Core Insights - The real estate development industry is experiencing widespread losses, with a significant decline in revenue and profitability for 2024, indicating a challenging environment for developers [12][13] - Despite the overall industry downturn, leading real estate companies maintain a notable competitive advantage, suggesting potential investment opportunities in top-tier firms [12][13] Industry Overview - In 2024, the total revenue for 168 real estate development companies was 4.33 trillion yuan, representing a year-on-year decrease of 19.2% [12] - The net profit for the industry was -376.3 billion yuan, a substantial decline from -19 billion yuan in 2023, indicating a severe profitability crisis [12] - The overall gross margin for the industry was 15.3%, down by 1.9 percentage points, while the net profit margin was -8.6%, a drop of 7.8 percentage points [12] - Out of the 168 companies, only 68 reported positive net profits, while 100 incurred losses, highlighting the financial strain across the sector [12] Competitive Landscape - The report emphasizes that the competitive dynamics are shifting, with state-owned enterprises and a few mixed-ownership and private firms outperforming others in land acquisition and sales [13] - The investment strategy suggests focusing on companies with strong fundamentals, particularly in first-tier and select second- and third-tier cities, which are expected to perform better during market rebounds [13] Investment Recommendations - The report maintains an "overweight" rating for the real estate sector, advocating for investments in companies that are likely to benefit from policy changes and market recovery [13] - Specific companies highlighted for potential investment include Green Town China, China Overseas Development, and Poly Development, among others, indicating a diversified approach to capitalizing on market opportunities [13]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the Chinese stock market and various sectors including finance, technology, basic materials, real estate, steel, and construction materials [1][3][4][21][23]. Core Insights and Arguments - **Stock Market Dynamics**: The core driver for the rise in the Chinese stock market is the reduction in discount rates, with the risk-free rate (domestic long-term bond yield below 2%) and risk premium levels decreasing, enhancing the attractiveness of equity products [1][6][10]. - **Economic Outlook**: Although the economic situation in China is improving slowly, investor sentiment has shifted from overly pessimistic to a more balanced view, leading to a diminishing impact of valuation contraction [5][9]. - **Policy Support**: Fiscal policies are expected to be introduced around mid-year, with financial policies taking precedence as the main strategy [1][4][5]. - **Sector Recommendations**: The financial, technology, and certain basic materials sectors are favored due to their potential for growth and innovation, benefiting from lower funding costs due to reduced discount rates [1][7][8]. - **Real Estate Recovery**: The real estate market is anticipated to undergo a comprehensive recovery, with new home prices in first-tier cities beginning to rise. Developer financial recovery is expected to become evident by Q4 2025 [1][12][13]. - **Construction Materials**: The construction materials sector is showing signs of stabilization in volume and profitability, with improved corporate governance. Key companies to watch include Conch Cement, Huaxin Cement, and Oriental Yuhong [1][16]. - **Basic Chemicals**: Recommendations include domestic demand products (compound fertilizers, civil explosives), price-increasing products (refrigerants), and leading companies in technical chemicals [1][17][18]. Additional Important Insights - **Steel Sector**: The steel sector is experiencing a demand cycle bottoming out, with a supply contraction phase beginning and raw material prices declining. Recommended companies include Baosteel and Hualin Steel [2][21][22]. - **Investor Behavior**: New investors in the Chinese stock market are adopting different investment logic, focusing on companies with perpetual growth and monopoly positions, as well as emerging technology leaders [11]. - **Market Sentiment**: The overall sentiment in the market is shifting towards a more optimistic outlook, with expectations of policy support and economic recovery driving interest in equities [4][10][19]. - **Construction Sector Recovery**: The construction sector is rebounding due to improved expectations for project financing and seasonal construction activity [20][23]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of various sectors within the Chinese market.

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 螺纹钢产业链日报 2025/5/15 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,118.00 | -9↓ RB主力合约持仓量(手) | 2088127 | -23398↓ | | | RB合约前20名净持仓(手) | -32944 | -43297↓ RB10-1合约价差(元/吨) | -32 | -4↓ | | | RB上期所仓单日报(日，吨 ...

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 5 月 15 日 钢材&铁矿石日报 专业研究·创造价值 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 7 请务必阅读文末免责条款 请务必阅读文末免责条款部分 1 / 8 乐观情绪未退，钢矿震荡回升 核心观点 螺纹钢：主力期价震荡运行，录得 0.39%日涨幅，量仓收缩。现阶段， 螺纹钢供需格局尚可，叠加市场情绪回暖，钢材期价低位回升，但鉴于 需求面临季节性走弱，高供应下需求转弱则螺纹基本面矛盾将累积，钢 价继续承压，相对利好则是库存低位以及情绪偏暖，短期走势延续震荡 企稳，关注需求表现情况。 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形 ...

