1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report The report analyzes the credit market from December 22 - December 26, 2025. It shows that the primary - market credit bond issuance and net financing increased, while the repayment decreased, and the asset - backed securities' net financing decreased. In the secondary market, the trading volume of credit bonds increased, and the yield and credit spread of different bonds fluctuated. There were also negative credit events. Investment suggestions are provided for different types of bonds in 2026 [3][5][6]. 3. Summary by Relevant Catalogs 3.1 This Week's Credit Hot Events - "22 Vanke MTN005" multiple extension proposals were not approved, and only the extension of the principal and interest payment grace period to 30 trading days was agreed. The grace period for the bond with a scale of 3.7 billion yuan expires on February 10, 2026. Vanke's debt disposal for public and non - standard debts may be different, and a lack of clear credit enhancement for public debts may lead to increased risks [9][10][12]. - The Shanghai Stock Exchange issued the "Shanghai Stock Exchange Bond Continuation Business Guide No. 5 - Corporate Bond Trustee Management", aiming to clarify trustee responsibilities, encourage active credit management, and improve business quality and efficiency [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - Credit bond (excluding asset - backed securities) net financing was 213.8 billion yuan, an increase of 98.7 billion yuan. The total issuance was 421.3 billion yuan (up 56.9 billion yuan), and the total repayment was 207.5 billion yuan (down 41.8 billion yuan). Asset - backed securities' net financing was 20.6 billion yuan, a decrease of 2.9 billion yuan [15]. - By product type, the net financing of urban investment bonds was 28.6 billion yuan (up 8.4 billion yuan), industrial bonds was 68.3 billion yuan (down 2.6 billion yuan), and financial bonds was 117 billion yuan (up 92.9 billion yuan) [15]. - In terms of issuance and redemption quantity, urban investment bonds' issuance decreased by 14 and redemption decreased by 22; industrial bonds' issuance decreased by 42 and redemption increased by 7; financial bonds' issuance increased by 4 and redemption decreased by 17 [17]. 3.2.2 Issuance Cost - The issuance rate of AA financial bonds remained above 3%, while the rates of AA + urban investment bonds and AAA financial bonds increased slightly. Other bonds' rates decreased to varying degrees. Specifically, the rates of AA urban investment bonds and AA + financial bonds dropped by 53BP and 50BP respectively [21]. 3.3 Secondary Market 3.3.1 Trading Situation - The trading volume of credit bonds (excluding asset - backed securities) increased by 83.7 billion yuan. Urban investment bonds' trading volume was 285.6 billion yuan (up 26.2 billion yuan), industrial bonds was 364.7 billion yuan (down 2.7 billion yuan), and financial bonds was 687.7 billion yuan (up 60.2 billion yuan). Asset - backed securities' trading volume was 20.4 billion yuan (down 5.1 billion yuan) [22]. - Regarding turnover rate, the overall credit bond turnover rate showed mixed changes. Urban investment bonds' turnover rate was 1.83% (up 0.17pct), industrial bonds was 1.88% (down 0.02pct), financial bonds was 4.43% (up 0.37pct), and asset - backed securities was 0.52% (down 0.15pct) [23]. 3.3.2 Yield - The yield of credit bonds with different ratings and maturities fluctuated within 4BP. For example, the yields of 1 - year AA, AAA -, and AAA + credit bonds fluctuated within 1BP, and the yields of 5 - year AA, AAA -, and AAA + credit bonds compressed by 3BP, 4BP, and 2BP respectively [25]. 3.3.3 Credit Spread - Overall, the credit spread of the AA + textile and apparel industry compressed by 12BP, while the spreads of the AAA real estate and AA + pharmaceutical and biological industries widened by 7BP and 9BP respectively. Other industries' spreads fluctuated within 5BP [30]. - For urban investment bonds, the short - term (within 1Y) spread widened by 4BP, and other maturities' spreads fluctuated within 2BP. Regionally, most urban investment bond spreads in different regions widened slightly [32][34]. - For industrial bonds, the short - term credit spread widened significantly, while the spreads of bonds over 1Y compressed to varying degrees [38]. - For bank capital bonds, the spreads of bank Tier 2 and perpetual bonds within 5Y widened significantly, while the spreads of long - term bonds over 5Y fluctuated within 2BP [40]. 