1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of the intensifying "asset shortage" in the credit bond market, the report aims to sort out the distribution of coupon assets of different credit varieties as of March 1, 2026, for investors' reference [3][6] 3. Summary by Relevant Catalogs 3.1 Credit Bond Market Overview - As of March 1, 2026, the total scale of traditional credit bonds (excluding convertible bonds, exchangeable bonds, and ABS) in the whole market was 480,013 billion yuan. Among them, the balance of urban investment bonds was 160,121 billion yuan, accounting for 33.4%; the balance of industrial bonds was 136,550 billion yuan, accounting for 28.4%; the balance of bank secondary perpetual bonds was 70,427 billion yuan, accounting for 14.7% [3][6] - As of March 1, 2026, the balance of high - coupon traditional credit bonds (with an exercise valuation yield of ≥2.1%) was 123,411 billion yuan, accounting for 25.7% of the total scale [3][6] 3.2 Urban Investment Bonds - As of March 1, 2026, the balance of public urban investment bonds was 87,491 billion yuan, of which the balance of high - coupon public urban investment bonds was 20,042 billion yuan, accounting for 22.9%. High - coupon public urban investment bonds were mainly distributed in regions such as Jiangsu, Shandong, Sichuan, Hubei, Jiangxi, Chongqing, Guangdong, and Shaanxi [7] - At the city level, cities such as Chengdu, Chongqing, Jinan, Beijing, Xi'an, Shenzhen, Wuhan, Tianjin, and Qingdao had a large scale of high - coupon public urban investment bonds, all exceeding 500 billion yuan. For institutions that want to extend the duration to increase returns but not too long, they can select bonds from the above regions [9][10] - At the issuer level, issuers such as Tianjin Urban Construction, Shuifa Group, and Xi'an High - tech had a high - coupon public urban investment bond balance of over 20 billion yuan. For 3 - 5Y bonds, institutions can focus on Tianjin Urban Construction, Hubei Lianfa, Qingdao Construction, Yu Aviation Port, and Kunshan Guochuang [10][11] - As of March 1, 2026, the balance of private urban investment bonds was 72,630 billion yuan, of which the balance of private urban investment bonds with an exercise valuation yield of ≥2.3% was 19,720 billion yuan, accounting for 27.2%. Regions with a large scale of private urban investment bonds with a yield of 2.3% and above included Shandong, Jiangsu, Anhui, Sichuan, and Jiangxi [12] 3.3 Industrial Bonds - As of March 1, 2026, the total balance of industrial bonds in the whole market was 136,550 billion yuan, of which the balance of public industrial bonds was 127,526 billion yuan, accounting for 93.4%. The balance of high - coupon public industrial bonds was 35,143 billion yuan, accounting for 27.6% [14] - In terms of industry distribution, industries such as public utilities, comprehensive, transportation, building decoration, and real estate had a large scale of public industrial bonds, but the proportion of high - coupon public industrial bonds in public utilities and transportation industries was relatively small, while the proportion of high - valuation bonds in the real estate industry was relatively large [14][15] - Among non - perpetual public industrial bonds, the high - valuation bonds of AA+ and above real - estate companies with a yield of >2.5% had a large scale and relatively short durations, but due to the negative impact of the industry's fundamentals, they were not recommended as allocation targets. The high - valuation bonds of AA+ and above comprehensive companies with a yield of >2.5% had a large scale, but the remaining duration of the bonds was relatively long, which may be suitable for institutions with a long - term liability duration [16] - At the issuer level, energy and coal industry issuers such as Jinneng Power, Yunnan Energy, Jinneng Coal Industry, and Jizhong Energy, as well as comprehensive issuers such as Yunnan Investment and Control and Shenye Group, had a relatively large scale of public non - perpetual high - coupon industrial bonds. Jinneng Power, Yunnan Energy, and Jinneng Coal Industry had over 10 billion yuan of 3 - 5Y public non - perpetual high - coupon industrial bonds, and their issuer ratings were mainly AAA, which could be used as key targets to increase portfolio returns [20] 3.4 Financial Bonds 3.4.1 Bank Secondary Perpetual Bonds - As of March 1, 2026, the balance of bank secondary capital bonds was 43,784 billion yuan, and the balance of bank perpetual bonds was 26,643 billion yuan. The proportion of high - coupon bank secondary capital bonds was 28.4%, and the proportion of high - coupon bank perpetual bonds was 26.0% [24] - For 3 - 5Y bank secondary capital bonds, the yield was mostly concentrated in the range of 1.9 - 2.1%, and bonds with a yield of over 2.1% mainly came from bonds with a term of over 5Y. For bank perpetual bonds, bonds with a yield of over 2.1% mainly had a remaining exercise term of 3 - 5Y [24] - For 3 - 5Y high - coupon secondary capital bonds, institutions can focus on issuers such as China Guangfa Bank, China Minsheng Bank, Shanghai Pufa Bank, Tianjin Bank, Bohai Bank, Sichuan Bank, Hengfeng Bank, and Huishang Bank, whose high - coupon secondary capital bonds all exceeded 10 billion yuan [27] 3.4.2 Other Financial Bonds - As of March 1, 2026, the balance of other financial bonds (including commercial financial bonds) except bank secondary perpetual bonds was 112,915 billion yuan, of which the balance of high - coupon financial bonds was 9,470 billion yuan, accounting for only 8.4%. The proportion of bonds with an exercise valuation yield of 1.9% and below was 81.8% [30] - The scale of financial bonds with a remaining exercise term of less than 5Y accounted for 97.7%. Although the overall scale of high - coupon financial bonds was not large, most of the remaining exercise terms were within 5Y, with certain potential for return exploration [30] - Issuers such as Ping An Life Insurance, Cinda Asset Management, Guosen Securities, and Taikang Life Insurance had over 15 billion yuan of 3 - 5Y high - coupon financial bonds, and investors can pay appropriate attention to their outstanding bonds [32]