普信债久期明显缩短： 截至 12 月 31 日，城投债、产业债成交期限分别加权于 1.58 年、2.19 年，商业银行债中，二级资本债、银行永续债 以及一般商金债加权平均成交期限分别为 4.01 年、3.31 年、1.73 年，其中一般商金债处于较低历史水平，二级资本 债处于较高历史水平；从其余金融债来看，证券公司债、证券次级债、保险公司债、租赁公司债久期分别为 1.41 年、 1.43 年、3.06 年、1.35 年，久期较上周均有缩短，证券公司债、证券次级债位于较低历史分位。 品种显微镜： 城投债：城投债加权平均成交期限徘徊在 1.65 年附近。其中，陕西省级城投债久期拉长至 4.88 年，河北省级城投债 成交久期缩短至 0.61 年附近。同时，福建区县级、甘肃省级城投债久期历史分位数已逾 90%，甘肃省级城投债久期逼 近 2021 年以来最高。 产业债：产业债加权平均成交期限较上周有所缩短，总体处于 1.84 年附近，基础化工行业成交久期拉长至 2.33 年， 食品饮料行业成交久期缩短至 0.80 年。此外，房地产行业成交久期处于较低历史分位，医药生物行业位于较高历史 分位。 商业银行债：一般商金债久期 ...

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints - The duration of secondary capital bonds has been continuously rising, while the durations of other credit bonds have generally shortened. As of December 5, the weighted average trading durations of urban investment bonds and industrial bonds were 1.90 years and 2.27 years respectively. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.31 years, 3.78 years, and 1.94 years respectively. General commercial financial bonds were at a relatively low historical level, and secondary capital bonds were at a relatively high historical level. For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.53 years, 1.83 years, 3.33 years, and 1.19 years respectively. The duration of securities subordinated bonds has significantly shortened compared to last week, and the durations of securities company bonds and securities subordinated bonds were at relatively low historical levels [2][9]. - The coupon duration crowding index has slightly increased. After reaching its highest value in March 2024, the coupon duration crowding index declined. This week, it increased compared to last week and is currently at the 20.8% level since March 2021 [11]. Summary by Directory 1. All - Variety Duration Overview - Urban investment bonds: The weighted average trading duration hovered around 1.90 years. The duration of Hebei provincial urban investment bonds lengthened to 5.50 years, and the trading duration of Guangxi provincial urban investment bonds shortened to around 1.22 years. The historical quantiles of the durations of urban investment bonds in regions such as Zhejiang prefecture - level cities, Henan prefecture - level cities, and Hunan province have exceeded 90%, and the duration of Hunan provincial urban investment bonds is approaching the highest level since 2021 [3][15]. - Industrial bonds: The weighted average trading duration of industrial bonds shortened compared to last week and was generally around 2.27 years. The trading duration of the transportation industry lengthened to 2.02 years, and the trading duration of the food and beverage industry shortened to 0.55 years. The trading duration of the real estate industry was at a relatively low historical level, while those of the non - ferrous metals and pharmaceutical and biological industries were at relatively high historical levels [3][21]. - Commercial bank bonds: The duration of general commercial financial bonds shortened to 1.94 years, at the 35.9% historical quantile, lower than the level of the same period last year. The duration of secondary capital bonds lengthened to 4.31 years, at the 95.1% historical quantile, higher than the level of the same period last year. The duration of bank perpetual bonds shortened to 3.78 years, at the 67.7% historical quantile, higher than the level of the same period last year [3][23]. - Other financial bonds: In terms of the weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at historical quantiles of 71.4%, 22%, 31.8%, and 61.2% respectively. The overall duration of other financial bonds has shortened compared to last week [3][26]. 