3.4 This Week's Bond Market Negative News Two entities' four bond implicit ratings were downgraded, and Bohai Leasing Co., Ltd.'s two bonds announced extensions [4][41]. 3.5 Investment Suggestions - For urban investment bonds, short - duration (within 2Y) bonds can be used as a base position, and high - quality urban investment entities with a duration of 3 - 5Y can be selected to increase returns [6]. - For industrial bonds, high - quality central and state - owned enterprise bonds can be used as a base position with a longer duration, and industries with marginal improvement should be focused on [6]. - For Tier 2 and perpetual bonds, trading opportunities of bonds with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and bonds of high - quality city commercial banks and rural commercial banks in economically developed and debt - resolution - advanced regions should be considered [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of the AAA electrical equipment industry compressed significantly compared to last week, while the credit spreads of other industries and ratings widened to varying degrees. For urban investment bonds, the credit spreads of those with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. For industrial bonds, most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For bank capital bonds, the short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly [3][4][30]. - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [5][7][44]. 3. Summary by Related Catalogs 3.1 This Week's Credit Hot Events - On December 19th, the Shanghai Stock Exchange issued a notice allowing eligible overseas institutional investors to conduct bond repurchase business on the Shanghai Stock Exchange, providing them with standardized liquidity management tools [11]. - On December 15th, the National Association of Financial Market Institutional Investors launched a self - regulatory investigation into Postal Savings Bank of China for suspected violations in the underwriting and issuance of debt financing instruments [12]. - On December 15th, Guizhou Rural Commercial United Bank Co., Ltd. was approved to open. It acquired the shares of 16 rural commercial banks and 5 rural credit cooperatives, with an increased registered capital of 10.458 billion yuan and new shareholders including the Guizhou Provincial Department of Finance and China Kweichow Moutai Group Co., Ltd. [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 116.1 billion yuan, a decrease of 128.1 billion yuan compared to last week. The total issuance was 365.5 billion yuan, a decrease of 99.1 billion yuan, and the total repayment was 249.3 billion yuan, an increase of 29 billion yuan. The net financing of asset - backed securities was 20.9 billion yuan, a decrease of 27 billion yuan compared to last week [14]. - By product type, the net financing of urban investment bonds was 21.3 billion yuan, an increase of 500 million yuan; the net financing of industrial bonds was 70.9 billion yuan, a decrease of 44.7 billion yuan; and the net financing of financial bonds was 24 billion yuan, a decrease of 83.9 billion yuan [15]. 3.2.2 Issuance Cost - This week, the issuance rates of AA industrial bonds and urban investment bonds were adjusted to over 2.8%, while the average issuance rates of other bonds with different ratings and types were below 2.8%. Specifically, the issuance rates of AA industrial bonds and urban investment bonds increased by 45BP and 27BP respectively compared to last week, and the issuance rate of AA + financial bonds increased by 58BP [17]. 