1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the bond market adjusted significantly under the suppression of the equity market. Fund selling pressure reappeared, but the overall intensity was controllable, and the allocation disk gradually took over. The selling pressure of funds on interest - rate bonds last week was weaker than that in the two weeks of 7/19 - 7/25 and 7/5 - 7/11, and they maintained net buying of credit bonds. The承接 strength of insurance and rural commercial banks gradually increased in the second half of the week [9]. - Looking forward, continuous attention should be paid to the fund redemption pressure. Since the beginning of this year, the bond market has been volatile. After this week's adjustment, most pure interest - rate bond funds and interest - rate bond funds have recorded negative returns in the past three months. Meanwhile, the profit - making effect of the equity market has attracted capital inflows, and the growth rate of equity fund scale has been greater than that of bond funds for the second consecutive month [9]. 3. Summary According to Relevant Catalogs 3.1 Overall Sentiment: Bond Market Vitality Index Rebounds - As of August 15, the bond market vitality index rebounded by 16 pcts to 29% compared with August 8, and the 5D - MA rebounded by 3 pcts to 28% [1][10]. - Vitality warming indicators: The trading volume of the active 10Y China Development Bank bond / the balance of 9 - 10Y China Development Bank bonds (the rolling two - year quantile increased from 55% to 87%); the excess level of the inter - bank bond market leverage ratio compared with the average of the past 4 years (the rolling two - year quantile increased from 17% to 24%); the 30Y Treasury bond turnover rate (the rolling two - year quantile increased from 25% to 55%) [12]. - Vitality cooling indicators: The median duration of medium - and long - term pure bond funds decreased from 4.42 years to 4.41 years, and the rolling two - year quantile decreased from 98.7% to 98.3%; the implied tax rate of the 10 - year China Development Bank bond (inverse) decreased from 95.0% to 94.1%, and the rolling two - year quantile decreased from 9% to 4% [13]. 3.2 Institutional Behavior: Fund Selling Pressure Reappears, Allocation Disk Gradually Takes Over 3.2.1 Buying and Selling Strength and Bond Type Selection - In the cash bond market last week, the net buying strength ranking was: money market funds > insurance > large - scale banks > overseas institutions and others > wealth management > rural commercial banks; the net selling strength ranking was: city commercial banks > securities firms > joint - stock banks > funds. For ultra - long bonds (bonds with a maturity of over 15 years), the net buying strength ranking was: insurance > rural commercial banks > wealth management > overseas institutions and others; the net selling strength ranking was: funds > large - scale banks > joint - stock banks > securities firms > other product types [23]. - The main bond types of various institutions: large - scale banks focus on 1 - 3Y and 3 - 5Y interest - rate bonds; rural commercial banks focus on interest - rate bonds over 10Y; insurance focuses on interest - rate bonds over 10Y and 7 - 10Y credit bonds; funds focus on interest - rate bonds within 1Y; wealth management and other product types have no obvious main bond types [28]. 3.2.2 Trading Disk - As of August 15, the median duration of all - sample medium - and long - term pure bond funds decreased by 0.01 years to 4.41 years compared with August 8. Among them, the median durations of pure interest - rate bond funds and interest - rate bond funds decreased by 0.30 years and 0.22 years to 5.43 years and 5.24 years respectively; the median duration of credit bond funds increased by 0.04 years to 4.02 years. The median durations of high - performance interest - rate bond funds and credit bond funds decreased by 0.26 years and 0.23 years to 6.54 years and 4.55 years respectively [3][44]. 3.2.3 Allocation Disk - **Treasury and Policy - Financial Bond Primary Subscription Demand**: Last week, the primary subscription demand for treasury and policy - financial bonds showed differentiation, and the subscription demand for ultra - long bonds decreased. The weighted average full - field multiples of treasury and policy - financial bonds were 3.30 times and 2.87 times respectively [58]. - **Large - Scale Banks**: Since August, the net buying strength of 1 - 3Y Treasury bonds has remained strong. As of August 15, the cumulative net buying scale of 1 - 3Y Treasury bonds this year was 5406 billion yuan [64]. - **Rural Commercial Banks**: This year's cumulative net buying scale of cash bonds is significantly weaker than in previous years, mainly due to the weak net buying strength of short - term bonds within 1Y. However, the net buying strength of 7 - 10Y and bonds over 10Y is higher than the same period in previous years [76]. - **Insurance**: This year, the