Report Industry Investment Rating No relevant content provided. Core Viewpoints - As of October 10, the heavy - position portfolios of medium - to - long - term secondary capital bonds and ultra - long industrial bonds performed better. The average return of the heavy - position portfolio of credit - style secondary capital bonds increased slightly last week, and the bullet - type strategy had an absolute return of around 0.15% with relatively small cumulative drawdown in Q3. The ultra - long bond heavy - position strategy's return rebounded by nearly 25bp, with the industrial ultra - long strategy reaching a relatively high level of 0.2% [2][12]. - The durations of mainstream credit bond varieties continued to shorten. As of October 10, the weighted average trading terms of urban investment bonds and industrial bonds were 1.65 years and 1.88 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.79 years, 3.36 years, and 1.69 years respectively, with general commercial financial bonds at a relatively low historical level [3][14]. - As of October 13, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds in the outstanding credit bonds were generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real - estate industrial bonds generally declined, with an average decline of 6.4BP for varieties within 1 year [4][16]. - From the perspective of yields, the average return level of exchange - traded science and technology innovation bonds remained stable this week. The return of the relatively active 1 - 3 - year varieties increased by 3bp to 1.93%, while the interest rates of 3 - 5 - year varieties decreased, and the spread with non - science and technology general credit bonds of the same term widened to around 40bp [5][20]. - Affected by the National Day holiday, local government bonds worth 10.3 billion yuan were issued from October 9 to 10, all of which were refinancing general bonds. As of October 10, 2025, no special refinancing special bonds were issued in October. The average issuance interest rate of local government bonds declined marginally, and the spread between the 10 - year local government bond issuance rate and the same - term treasury bond rate was stable at around 25bp [6][22]. Summary by Directory Quantified Credit Strategy - As of October 10, the heavy - position portfolios of medium - to - long - term secondary capital bonds and ultra - long industrial bonds performed better. The average return of the heavy - position portfolio of credit - style secondary capital bonds increased slightly last week. The bullet - type strategy, with its previous declines gradually narrowing, had an absolute return of around 0.15% and relatively small cumulative drawdown in Q3, having both defensive and rebound - betting advantages. The secondary bond duration strategy was also strong. The return of the ultra - long bond heavy - position strategy rebounded by nearly 25bp, and the industrial ultra - long strategy reached a relatively high level of 0.2% [2][12]. Variety Duration Tracking - The durations of mainstream credit bond varieties continued to shorten. As of October 10, the weighted average trading terms of urban investment bonds and industrial bonds were 1.65 years and 1.88 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.79 years, 3.36 years, and 1.69 years respectively, with general commercial financial bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.37 years, 1.79 years, 3.22 years, and 1.11 years respectively. The durations of securities sub - bonds and leasing company bonds shortened, and securities company bonds were at a relatively low historical percentile [3][14]. Coupon Asset Heat Map - As of October 13, 2025, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds in the outstanding credit bonds were generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real - estate industrial bonds generally declined, with an average decline of 6.4BP for varieties within 1 year. The interest rate declines of general commercial financial bonds were basically around 5BP. Among the second - tier perpetual bonds, the 2 - 5 - year varieties performed better, and the yield of 2 - 3 - year state - owned large - bank secondary capital bonds declined by more than 10BP. In addition, the yield of publicly - offered non - perpetual securities company bonds and sub - bonds within 1 year declined by 7.0BP [4][16][18]. Science and Technology Innovation Bond Prism - From the perspective of yields, the average return level of exchange - traded science and technology innovation bonds remained stable this week. The return of the relatively active 1 - 3 - year varieties increased by 3bp to 1.93%, while the interest rates of 3 - 5 - year varieties decreased, and the spread with non - science and technology general credit bonds of the same term widened to around 40bp. After the holiday, the absolute value of the low - valuation deviation of 3 - 5 - year exchange - traded science and technology innovation bonds was also higher than that of science and technology innovation bonds of other terms or general credit bonds of the same term, indicating that investors' preference for science and technology innovation bonds of this term recovered relatively quickly [5][20]. Local Bond Perspective - Affected by the National Day holiday, local government bonds worth 10.3 billion yuan were issued from October 9 to 10, all of which were refinancing general bonds. As of October 10, 2025, no special refinancing special bonds were issued in October. The average issuance interest rate of local government bonds declined marginally, and the spread between the 10 - year local government bond issuance rate and the same - term treasury bond rate was stable at around 25bp [6][22].