2. Variety Microscope - Coupon duration crowding index: After reaching its peak in March 2024, the coupon duration crowding index decreased and then increased slightly this week. It is currently at the 20.8% level since March 2021 [11]. - Regional analysis of urban investment bonds: The report provides the durations and historical quantiles of urban investment bonds in different provinces and administrative levels, such as the duration of Hebei provincial urban investment bonds lengthening to 5.50 years and Guangxi provincial urban investment bonds shortening to 1.22 years [15][20]. - Industry analysis of industrial bonds: Different industries within industrial bonds showed different duration changes. For example, the transportation industry's duration lengthened, and the food and beverage industry's duration shortened [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report As of November 7, the durations of general credit bonds and secondary bonds have returned to high levels. The weighted average trading durations of urban investment bonds and industrial bonds are at over 90% of their historical highs since 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are at different historical levels, and the durations of other financial bonds have generally shortened, with lease company bonds at a relatively high historical percentile [2][9]. 3. Summary by Relevant Catalog 3.1 Full - Variety Maturity Overview - As of November 7, the weighted trading durations of urban investment bonds and industrial bonds are 2.20 years and 2.82 years respectively, at over 90% of their historical highs since 2021 [2][9]. - Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are 4.45 years, 3.81 years, and 2.16 years respectively. The general commercial financial bonds are at a relatively low historical level [2][9]. - For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and lease company bonds are 1.74 years, 2.38 years, 3.31 years, and 1.32 years respectively. The overall duration of other financial bonds has shortened, and lease company bonds are at a relatively high historical percentile [2][9]. - The coupon duration congestion index has slightly increased. After reaching its peak in March 2024 and then declining, it has rebounded this week and is currently at the 35.6% level since March 2021 [11]. 3.2 Variety Microscope Urban Investment Bonds - The weighted average trading duration of urban investment bonds hovers around 2.32 years. The duration of Gansu provincial - level urban investment bonds has extended to 3.25 years, while the trading duration of Shanghai district - level urban investment bonds has shortened to around 1.47 years [3][15]. - The historical percentiles of the durations of urban investment bonds in regions such as Chongqing district - level, Henan prefecture - level, and Anhui prefecture - level have exceeded 90%. The durations of Chongqing district - level and Gansu provincial - level urban investment bonds are approaching their highest levels since 2021 [3][15]. Industrial Bonds - The weighted average trading duration of industrial bonds has slightly shortened compared to last week and is generally around 2.27 years. The trading durations of the non - ferrous metals and public utilities industries have extended to 2.48 years and 3.29 years respectively [3][21]. - The trading duration of the real estate industry is at a relatively low historical percentile, while the building materials and commercial retail industries are at relatively high historical percentiles [3][21]. Commercial Bank Bonds - The duration of general commercial financial bonds has extended to 2.16 years, at the 67.6% historical percentile, lower than the level of the same period last year [3][23]. - The duration of secondary capital bonds has shortened to 4.45 years, at the 97.9% historical percentile, higher than the level of the same period last year [3][23]. - The duration of bank perpetual bonds has shortened to 3.81 years, at the 69.7% historical percentile, higher than the level of the same period last year [3][23]. Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities sub - bonds > securities company bonds > lease company bonds, at the 70%, 63.9%, 63.9%, and 78% historical percentiles respectively. The duration of insurance company bonds has significantly extended compared to last week [3][26].

