证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 05 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 联系人 长端收益率走高，利差大多小幅收窄 ——信用分析周报（2025/12/29-2026/1/4） 投资要点： 本周信用热点事件：12 月 26 日"15 天安人寿"公告实质性违约。 本周市场概览： 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所减少；资 产支持证券净融资额环比上周减少 192 亿元。本周由于元旦节前整体发行量较少， 不同评级不同券种的平均发行利率较上周变化幅度相对较大。 2）二级市场：本周信用债成交量环比上周减少 8328 亿元；换手率方面，本周信用 债换手率较上周整体下行。本周 1Y 短端信用债收益率小幅下行，其余不同评级不同 期限的信用债收益率大多有所上行。总体来看，本周不同行业不同评级的信用利差 较上周波动幅度均不超过 5BP，且大多有所压缩。具体来看，本周 ...

华福证券 2025 年 12 月 28 日 3-5Y 中高等级利差收敛 二永债收益率大致平稳 —— 信用利差周度跟踪 20251228 投资要点： ➢ 利率债窄幅震荡短端偏强，3-5Y 中高等级信用利差收敛。本周利率债 继续震荡，中短端表现偏强，1Y 期国开债收益率较上周下行 4BP，3Y、5Y 和 7Y 期下行 1BP，10Y 期上行 2BP。信用债表现分化，3Y 和 5Y 期品种 多数跟随利率下行，中高等级品种表现略强。1Y 期 AA+及以上等级收益率 持平，AA 和 AA-级收益率上行 1BP；3Y 期 AA+及以上等级信用债收益率 下行 1-3BP，其余等级持平；5Y 期各等级信用债收益率下行 3-4BP；7Y、 10Y 期 AAA 信用债收益率下行 1-2BP，其余等级上行 2-3BP。信用利差同 样分化，1Y 期各等级信用利差上行 4-5BP；3Y 期 AA+及以上等级信用利 差下行 1-3BP，其余持平；5Y 期各等级信用债利差下行 2-3BP；7Y 期 AAA 级信用利差持平，其余等级上行 3BP；10Y 期 AAA 等级信用利差下行 4BP， 其余等级上行 0-1BP。 ➢ 本周城投债利差多 ...

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].

华福证券 2025 年 12 月 21 日 利率回落信用利差被动走扩 长久期弱资质城投承压 —— 信用利差周度跟踪 20251221 投资要点： ➢ 资金宽松带动利率回落，信用表现滞后利差走扩。本周资金宽松带动 中短端利率显著回落，收益率继续下行，1Y、3Y、5Y、7Y 和 10Y 期国开 债收益率较上周分别下行 4BP、5BP、3BP、1BP 和 2BP。除 5Y 期中低等 级外信用债收益率多数跟随利率下行，但表现相对滞后，信用利差多数继 续走阔。1Y 期各等级信用债收益率下行 1-2BP；3Y 期各等级信用债收益 率多数下行 3BP，AA 级下行 3BP；5Y 期 AAA 等级信用债收益率下行 1BP， 其余等级上行 2-3BP；7Y 期各等级信用债收益率下行 1BP；10Y 期 AAA 等级信用债收益率上行 1BP，其余等级下行 1BP。从信用利差来看，1Y 期 各等级信用利差上行 2-3BP；3Y 期各等级信用利差上行 3-5BP；5Y 期 AAA 等级信用债利差上行 2BP，其余等级上行 5-6BP；7Y 期各等级信用利差持 平；10Y 期 AAA 等级信用利差上行 3BP，其余等级上行 1BP。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【12月17日机构分析：美债年末焦虑缓解，美联储举措或稳定市场】年末银行常减少放贷、囤积现金调 整资产负债表，致短期货币市场利率在季末和年末升高。如2019年9月，企业集中缴税偿债使银行准备 金骤降，回购利率大幅飙升。 上周，美联储宣布购买短期国库券管理现金、控制利率目标区间，今年 跨年回购市场定价大幅下降。 纽约梅隆银行宏观市场策略主管称，美联储有工具避免利率剧烈波动， 预计不会重演2019年市场剧烈波动。 分析师指出，美联储举措将缓解年末资金压力，购债或减少2026 年私人投资者国库券需求，支撑债价、压低收益率，缓解债务供给压力。 ...

