1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the trends of interest - rate bonds and credit bonds diverged. Interest - rate bonds adjusted slightly, while credit bonds showed strong resilience and continued to recover, with ultra - long - term varieties having the highest repair degree [3][10][27]. - The market of Tier 2 capital bonds (Two - tier bonds) weakened, and the repair degree of the ultra - long - term part was weaker than that of other ultra - long - term credit bonds [4][17]. - The start of the ultra - long - term credit bond market was not driven by major non - bank institutions such as funds, wealth management, and insurance, so the sustainability of the market may not be stable. It is recommended that institutions with unstable liability ends avoid chasing the rise of ultra - long - term credit bonds. Instead, it is advisable to focus on short - and medium - term coupon sinking strategies [5][26][27]. 3. Summary by Related Catalogs 3.1 Market Performance of Interest - rate Bonds and Credit Bonds - From October 20 to October 24, 2025, the yields of 1Y, 2Y, 3Y, 4Y, and 5Y treasury bonds increased by 2.8BP, decreased by 0.2BP, increased by 1.5BP, increased by 2.2BP, and increased by 2.7BP respectively. In contrast, the yields of the same - term AAA and AA+ medium - term notes decreased [10][11]. - The yields of AAA/AA+ 10Y medium - term notes decreased by 5.77BP, the yields of AAA/AA+ 10Y urban investment bonds decreased by 5.86BP and 5.85BP respectively, the yield of AAA - 10Y bank secondary capital bonds decreased by 0.17BP, while the yield of 10Y treasury bonds increased by 2.40BP [3][12][13]. 3.2 Curve Shape and Yield Quantile Analysis - The steepness of the 1 - 2 - year and 2 - 3 - year yield curves of all ratings is the highest, and the 3 - 5 - year yield curve of low - grade bonds also has a relatively high steepness [13]. - In terms of the historical quantiles of absolute yields and credit spreads, the 4 - 5Y range still has a certain cost - performance [15]. 3.3 Market Situation of Two - tier Bonds - The market of Two - tier bonds weakened, with adjustments in the 2Y - 5Y range. The repair degree of the ultra - long - term part was weaker than that of other ultra - long - term credit bonds. The yields of 1 - 5 - year, 7 - year, and 10 - year AAA - bank secondary capital bonds changed to varying degrees [4][17]. - The buying interest in the active trading of Two - tier bonds was not weak, but the proportion of transactions below the valuation was not high, and the trading volume with a discount of more than 4BP was small [19][20]. 3.4 Market Situation of Ultra - long - term Credit Bonds - There were not many sell - side transactions of ultra - long - term credit bonds last week, and the discount transaction was not a panic - selling situation. The discount transaction proportion was between 0.00% and 17.50%, and the discount amplitude was mostly within 4BP [21]. - The coupon of ultra - long - term credit bonds has a certain cost - performance, and the proportion of high - activity transactions below the valuation continued to increase, remaining at a high level throughout the week [22]. 3.5 Institutional Behavior Analysis - Last week, public funds, wealth management, and insurance all reduced their net purchases of credit bonds compared with the previous week. Funds were net sellers of 5 - 30 - year credit bonds, with a net selling scale of 10.2 billion yuan [5][26]. - Other asset management products were net buyers of credit bonds, with a net purchase of 239.9 billion yuan, mainly increasing their holdings of 3 - 30 - year varieties, with a net purchase of 75.8 billion yuan [26].

证券研究报告：固定收益报告 发布时间：2025-06-26 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:李书开 SAC 登记编号:S1340524040001 Email:lishukai@cnpsec.com 近期研究报告 《中长久期高评级城投债流动性上升- - 流 动 性 打 分 周 报 20250623 》 - 2025.06.24 信用周度观点 超长期限：行情还能走多远？ ——信用周报 20250625 ⚫ 超长期限：行情还能走多远？ 六月中旬开始行情意外到来，上周信用债整体走势上行，但涨幅 普遍不及利率债，且在期限上与利率债有所不同。上周利率债整体走 强，中短期限涨幅较大，而超长期限涨幅较小。信用债走势跟利率债 一致，也在持续上涨，但不同的地方在于信用债中短期限反而涨幅较 低，长期限的涨幅却高于同期限的利率债。此外，超长期限信用债行 情意外回暖，涨幅不仅超过同期限利率债，也好于普信债的普遍表现。 从折价成交的情况来看，上周机构卖出超长期限信用债的意愿十 分淡薄。周一-周五超长期限信用债折价成交的占比分别为 ...