.9BP respectively; in addition, the performance of ordinary bonds of securities companies is stronger than that of sub - bonds, and the yields of private non - perpetual bonds over 1 year have all declined significantly [4][8].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - As of October 27, 2025, private enterprise industrial bonds and real estate bonds in the outstanding credit bonds have higher overall valuation yields and spreads compared to other varieties. Yields of most varieties in non - financial and non - real estate industrial bonds and financial bonds have declined compared to last week [2][3][8] Group 3: Summary by Related Catalogs 3.1 Overall Outstanding Credit Bonds - The valuation yields and spreads of private enterprise industrial bonds and real estate bonds are higher. Yields of most varieties in non - financial non - real estate industrial bonds have declined, with the 2 - 5 - year state - owned enterprise private perpetual bonds having a larger decline (over 6BP on average). Yields of real estate bonds over 2 years have declined, and the 2 - 3 - year private enterprise public non - perpetual real estate bonds' yield has declined by 6.6BP. In financial bonds, varieties with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds, and most varieties' yields have declined [2][3][8] 3.2 Urban Investment Bonds 3.2.1 Public Urban Investment Bonds - The weighted average valuation yields in Jiangsu and Zhejiang are below 2.7%. Yields over 4.5% are in Guizhou's district - level bonds. Guangxi, Yunnan, Gansu have high spreads. Yields have generally declined, with 3 - 5 - year varieties having a larger decline, such as 3 - 5 - year Shandong district - level perpetual bonds [2][15] 3.2.2 Private Urban Investment Bonds - Coastal provinces like Shanghai, Zhejiang, Guangdong, and Fujian have weighted average valuation yields below 3%. Yields above 4% are in Guizhou's prefecture - level bonds. Gansu, Guangxi, Yunnan have high spreads. Medium - and long - term private urban investment bonds' yields have a larger decline, such as 1 - 2 - year Shaanxi district - level perpetual bonds [2][23] 3.3 Non - financial Non - real estate Industrial Bonds - For state - owned enterprise bonds, private bonds' yields have declined, with 2 - 5 - year private perpetual bonds having a larger decline. For private enterprise bonds, yields of most varieties have declined, but there are some fluctuations [3][8] 3.4 Real Estate Bonds - Yields of real estate bonds over 2 years have declined, and the 2 - 3 - year private enterprise public non - perpetual real estate bonds' yield has declined by 6.6BP [3][8] 3.5 Financial Bonds - Leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds have high valuation yields and spreads. Most varieties' yields have declined, such as 1 - 3 - year leasing bonds with a decline of about 5BP [4][8]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - As of September 22, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of most varieties in non - financial and non - real estate industrial bonds have increased, while the adjustment range of real estate bond yields is relatively small. In financial bonds, the yields of medium - term varieties from 1 - 3 years have mostly declined [2][3][8] - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang are below 2.7%, and the yields of urban investment bonds in prefecture - level and district - county levels in Guizhou exceed 4.5%. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%, and the yields of varieties in prefecture - level cities in Guizhou and Yunnan are higher than 4% [2][14][22] Summary by Directory Chart 1: Outstanding Credit Bond Weighted Average Valuation Yield - Displays the weighted average valuation yields of various types of outstanding credit bonds as of September 22, including urban investment bonds, non - financial non - real estate industrial bonds (state - owned and private enterprises), real estate bonds (state - owned and private enterprises), financial bonds, etc. [10] Chart 2: Outstanding Credit Bond Weighted Average Spread - Presents the weighted average spreads of various types of outstanding credit bonds as of September 22, with the calculation benchmark being the same - term China Development Bank bonds [11] Chart 3: Change in Outstanding