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 44.3 billion yuan compared to last week. By product type, the trading volume of urban investment bonds was 259.4 billion yuan, a decrease of 13.7 billion yuan; the trading volume of industrial bonds was 367.4 billion yuan, an increase of 13.2 billion yuan; the trading volume of financial bonds was 627.5 billion yuan, a decrease of 43.8 billion yuan. The trading volume of asset - backed securities was 25.5 billion yuan, an increase of 1 billion yuan [24]. - In terms of turnover rate, the turnover rate of credit bonds showed a mixed trend compared to last week. Specifically, the turnover rate of urban investment bonds was 1.66%, a decrease of 0.1 pct; the turnover rate of industrial bonds was 1.89%, an increase of 0.06 pct; the turnover rate of financial bonds was 4.05%, a decrease of 0.29 pct; the turnover rate of asset - backed securities was 0.67%, an increase of 0.03 pct [24]. 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared to last week. For example, the yields of AA, AAA -, and AAA + credit bonds within 1 year decreased by 2BP, 2BP, and 1BP respectively; the yields of AA and AAA + credit bonds with a 5 - year maturity increased by 2BP and 1BP respectively, while the yield of AAA - credit bonds decreased by 1BP; the yields of AA, AAA -, and AAA + credit bonds with a maturity over 10 years decreased by 1BP, 1BP, and less than 1BP respectively [25]. 3.3.3 Credit Spreads - Overall, the credit spreads of the AAA electrical equipment industry compressed significantly by 14BP compared to last week, while the spreads of other industries and ratings widened to varying degrees. For example, the credit spreads of the AA + leisure service industry widened by 20BP, and the spreads of the AA + media and light manufacturing industries widened by 9BP [30]. - **Urban Investment Bonds**: By maturity, the credit spreads of urban investment bonds with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. By region, the top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Yunnan, Jilin, Shandong, and Sichuan; for AA + urban investment bonds, they were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Yunnan; for AAA urban investment bonds, they were Liaoning, Yunnan, Shaanxi, Jilin, and Tianjin [32][34]. - **Industrial Bonds**: Most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For example, the credit spreads of 1 - year AAA -, AA +, and AA private industrial bonds widened by 4BP, 4BP, and 7BP respectively compared to last week; the spreads of 10 - year AAA -, AA +, and AA private industrial bonds widened by 2BP, 2BP, and 2BP respectively [36]. - **Bank Capital Bonds**: The short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly. For example, the credit spreads of 1 - year AAA -, AA +, and AA Tier 2 capital bonds widened by 4BP, 3BP, and 3BP respectively compared to last week, and the spreads of 10 - year AAA -, AA +, and AA Tier 2 capital bonds compressed by 3BP, 2BP, and 2BP respectively [39]. 3.4 This Week's Bond Market Negative News - This week, the implied ratings of bonds issued by five issuers, including Nanjing Zijin Financial Leasing Co., Ltd. and Beijing Tianheng Yuanxin Capital Investment Management Co., Ltd., were downgraded. The "H20 Tianying 3" issued by Wuhan Tianying Investment Group Co., Ltd. and the "Hongda Debenture" issued by Hongda Xingye Co., Ltd. defaulted in essence [4][40]. 3.5 Investment Recommendations - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position to obtain stable coupon income, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected to increase portfolio returns. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration to obtain stable coupon income, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [44].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, credit bond yields continued to fluctuate slightly at a low level, and most credit spreads in different industries reached historical lows since early 2024. The short - term urban investment bond spreads within 3 years have been compressed to the 3% quantile or lower since early 2024, while the long - term spreads over 5 years still have some room to decline. The credit spreads of 3 - 5Y AA+ industrial bonds are currently in the range of 65 - 70BP, and the credit spreads of 3 - 5Y AA+ secondary perpetual bonds are in the range of 50 - 70BP, with some potential. Considering the support from the opening of amortized open - end bond funds in the next six months for 3 - 5Y credit bonds, investors are advised to pay appropriate attention to investment opportunities in 3 - 5Y general