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View The mainstream varieties of credit bonds have seen a continuous shortening in duration. The ticket - coupon duration congestion index has rebounded, and different types of bonds show various duration changes and historical quantile positions [2][9][11]. 3. Summary by Directory 3.1 Full - Variety Term Overview - 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. For 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 quantile [2][9]. - The ticket - coupon duration congestion index rebounded this week compared to last week and is currently at 41.7% of the level since March 2021 [11]. 3.2 Variety Microscope - **Urban Investment Bonds**: The weighted average trading term hovers around 1.65 years. The duration of urban investment bonds in Fujian prefecture - level cities has extended to 2.39 years, while that of Shanxi provincial - level urban investment bonds has shortened to around 0.06 years. The historical quantiles of the durations of Hunan provincial - level and Jiangxi prefecture - level urban investment bonds have exceeded 90%, and the duration of Hunan provincial - level urban investment bonds is approaching the highest since 2021 [3][15]. - **Industrial Bonds**: The weighted average trading term has slightly shortened compared to last week, generally around 1.55 years. The trading duration of the non - ferrous metals industry has extended to 1.97 years, and that of the food and beverage industry has shortened to 0.50 years. The trading duration of the food and beverage industry is at a relatively low historical quantile, while the public utilities and non - ferrous metals industries are at relatively high historical quantiles [3][21]. - **Commercial Bank Bonds**: The duration of general commercial financial bonds has shortened to 1.69 years, at the 10.9% historical quantile, lower than the level of the same period last year. The duration of secondary capital bonds has shortened to 3.79 years, at the 67% historical quantile, higher than the level of the same period last year. The duration of bank perpetual bonds has shortened to 3.36 years, at the 50.2% historical quantile, higher than the level of the same period last year [3][23]. - **Other Financial Bonds**: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 66%, 19.4%, 9.7%, and 51.4% historical quantiles respectively. The durations of securities company bonds, insurance company bonds, and leasing company bonds have slightly shortened compared to last week [3][26].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of September 26, the weighted average trading durations of urban investment bonds and industrial bonds were 1.89 years and 2.16 years respectively. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.39 years, 3.72 years, and 2.19 years respectively. The duration of bank perpetual bonds was at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.35 years, 1.85 years, 3.10 years, and 1.30 years respectively. The durations of securities company bonds and securities subordinated bonds shortened, and the securities company bonds were at a relatively low historical quantile [1][8]. - The coupon duration congestion index dropped significantly. After reaching its peak in March 2024, the index declined and is currently at the 25.9% level since March 2021 [11]. Summary by Directory 1. Full - variety Duration Overview - The weighted average trading durations of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, general commercial financial bonds, securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.89 years, 2.16 years, 4.39 years, 3.72 years, 2.19 years, 1.35 years, 1.85 years, 3.10 years, and 1.30 years respectively. Their corresponding historical quantiles since March 2021 were 78.7%, 75.3%, 97.0%, 65.5%, 71.9%, 8.0%, 23.4%, 60.0%, and 76.5% [10]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading duration of urban investment bonds hovered around 1.89 years. The duration of Hebei provincial urban investment bonds extended to 6.37 years, while that of Beijing district - level urban investment bonds shortened to around 1.63 years. The historical quantiles of the durations of urban investment bonds in regions such as Henan prefecture - level cities and Jiangxi prefecture - level cities exceeded 90%, and the duration of Hebei provincial urban investment bonds approached the highest level since 2021 [2][15]. Industrial Bonds - The weighted average trading duration of industrial bonds slightly shortened compared to the previous week, generally staying around 2.16 years. The trading duration of the commercial retail industry extended to 2.09 years, while that of the basic chemical industry shortened to 1.19 years. The trading durations of industries such as food and beverage, coal, real estate, and building decoration were at relatively low historical quantiles, while the building materials industry was at a relatively high historical quantile [2][20]. Commercial Bank Bonds - The duration of general commercial financial bonds extended to 2.19 years, at the 71.9% historical quantile, lower than the same period last year. The duration of secondary capital bonds extended to 4.39 years, at the 97% historical quantile, higher than the same period last year. The duration of bank perpetual bonds shortened to 3.72 years, at the 65.5% historical quantile, higher than the same period last year [2][23]. Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 60%, 23.4%, 8%, and 76.5% historical quantiles respectively. The durations of securities company bonds and securities subordinated bonds slightly shortened compared to the previous week [2][26].