Credit Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the yields of September 22 and September 15 [12] Chart 4: Change in Outstanding Credit Bond Weighted Average Spread Compared to Last Week - Illustrates the changes in the weighted average spreads of various types of outstanding credit bonds as of September 22 compared to last week, calculated based on the spreads of September 22 and September 15 [13] Chart 5: Public Urban Investment Bond Weighted Average Valuation Yield - Details the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22, such as provincial, prefecture - level, and district - county levels in various provinces [15] Chart 6: Public Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of public urban investment bonds in different administrative levels and regions as of September 22 [17] Chart 7: Change in Public Urban Investment Bond Weighted Average Valuation Yield Compared to Last Week - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels and regions as of September 22 compared to last week [19] Chart 8: Private Urban Investment Bond Weighted Average Valuation Yield - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels and regions as of September 22 [23] Chart 9: Private Urban Investment Bond Weighted Average Spread - Displays the weighted average spreads of private urban investment bonds in different administrative levels and regions as of September 22 [25]

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - As of September 15, 2025, private enterprise real - estate bonds and industrial bonds have higher valuation yields and spreads compared to other varieties. The yields of non - financial and non - real - estate industrial bonds and real - estate bonds have generally increased compared to the previous week [3][8]. - Among financial bonds, urban and rural commercial bank capital supplementary instruments and leasing company bonds have higher valuation yields and spreads. Financial bond yields have generally risen compared to the previous week [4][8]. - In the urban investment bond market, public urban investment bonds in Jiangsu and Zhejiang have relatively low weighted average valuation yields, while those in Guizhou, Yunnan, and Gansu have higher yields or spreads. Private urban investment bonds in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have relatively low weighted average valuation yields, and those in Guizhou have higher yields [2][14][23]. Group 3: Summary by Category Urban Investment Bonds - **Public Urban Investment Bonds**: The weighted average valuation yields in Jiangsu and Zhejiang are below 2.65%. Bonds with yields over 4.5% are in prefecture - level and district - county - level areas of Guizhou. Yields in Yunnan, Gansu and other regions also have higher spreads. Compared to last week, the overall yields have increased, with an average increase of over 3BP for 2 - 3 - year and 3 - 5 - year varieties [2][14]. - **Private Urban Investment Bonds**: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%. Bonds with yields higher than 4% are in prefecture - level areas of Guizhou. Yields in Yunnan, Gansu and other regions also have higher spreads. Compared to last week, the overall yields have increased, with an average increase of 3.8BP for 2 - 3 - year varieties [23]. Industrial Bonds - **Non - financial and Non - real - estate Industrial Bonds**: Yields have basically increased. The yields of 2 - 3 - year private enterprise public perpetual bonds and private non - perpetual bonds have increased significantly [3][8]. - **Real - estate Bonds**: All yields have increased, with the adjustment of varieties over 1 year being stronger than that of short - term bonds. The yields of 1 - 2 - year state - owned enterprise private and private enterprise public non - perpetual bonds have increased by about 5BP [3][8]. Financial Bonds - **Leasing Company Bonds**: There has been some adjustment, with relatively large increases in the yields of 1 - 2 - year perpetual and 2 - 3 - year private perpetual varieties [4]. - **Bank Sub - debt**: It is the most volatile bond type among financial bonds. The yields of secondary capital bonds over 1 year and perpetual bonds over 2 years have significantly adjusted [4]. - **Commercial Financial Bonds**: They have strong defensive attributes, with all varieties having an adjustment