1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The liquidity of medium - to long - term, low - rated high - grade bonds has increased in both the urban investment bond and industrial bond sectors [2][3][8][17]. 3. Summary According to Relevant Catalogs 3.1 Urban Investment Bonds - **Quantity Changes**: The number of high - grade liquid urban investment bonds with medium - to long - term and low - rated characteristics has increased. Regionally, the number of high - grade liquid bonds has increased in Shandong and Chongqing, decreased in Jiangsu, and remained stable in Sichuan and Tianjin. In terms of maturity, the number of high - grade liquid bonds has increased in the 1 - 2 year, 2 - 3 year, 3 - 5 year, and over 5 - year periods, and decreased within 1 year. In terms of implicit ratings, the number of high - grade liquid bonds has increased for AA +, AA, and AA -, decreased for AAA, and remained stable for AA(2) [8]. - **Yield Changes**: Regionally, the yields of high - grade liquid bonds in each region have mainly declined, with the decline ranging from 3 - 9bp. In terms of maturity, the yields of high - grade liquid bonds in each maturity period have mainly declined, with the decline ranging from 6 - 16bp. In terms of implicit ratings, the yields of high - grade liquid bonds in each implicit rating have mainly declined, with the decline ranging from 3 - 8bp [10][11]. - **Top 20 Gainers and Losers in Liquidity Score**: Among the top 20 gainers, the main body ratings are mainly AA and AA +, concentrated in regions such as Zhejiang, Jiangsu, and Guangdong, and mainly involve industries such as building decoration and comprehensive. Among the top 20 losers, the main body ratings are mainly AA and AA +, the regional distribution is mainly in Jiangsu and Zhejiang, and the main industries are building decoration and real estate [12]. 3.2 Industrial Bonds - **Quantity Changes**: The number of high - grade liquid industrial bonds with medium - to long - term and low - rated characteristics has increased. By industry, the number of high - grade liquid bonds has increased in the real estate, public utilities, transportation, and coal industries, and remained stable in the steel industry. In terms of maturity, the number of high - grade liquid bonds has increased within 1 year, 1 - 2 years, 3 - 5 years, and over 5 years, with a larger increase in medium - to long - term bonds; the 2 - 3 year period has remained stable. In terms of implicit ratings, the number of high - grade liquid bonds has increased for AAA +, AAA -, AA +, and AA, with a larger increase in medium - and low - rated bonds; AAA has remained stable [17]. - **Yield Changes**: By industry, the yields of high - grade liquid bonds in each industry have mainly declined, with the decline ranging from 2 - 9bp. In terms of maturity, the yields of high - grade liquid bonds in each maturity period have mainly declined, with the decline ranging from 2 - 11bp. In terms of implicit ratings, the yields of high - grade liquid bonds in each implicit rating have mainly declined, with the decline ranging from 3 - 15bp [19]. - **Top 20 Gainers and Losers in Liquidity Score**: Among the top 20 gainers in liquidity score, the industries of the main bodies are mainly building decoration, real estate, transportation, and public utilities, and the main body ratings are mainly AAA and AA +. The industries of the top 20 gaining bonds are mainly building decoration, public utilities, and transportation. Among the losers, the top 20 main bodies are mainly in building decoration and real estate, with main body ratings of AAA and AA +, and the industries of the top 20 losing bonds are mainly transportation and building decoration [22].