1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints of the Report - As of August 17, the weighted average trading terms of urban investment bonds and industrial bonds were 2.13 years and 2.63 years respectively. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.59 years, 3.72 years, and 4.05 years respectively, with bank perpetual bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.53 years, 2.13 years, 3.22 years, and 1.20 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical percentiles [2][9]. - The coupon duration congestion index slightly declined. After reaching its peak in March 2024, the index has been falling. This week, it decreased slightly compared to last week and is currently at the 12.20% level since March 2021 [11]. 3. Summary by Relevant Catalogs 3.1 All - Variety Term Overview - Urban investment bonds: The weighted average trading term hovered around 2.13 years. The duration of Sichuan provincial urban investment bonds extended to 5.36 years, while the trading duration of Guangdong district - county - level urban investment bonds shortened to around 1.50 years. The historical percentiles of the durations of urban investment bonds in regions such as Sichuan provincial, Jiangsu district - county - level, Chongqing district - county - level, and Fujian district - county - level have exceeded 90%, and the duration of Henan prefecture - level city urban investment bonds is approaching the highest level since 2021 [3][15]. - Industrial bonds: The weighted average trading term has slightly extended compared to last week, generally around 2.63 years. The trading duration of the pharmaceutical and biological industry shortened to 1.05 years, while that of the building materials industry extended to 2.49 years. The trading duration of the food materials industry is at a relatively low historical percentile, and industries such as public utilities and building materials are at historical percentiles above 90% [3][20]. - Commercial bank bonds: The duration of general commercial financial bonds extended to 4.05 years, at the 99.5% historical percentile, higher than the level of the same period last year. The duration of secondary capital bonds extended to 4.59 years, at the 99.1% historical percentile, lower than the level of the same period last year. The duration of bank perpetual bonds extended to 3.72 years, at the 66.3% historical percentile, higher than the level of the same period last year [3][22]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at historical percentiles of 65.3%, 48%, 31%, and 67.6% respectively. The duration of insurance company bonds has slightly extended compared to last week, while the durations of the others have slightly shortened [3][25]. 3.2 Variety Microscope - Information in this part is mainly included in the "All - Variety Term Overview" above, with detailed data and analysis of different types of bonds such as urban investment bonds, industrial bonds, commercial bank bonds, and other financial bonds. For example, specific data on the durations and historical percentiles of bonds in different regions and industries are provided [3][15][20].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints As of August 3, the weighted average trading terms of urban investment bonds and industrial bonds were 2.24 years and 3.03 years respectively, both at over 90% of the quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.79 years, 4.02 years, and 2.91 years respectively. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.78 years, 2.37 years, 3.00 years, and 1.61 years respectively [2][10]. 3. Section Summaries 3.1 All - Variety Term Overview - The weighted average trading terms of urban investment bonds and industrial bonds were 2.24 years and 3.03 years respectively, at over 90% of the quantile levels since March 2021. Among commercial bank bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds had weighted average trading terms of 4.79 years, 4.02 years, and 2.91 years respectively. For other financial bonds, securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds had durations of 1.78 years, 2.37 years, 3.00 years, and 1.61 years respectively [2][10]. - The coupon duration congestion index declined and then slightly increased. After reaching its peak in March 2024, it dropped and this week increased slightly compared to last week, currently at 32.1% of the level since March 2021 [12]. 3.2 Variety Microscope - **Urban Investment Bonds**: The weighted average trading term hovered around 2.24 years. Shaanxi provincial urban investment bonds' duration extended to nearly 9.5 years, while Guangxi prefecture - level urban investment bonds' trading duration shortened to around 1.51 years. The duration quantiles of urban investment bonds in regions such as prefecture - level and district - level Jiangsu, district - level Chongqing, provincial and prefecture - level Hunan, and prefecture - level Henan exceeded 90%, with Hunan provincial urban investment bonds' duration approaching the highest since 2021 [3][16]. - **Industrial Bonds**: The weighted average trading term shortened slightly compared to last week, generally around 3.03 years. The trading duration of the food materials industry shortened to 1.26 years, while that of the public utilities industry extended to 4.03 years. The food materials industry's trading duration was at a relatively low historical quantile, while industries such as public utilities, transportation, building materials, and pharmaceutical biology were all at over 90% of the historical quantiles [3][22]. - **Commercial Bank Bonds**: The duration of general commercial financial bonds extended to 2.91 years, at the 98.6% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.79 years, at the 99.5% historical quantile, higher than last year. The duration of bank perpetual bonds extended to 4.02 years, at the 78.4% historical quantile, higher than last year [3][25]. - **Other Financial Bonds**: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 53.6%, 61.6%, 67.8%, and 95.5% of the historical quantiles respectively. The durations of securities company bonds, leasing company bonds, and securities sub - bonds slightly extended compared to last week [4][28].