Core Insights - The report discusses the evolution, risk-return profile, and market role of floating-rate financial bonds in China, highlighting their significance in optimizing the market interest rate transmission mechanism and promoting green finance initiatives [2][8]. Group 1: Development and Market Analysis of Floating-Rate Financial Bonds - The floating-rate bond market in China began in 1995 and has undergone three significant expansion phases, with a notable decline in issuance scale since 2022 due to falling interest rates. As of June 27, 2025, the total outstanding floating-rate bonds amounted to 514.7 billion yuan, with financial floating-rate bonds constituting the majority at 395 billion yuan [7][12]. - The current floating-rate financial bonds are primarily linked to the DR007 (51%) and the 1-year LPR (39%), reflecting a dual characteristic of short-term monetary market rates and medium to long-term financing costs [13][14]. - The secondary market for floating-rate bonds has been sluggish, with monthly trading volumes dropping to around 50 billion yuan, accounting for only 0.12% of the total bond market transactions [14][18]. Group 2: Pricing Analysis and Risk Attributes - The pricing of floating-rate bonds follows the principle that the current coupon equals the benchmark interest rate plus a fixed spread. This structure provides significant resistance to interest rate risk, as the coupon can adjust in line with market rates, resulting in lower net price volatility compared to fixed-rate bonds [22][23]. - Empirical analysis shows that during periods of rising benchmark rates, floating-rate bonds exhibit a smaller decline in net price compared to similar fixed-rate bonds, indicating their superior performance in such conditions [27][28]. Group 3: Future Prospects and Roles of Floating-Rate Bonds - For investors, floating-rate bonds offer a natural yield enhancement effect during rising interest rate phases, serving as a robust risk-hedging tool. They are less sensitive to interest rate changes, making them suitable for managing valuation volatility [30]. - For issuers and the bond market, the dual issuance of fixed and floating-rate bonds enhances funding options and attracts diverse capital sources. This approach maximizes fundraising efficiency and meets varying investor demands, thereby improving overall market liquidity [31]. - The "floating-rate green bond" model aligns with green finance policies, enhancing environmental benefit disclosures and attracting ESG investments, supported by recent regulatory initiatives promoting green bond development [31].

固收定期研究 2025 年 6 月 16 日 Table_First|Table_Summary 【华福固收】5y 以上产业债怎么选 ➢ 5y以上产业债怎么选 4月29日以来，信用债利率整体震荡下行，分期限来看，以中票为例，5年期、6年期和 7年期表现不错。目前来看，5年期以上产业债估值所处的历史分位点普遍在3%到7%之 间。品种方面，可关注以下几个方面： 承担较大社会责任、有一定影响力的央企：如中国诚通、中国国新等。6月9日，中国国 新、中国诚通两家国有资本运营公司在银行间市场成功发行395亿元稳增长扩投资专项 债，进一步支持中央企业加强"两重""两新"投资。存续债方面，如25诚通控股MTN001(稳 增长扩投资专项债)剩余期限9.9836年，中债行权估值在2.17%左右。 产投或兼具城投&产业属性的省属国企：这类主体在前期享受了较大政府支持，现阶段 在区域一盘棋的思路下，或仍承担了区域内基建的任务；另一方面，产业属性则暗含着 这类主体可能会被直接注入一定具有现金流业务的资产，在新发债方面或有一定优势。 可关注南通地铁、山东高速、越秀集团等。对收益有较高要求的机构可关注水发集团、 陕旅集团等。如水发集团，2 ...

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