Summary of Conference Call Records Industry or Company Involved - **Macro Economy**: Focus on consumption and infrastructure performance - **Overseas Technology**: Google, Trump administration, Apple - **Medical Devices**: Domestic market recovery and international expansion Key Points and Arguments Macro Economy - Consumption and infrastructure show resilience, while real estate, exports, and production face pressure [1][2] - Strong performance in automotive consumption; infrastructure investment is accelerating [1][2] - Real estate market remains under pressure; port operations for imports and exports are slowing down [1][2] - Overall production indicators in sectors like power generation, steel, petrochemicals, and automotive are declining [2] Overseas Technology - Google released Gemini 2.5 Pro, enhancing front-end development and complex programming capabilities [4] - The model allows users to create interactive web applications with simple prompts, significantly lowering entry barriers for developers [4] - Trump administration plans to revoke Biden-era AI chip export restrictions, aiming to simplify regulations and boost innovation [5] - Apple is considering integrating AI search features into its Safari browser, potentially ending its long-standing partnership with Google [6] Medical Devices - The domestic medical device market is expected to face pressure in 2024 due to centralized procurement and bidding rhythms, but international expansion remains positive [7][8] - Domestic market revenue growth for medical devices is projected to be flat or negative in the short term, with a gradual recovery expected as inventory is digested [8] - Key players in the medical device sector include Huatai Medical, Aibo Medical, and others, focusing on domestic replacement and international breakthroughs [7][8] Medical Consumables - Overall performance remains stable, with some high-value consumables experiencing a slowdown due to industry restructuring and price adjustments [9] - The electrophysiology sector is expected to maintain rapid growth due to increased domestic penetration and international market expansion [9] In Vitro Diagnostics (IVD) - The domestic IVD market is under short-term pressure, with revenue growth projected to be negative in the coming quarters [10] - The overseas market is becoming a significant growth point for IVD companies, with expectations for continued expansion [11] Steel Industry - Steel demand has decreased, with inventory levels rising; however, a recovery is anticipated post-holiday [22][24] - The industry is expected to stabilize as real estate demand declines and infrastructure investment continues [24] - Recommendations include leading steel companies like Baosteel and Hualing Steel, which are expected to benefit from industry consolidation and high-quality development [21][24] Other Important but Possibly Overlooked Content - Risks include uncertainties in trade relations, domestic growth policies not meeting expectations, and geopolitical risks affecting the technology sector [2][5][6] - The overall market sentiment is cautious, with a focus on innovation and adaptation in response to regulatory changes and competitive pressures [5][6][9] - The medical device sector is seeing a shift towards domestic production and international market penetration, with significant growth potential in high-end equipment and diagnostics [7][8]

Core Insights - The article highlights the rapid rise of Ruipu Lanjun to the second position in global household energy storage battery shipments, backed by the renowned Qingshan Group and its founder, Xiang Guangda, who is also known as China's steel tycoon [1][5] - The competition between Ruipu Lanjun and industry leader CATL (Contemporary Amperex Technology Co., Limited) is framed as a significant battle in the energy storage sector, with both companies employing different strategies and technologies [10][13] Group 1: Company Background and Development - Qingshan Group, founded in 1988, has evolved from a small steel factory to a major player controlling nearly one-eighth of the global nickel resources, thanks to strategic innovations and investments [2][3] - The breakthrough in nickel-iron smelting technology in 1998 allowed Qingshan to reduce stainless steel raw material costs by 40%, leading to a significant increase in production capacity [2] - By 2013, Qingshan had established a complete industrial chain from nickel mining in Sulawesi to stainless steel products in Guangdong, achieving a production cost advantage of 32% over competitors [3] Group 2: Strategic Shifts and Innovations - In 2015, Xiang Guangda proposed a strategic shift to diversify profits from steel, new energy, and derivative investments, leading to the establishment of Ruipu Lanjun [4] - Ruipu Lanjun's innovative "Wen Ding Technology" significantly reduced internal resistance in batteries, resulting in a longer cycle life compared to competitors [6][7] - The company adopted a modular design for energy storage solutions, allowing for easier installation and expansion, which helped capture a 12% market share in Southern Europe by the end of 2022 [7] Group 3: Competitive Landscape - The competition between Ruipu Lanjun and CATL is characterized by differing focuses; while CATL invests heavily in R&D, Ruipu Lanjun emphasizes cost efficiency and lifecycle performance [10][11] - Ruipu Lanjun's production costs for its 280Ah battery cells are lower than CATL's, showcasing its competitive edge in the market [11] - The strategic differences extend to recycling systems, with CATL having a more extensive network while Ruipu Lanjun focuses on high-purity lithium recovery through advanced processes [12] Group 4: Future Outlook - Ruipu Lanjun aims to become irreplaceable in three areas: control over nickel resources, energy storage system integration capabilities, and recycling network coverage [13] - The ongoing competition between Ruipu Lanjun and CATL is expected to redefine the future landscape of the energy storage industry as both companies strive for dominance in a rapidly evolving market [13]