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - As of July 25, the weighted average trading terms of urban investment bonds and industrial bonds were 2.19 years and 3.46 years respectively, both at over 90% of the historical quantiles since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.45 years, 3.86 years, and 2.74 years respectively. The bank perpetual bonds were at a relatively low historical level. For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.50 years, 2.31 years, 3.65 years, and 1.22 years respectively. The securities company bonds and securities subordinated bonds were at lower historical quantiles, while the leasing company bonds were at a higher historical quantile [3][12]. - The coupon duration crowding index decreased and then slightly increased. After reaching its highest value in March 2024, it dropped and slightly rose this week compared to last week. Currently, it is at the 17.60% level since March 2021 [18]. 3. Summary by Directory 3.1 Full - variety Term Overview - Urban investment bonds: The weighted average trading term was around 2.19 years. Shaanxi provincial urban investment bonds' duration extended to nearly 8 years, while Guangdong prefecture - level city urban investment bonds' trading duration shortened to around 2.69 years. The historical quantiles of the durations of urban investment bonds in regions such as Henan provincial, Shandong prefecture - level city, Jiangsu district - county level, and Fujian district - county level had exceeded 90%, and the duration of Chongqing district - county level urban investment bonds was approaching the highest since 2021 [4][22]. - Industrial bonds: The weighted average trading term was around 3.46 years, slightly shorter than last week. The trading duration of the coal industry shortened to 1.85 years, and that of the building materials industry extended to 3.79 years. The real - estate industry's trading duration was at a relatively low historical level, while industries such as public utilities, transportation, commercial retail, and building materials were all at over 90% of the historical quantiles [4][30]. - Commercial bank bonds: The duration of general commercial financial bonds extended to 2.74 years, at the 98.6% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.45 years, at the 99.1% historical quantile, higher than the same period last year. The duration of bank perpetual bonds extended to 3.86 years, at the 72.1% historical quantile, higher than the same period last year [4][35]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 82.6%, 57%, 26.9%, and 69.4% historical quantiles respectively. The durations of insurance company bonds and securities subordinated bonds slightly extended compared to last week [4][38]. 3.2 Variety Microscope - Urban investment bonds: The weighted average trading term was around 2.19 years. There were significant regional differences. For example, Shaanxi provincial urban investment bonds had a long duration, while Guangdong prefecture - level city urban investment bonds had a short duration. Some regional urban investment bonds' durations were at high historical quantiles [4][22]. - Industrial bonds: The overall weighted average trading term was around 3.46 years, with different trends in different industries. The coal industry's duration shortened, and the building materials industry's duration extended. Different industries were at different historical quantiles [4][30]. - Commercial bank bonds: All three types of bonds (general commercial financial bonds, secondary capital bonds, and bank perpetual bonds) had their durations extended compared to last year, with different historical quantiles [4][35]. - Other financial bonds: There were differences in the durations and historical quantiles among different types of bonds, and the durations of insurance company bonds and securities subordinated bonds slightly increased [4][38].