net buying strength of cash bonds is significantly higher than in previous years, mainly due to the strong buying of ultra - long bonds over 10Y. As of August 15, the ratio of this year's cumulative net buying of cash bonds to cumulative premium income reached 43.38%, exceeding 40.10% at the end of August last year. The ratio of this year's cumulative net buying of cash bonds to the cumulative issuance scale of government bonds over 10Y was only 28.42%, lower than 35.14% and 31.15% at the end of July and August last year [81]. - **Wealth Management**: Since June, the cumulative net buying scale of cash bonds has continued to rise, significantly higher than the past three years. As of August 15, the cumulative net buying of bonds over 10Y this year was 138 billion yuan. Last week, the duration of net - bought cash bonds in the secondary market rose again, reaching a new high since February 23, 2024 [91][93]. 3.3 Asset Management Product Tracking: Most Interest - Rate Bond Funds Recorded Negative Returns in the Past Three Months - Since August, the month - on - month increase in the scale of equity funds has still been higher than that of bond funds. The month - on - month increase in the scale of bond funds and equity funds in August was 5.03 billion yuan and 14.57 billion yuan respectively, and in July it was 14.23 billion yuan and 16.41 billion yuan respectively. - The issuance share of newly established bond - type funds last week was low, only 120 million yuan, a significant drop from 2.51 billion yuan in the previous week. - Last week, the net value of various types of bond funds declined significantly, and credit bond funds had relatively stronger resistance to decline. Most pure interest - rate bond funds and interest - rate bond funds recorded negative returns in the past three months [94].

1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints of the Report - As of August 17, the weighted average trading terms of urban investment bonds and industrial bonds were 2.13 years and 2.63 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.59 years, 3.72 years, and 4.05 years respectively, with bank perpetual bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.53 years, 2.13 years, 3.22 years, and 1.20 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical percentiles [2][9]. - The coupon duration congestion index slightly declined. After reaching its peak in March 2024, the index has been falling. This week, it decreased slightly compared to last week and is currently at the 12.20% level since March 2021 [11]. 3. Summary by Relevant Catalogs 3.1 All - Variety Term Overview - Urban investment bonds: The weighted average trading term hovered around 2.13 years. The duration of Sichuan provincial urban investment bonds extended to 5.36 years, while the trading duration of Guangdong district - county - level urban investment bonds shortened to around 1.50 years. The historical percentiles of the durations of urban investment bonds in regions such as Sichuan provincial, Jiangsu district - county - level, Chongqing district - county - level, and Fujian district - county - level have exceeded 90%, and the duration of Henan prefecture - level city urban investment bonds is approaching the highest level since 2021 [3][15]. - Industrial bonds: The weighted average trading term has slightly extended compared to last week, generally around 2.63 years. The trading duration of the pharmaceutical and biological industry shortened to 1.05 years, while that of the building materials industry extended to 2.49 years. The trading duration of the food materials industry is at a relatively low historical percentile, and industries such as public utilities and building materials are at historical percentiles above 90% [3][20]. - Commercial bank bonds: The duration of general commercial financial bonds extended to 4.05 years, at the 99.5% historical percentile, higher than the level of the same period last year. The duration of secondary capital bonds extended to 4.59 years, at the 99.1% historical percentile, lower than the level of the same period last year. The duration of bank perpetual bonds extended to 3.72 years, at the 66.3% historical percentile, higher than the level of the same period last year [3][22]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at historical percentiles of 65.3%, 48%, 31%, and 67.6% respectively. The duration of insurance company bonds has slightly extended compared to last week, while the durations of the others have slightly shortened [3][25]. 3.2 Variety Microscope - Information in this part is mainly included in the "All - Variety Term Overview" above, with detailed data and analysis of different types of bonds such as urban investment bonds, industrial bonds, commercial bank bonds, and other financial bonds. For example, specific data on the durations and historical percentiles of bonds in different regions and industries are provided [3][15][20].