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: April 30, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On April 29, the coke futures main contract 2509 saw its center of gravity decline for three consecutive trading days, giving back most of the gains since April 23. The coking coal futures main contract 2509 weakened again, approaching the previous low of 924 yuan/ton set on April 22 [7]. - It is expected that in the first half of May, the coke and coking coal markets will stabilize and rebound after a second bottom - testing. One can try to sell out - of - the - money put options at high prices during the above time period when the technical and fundamental aspects resonate, or try to buy the far - month 2509 contract for hedging or investment at low prices after the coal and coke prices stabilize [11]. 3. Summary by Directory 3.1 Market Review and Outlook 3.1.1 Spot Market Dynamics and Technical Analysis - On April 29, the KDJ indicators of the daily lines of both the coke and coking coal 2509 contracts showed a golden cross. The MACD red bar of the daily line of the coke 2509 contract narrowed for two consecutive trading days, and the MACD red bar of the daily line of the coking coal 2509 contract turned to a slight narrowing [10]. - The prices of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port remained unchanged at 1440 yuan/ton, and the price in Tangshan was 1370 yuan/ton with no change. The price of low - sulfur main coking coal in Lvliang decreased by 10 yuan/ton to 1300 yuan/ton, while the prices in other regions remained stable [10]. 3.1.2 Outlook - Coke: Downstream steel mills' production has further increased, and coking plants have significantly increased production for six consecutive weeks. After the inventories of steel mills and coking plants decreased significantly, they turned to a slight increase, while the port inventory declined from a high level. The coke price rebound requires the improvement of the finished steel market. It is expected that the coke market may improve following the finished steel in the first half of May [11]. - Coking Coal: In March, imports increased from the previous high, but the growth rate slowed down compared to January - February. The domestic coal industry still emphasizes the principle of ensuring supply. Although the output and operating rate of coal washing plants are significantly lower than those in the fourth quarter of last year, the supply remains loose. The significant decline in port inventory is positive, but the decline in steel mill inventory is not large. After coking plants actively replenish inventory, it will discount the subsequent price rebound. Whether the decline of coking coal can stop depends on whether the coke market can truly recover in the first half of May [11]. 3.2 Industry News - The National Development and Reform Commission and the National Energy Administration issued a notice on accelerating the construction of the power spot market, with specific requirements for different regions' power spot markets to enter formal operation or start continuous settlement trial operation [12]. - The National Development and Reform Commission and the National Energy Administration issued the "Basic Rules for the Power Auxiliary Service Market", requiring relevant departments to formulate and revise implementation rules for the auxiliary service market [12]. - As of the end of March 2025, the national local government debt balance was 5.0165 trillion yuan. In March 2025, the national issuance of local government bonds was 978.8 billion yuan [13]. - China Coal Industry Association conducted research in Zhejiang, emphasizing industry self - discipline, promoting coal supply - demand balance, and maintaining stable coal prices [13]. - Baoshan Iron & Steel Co., Ltd. held a performance briefing. In 2024, it achieved a total profit of 9.339 billion yuan, and in the first quarter of 2025, it achieved a total profit of 3.292 billion yuan. The impact of US tariff policies on its direct exports is minimal, and the impact of anti - dumping policies in South Korea and Vietnam is controllable [13]. - Gansu Energy Chemical Industry Co., Ltd. plans to invest 6.266 billion yuan in 2025 [14]. - Yongtai Energy Co., Ltd. achieved an operating income of 28.357 billion yuan in 2024, with a year - on - year decrease of 5.85%. The attributable net profit was 1.561 billion yuan, with a year - on - year decrease of 31.12%. The raw coal output in 2024 was 13.6801 million tons, with a year - on - year increase of 5.46% [14]. - Liugang Co., Ltd. had an operating income of 1.7119 billion