利率回暖信用债企稳 二永债表现相对强势 —— 信用利差周度跟踪 20251212 投资要点： 华福证券 2025 年 12 月 14 日 ➢ 利率震荡下行信用债企稳，信用利差多数略有走阔。本周利率债总体 震荡偏强，信用债除 7Y 期品种外，收益率多数跟随利率下行。1Y 期 AA 及以上等级信用债收益率下行 1BP，AA-级下行 7BP；3Y 期各等级信用债 收益下行 1-3BP；5Y 期 AAA 级信用债收益率下行 3BP，AA+级持平，AA 级上行 2BP，AA-级下行 1BP；7Y 期各等级信用债收益率上行 1-2BP；10Y 期各等级信用债收益率下行 1BP。信用利差多数略有走阔。 ➢ 本周城投债利差多数上行 1-2BP。外部评级 AA 和 AA+平台信用利差 总体较上周均上行 2BP，AAA 平台总体上行 1BP。分行政级别来看，省级、 地市级和区县级平台信用利差总体较上周均上行 2BP。 ➢ 产业债利差总体上行，混合所有制和民企地产债利差升幅较大。本周 央国企地产债利差上行 3-4BP，混合所有制地产债利差上行 17BP，民企地 产债利差上行 26BP。各等级煤炭债利差上行 1BP；AAA 等级钢铁 ...

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Inflation drives the continuous rise in yields, but it should be based on the premise that real economic growth is not significantly affected. The domestic bond market is under pressure this week, and the reasons may be the unfulfilled market expectation of interest rate cuts and the inflation rebound indicated by price indicators. It is necessary to observe the feedback of real growth indicators on the price rebound [2]. - Three important Fed officials expressed a dovish attitude towards a December rate cut this week. The 10-year US Treasury yield is approaching the key level of 4.0% again. In the early stage of the Fed's rate cut cycle, this is an important threshold for the US Treasury yield. Although the medium - term outlook for the decline in US Treasury yields is positive, due to the uncertainty of US tariff policies, the 10 - year US Treasury yield may rebound above 4% even if it falls below this level in the near term [2]. - The consumer season in the US has started. If US residents' consumption remains strong, it may affect the decline in inflation in November and December [2]. Summary by Directory Inflation and Bond Market Pressure - **Domestic Bond Market Pressure**: The domestic bond market is under pressure this week. The 10 - year yield of China Treasury bonds exceeded 1.85% on Thursday for the first time since October this year but fell back on Friday. The market's unfulfilled expectation of interest rate cuts and the inflation rebound indicated by price indicators may be the reasons. Widespread policy rate cuts are not an urgently needed tool at present, and the continuous rise in yields driven by inflation should be based on the premise that real economic growth is not significantly affected [2]. - **US Treasury at a Key Point**: Three Fed officials expressed a dovish attitude towards a December rate cut. The 10 - year US Treasury yield is approaching 4.0% again. In the 2007 rate cut cycle, the 10 - year US Treasury yield only remained stably below 4% after the federal funds rate dropped to a very low level. The US Treasury still faces the risk of fiscal imbalance, and changes in US tariff policies may impact the US fiscal balance in the short term. The consumer season in the US has started, and strong consumer demand may affect the decline in inflation in November and December. In the medium term, the outlook for the decline in US Treasury yields is positive, but there is a risk of rebound [2]. - **Production Material Price Index Rebound**: This week, the average wholesale price of pork decreased by 0.26% week - on - week and 23.72% year - on - year; the average wholesale price of 28 key monitored vegetables increased by 1.23% week - on - week and 15.88% year - on - year. The price index of edible agricultural products decreased by 0.10% week - on - week and 3.92% year - on - year in the week of November 21. The domestic cement price index decreased by 0.06% week - on - week; the South China Iron Ore Index increased by 0.85% on average week - on - week; the operating rate of coking enterprises with a capacity of over 2 million tons increased by 1.57% week - on - week; the inventory index of rebar decreased by 3.77% week - on - week; the price index of rebar increased by 0.88% week - on - week; the blast furnace operating rate of 247 domestic steel mills decreased by 1.34% week - on - week. The production material price index increased by 0.20% week - on - week and decreased by 2.72% year - on - year in the week of November 21. The average prices of Brent and WTI crude oil futures decreased by 0.95% and 1.38% week - on - week respectively. The average daily trading volume of commercial housing in 30 large and medium - sized cities from November 1 - 25 this year was about 243,000 square meters per day, compared with about 390,000 square meters per day in November 2024 [2]. High - Frequency Data Panoramic Scan - **High - Frequency Data and Important Macroeconomic Indicators Comparison**: Multiple charts show the relationship between high - frequency data and important macroeconomic indicators, such as the relationship between domestic industrial added value and PPI year - on - year, the relationship between the 10 - year US Treasury yield and the federal funds rate, etc. [8][19] - **US and European Important High - Frequency Indicators**: Charts show indicators such as the US weekly economic indicators and real economic growth rate, the number of initial jobless claims and the unemployment rate in the US, etc. [89] - **Seasonal Trends of High - Frequency Data**: The seasonal trends of high - frequency data are presented, with all seasonal trend indicators being month - on - month increases and the unit being %. [103] - **High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen**: The year - on - year changes in subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen are shown. [151]