Group 1: Report Overview - The report is a fixed - income weekly report titled "Institutional Behavior of Joint - stock Banks Triggers Bullish Signals - Weekly Report on Bond Market Institutional Behavior (Week 2 of August)" dated August 17, 2025 [1][2] - The chief analyst is Yan Ziqi, and the analyst is Hong Ziyan [2] Group 2: Core Viewpoints - The bond market's bullish space has opened, and institutional behavior indicators have triggered bullish signals. A trading - following strategy based on joint - stock banks' transactions may have a high win - rate [2][3][12] - Although there are short - term bearish factors in the bond market, the medium - and long - term trend remains unchanged, and the bullish space has opened [4][13] Group 3: Weekly Institutional Behavior Review 3.1 General Comment - A rate - timing signal was developed based on joint - stock banks' trading behavior. In the past year, it gave 5 long - lasting large - wave signals with a 100% win - rate on large waves. On August 13, it triggered a bullish signal that lasted for 3 days [3][12] - Big banks were the main buyers of short - and medium - term bonds, while funds and securities firms sold long - term interest - rate bonds, and rural commercial banks, insurance companies, and city commercial banks were the main buyers. The bond market's capital supply remained loose, and the overall spread of the curve widened [4][13] 3.2 Yield Curve - The yields of treasury bonds and China Development Bank bonds generally increased. For treasury bonds, the 1Y yield rose 2bp, 3Y fell 1bp, 5Y rose about 4bp, 7Y rose 5bp, 10Y rose 6bp, 15Y rose about 7bp, and 30Y rose 9bp. For China Development Bank bonds, the 1Y yield rose 3bp, 3Y rose 4bp, 5Y rose 8bp, 7Y rose 7bp, 10Y rose 8bp, 15Y rose 7bp, and 30Y rose 9bp [15] 3.3 Term Spread - For treasury bonds, the interest spread increased, and the term spread generally widened. For China Development Bank bonds, the interest - spread inversion deepened, and the short - end spread widened [16][19] Group 4: Bond Market Leverage and Funding 4.1 Leverage Ratio - The leverage ratio dropped to 107.22%. From August 11 to 15, it first increased and then decreased [20] 4.2 Repurchase Transactions - The average daily trading volume of pledged repurchase this week was 8.2 trillion yuan, with an average overnight proportion of 89.82%. The overnight trading volume increased by 0.03 trillion yuan month - on - month, and the overnight proportion decreased by 0.05pct [26][30] 4.3 Funding - Banks' fund lending first increased and then decreased. Big banks and policy banks' net lending on August 15 was 4.83 trillion yuan. The main fund borrowers were funds. DR007 fluctuated upward, and R007 continued to rise [32] Group 5: Duration of Medium - and Long - Term Bond Funds 5.1 Median Duration - The median duration of medium - and long - term bond funds remained at 2.81 years (de - leveraged) and 3.11 years (leveraged). On August 15, the de - leveraged median duration changed less than 0.01 year, and the leveraged median duration decreased by 0.02 years [44] 5.2 Duration by Bond - Fund Type - The median duration of interest - rate bond funds (leveraged) rose to 3.94 years, an increase of 0.02 years from last Friday. The median duration of credit - bond funds (leveraged) dropped to 2.86 years, a decrease of 0.03 years from last Friday [47] Group 6: Category Strategy Comparison 6.1 Sino - US Spread - The Sino - US treasury bond spreads generally widened. The 1Y spread widened by 2bp, 2Y by about 1bp, 3Y narrowed by 4bp, 5Y widened by about 3bp, 7Y widened by 1bp, 10Y changed less than 1bp, and 30Y widened by 2bp [52] 6.2 Implied Tax Rate - The implied tax rate generally widened. As of August 15, the 1Y spread between China Development Bank bonds and treasury bonds widened by about 2bp, 3Y by 5bp, 5Y by 3bp, 7Y by about 3bp, 10Y by 2bp, 15Y narrowed by 1bp, and 30Y changed less than 1bp [53] Group 7: Bond Lending Balance Changes - On August 15, the lending concentration of active 10Y treasury bonds and active 10Y China Development Bank bonds increased, while that of less - active 10Y treasury bonds, less - active 10Y China Development Bank bonds, and active 30Y treasury bonds decreased. By institution, the lending concentration of securities firms and other institutions increased, while that of big banks and small - and medium - sized banks decreased [54]