yuan in the first quarter of 2025, with a year - on - year decrease of 14.36%. The attributable net profit was 260 million yuan, with a year - on - year increase of 594.67% [14]. - Pingdingshan Tianan Coal Mining Co., Ltd. had an operating income of 540 million yuan in the first quarter of 2025, with a year - on - year decrease of 34.69%. The net profit was 152 million yuan, with a year - on - year decrease of 79.50% [14]. - Zhejiang Energy Electric Power Co., Ltd. had an operating income of 1.76 billion yuan in the first quarter of 2025, with a year - on - year decrease of 12.09%. The attributable net profit was 1.074 billion yuan, with a year - on - year decrease of 40.81% [15]. - Jiangsu Guoxin Group Co., Ltd. achieved an operating income of 36.933 billion yuan in 2024, with a year - on - year increase of 6.83%. The attributable net profit was 3.238 billion yuan, with a year - on - year increase of 73.12% [15]. - Shaanxi Iron and Steel Group and Shaanxi Black Cat Coking signed a strategic cooperation agreement [15]. - The average daily power generation of coal - fired power plants of power - generating groups included in the power industry fuel statistics increased by 8.1% month - on - month and 1.3% year - on - year. The average daily coal consumption of power plants transported by sea increased by 8.0% month - on - month and 5.8% year - on - year [15]. - The 2025 spring centralized maintenance of the Datong - Qinhuangdao Railway was completed three days ahead of schedule [16]. - Kaiyuan Securities gave a "Buy" rating to Jincheng Anthracite Mining Group Co., Ltd. [16]. - As of April 21, the annual cumulative coal transportation volume of the Shuohuang Railway exceeded 100 million tons [16]. - In the first quarter, the raw coal output of Ordos above - scale enterprises was 223.417 million tons, and the natural gas output was 8.34 billion cubic meters [16]. - Russia proposed to sign a government - to - government agreement with India to support the supply of coking coal and determine the supply of thermal coal [16]. - Whitehaven Coal Ltd.'s raw coal output in the third quarter of this fiscal year was 9.2 million tons, a 5% decrease from the previous quarter [16]. - If India adds 50,000 MW of renewable energy installed capacity annually, it can completely stop importing thermal coal by 2029 and save at least $173 billion from 2025 to 2034 [16]. 3.3 Data Overview - The report provides multiple data charts, including the spot price index of metallurgical coke, the spot price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national average daily hot metal output, the inventory of coke and coking coal in ports, steel mills, and coking plants, the profit per ton of coke in independent coking plants, the output and operating rate of coal washing plants, and the basis between spot and futures contracts [18][19][24].

Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]

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Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit bond yields increased slightly, and the credit spreads of medium - and short - term bonds declined slightly. The long - end of interest rates performed better than the short - end this week [2][5]. - Urban investment bond spreads generally continued to decline slightly, with the spreads of Guizhou's low - grade varieties slightly rising [2][9]. - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased [2][18]. - The yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly [2][28]. - The excess spreads of industrial perpetual bonds were basically flat, while those of urban investment perpetual bonds increased [2][31]. Summary by Directory 1. Credit bond yields increased slightly, and the 3Y spreads compressed most significantly - Interest rates fluctuated within a narrow range this week, with the long - end performing better than the short - end. The yields of 1Y, 3Y, and 5Y China Development Bank bonds increased by 2BP, 3BP, and 2BP respectively, while those of 7Y and 10Y decreased by 1BP and 2BP respectively [2][5]. - Credit bond yields increased slightly overall. The yields of 1Y AA - grade and above credit bonds increased by 1 - 2BP, and the AA - grade remained the same as last week; the yields of 3Y AA and AA + grade credit bonds increased by 2 - 4BP, and the AAA and AA - varieties remained flat; the yields of 5Y AA + and above grade varieties increased by 0 - 1BP, and the AA and AA - varieties increased by 2 - 4BP; the yields of 7Y all - grade credit bonds decreased by 0 - 1BP; the yields of 10Y all - grade varieties increased by 4BP [2][5]. - In terms of credit spreads, the medium - and short - term spreads declined slightly, while those of long - term varieties increased. The spreads of 1Y AA and above varieties remained the same as last week, and the AA - spread decreased by 1BP; the spreads of 3Y AA - grade varieties remained flat, and the other varieties decreased by 1 - 4BP; the spreads of 5Y AAA and AA + grades decreased by 1 - 2BP, the AA - grade increased by 3BP, and the AA - spread remained the same as last week; the spreads of 7Y all - grade increased by 0 - 1BP; the spreads of 10Y all - grade increased by 6BP [2][5]. 