Group 1: Report Information - Report title: "Yield Mostly Declines Slightly, Medium- and Long-Term Credit Spreads Widen Slightly - Weekly Tracking of the Credit Bond Market (2025.11.10 - 2025.11.16)" [2] - Analysts: Huang Weiping, Yang Xuefang, Zhang Jinyuan [3] - Research support: Cao Xuan [3] - Report date: November 16, 2025 [3] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Viewpoints - The primary market shows a decline in the net supply of ordinary credit bonds and secondary and perpetual (two - tier) bank bonds compared to the previous period [4]. - In the secondary market, yields mostly decline slightly, credit spreads generally widen, and 1 - year bonds perform well. The turnover rates of ordinary credit bonds and two - tier bank bonds both decrease [4]. - The bond market enters a policy and data vacuum period. With the unimplemented public offering redemption fee new regulations and the possible continuation of residents' deposit transfer to the equity market, attention should be paid to the coupon value of credit bonds in the volatile market [4]. - In terms of credit strategies, the 1 - 3 - year period still has carry - trade space and cost - effectiveness, and investors can also moderately focus on 3 - 5 - year high - grade bonds, but should remain cautious about extending credit duration [4]. Group 4: Summary by Directory 4.1 Primary Market 4.1.1 Ordinary Credit Bonds - Net financing decreases compared to the previous period, and subscription enthusiasm rises. The issuance of industrial bonds and urban investment bonds both decline slightly, and the net financing of urban investment bonds turns negative [4][7][11]. - The net financing of each enterprise nature is positive. The weighted issuance term is 2.98 years, a slight decrease from the previous period. The weighted issuance term of urban investment bonds increases, while that of industrial bonds decreases [16][17]. 4.1.2 Bank Two - Tier Bonds - Five small and medium - sized bank two - tier bonds are issued, and the net financing scale decreases compared to the previous period. The net financing of secondary capital bonds turns positive, while that of perpetual bonds decreases significantly [4][25][27]. 4.2 Secondary Market 4.2.1 Yields and Credit Spreads - Yields mostly decline slightly, and credit spreads, except for 1 - year bonds, generally widen. 3/5/7 - year weak - quality varieties see larger yield declines, while 10 - year AAA - grade ordinary credit bonds have a relatively large upward amplitude in yields [4][35][37]. - In terms of credit spreads, 1 - year bonds, except for medium - and high - grade urban investment bonds, all narrow, with low - grade bonds performing better. 5/7/10 - year medium - and high - grade bonds mostly widen, but the 5 - year AA - grade medium - term note performs best [4]. 4.2.2 Turnover Rate - The turnover rates of ordinary credit bonds and two - tier bank bonds both decrease [4] 4.3存量债分布 - Current yields are mostly distributed within 2.2% [34]

