1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This weekly report tracks the liquidity scores of individual bonds in different bond sectors based on the liquidity scores of QB's bond assets. In the urban investment bond sector, the number of high - grade liquid bond items in Jiangsu, Sichuan, and Chongqing has increased, and the overall situation in Shandong and Tianjin has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year, 1 - 2 years, and 3 - 5 years has increased, while that of 2 - 3 years has decreased, and the situation for those over 5 years has remained stable. In terms of implied ratings, the number of high - grade liquid bond items with ratings of AAA, AA, AA(2), and AA - has increased, while that of AA+ has decreased. [2] - In the industrial bond sector, the number of high - grade liquid bond items in the real estate and steel industries has increased, while that in the public utilities, transportation, and coal industries has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year and 1 - 2 years has increased, that of 3 - 5 years has decreased, and the situation for 2 - 3 years and over 5 years has remained stable. In terms of ChinaBond implied ratings, the number of high - grade liquid bond items with ratings of AAA+, AAA-, AA+, and AA has increased, with a relatively large increase in medium - and low - rated items such as AA+ and AA, while the number of those with a rating of AAA has decreased. [3] 3. Summaries According to Relevant Catalogs 3.1 Urban Investment Bonds: Increased Liquidity of Medium - and Short - Maturity High - Grade Bond Items - **Distribution of Bond Items**: The number of high - grade liquid urban investment bonds with medium - and short - maturities has increased. Regionally, the number in Jiangsu, Sichuan, and Chongqing has increased, while that in Shandong and Tianjin has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year, 1 - 2 years, and 3 - 5 years has increased, that of 2 - 3 years has decreased, and the situation for those over 5 years has remained stable. In terms of implied ratings, the number of high - grade liquid bond items with ratings of AAA, AA, AA(2), and AA - has increased, while that of AA+ has decreased. [9] - **Yield Situation**: Regionally, the yields of high - grade liquid bond items in Jiangsu, Shandong, Sichuan, and Chongqing have mainly decreased, while that in Tianjin has mainly increased, with the fluctuation range concentrated between 1 - 7bp. In terms of maturity, the yields of high - grade liquid bond items in all maturities have mainly decreased, with the decline range concentrated between 1 - 5bp. In terms of implied ratings, the yields of high - grade liquid bond items with a rating of AAA have mainly increased, while those of AA+, AA, AA(2), and AA - have mainly decreased, with the decline range concentrated between 2 - 5bp. [10][11] - **Top 20 in Liquidity Score Increase**: The main body levels are mainly AA and AA+. The regions are concentrated in Jiangsu, Zhejiang, and Anhui. The top 20 main bodies are mainly involved in industries such as building decoration and comprehensive industries. [12] - **Top 20 in Liquidity Score Decrease**: The main body levels are mainly AA and AA+. The regional distribution is mainly in Zhejiang, Jiangsu, Shandong, etc. The top 20 main bodies are mainly in comprehensive, real estate, and building decoration industries. [12] 3.2 Industrial Bonds: Increased Liquidity of Short - Maturity Medium - and Low - Rated Bond Items - **Distribution of Bond Items**: The number of high - grade liquid industrial bonds with short - maturities and medium - and low - ratings has generally remained stable. By the issuer's industry, the number of high - grade liquid bond items in the real estate and steel industries has increased, while that in the public utilities, transportation, and coal industries has remained stable. In terms of maturity, the number of high - grade liquid bond items with maturities of less than 1 year and 1 - 2 years has increased, that of 3 - 5 years has decreased, and the situation for 2 - 3 years and over 5 years has remained stable. In terms of ChinaBond implied ratings, the number of high - grade liquid bond items with ratings of AAA+, AAA-, AA+, and AA has increased, with a relatively large increase in medium - and low - rated items such as AA+ and AA, while the number of those with a rating of AAA has decreased. [17] - **Yield Situation**: By industry, the yields of high - grade liquid bond items in the real estate, coal, and steel industries have mainly decreased, while those in the public utilities and transportation industries have mainly increased, with the fluctuation range concentrated between 0.5 - 6bp. In terms of maturity, the yields of high - grade liquid bond items with maturities of less than 1 year, 1 - 2 years, 2 - 3 years, and over 5 years have mainly decreased; the yields of B - grade liquid bond items with maturities of 3 - 5 years have mainly increased, with a very small increase; the yields of A - grade bond items have mainly decreased, with a decline of about 2bp. In terms of implied ratings, the yields of high - grade liquid bond items with a rating of AAA+ have mainly increased, with an increase range of 2 - 11bp; the yields of other implied - rated high - grade liquid bond items have mainly decreased, with the decline range concentrated between 1 - 3bp. [19] - **Top 20 in Liquidity Score Increase**: The industries of the top 20 main bodies in liquidity score increase are mainly building decoration, commercial retail, and transportation. The main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, building decoration, commercial retail, and real estate. [21] - **Top 20 in Liquidity Score Decrease**: The top 20 main bodies in liquidity score decrease are mainly in building decoration, transportation, and public utilities. The main body levels are mainly AAA and AA+. The industries of the top 20 bonds are mainly transportation, public utilities, and real estate. [21]