Group 1: Overall Market and Fund Position Overview - The CSI 300 index declined by 1.75% from July 28 to August 1, 2025. The overall estimated equity position of active equity and partial - equity hybrid funds increased by 0.00% to 84.58%, down 3.64% compared to the quarterly report [3][7] - The estimated equity position of active equity funds increased by 0.39% to 88.69% this week, while that of partial - equity hybrid funds decreased by 0.08% to 83.64% [7] Group 2: Industry Allocation of Active Equity and Partial - Equity Hybrid Funds - The top 5 industries held by active equity and partial - equity hybrid funds this week are electronics (13.52%), power equipment (8.33%), pharmaceutical biology (7.37%), communication (6.35%), and automobiles (6.19%) [4][16] - The top 3 industries with increased positions are communication (+0.66%), national defense and military industry (+0.58%), and comprehensive (+0.53%); the top 3 industries with decreased positions are computer (-0.39%), banking (-0.35%), and automobiles (-0.30%) [4][16] Group 3: Fund Position Characteristics - The overall estimated equity position adjustment range of active equity and partial - equity hybrid funds is mostly concentrated in [0%, 1%), with 496 funds, followed by [-1%, 0%), with 180 funds [10] - Funds with sizes of 2 - 5 billion, 8 - 10 billion, and over 10 billion slightly increased their positions this week, while funds of other sizes slightly reduced their positions [10] - In terms of fund holding styles, the proportion of growth stocks in fund holdings is higher. Both value stocks and growth stocks were slightly reduced this week. The proportion of small - cap stocks in fund holdings is relatively high. Large - cap stocks were slightly increased, while mid - cap and small - cap stocks were slightly reduced [13] Group 4: Bond Fund Duration Estimation - The yield to maturity of China Bond's 10 - year CDB bonds decreased by 5bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.46 years. The duration divergence decreased, and the estimated duration standard deviation decreased by 0.03 to 1.89 years. The median duration of short - term pure bond funds decreased by 0.08 to 1.02 years [4][19] - The median duration of credit bond funds increased by 0.00 to 3.15 years, with 8% of actively operated funds and 24% of conservatively operated funds; the median duration of interest - rate bond funds decreased by 0.28 to 4.85 years, with 45% of actively operated funds and 7% of conservatively operated funds [4] - The estimated duration of credit bond funds this week is concentrated in [3, 3.5), with 122 funds, followed by [3.5, 4), with 118 funds; the estimated duration of interest - rate bond funds this week is concentrated in [5, +∞), with 181 funds, followed by [4, 4.5), with 50 funds [27] - Among credit bond funds, the proportion of funds with active duration operations (above the 80% quantile of their own duration in the past year) is 8.02%, and the proportion of funds with conservative duration operations (below the 20% quantile of their own duration in the past year) is 24.43%; among interest - rate bond funds, the proportion of funds with active duration operations is 45.01%, and the proportion of funds with conservative duration operations is 7.28% [28] - The yield to maturity of China Bond's 1 - year CDB bonds decreased by 3bps this week. The median estimated duration of short - term pure bond funds decreased by 0.08 to 1.02 years, at the 95.