within 3BP, and the yield of state - owned bank varieties within 1 year has decreased by 1BP [4]. - **Securities Company Bonds**: The performance varies by term. Some varieties within 2 years have stable yields, while the yields of 2 - 3 - year and 3 - 5 - year public sub - debt have increased by around 5BP [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of August 11, 2025, in the stock of credit bonds, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds mostly declined, with the 1 - year - within private enterprise private non - perpetual varieties having a relatively larger decline, averaging 6.9BP; in real estate bonds, the yields of each variety basically declined, and the 1 - year - within varieties also had a larger average decline. In financial bonds, varieties with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. More than half of the yields of each variety of financial bonds declined compared with last week [3][8]. Group 3: Summary by Related Catalogs 3.1 General Information on Credit Bonds - As of August 11, 2025, in the stock of credit bonds, private enterprise industrial bonds and real estate bonds have higher valuation yields and spreads. Non - financial non - real estate industrial bonds and real estate bonds' yields mostly declined compared with last week, and financial bonds' yields also had a downward trend in more than half of the varieties [3][8]. 3.2 City Investment Bonds 3.2.1 Public Offering City Investment Bonds - In public offering city investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces are below 2.4%. Bonds with yields over 4.5% are in prefecture - level and district - county - level areas of Guizhou. Guangxi, Yunnan, Gansu and other regions also have high spreads. Compared with last week, the yields of public offering city investment bonds mainly declined, especially in key provinces. The varieties with large downward amplitudes include non - perpetual bonds of prefecture - level cities in Inner Mongolia within 1 year, non - perpetual bonds of prefecture - level cities in Gansu within 1 year, perpetual bonds of district - county - level areas in Chongqing from 1 - 2 years, and non - perpetual city investment bonds of prefecture - level cities in Hebei from 1 - 2 years [2][14]. 3.2.2 Private Offering City Investment Bonds - In private offering city 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 prefecture - level cities in Guizhou. Shaanxi, Yunnan, Gansu and other regions also have high spreads. Compared with last week, the yields of each variety in private offering city investment bonds mostly declined. The varieties with large downward amplitudes are non - perpetual bonds of prefecture - level cities in Inner Mongolia from 2 - 3 years, non - perpetual bonds of prefecture - level cities in Yunnan from 3 - 5 years, non - perpetual bonds of prefecture - level cities in Liaoning within 1 year, and perpetual city investment bonds of prefecture - level cities in Shaanxi from 3 - 5 years, with corresponding declines of 10.7BP, 9.4BP, 9.0BP, and 8.8BP respectively [2][24]. 3.3 Industrial Bonds - The valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Non - financial non - real estate industrial bonds' yields mostly declined, with the 1 - year - within private enterprise private non - perpetual varieties having an average decline of 6.9BP. Real estate bonds' yields also basically declined, and the 1 - year - within varieties had a larger average decline [3][8]. 3.4 Financial Bonds - Financial bonds with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. More than half of the yields of each variety of financial bonds declined compared with last week. In leasing bonds, private varieties had more significant declines, with private perpetual bonds within 2 years declining by more than 6BP. In general commercial financial bonds, the interest rates of each variety fluctuated within a narrow range, not exceeding 1.5BP. In Tier 2 capital bonds, the varieties with more significant declines were mostly perpetual bonds of urban and rural commercial banks within 1 year, and the decline amplitude of perpetual bonds of urban commercial banks within 1 year was greater than 5BP. In addition, the yield of 2 - 3 - year private non - perpetual sub - bonds of securities companies increased by 2.9BP [4][8].