Market Overview - The overall funding environment was loose last week, with slight increases in bond yields and a decline in government bond futures [1][5] - As of November 7, the 10-year government bond yield rose to 1.81%, up 0.42 basis points from the previous Thursday and up 1.45 basis points from the previous week [1][2] - The market's expectation for bond purchases by the central bank was somewhat overstated, leading to a weaker bond market after the actual implementation [1][2] Bond Market Performance - The bond market experienced fluctuations, with the 10-year government bond yield showing mixed performance throughout the week, ending at 1.81% [2][5] - The China Convertible Bond Index rose by 0.86% over the week, with significant trading volume of 3,426 billion yuan [4] - The issuance of local bonds decreased significantly, with a total of 916.07 billion yuan issued, down 1,790.75 billion yuan from the previous week [8] Central Bank Operations - The central bank conducted a total of 4,958 billion yuan in 7-day reverse repos last week, with a net withdrawal of funds [12][14] - The central bank resumed government bond trading, injecting 200 billion yuan into the banking system, which was lower than market expectations but still significant [13][20] Credit Market Activity - A total of 448 credit bonds were issued last week, with a total scale of 5,079.87 billion yuan, reflecting an increase of 1,377.19 billion yuan from the previous week [9] - The issuance of financial bonds amounted to 1,270.70 billion yuan, while corporate bonds and medium-term notes also saw significant issuance [9] International Market Insights - In the U.S., the consumer confidence index fell to 50.3, indicating economic concerns, while the labor market showed mixed signals with job growth slightly above expectations [15][26] - European bond yields generally increased, with the 10-year German bond yield rising by 4.6 basis points over the week [17] - Japanese investors reduced their holdings of overseas bonds while increasing their investments in domestic bonds [19]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In October, credit bonds outperformed interest rate bonds, with credit spreads narrowing across the board, and medium- to long-term, low-rated varieties showing significant recovery. The buying power of credit bonds increased, and the trading volume share of 1-3 year and 3-5 year bonds rose. [1][10][11] - Looking ahead to November, the central bank's bond purchases provide a strong market stability expectation, and interest rates are more likely to decline. However, the cost-effectiveness of short- to medium-term credit spreads in credit bonds is relatively low, which may limit their market performance. [2][18] - In November, credit bonds may underperform interest rate bonds. Accounts with unstable liability ends can appropriately reduce their credit bond positions and adjust to interest rate and Tier 2 capital bonds and perpetual bonds of large banks, which have good liquidity. For accounts with stable liability ends, they can prefer medium- to high-rated 3-5Y steeper entities to increase holding returns through riding the yield curve. [3][26][30] Summary by Relevant Catalogs 1. Grasp the trading opportunities of 4-5 year Tier 2 capital bonds and perpetual bonds of large banks, and prefer medium- to high-rated 3-5Y steeper entities - In October, the bond market was affected by Sino-US tariff shocks and bond market redemption fee rate regulations, with interest rate fluctuations intensifying. Credit bonds outperformed interest rate bonds, and credit spreads narrowed across the board. The buying power of credit bonds increased significantly, and the trading volume share of 1-3 year and 3-5 year bonds rose. [10][11] - Products with stable liability ends may be the important buyers of credit bond duration varieties in October. On the one hand, the opening scale of amortized cost method bond funds was relatively large in October, and some of them increased their investment in 3-5 year medium- to high-rated credit bonds. On the other hand, 3-5 year low-rated credit bonds were also bought by securities company asset management products with a 1-3 year closed period. [15] - Looking ahead to November, the central bank's bond purchases provide a strong market stability expectation, and interest rates are more likely to decline. However, the cost-effectiveness of short- to medium-term credit spreads in credit bonds is relatively low, and the potential compression space is small. [18] - In November, credit bonds may underperform interest rate bonds. Accounts with unstable liability ends can appropriately reduce their credit bond positions and adjust to interest rate and Tier 2 capital bonds and perpetual bonds of large banks, which have good liquidity. For accounts with stable liability ends, they can prefer medium- to high-rated 3-5Y steeper entities to increase holding returns through riding the yield curve. [26][30] 2. Urban investment bonds: Net financing turned positive, and medium- to long-term, low-rated bonds showed significant recovery - In October, the net financing of urban investment bonds turned positive but decreased year-on-year. The issuance sentiment was good, and the proportion of issuance multiples above 3 times increased week by week. The weighted average issuance interest rates of urban investment bonds declined across the board, with a larger decline in the medium- to long-term. [33] - The performance of net financing in each province was differentiated in October, with most provinces in a net inflow state. The yields of urban investment bonds declined across the board, and the medium- to long-term, low-rated varieties that had experienced significant adjustments earlier showed significant recovery. [35][37][40] - From the perspective of broker transactions, the buying sentiment of urban investment bonds warmed up in October. The overall TKN ratio and low valuation ratio increased month-on-month. In the last week of October, the number of transactions of medium- to long-term urban investment bonds increased significantly, and the AA(2) rating remained relatively active in transactions. [44] 3. Industrial bonds: Supply increased, and yields declined across the board - In October, the issuance and net financing scale of industrial bonds increased significantly year-on-year. The net financing scale of the comprehensive and public utilities sectors was relatively large, and the net financing of the non-bank financial sector was also above 300 million yuan. The issuance sentiment of industrial bonds improved significantly starting from the third week of October. [47] - In terms of term structure, the issuance proportion of long-term industrial bonds over 5 years increased in October, and the issuance interest rates of 1-3 year and 3-5 year bonds increased, while those of other terms declined. [48] - The yields of industrial bonds declined across the board in October, and the spreads also narrowed. The 5-year varieties performed better. The yields of public bonds in each industry declined by 3-17bp, and the medium- to long-term varieties performed better. [50][53] 4. Bank capital bonds: Net financing decreased year-on-year, and trading sentiment improved significantly No relevant content provided in the given text for this part.