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence increased, and the estimated duration standard deviation increased by 0.00 to 0.48 years. The estimated duration of passive policy - bank bond funds increased by 0.10 to 3.87 years [32]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - From July 28 - August 1, 2025, the CSI 300 declined by 1.75%, while the overall estimated stock position of active equity and partial - equity hybrid funds remained unchanged at 84.58% [3][7]. - The top 5 industries held by active equity and partial - equity hybrid funds this week are Electronics (13.52%), Electric Power Equipment (8.33%), Medicine and Biology (7.37%), Communication (6.35%), and Automobile (6.19%) [4][17]. - The top 3 industries with increased positions are Communication (+0.66%), National Defense and Military Industry (+0.58%), and Comprehensive (+0.53%); the top 3 industries with decreased positions are Computer (-0.39%), Bank (-0.35%), and Automobile (-0.30%) [4][17]. - The yield to maturity of the 10 - year China Development Bank bond decreased by 5bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years [4][20]. 3. Summary by Relevant Catalogs 3.1 Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. Compared with the quarterly report, it has decreased by 3.64%. Active equity funds' estimated stock position increased by 0.39% to 88.69%, while partial - equity hybrid funds' position decreased by 0.08% to 83.64% [7]. - This week, the overall increase or decrease in positions of active equity and partial - equity hybrid funds was mostly concentrated in [0%, 1%] (496 funds), followed by [-1%, 0%) (180 funds) [11]. - Funds with sizes of 2 - 5 billion, 8 - 10 billion, and over 10 billion slightly increased their positions, while other - sized funds slightly decreased their positions [11]. - In terms of fund holding styles, growth stocks accounted for a higher proportion, and both value and growth stocks were slightly reduced this week. Small - cap stocks accounted for a relatively high proportion, with large - cap stocks slightly increasing positions, and mid - cap and small - cap stocks slightly decreasing positions [14]. 3.2 Bond Fund Duration Estimation - The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.46 years. The duration divergence decreased, with the estimated duration standard deviation decreasing by 0.03 to 1.89 years. The median duration of short - term pure bond funds decreased by 0.08 to 1.02 years [4][20]. - The median duration of credit bond funds increased by 0.00 to 3.15 years, with 8% of actively - operated funds and 24% of conservatively - operated funds. The median duration of interest - rate bond funds decreased by 0.28 to 4.85 years, with 45% of actively - operated funds and 7% of conservatively - operated funds [4]. - The median estimated duration of credit bond funds was concentrated in [3, 3.5) (122 funds), followed by [3.5, 4) (118 funds). The median estimated duration of interest - rate bond funds was concentrated in [5,) (181 funds), followed by [4, 4.5) (50 funds) [26]. - Among credit bond funds, 8.02% of funds actively adjusted their duration, and 24.43% adjusted conservatively. Among interest - rate bond funds, 45.01% of funds actively adjusted their duration, and 7.28% adjusted conservatively [27]. - The yield to maturity of the 1 - year China Development Bank bond decreased by 3bps. The median estimated duration of short - term pure bond funds decreased by 0.08 to 1.02 years, at the 95.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence increased, with the estimated duration standard deviation increasing by 0.00 to 0.48 years. The estimated duration of passive policy - bank bond funds increased by 0.10 to 3.87 years [31].