credit bonds and secondary perpetual bonds [5][57]. Summary by Directory 1. This Week's Credit Hot Events - **Low - price trading of Jiutai Rural Commercial Bank's secondary capital bonds**: Since the end of October, there have been multiple secondary transactions of Jiutai Rural Commercial Bank's outstanding secondary capital bond "21 Jiutai Rural Secondary" significantly below the valuation, with a transaction price of around 50 yuan. The bank has not released its 2024 annual report, 2025 quarterly reports, and its operation has been under pressure in recent years, with net profit continuously declining and a large loss in 2024, and the capital adequacy ratio approaching the warning line, which has raised market concerns about non - redemption or write - down [10]. - **Shanghai Stock Exchange's written warnings to 3 bond issuers**: Zhenjiang Urban Construction Industry Group, Guangning County Huiye Asset Operation Co., Ltd., and Hongda Xingye Group Co., Ltd. were warned for issues such as non - standard management of special accounts for raised funds, non - compliance with the use of raised funds as stipulated in the prospectus, and inaccurate and untimely information disclosure [13]. - **PBC Beijing Branch's support for science - and - technology innovation enterprises to raise funds through the bond market**: On November 18, 12 departments including the PBC Beijing Branch issued an implementation plan to support eligible enterprises in service consumption fields such as culture, tourism, and education to issue bonds, encourage science - and - technology innovation enterprises to raise funds through the bond market, and support consumer finance companies, auto finance companies, and financial leasing companies to issue financial bonds [14]. 2. Primary Market 2.1 Net Financing Scale - **Overall situation**: This week, the net financing of traditional credit bonds increased compared with last week, while the net financing of asset - backed securities decreased by 18.4 billion yuan. The net financing of urban investment bonds was 5.6 billion yuan, an increase of 3.11 billion yuan; the net financing of industrial bonds was 13.46 billion yuan, an increase of 6.31 billion yuan; and the net financing of financial bonds was 13.58 billion yuan, an increase of 7.65 billion yuan [3][16]. - **Issuance and redemption quantity**: The issuance quantity of urban investment bonds increased by 32, and the redemption quantity decreased by 22; the issuance quantity of industrial bonds increased by 65, and the redemption quantity increased by 19; the issuance quantity of financial bonds increased by 13, and the redemption quantity decreased by 13 [20]. 2.2 Issuance Cost - The issuance interest rates of AA urban investment bonds and industrial bonds decreased significantly this week, falling within the range of 2.6 - 2.8%. The issuance interest rates of other bonds with different ratings were in the range of 1.9 - 2.4%. Specifically, the average issuance interest rates of AA urban investment bonds and industrial bonds decreased by 24BP and 28BP respectively compared with last week. The average issuance interest rates of AA+ and AAA urban investment bonds increased slightly, and the average issuance interest rate of AAA financial bonds increased by 7BP. The average issuance interest rates of other credit bonds with different ratings decreased by 1 - 4BP [3][24]. 3. Secondary Market 3.1 Transaction Situation - **Trading volume**: The trading volume of credit bonds increased by 34.1 billion yuan compared with last week. The trading volume of urban investment bonds was 234.5 billion yuan, an increase of 14.9 billion yuan; the trading volume of industrial bonds was 381.1 billion yuan, an increase of 46.7 billion yuan; the trading volume of financial bonds was 470.5 billion yuan, a decrease of 27.5 billion yuan; the trading volume of asset - backed securities was 18.7 billion yuan, unchanged from last week [3]. - **Turnover rate**: The turnover rates of credit bonds showed mixed trends compared with last week. The turnover rate of urban investment bonds was 1.51%, an increase of 0.09 percentage points; the turnover rate of industrial bonds was 2.02%, an increase of 0.24 percentage points; the turnover rate of financial bonds was 3.07%, a decrease of 0.2 percentage points; the turnover rate of asset - backed securities was 0.52%, unchanged from last week [26]. 