2. Urban investment bond spreads declined slightly, and some weakly - qualified regions rebounded and widened - This week, the spreads of urban investment bonds continued to decline slightly. The credit spreads of externally - rated AAA and AA - grade platforms decreased by 1BP, and the spreads of AA + - grade platforms remained the same as last week [2][9]. - Among provinces, the spreads of most AAA - grade platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP and Gansu increasing by 2BP; the spreads of most AA + - grade platforms decreased by 0 - 1BP, with Tibet and Shaanxi decreasing by 3BP and 4BP respectively, and Anhui, Beijing, and Heilongjiang increasing by 1 - 2BP; the spreads of most AA - grade platforms decreased by 0 - 2BP, with Shanxi decreasing by 5BP, Gansu decreasing by 15BP, and Guizhou increasing by 5BP [2][9]. - In terms of administrative levels, the credit spreads of provincial platforms decreased by 1BP, and the spreads of prefecture - level and district - county - level platforms remained the same as last week. The spreads of most provincial platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP; the spreads of most prefecture - level platforms in various regions decreased by 0 - 2BP, with Gansu decreasing by 15BP; the spreads of most district - county - level platforms remained flat or increased by 1BP, with Hebei and Liaoning decreasing by 3BP, Shaanxi decreasing by 4BP, and Guizhou increasing by 8BP [2][9][15]. 3. Industrial bond spreads declined overall, and the spreads of private real - estate bonds increased - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased. This week, the spreads of central - state - owned and local - state - owned real - estate bonds decreased by 0 - 1BP, and the spreads of mixed - ownership real - estate bonds decreased by 69BP. The spreads of private real - estate bonds increased by 14BP overall, with the spread of Longfor decreasing by 6BP, the spreads of Midea Real Estate and Huafa Co., Ltd. remaining flat, and the spread of CIFI increasing by 384BP [2][18]. - The spreads of all - grade coal bonds decreased by 0 - 1BP; the spreads of AAA - grade steel bonds remained flat; the spreads of AAA - grade chemical bonds increased by 1BP, and the AA + spreads decreased by 2BP. The spread of Shaanxi Coal Industry increased by 1BP; the spread of Jinkong Coal Industry decreased by 1BP; the spread of HBIS increased by 2BP [2][18]. 4. The yields of secondary and perpetual bonds showed a long - short differentiation, and most credit spreads declined - This week, the yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly. Specifically, the yields of 1Y commercial bank secondary capital bonds decreased by 0 - 3BP, the yields of perpetual bonds decreased by 2BP, and the spreads of 1Y secondary and perpetual bonds decreased by 2 - 4BP overall [2][28]. - The yields of 3Y AAA - and AA + - grade secondary capital bonds decreased by 0 - 2BP, the AA yield increased by 1BP, and the spreads of 3Y secondary bonds decreased by 2 - 5BP; the yields of 3Y AAA - and AA + - grade perpetual bonds increased by 1BP, the spreads decreased by 2BP, the AA - grade yield increased by 4BP, and the spread increased by 1BP; the yields of 5Y commercial bank secondary capital bonds increased by 0 - 2BP, the spreads decreased by 0 - 2BP, the yields of perpetual bonds increased by 2BP, and the spreads were basically flat [2][28]. 5. The excess spreads of industrial perpetual bonds were basically flat, and the excess spreads of urban investment perpetual bonds increased - This week, the excess spreads of industrial AAA3Y perpetual bonds decreased slightly by 0.01BP to 9.20BP, at the 8.80% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds remained flat at 8.72BP, at the 6.38% quantile; the excess spreads of urban investment AAA3Y perpetual bonds increased by 1.25BP to 8.24BP, at the 6.02% quantile; the excess spreads of urban investment AAA5Y perpetual bonds increased by 0.89BP to 9.73BP, at the 7.92% quantile [2][31]. 6. Credit spread database compilation instructions - The overall market credit spreads, commercial bank secondary and perpetual spreads, and the credit spreads of urban investment/industrial perpetual bonds are calculated based on the data of ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds. The historical quantiles are since the beginning of 2015; the relevant credit spreads of urban investment and industrial bonds are compiled and statistically analyzed by the R & D Center of Cinda Securities, and the historical quantiles are since the beginning of 2015 [38]. - The credit spreads of industrial and urban investment individual bonds = the individual bond's ChinaBond valuation (exercise) - the yield to maturity of the same - term China Development Bank bond (calculated by the linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic average method [38][39]. - The excess spreads of bank secondary capital bonds/perpetual bonds = the credit spreads of bank secondary capital bonds/perpetual bonds - the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds = the credit spreads of industrial/urban investment perpetual bonds - the credit spreads of medium - and short - term notes of the same grade and term [39]. - Sample selection criteria: Both industrial and urban investment bonds select samples of medium - term notes and public - offering corporate bonds, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are externally - rated by the issuer, while commercial banks use ChinaBond's implied bond ratings [40].