Group 1: Fund Size and Growth - The total net asset value of four types of bond funds reached 9.26 trillion yuan in Q2 2025, an increase of 561.7 billion yuan compared to the previous quarter[14] - The medium- and long-term pure bond funds grew by 269.2 billion yuan to 6.46 trillion yuan, while short-term pure bond funds increased by 172.4 billion yuan to 1.14 trillion yuan[14] - The net asset values of primary and secondary bond funds were 850.2 billion yuan and 807.7 billion yuan, respectively, with increases of 81.6 billion yuan and 38.5 billion yuan from the previous quarter[14] Group 2: Asset Allocation and Bond Holdings - Bond positions increased significantly, with a net purchase of 800.7 billion yuan in Q2 2025 after a reduction of 458.4 billion yuan in Q1[21] - The market value of bonds held by medium- and long-term pure bond funds was 7.76 trillion yuan, while short-term pure bond funds held 1.28 trillion yuan, reflecting increases of 396.2 billion yuan and 224.7 billion yuan, respectively[21] - The proportion of bond holdings in total assets for the four types of bond funds increased, with medium- and long-term pure bond funds at 97.75% and short-term pure bond funds at 97.81%[21] Group 3: Leverage and Duration - The average leverage ratios for medium- and long-term pure bond funds, short-term pure bond funds, primary bond funds, and secondary bond funds were 120%, 114%, 117%, and 114%, respectively, showing increases from the previous quarter[26] - The average duration of medium- and long-term interest rate bond funds rose by 0.81 years to 4.23 years, while medium- and long-term credit bond funds increased by 0.94 years to 3.42 years, marking the largest single-period increase on record[6] Group 4: Credit Quality and Composition - The proportion of high-rated credit bonds increased, with AAA-rated bonds in medium- and long-term pure bond funds rising by 1.23 percentage points to 96.10%[59] - The market value of credit bonds held by medium- and long-term pure bond funds was 3.70 trillion yuan, with an increase of 206.2 billion yuan, while short-term pure bond funds held 1.1 trillion yuan in credit bonds, reflecting an increase of 184.7 billion yuan[40]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - As of July 25, the weighted average trading terms of urban investment bonds and industrial bonds were 2.19 years and 3.46 years respectively, both at over 90% of the historical quantiles since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.45 years, 3.86 years, and 2.74 years respectively. The bank perpetual bonds were at a relatively low historical level. For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.50 years, 2.31 years, 3.65 years, and 1.22 years respectively. The securities company bonds and securities subordinated bonds were at lower historical quantiles, while the leasing company bonds were at a higher historical quantile [3][12]. - The coupon duration crowding index decreased and then slightly increased. After reaching its highest value in March 2024, it dropped and slightly rose this week compared to last week. Currently, it is at the 17.60% level since March 2021 [18]. 3. Summary by Directory 3.1 Full - variety Term Overview - Urban investment bonds: The weighted average trading term was around 2.19 years. Shaanxi provincial urban investment bonds' duration extended to nearly 8 years, while Guangdong prefecture - level city urban investment bonds' trading duration shortened to around 2.69 years. The historical quantiles of the durations of urban investment bonds in regions such as Henan provincial, Shandong prefecture - level city, Jiangsu district - county level, and Fujian district - county level had exceeded 90%, and the duration of Chongqing district - county level urban investment bonds was approaching the highest since 2021 [4][22]. - Industrial bonds: The weighted average trading term was around 3.46 years, slightly shorter than last week. The trading duration of the coal industry shortened to 1.85 years, and that of the building materials industry extended to 3.79 years. The real - estate industry's trading duration was at a relatively low historical level, while industries such as public utilities, transportation, commercial retail, and building materials were all at over 90% of the historical quantiles [4][30]. - Commercial bank bonds: The duration of general commercial financial bonds extended to 2.74 years, at the 98.6% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.45 years, at the 99.1% historical quantile, higher than the same period last year. The duration of bank perpetual bonds extended to 3.86 years, at the 72.1% historical quantile, higher than the same period last year [4][35]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 82.6%, 57%, 26.9%, and 69.4% historical quantiles respectively. The durations of insurance company bonds and securities subordinated bonds slightly extended compared to last week [4][38]. 