Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - As of August 4, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the stock of credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds and real estate bonds mostly declined, and the yields of financial bonds basically declined [2][3][8] Group 3: Summary by Relevant Catalogs 1. Overall Stock Credit Bonds - The weighted average valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Compared with last week, non - financial non - real estate industrial bonds (both state - owned and private enterprises) and real estate bonds (state - owned and private enterprises) generally saw yield declines. Among them, 1 - year and 2 - 3 - year private enterprise public non - perpetual non - financial non - real estate industrial bonds had yield declines of 5.8BP and 6.7BP respectively, and the yield declines of 3 - year private enterprise public non - perpetual real estate bonds were all over 6BP. Financial bonds also had mostly declining yields, with significant declines in 1 - year perpetual lease bonds and short - end bank sub - debt [2][3][8] 2. Public Offering Urban Investment Bonds - The weighted average valuation yields in Jiangsu and Zhejiang are below 2.4%. Bonds with yields over 4.5% are in Guizhou's prefecture - level and district - county - level areas, and areas like Yunnan and Gansu have high spreads. Yields mainly declined compared with last week, with an average decline of 3.8BP for 1 - year varieties. Bonds with large decline amplitudes include 1 - year Zhejiang provincial perpetual, 1 - year Guizhou prefecture - level non - perpetual, 1 - 2 - year Guangxi district - county - level non - perpetual, and 1 - year Xinjiang provincial non - perpetual bonds [2][15] 3. Private Offering Urban Investment Bonds - The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Bonds with yields higher than 4% are in Guizhou's prefecture - level areas, and areas like Yunnan and Gansu have high spreads. The proportion of yield decline is high compared with last week, but there is differentiation among terms. The average yield of 1 - year varieties declined by 3.9BP, and the long - end performance was slightly weaker. Bonds with large decline amplitudes include 1 - 2 - year Guizhou district - county - level non - perpetual, 3 - 5 - year Shaanxi prefecture - level perpetual, 1 - year Liaoning prefecture - level and district - county - level non - perpetual urban investment bonds, with declines of 8.6BP, 15.6BP, 9.5BP, and 9.3BP respectively [2][24] 4. Financial Bonds - Bonds with high valuation yields and spreads include urban and rural commercial bank capital replenishment tools and leasing company bonds. Yields basically declined compared with last week. 1 - year perpetual lease bonds had a large decline amplitude, and 2 - 3 - year private non - perpetual varieties had slight adjustments. Bank sub - debt was favored, with dominant performance concentrated in the short - end. 1 - year joint - stock bank and 1 - 2 - year urban commercial bank secondary capital bonds had yield declines of 11.5BP and 8.8BP respectively, and the long - end secondary bonds had a decline amplitude of around 3BP. 2 - year joint - stock bank and urban commercial bank commercial financial bonds recovered first, especially the 1 - year joint - stock bank variety with a 5BP decline. The allocation sentiment for securities company bonds was good, with 1 - year private and 1 - 2 - year public non - perpetual bonds having yield declines close to 6.5BP, but the willingness to sink was weak, and private sub - non - perpetual varieties generally adjusted [4][8]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of July 21, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds have all declined, with private enterprise bonds declining more than state - owned enterprise bonds, and short - term bonds being more favored than those over 1 year. Real estate bond yields mainly declined, with the yield of public non - perpetual bonds within 1 year dropping by more than 5BP. In financial bonds, urban and rural commercial bank capital supplementary tools and leasing company bonds have relatively high valuation yields and spreads. Compared with last week, financial bond yields generally declined, with some adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] Group 3: Summary According to Related Catalogs 1. Overall Outstanding Credit Bonds - The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Non - financial non - real estate industrial bond yields declined, with private enterprise bonds having a larger decline. Real estate bond yields mainly declined, and 1 - year - within public non - perpetual real estate bonds had a yield reduction of over 5BP. Financial bond yields generally declined, with certain adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] 2. Urban Investment Bonds Public Urban Investment Bonds - In Jiangsu and Zhejiang provinces, the weighted average valuation yields are below 2.3%. Yields over 4.5% are in Guizhou's district - level. Yunnan, Gansu and other regions have high spreads. Compared with last week, yields generally declined, with an average decline of less than 2BP. Larger decline varieties include 2 - 3 - year and 3 - 5 - year non - perpetual bonds of Guangdong provincial level, 2 - 3 - year perpetual bonds of Shaanxi district - level, and 1 - 2 - year non - perpetual bonds of Yunnan prefectural - level [2][15][16] Private Urban Investment Bonds - Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have weighted average valuation yields below 2.8%. Yields higher than 3.5% are in Shaanxi prefectural - level, Guizhou and Yunnan prefectural - and district - levels. Gansu, Heilongjiang and other regions have high spreads. Compared with last week, yields mainly declined. Larger decline varieties include 2 - 3 - year non - perpetual bonds of Tianjin provincial level, 1 - year - within non - perpetual bonds of Guizhou district - level, 3 - 5 - year perpetual bonds of Shaanxi prefectural - level, and 2 - 3 - year non - perpetual bonds of Heilongjiang prefectural - level, with declines of 10.5BP, 11.1BP, 21.8BP, and 13.5BP respectively [2][24][25] 3. Non - Financial Non - Real Estate Industrial Bonds - Yields declined compared with last week, with private enterprise bonds having a larger decline than state - owned enterprise bonds, and short - term bonds being more popular [3][8] 4. Real Estate Bonds - Yields mainly declined, and the yield of 1 - year - within public non - perpetual bonds dropped by more than 5BP [3][8] 5. Financial Bonds - Valuation yields and spreads are relatively high in urban and rural commercial bank capital supplementary tools and leasing company bonds. Yields generally declined compared with last week. 1 - year - within private and 2 - 3 - year public perpetual leasing bonds had large declines, while 3 - 5 - year non - perpetual varieties had adjustments. Commercial financial bond yields declined within 4BP, and 3 - 5 - year urban and rural commercial bank varieties had callbacks. Short - duration bank sub - bonds performed better than medium - and long - term ones [4][8]