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].

Core Viewpoint - The credit bond ETF from Bosera (159396) is experiencing a stable performance with a recent price of 101.12 yuan, showing a 1.05% increase over the past six months, ranking 2nd among comparable funds [1] Group 1: Market Performance - As of August 4, 2025, the credit bond ETF from Bosera has a recent scale of 11.501 billion yuan [2] - The ETF has seen a net value increase of 1.23% over the past six months, ranking 17th out of 480 index bond funds, placing it in the top 3.54% [2] - The ETF's maximum drawdown since inception is 0.89%, with a relative benchmark drawdown of 0.10% [2] Group 2: Trading Activity - The ETF has a trading volume of 28.83 billion yuan with a turnover rate of 25.11%, indicating active market participation [1] - The average daily trading volume over the past month is 4.2 billion yuan, ranking first among comparable funds [1] Group 3: Financial Metrics - The management fee for the credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] - The tracking error for the ETF over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3] Group 4: Investment Environment - The overall trend for credit bonds is not expected to decline significantly, with a supportive stance from the central bank and a favorable environment for positive carry [1] - Institutional investors are likely to gradually enter the market, taking advantage of buying opportunities after recent adjustments [1]

Core Insights - Goldman Sachs credit strategists urge clients to hedge risks as global corporate bond yield spreads have tightened to the lowest level since 2007 [1] - Recent trade agreements between the US and several trading partners provide clarity on tariff issues, leading investors to overlook short-term economic growth weakness as long as recession risks are controlled [1] - Bloomberg index indicates that global investment-grade bond yield spreads narrowed to 79 basis points, the lowest level since July 2007, prior to the global financial crisis [1] Economic Context - The S&P 500 index reached a historical high this week, reflecting investor confidence despite tightening credit spreads [1] - Federal Reserve policymakers have not indicated an imminent rate cut, suggesting that more data is needed to ensure inflation risks do not persist [1]

Core Viewpoint - Global corporate bond yield spreads have tightened to the lowest level since 2007, prompting Goldman Sachs to advise clients to hedge risks despite positive market signals [1] Group 1: Market Conditions - Recent trade agreements between the U.S. and several trading partners have provided clarity on tariff issues, leading to a more favorable investment environment [1] - Investors are willing to overlook short-term economic growth weaknesses as long as recession risks are controlled [1] Group 2: Financial Metrics - According to a Bloomberg index, global investment-grade bond yield spreads have tightened to 79 basis points, the lowest level since July 2007, prior to the global financial crisis [1] - The S&P 500 index has reached a historical high this week, indicating strong market performance [1] Group 3: Central Bank Policy - The Federal Reserve has not indicated an imminent interest rate cut, suggesting that more data is needed to ensure inflation risks do not persist [1]

Group 1: Overall Situation of Credit Bonds - As of July 28, 2025, 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 have been adjusted, and the yields of state - owned enterprise private non - perpetual real estate bonds have all increased [3][8]. - The varieties with high valuation yields and spreads in financial bonds include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - debt. Compared with last week, the yields of various financial varieties have basically increased [4][8]. Group 2: Urban Investment Bonds Public Urban Investment Bonds - The weighted average valuation yields of public urban investment bonds in Jiangsu and Zhejiang provinces are both below 2.4%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level cities and district - level counties in Guizhou. The spreads in Guangxi, Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of public urban investment bonds have basically increased across the board, with the 2 - 3 - year varieties having a larger adjustment range [2][15]. - Specific regions' weighted average valuation yields and spreads are shown in Chart 5 and Chart 6, and the changes compared with last week are shown in Chart 7 [16][18][21]. Private Urban Investment Bonds - The weighted average valuation yields of private urban investment bonds in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.9%. The varieties with yields higher than 4% appear in prefecture - level cities in Guizhou. The spreads in Shaanxi, Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of various private urban investment bond varieties have mainly increased. The varieties with relatively large yield increases are 3 - 5 - year non - perpetual bonds in Guangxi's district - level counties, 1 - 2 - year non - perpetual bonds in Ningxia's prefecture - level cities, 2 - 3 - year non - perpetual bonds in Guizhou's district - level counties, and 1 - 2 - year non - perpetual bonds of Guangxi provincial - level, with corresponding increases of 18.8BP, 15.6BP, 14.1BP and 12.7BP respectively [2][24]. - Specific regions' weighted average valuation yields and spreads are shown in Chart 8 and Chart 9 [25][28]. Group 3: Industrial Bonds Private Enterprise Industrial Bonds - The valuation yields and spreads of private enterprise industrial bonds are relatively high. Among them, the 2 - 3 - year private enterprise public perpetual varieties have a relatively larger upward range, with an average increase of 147.5BP compared with last week [3][13]. Real Estate Bonds - The yields of state - owned enterprise private non - perpetual real estate bonds have all increased. Among them, the yields of 1 - 2 - year private enterprise public non - perpetual real estate bonds have increased by 11.1BP [3][13]. Group 4: Financial Bonds Leasing Company Bonds - The 1 - 2 - year varieties of leasing bonds have a larger yield increase, with an average increase of about 10BP [4]. General Commercial Financial Bonds - The interest rates of all varieties of general commercial financial bonds have increased, with an increase range of 4 to 7BP [4]. Secondary Perpetual Bonds - The yield increase of rural commercial bank secondary capital bonds in secondary perpetual bonds mostly exceeds that of other bank varieties. The yield increase of 1 - year - within and 2 - 3 - year rural commercial bank secondary bonds is greater than 20BP [4]. Securities Company Bonds and Sub - debt - The yield increase of 3 - 5 - year private non - perpetual sub - debt of securities companies exceeds 10BP [4].