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of July 25, the weighted average trading durations of urban investment bonds and industrial bonds were 2.19 years and 3.46 years respectively, both at over 90% of the quantile levels since March 2021 [2][10]. - The ticket - duration congestion index declined and then slightly increased, currently at the 17.60% level since March 2021 [13]. Summary by Catalog 1. All - Variety Duration Overview - The weighted average trading durations of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, general commercial financial bonds, securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 2.19 years, 3.46 years, 4.45 years, 3.86 years, 2.74 years, 1.50 years, 2.31 years, 3.65 years, and 1.22 years respectively [2][10]. - The ticket - duration congestion index reached its peak in March 2024 and then declined, rising slightly this week compared to last week, and is currently at 17.60% of the level since March 2021 [13]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading duration hovered around 2.19 years. Shaanxi provincial urban investment bonds' duration extended to nearly 8 years, while Guangdong prefecture - level city urban investment bonds' duration shortened to around 2.69 years [3][17]. - The duration quantiles of urban investment bonds in regions such as Henan provincial, Shandong prefecture - level city, Jiangsu district - county level, and Fujian district - county level have exceeded 90%, and the duration of Chongqing district - county level urban investment bonds is approaching the highest since 2021 [3][17]. Industrial Bonds - The weighted average trading duration shortened slightly compared to last week, generally around 3.46 years. The trading duration of the coal industry shortened to 1.85 years, while that of the building materials industry extended to 3.79 years [3][22]. - The trading duration of the real estate industry is at a relatively low historical quantile, while industries such as public utilities, transportation, commerce and retail, and building materials are at over 90% of the historical quantiles [3][22]. Commercial Bank Bonds - The duration of general commercial financial bonds extended to 2.74 years, at the 98.6% historical quantile, higher than the same period last year [3][25]. - The duration of secondary capital bonds extended to 4.45 years, at the 99.1% historical quantile, higher than the same period last year [3][25]. - The duration of bank perpetual bonds extended to 3.86 years, at the 72.1% historical quantile, higher than the same period last year [3][25]. Other Financial Bonds - In terms of weighted average trading duration, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 82.6%, 57%, 26.9%, and 69.4% of the historical quantiles respectively. The durations of insurance company bonds and securities sub - bonds slightly extended compared to last week [4][28].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - As of July 18, the weighted average trading terms of urban investment bonds and industrial bonds were 2.40 years and 3.52 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.42 years, 3.67 years, and 2.48 years respectively. The durations of secondary capital bonds and general commercial financial bonds were at high levels. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.57 years, 1.78 years, 3.45 years, and 1.28 years respectively. Securities company bonds and securities sub - bonds were at lower historical quantiles, while leasing company bonds were at higher historical quantiles [2][10]. - The coupon duration congestion index declined and then slightly increased. After reaching its highest value in March 2024, it dropped and slightly rose this week, currently at the 21.30% level since March 2021 [12]. 3. Summary by Relevant Catalogs 3.1 Full - Variety Term Overview - Urban investment bonds: The weighted average trading term hovered around 2.40 years. The durations of Guangdong prefecture - level and Shaanxi provincial urban investment bonds exceeded 4.5 years, while the trading duration of Hebei provincial urban investment bonds shortened to around 0.44 years. The duration historical quantiles of urban investment bonds in regions such as Jiangsu prefecture - level, Fujian prefecture - level, Zhejiang district - level, and Chongqing district - level exceeded 90%, and the duration of Jiangsu district - level urban investment bonds approached the highest since 2021 [3][16]. - Industrial bonds: The weighted average trading term shortened slightly compared to last week, generally around 3.52 years. The trading duration of the pharmaceutical and biological industry shortened to 2.88 years, while that of the building decoration industry extended to 4.45 years. The trading duration of the food and beverage industry was at a lower historical quantile, and industries such as public utilities, transportation, coal, commercial retail, and building materials were all at over 90% historical quantiles [3][23]. - Commercial bank bonds: The duration of general commercial financial bonds shortened to 2.48 years, at the 96.4% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.42 years, at the 98.6% historical quantile, higher than the same period last year. The duration of bank perpetual bonds shortened to 3.67 years, at the 65.7% historical quantile, higher than the same period last year [3][26]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 73.3%, 19.5%, 39.5%, and 76% historical quantiles respectively. The durations of insurance company bonds and securities sub - bonds slightly extended compared to last week [4][29]. 3.2 Variety Microscope - The coupon duration congestion index is the reciprocal of the standard deviation of durations among varieties. A larger index means a smaller standard deviation of duration changes among different varieties, indicating more consistent behavior. It should be analyzed in combination with the duration changes of each variety [15]. - The report provides various charts to show the average trading duration, historical quantiles of durations, and duration changes of different types of bonds, including credit bonds, non - financial credit bonds, urban investment bonds in different provinces, industrial bonds, commercial bank bonds, and other financial bonds [9]