3.2 Yields - The yields of credit bonds with different ratings and maturities fluctuated slightly this week, with a fluctuation range of no more than 3BP. For example, the yields of AA, AAA -, and AAA+ credit bonds within 1 year fluctuated by no more than 1BP; the yields of 5Y AA and AAA+ credit bonds decreased by less than 1BP, and the yield of 5Y AAA - credit bonds increased by 3BP; the yields of AA, AAA -, and AAA+ credit bonds over 10 years increased by 1BP [29]. 3.3 Credit Spreads - **Overall situation**: Except for the relatively large fluctuations in the credit spreads of AA+ non - bank finance, leisure services, and textile and clothing industries compared with last week, the fluctuations of credit spreads in other industries and ratings were within 5BP. The credit spreads of AA+ pharmaceutical biology, textile and clothing, and food and beverage industries compressed by 4BP, 15BP, and 4BP respectively, while the credit spreads of AA+ non - bank finance and leisure services industries widened by 6BP [3]. - **Urban investment bonds**: The long - term credit spreads of urban investment bonds over 10 years compressed significantly this week, while the spreads of other maturities fluctuated by no more than 1BP. In terms of regions, the credit spread of AA urban investment bonds in Yunnan compressed by 11BP, and the fluctuations of credit spreads of urban investment bonds in other regions and ratings were within 3BP [42][44]. - **Industrial bonds**: The overall change in industrial credit spreads this week was not significant, and the change range of spreads with different maturities and ratings was within 5BP [48]. - **Bank capital bonds**: The credit spread of 5Y AA+ bank secondary capital bonds compressed by 5BP this week, and the fluctuations of credit spreads of bank secondary perpetual bonds with other maturities and ratings were within 2BP [51]. 4. This Week's Bond Market Public Opinions - There were 7 bond implicit ratings downgraded for 5 issuers this week. China Yintai Investment Co., Ltd. had 3 bond implicit ratings downgraded, and the other issuers included China Water Resources and Hydropower First Engineering Bureau Co., Ltd., PowerChina Commercial Factoring Co., Ltd., Liaoning Kangping County Zhonghe Rural Credit Micro - loan Co., Ltd., and Jilin Jiutai Rural Commercial Bank Co., Ltd. [4][54]. 5. Investment Recommendations - This week, the central bank achieved a net investment of 434 billion yuan through open - market operations. As of Friday's close, DR001 closed at 1.30%, down from 1.5% at the beginning of the week. Overall, except for the relatively large fluctuations in the credit spreads of AA+ non - bank finance, leisure services, and textile and clothing industries, the fluctuations of credit spreads in other industries and ratings were within 5BP. Considering the current situation of credit spreads and the support from the opening of amortized open - end bond funds in the next six months, investors are advised to pay appropriate attention to investment opportunities in 3 - 5Y general credit bonds and secondary perpetual bonds [56][57].

Report Information - Report Title: [Bond Weekly Report] Certificate of Deposit Weekly Report (1020 - 1026): More Disturbances at the Month - End, CDs May Continue to Fluctuate at a Relatively High Level [1] - Report Date: October 26, 2025 - Research Institution: Huachuang Securities Research Institute - Analysts: Zhou Guannan, Song Qi Industry Investment Rating - Not provided in the report Core Viewpoints - Tax payments and new - share subscriptions on the Beijing Stock Exchange may increase capital disturbances. As the transition period of the "interest rate adjustment safeguard clause" approaches the end of November and the maturity scale of CDs is relatively large, CD issuance may still be in demand and remain in a high - level oscillation state in the short term. From a pricing perspective, CDs may continue to fluctuate at a relatively high level, with the weighted issuance rate of 1 - year national and joint - stock bank CDs fluctuating around 1.65 - 1.7%, and the price increase pressure above 1.7% being controllable, allowing for opportunistic layout [2][50] Summary by Directory Supply: Net Financing Increases, and the Term Structure Lengthens - This week (October 20 - 26), the CD issuance scale was 96.324 billion yuan, and the net financing was 34.535 billion yuan (compared to 22.27 billion yuan from October 13 - 19). In terms of supply structure, the issuance proportion of state - owned banks increased from 14% to 19%, and that of joint - stock banks increased from 36% to 43%. In terms of terms, the issuance proportion of 1 - year CDs increased from 19% to 28%, and the weighted issuance term of CDs rose to 7.08 months (previously 6.07 months). Next week (October 27 - November 2), the maturity scale will increase to 56.431 billion yuan, a week - on - week decrease of 5.28 billion yuan [2][5] Demand: Wealth Management and Other Product Categories Are the Main Secondary - Market Allocation Forces, and the Primary - Market Subscription Rate Rises - In the secondary - market allocation, wealth management and other product categories are the main forces, with weekly net purchases of 52.116 billion yuan and 58.277 billion yuan respectively. The net sales of city commercial banks decreased from 102.508 billion yuan to 91.151 billion yuan. In the primary - market issuance, the overall market subscription rate (15DMA) rose to around 87%. By institution, the subscription rate of city commercial banks increased from 84% to 85%, that of joint - stock banks increased from 83% to 86%, and that of state - owned banks decreased from 85% to 84% [2][15] Valuation: CDs See a Slight Price Increase in the Primary Market and Slight Yield Fluctuations in the Secondary Market - In the primary - market pricing, the weighted issuance rate of 1 - year national and joint - stock bank CDs is around 1.68%. Specifically, the 1 - month variety decreased by 1bp compared to last week, the 6 - month and 9 - month varieties remained unchanged, the 1 - year variety increased by 1bp, and the 3 - month variety increased by 2bp. In terms of term spreads, the 1Y - 3M term spread of joint - stock banks decreased by 1bp, at the 18% historical quantile. In terms of credit spreads, the spread between 1 - year city commercial banks and joint - stock banks widened from 7.76BP to 10.35BP, at around the 14% quantile, and the spread between rural commercial banks and joint - stock banks narrowed from 8.27BP to 6.31BP, close to the 9% quantile. In the secondary - market yields, the yields of AAA - rated CDs fluctuated slightly. The 1 - month variety decreased by 1bp compared to last week, the 3 - month, 6 - month, and 9 - month varieties remained unchanged, and the 1 - year variety increased by 1bp, reaching the 8% historical quantile since 2019. The 1Y - 3M term spread of AAA - rated CDs rose to the 20% historical quantile [2][21][31] Comparison: The Spread between Medium - and Short - Term Notes and CDs Continues to Narrow - In terms of asset comparison, the spread between medium - and short - term notes and CDs continued to narrow. Specifically, the spread between the 1 - year AAA - rated CD yield and the 15DMA of DR007 widened from 18.44BP to 23.33BP; the spread with the 15DMA of R007 widened from 9.99BP to 16.68BP; the 1 - year Treasury yield increased by 2.82bp, and the spread between CDs and Treasuries narrowed from 22.29BP to 20.34BP, with the quantile dropping to around 2%; the spread between CDs and China Development Bank bonds narrowed from 4.13BP to 3.30BP, with the quantile dropping to 0%; in addition, the spread between AAA - rated medium - and short - term notes and CDs narrowed from 5.91BP to 3.02BP, with the quantile dropping to 9% [2][38]

哪些信用债更加抗跌 ——信用策略周报 一、上周资金面仍然偏紧，长端信用债表现优于短端 证券研究报告 | 债券专题报告 2025 年 2 月 18 日 由于资金面偏紧、社融数据超预期等因素，上周信用债收益率跟随利率债整体上 行，短端高评级收益率上行幅度较大，信用债收益率曲线趋于平坦化。上周信用 利差大多被动收窄，中长久期中低评级信用债利差压缩幅度大于短久期，3 年期 及以上 AA+级及以下中短票信用利差收窄幅度为 4-8bp，1 年期各评级中短票利 差全周累计收窄 2-4bp。分品种来看，中长久期低评级以及超长久期城投债的信 用利差收窄幅度较大；短久期中高评级二永债利差走阔幅度较大。 2）金融债：上周除短久期外，其他期限二永债信用利差普遍被动收窄，3 年期 中低评级二永债利差收窄幅度较大，约为 4bp。短久期中高评级二永债利差走阔 幅度较大，1 年期 AA+级及以上二永债信用利差的走阔幅度为 2-5bp。此外 3-7 年期各评级券商次级债利差收窄幅度同样较大，为 4-8bp。 二、近期债市调整后，短久期信用债性价比有所提升 机构行为方面，上周基金、其他产品类（包含企业年金、社保基金、养老基金等）、 理财是信用债 ...