Report Investment Rating - No information provided on the investment rating of the industry in the report. Core Viewpoints - As of July 4, the weighted average trading maturities of urban investment bonds and industrial bonds were 2.27 years and 3.27 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading maturities of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.28 years, 3.73 years, and 3.27 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 1.52 years, 1.69 years, 3.33 years, and 1.37 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical quantiles and leasing company bonds at a relatively high historical quantile [2][9]. - The coupon duration crowding index declined and then slightly increased. After reaching its peak in March 2024, it dropped and this week slightly decreased compared to last week, currently at the 27.80% level since March 2021 [12]. Summary by Directory 1. All - Variety Maturity Overview - The weighted average trading maturities 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 2.27 years, 3.27 years, 4.28 years, 3.73 years, 3.27 years, 1.52 years, 1.69 years, 3.33 years, and 1.37 years respectively. Their corresponding historical quantiles since March 2021 were 94.1%, 97.7%, 97.3%, 68.1%, 99.5%, 29.1%, 13.9%, 70.8%, and 82.9% [11]. - The coupon duration crowding index declined after reaching its peak in March 2024 and this week slightly decreased compared to last week, currently at the 27.80% level since March 2021 [12]. 2. Variety Microscope - **Urban Investment Bonds**: The weighted average trading maturity hovered around 2.27 years. Guangdong provincial - level urban investment bonds had a duration of over 5 years, while Guizhou provincial - level urban investment bonds' trading duration shortened to around 0.48 years. The durations of urban investment bonds in regions such as prefecture - level cities in Zhejiang, prefecture - level cities in Guangdong, district - county - level in Fujian, and prefecture - level cities in Shandong were at over 90% historical quantiles, and the durations of Hunan provincial - level and Henan prefecture - level urban investment bonds were approaching their highest levels since 2021 [3][16]. - **Industrial Bonds**: The weighted average trading maturity was around 3.27 years, slightly longer than last week. The trading maturity of the real estate industry shortened to 1.85 years, while that of the public utilities industry lengthened to 3.63 years. The real estate industry's trading maturity was at a relatively low historical quantile, while industries such as public utilities, food and beverage, biomedicine, commercial retail, and building materials were all at over 90% historical quantiles [3][20]. - **Commercial Bank Bonds**: The duration of general commercial financial bonds lengthened to 3.27 years, at the 99.5% historical quantile, higher than the same period last year. The duration of secondary capital bonds lengthened to 4.28 years, at the 97.30% historical quantile, higher than the same period last year. The duration of bank perpetual bonds lengthened to 3.73 years, at the 68.10% historical quantile, higher than the same period last year [3][23]. - **Other Financial Bonds**: In terms of the weighted average trading maturity, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at 83%, 14%, 30%, and 71% historical quantiles respectively. The duration of insurance company bonds slightly lengthened compared to last week [3][25].