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]

Group 1: Report's Core View - As of July 14, 2025, private enterprise industrial bonds and real estate bonds generally have higher valuation yields and spreads. Compared with the previous week, the yields of non - financial and non - real estate industrial bonds and real estate bonds have been adjusted, with varying degrees of increase in different varieties. In the financial bond sector, the yields of most varieties have also increased [2][3][8] Group 2: Summary by Bond Type Urban Investment Bonds - **Public Offering**: The weighted average valuation yields in Jiangsu and Zhejiang are below 2.4%. Yields exceeding 4.5% are found in Guizhou's district - level bonds. Spreads in Guangxi, Yunnan, Gansu, etc., are relatively high. Compared with last week, yields mostly increased slightly, with 3 - 5 - year varieties having a larger adjustment [2][17] - **Private Placement**: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Yields above 4% are in Guizhou's prefecture - level bonds. Spreads in Shaanxi, Yunnan, Gansu, etc., are relatively high. Yields of most varieties increased, with some having significant increases [2] Industrial Bonds - **Non - financial and Non - real estate (Private Enterprises)**: The 1 - year - within private non - perpetual varieties had an average yield increase of 9.7BP [3][8] - **Real Estate (State - owned Enterprises)**: The yields of private non - perpetual varieties all increased, with the 1 - year - within variety rising by 4.1BP [3][8] Financial Bonds - Valuation yields and spreads are high for leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. Yields of most financial bond varieties increased. For example, the yields of leasing bonds over 1 year increased by about 5BP, and the 2 - 3 - year urban commercial bank secondary capital bonds rose by 12.3BP [4][8] Group 3: Summary of Key Data Tables Overall Credit Bonds - **Weighted Average Valuation Yield**: Data shows the weighted average valuation yields of various bond types and maturities as of July 14, 2025 [10] - **Weighted Average Spread**: Displays the weighted average spreads of different bond types and maturities on July 14, 2025 [12] - **Change in Weighted Average Valuation Yield**: Compares the weighted average valuation yields of this week (July 14, 2025) and last week (July 7, 2025) [14] - **Change in Weighted Average Spread**: Compares the weighted average spreads of this week (July 14, 2025) and last week (July 7, 2025) [16] Public Offering Urban Investment Bonds - **Weighted Average Valuation Yield**: Presents the weighted average valuation yields of public offering urban investment bonds in different regions and administrative levels on July 14, 2025 [18] - **Weighted Average Spread**: Shows the weighted average spreads of public offering urban investment bonds in different regions and administrative levels on July 14, 2025 [20] - **Change in Weighted Average Valuation Yield**: Compares the weighted average valuation yields of public offering urban investment bonds in different regions and administrative levels between this week (July 14, 2025) and last week (July 7, 2025) [23] Private Placement Urban Investment Bonds - **Weighted Average Valuation Yield**: Displays the weighted average valuation yields of private placement urban investment bonds in different regions and administrative levels on July 14, 2025 [27] - **Weighted Average Spread**: Presents the weighted average spreads of private placement urban investment bonds in different regions and administrative levels on July 14, 2025 [30]

Report Summary Core View - Among AA-rated urban investment bonds (subject rating) with a high discount margin, "24 Jinhua Rongsheng MTN005" has the largest valuation price deviation. Among the top 50 bonds with the largest net price decline, "24 CCCC MTN003B" has the largest valuation price deviation. Among the top 50 bonds with the largest net price increase, "24 CRCC K2" has the largest valuation price deviation. Among the top 50 Tier 2 and perpetual bonds with the largest net price increase, "25 China Minsheng Bank Tier 2 Capital Bond 01" has the largest valuation price deviation [2]. Summary by Directory Chart 1: AA-rated Urban Investment Bonds with High Discount Margin - The table lists information such as remaining term, valuation price, valuation net price, valuation yield, etc., for multiple AA-rated urban investment bonds. "24 Jinhua Rongsheng MTN005" has a remaining term of 2.41 years, a valuation price deviation of -0.22%, and a valuation net price of 100.58 yuan [4]. Chart 2: Top 50 Bonds with the Largest Net Price Decline - The table shows details of 50 bonds with large net price declines, including remaining term, valuation price deviation, valuation net price, etc. "24 CCCC MTN003B" has a remaining term of 13.95 years, a valuation price deviation of -0.30%, and a valuation net price of 105.41 yuan [6]. Chart 3: Top 50 Bonds with the Largest Net Price Increase - This table presents information on 50 bonds with large net price increases. "24 CRCC K2" has a remaining term of 29.05 years, a valuation price deviation of 0.76%, and a valuation net price of 109.35 yuan [9]. Chart 4: Top 50 Tier 2 and Perpetual Bonds with the Largest Net Price Increase - The table lists Tier 2 and perpetual bonds with large net price increases. "25 China Minsheng Bank Tier 2 Capital Bond 01" has a remaining term of 4.80 years, a valuation price deviation of 0.25%, and a valuation net price of 101.13 yuan [13].