3.2 Variety Microscope - Urban investment bonds: The weighted average trading term was around 2.19 years. There were significant regional differences. For example, Shaanxi provincial urban investment bonds had a long duration, while Guangdong prefecture - level city urban investment bonds had a short duration. Some regional urban investment bonds' durations were at high historical quantiles [4][22]. - Industrial bonds: The overall weighted average trading term was around 3.46 years, with different trends in different industries. The coal industry's duration shortened, and the building materials industry's duration extended. Different industries were at different historical quantiles [4][30]. - Commercial bank bonds: All three types of bonds (general commercial financial bonds, secondary capital bonds, and bank perpetual bonds) had their durations extended compared to last year, with different historical quantiles [4][35]. - Other financial bonds: There were differences in the durations and historical quantiles among different types of bonds, and the durations of insurance company bonds and securities subordinated bonds slightly increased [4][38].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of July 25, the weighted average trading durations of urban investment bonds and industrial bonds were 2.19 years and 3.46 years respectively, both at over 90% of the quantile levels since March 2021 [2][10]. - The ticket - duration congestion index declined and then slightly increased, currently at the 17.60% level since March 2021 [13]. Summary by Catalog 1. All - Variety Duration Overview - The weighted average trading durations of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, general commercial financial bonds, securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 2.19 years, 3.46 years, 4.45 years, 3.86 years, 2.74 years, 1.50 years, 2.31 years, 3.65 years, and 1.22 years respectively [2][10]. - The ticket - duration congestion index reached its peak in March 2024 and then declined, rising slightly this week compared to last week, and is currently at 17.60% of the level since March 2021 [13]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading duration hovered around 2.19 years. Shaanxi provincial urban investment bonds' duration extended to nearly 8 years, while Guangdong prefecture - level city urban investment bonds' duration shortened to around 2.69 years [3][17]. - The duration quantiles of urban investment bonds in regions such as Henan provincial, Shandong prefecture - level city, Jiangsu district - county level, and Fujian district - county level have exceeded 90%, and the duration of Chongqing district - county level urban investment bonds is approaching the highest since 2021 [3][17]. Industrial Bonds - The weighted average trading duration shortened slightly compared to last week, generally around 3.46 years. The trading duration of the coal industry shortened to 1.85 years, while that of the building materials industry extended to 3.79 years [3][22]. - The trading duration of the real estate industry is at a relatively low historical quantile, while industries such as public utilities, transportation, commerce and retail, and building materials are at over 90% of the historical quantiles [3][22]. Commercial Bank Bonds - The duration of general commercial financial bonds extended to 2.74 years, at the 98.6% historical quantile, higher than the same period last year [3][25]. - The duration of secondary capital bonds extended to 4.45 years, at the 99.1% historical quantile, higher than the same period last year [3][25]. - The duration of bank perpetual bonds extended to 3.86 years, at the 72.1% historical quantile, higher than the same period last year [3][25]. Other Financial Bonds - In terms of weighted average trading duration, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 82.6%, 57%, 26.9%, and 69.4% of the historical quantiles respectively. The durations of insurance company bonds and securities sub - bonds slightly extended compared to last week [4][28].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - As of July 18, the weighted average trading terms of urban investment bonds and industrial bonds were 2.40 years and 3.52 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.42 years, 3.67 years, and 2.48 years respectively. The durations of secondary capital bonds and general commercial financial bonds were at high levels. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.57 years, 1.78 years, 3.45 years, and 1.28 years respectively. Securities company bonds and securities sub - bonds were at lower historical quantiles, while leasing company bonds were at higher historical quantiles [2][10]. - The coupon duration congestion index declined and then slightly increased. After reaching its highest value in March 2024, it dropped and slightly rose this week, currently at the 21.30% level since March 2021 [12]. 3. Summary by Relevant Catalogs 3.1 Full - Variety Term Overview - Urban investment bonds: The weighted average trading term hovered around 2.40 years. The durations of Guangdong prefecture - level and Shaanxi provincial urban investment bonds exceeded 4.5 years, while the trading duration of Hebei provincial urban investment bonds shortened to around 0.44 years. The duration historical quantiles of urban investment bonds in regions such as Jiangsu prefecture - level, Fujian prefecture - level, Zhejiang district - level, and Chongqing district - level exceeded 90%, and the duration of Jiangsu district - level urban investment bonds approached the highest since 2021 [3][16]. - Industrial bonds: The weighted average trading term shortened slightly compared to last week, generally around 3.52 years. The trading duration of the pharmaceutical and biological industry shortened to 2.88 years, while that of the building decoration industry extended to 4.45 years. The trading duration of the food and beverage industry was at a lower historical quantile, and industries such as public utilities, transportation, coal, commercial retail, and building materials were all at over 90% historical quantiles [3][23]. - Commercial bank bonds: The duration of general commercial financial bonds shortened to 2.48 years, at the 96.4% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.42 years, at the 98.6% historical quantile, higher than the same period last year. The duration of bank perpetual bonds shortened to 3.67 years, at the 65.7% historical quantile, higher than the same period last year [3][26]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 73.3%, 19.5%, 39.5%, and 76% historical quantiles respectively. The durations of insurance company bonds and securities sub - bonds slightly extended compared to last week [4][29]. 3.2 Variety Microscope - The coupon duration congestion index is the reciprocal of the standard deviation of durations among varieties. A larger index means a smaller standard deviation of duration changes among different varieties, indicating more consistent behavior. It should be analyzed in combination with the duration changes of each variety [15]. - The report provides various charts to show the average trading duration, historical quantiles of durations, and duration changes of different types of bonds, including credit bonds, non - financial credit bonds, urban investment bonds in different provinces, industrial bonds, commercial bank bonds, and other financial bonds [9]

1. Report's Investment Rating for the Industry - Not provided in the given content 2. Core View of the Report - The weighted average trading durations of mainstream bond varieties are approaching their peaks again. As of July 11, the weighted trading durations of urban investment bonds and industrial bonds are at 2.44 years and 3.77 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are 4.16 years, 3.74 years, and 2.95 years respectively, with bank perpetual bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds are 1.43 years, 1.83 years, 3.56 years, and 1.20 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical quantiles and insurance company bonds at a relatively high historical quantile [10]. - The coupon duration congestion index declined and then slightly increased. After reaching its highest value in March 2024, it dropped and this week decreased slightly compared to last week, currently at the 17.8% level since March 2021 [12]. 3. Summary by Directory 3.1 All - Variety Duration Overview - As of July 11, the weighted trading durations of urban investment bonds and industrial bonds are 2.44 years and 3.77 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are 4.16 years, 3.74 years, and 2.95 years respectively. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds are 1.43 years, 1.83 years, 3.56 years, and 1.20 years respectively [2][10]. 3.2 Variety Microscope 3.2.1 Urban Investment Bonds - The weighted average trading duration hovers around 2.44 years. The durations of urban investment bonds in Guangdong prefecture - level cities and Hebei provincial - level are over 5 years, while the trading duration of Shanxi prefecture - level urban investment bonds has shortened to around 1.35 years. The historical quantiles of the durations of urban investment bonds in regions such as Jiangsu prefecture - level cities, Jiangsu district - level, Zhejiang prefecture - level cities, and Chongqing district - level have exceeded 90%. The durations of Hunan provincial - level and Henan prefecture - level urban investment bonds are approaching their highest levels since 2021 [3][16]. 3.2.2 Industrial Bonds - The weighted average trading duration has slightly lengthened compared to last week, generally around 3.77 years. The trading duration of the real - estate industry has shortened to 1.78 years, while that of the public utilities industry has lengthened to 4.62 years. The trading duration of the real - estate industry is at a relatively low historical quantile, while industries such as public utilities, transportation, pharmaceutical biology, commercial retail, and building materials are all at over 90% historical quantiles [3][21]. 3.2.3 Commercial Bank Bonds - The duration of general commercial financial bonds has shortened to 2.95 years, at the 99.1% historical quantile, higher than the level of the same period last year. The duration of secondary capital bonds has shortened to 4.16 years, at the 92.4% historical quantile, higher than the level of the same period last year. The duration of bank perpetual bonds has lengthened to 3.74 years, at the 68.3% historical quantile, higher than the level of the same period last year [3][23]. 3.2.4 Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at 79%, 23%, 16%, and 68% historical quantiles respectively. The durations of insurance company bonds and securities subordinated bonds have slightly lengthened compared to last week [4][25].