1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The short - end US Treasury yields declined again. Amid the federal government shutdown and labor data divergence, the market identified more recession signs and increased bets on interest rate cuts. If the federal government resumes operation before the December meeting, it may provide sufficient evidence for rate cuts [3][13]. - Global major asset classes showed different trends. Global stock indices generally pulled back, energy and black commodities were adjusted, precious metals fluctuated downwards, and the US dollar weakened due to weak labor data [5][18][19][20]. 3. Summary by Relevant Catalogs 3.1 This Week's Overseas Macroeconomic Interest Rate Review 3.1.1 Macroeconomic Indicator Review - Employment: In October, the ADP employment number turned positive but remained weak. The private - sector added about 42,000 jobs, higher than the expected 32,000 and reversing the decline in September. However, the increase was still small compared to previous years. New jobs were mainly concentrated in education, healthcare, trade, transportation, and public utilities, while several industries such as professional business services, information technology, and leisure and entertainment saw continuous net job losses for the third month [1][11]. - Business indices: The US Markit services PMI growth in October slowed, the ISM non - manufacturing PMI increased, the Markit manufacturing PMI rose, and the ISM manufacturing PMI fell short of expectations. The labor market in the service and manufacturing industries remained weak [2][12]. 3.1.2 Main Overseas Market Interest Rate Review - US: From October 31 to November 7, 2025, the short - end US Treasury yields declined again. The yield curve steepened with short - and medium - term yields down and ultra - long - term yields slightly up. The market strengthened bets on rate cuts, and the probability of a December rate cut increased by 4 percentage points to 67%. With the two - party attitude softening on Friday, the market expected the government shutdown to end soon [3][13]. - Europe and Japan: Japanese government bond yields had a slight overall increase, with short - end yields down and medium - and long - end yields up. German government bond yields across all maturities increased, with long - end yields leading the rise and the weekly amplitude reaching a phased high [4][17]. 3.2 Other Major Asset Reviews - Equities: Global major stock indices generally pulled back, affected by both fundamentals and policy expectations. The Russian MOEX index rose 1.63%, the Hong Kong Hang Seng Index rebounded 1.29%, while the US Nasdaq index fell 3.04%, and the Japanese Nikkei 225 index fell 4.07% [5][18]. - Commodities: Energy and black commodities were generally adjusted, and precious metals fluctuated downwards. US hog futures rose 0.93%, CBOT soybeans rose 0.16%, while Brent crude oil fell 2.21%, and Bitcoin fell 5.73% [5][19]. - Foreign exchange: Due to weak US labor data, the US dollar weakened. The Japanese yen rose 0.53%, the Vietnamese dong rose 0.20%, and the South Korean won depreciated 1.59% [5][20]. 3.3 Market Tracking - The report presents multiple charts, including the auction panel of US Treasury bonds, the latest target interest rate expectations of FED WATCH, the simulated trends of the US dollar, US stocks, US Treasury bonds, gold, and Bitcoin, the trends of global major stock indices, the yield curves of US, Japanese, and German government bonds, and the latest economic data panels of the US, Japan, and the Eurozone [15][16][23].

Summary of Conference Call Notes Industry Overview - The current fixed income market is characterized by low risk but also low returns, suggesting a "barbell strategy" that involves investing in medium to short-term government bonds and low-rated credit bonds while maintaining liquidity to wait for regulatory changes or a decrease in bank funding costs to improve the return environment [1][2][4]. Key Points and Arguments 1. **Market Conditions**: - The credit bond market showed strong performance in October, driven by liquidity and risk-averse sentiment, with a preference for short-duration, high-yield products. Institutions leveraged short-term assets, and U.S.-China tariff tensions contributed to risk aversion, benefiting the bond market [1][8]. - The overall credit bond market is currently facing low return potential, with existing bonds having reached a lower limit of 1.75% and new bonds still having some room for growth, but overall returns remain below acceptable mid-range levels [2]. 2. **Investment Strategy**: - A "barbell strategy" is recommended, focusing on flexible or high-yield products, such as medium to short-term government bonds and low-rated credit bonds, to balance risk and return [2][4]. - Future credit bond investment strategies should focus on controlling duration, seizing yield opportunities, and selectively investing in mid to high-grade credit bonds with a duration of around three years, as well as strong regional municipal bonds [3][11]. 3. **Market Dynamics**: - The credit bond market has shown structural differentiation, with supply and demand mismatches leading to narrowing spreads in the short end while the long end still has some spread potential. Regional differences are notable, with significant spread variations in municipal bonds from different regions [9][10]. - The supply of credit bonds in October was initially high but decreased towards the end of the month, with net financing for industrial bonds reaching a six-month high of over 140 billion yuan, while municipal bonds saw a positive month-on-month change [6]. 4. **Policy Impact**: - Recent policies aimed at alleviating local government hidden debt pressures have eased some high-interest debt burdens. The upcoming changes in public fund redemption fees have made institutions cautious about long-duration products [10]. - The central bank's commitment to maintaining liquidity supports a favorable funding environment for the bond market [10]. 5. **Future Outlook**: - The convertible bond market is expected to continue experiencing high volatility, with structural trends in the A-share market supported by technology innovation and domestic demand expansion policies. A balanced approach is recommended, focusing on both equity-linked convertible bonds and low-priced bonds to mitigate market fluctuations [12][13]. Additional Important Insights - The liquidity management aspect is crucial in a low-return environment, emphasizing the need to avoid illiquid assets with unstable liabilities. Historical data suggests that in such environments, the market tends to exhibit a "no progress means regression" scenario, necessitating cautious operations [5]. - The key indicator of deposit rates is critical; a clear downward trend in deposit rates would indicate further support for lowering bond yields. However, significant reductions in deposit rates by year-end are unlikely due to uncertain supply scales [5]. This comprehensive analysis highlights the current state of the fixed income market, investment strategies, and the impact of policy changes, providing a detailed overview for stakeholders in the industry.

Market Overview - The overall funding environment was loose last week, with slight increases in bond yields and a decline in government bond futures [1][5] - As of November 7, the 10-year government bond yield rose to 1.81%, up 0.42 basis points from the previous Thursday and up 1.45 basis points from the previous week [1][2] - The market's expectation for bond purchases by the central bank was somewhat overstated, leading to a weaker bond market after the actual implementation [1][2] Bond Market Performance - The bond market experienced fluctuations, with the 10-year government bond yield showing mixed performance throughout the week, ending at 1.81% [2][5] - The China Convertible Bond Index rose by 0.86% over the week, with significant trading volume of 3,426 billion yuan [4] - The issuance of local bonds decreased significantly, with a total of 916.07 billion yuan issued, down 1,790.75 billion yuan from the previous week [8] Central Bank Operations - The central bank conducted a total of 4,958 billion yuan in 7-day reverse repos last week, with a net withdrawal of funds [12][14] - The central bank resumed government bond trading, injecting 200 billion yuan into the banking system, which was lower than market expectations but still significant [13][20] Credit Market Activity - A total of 448 credit bonds were issued last week, with a total scale of 5,079.87 billion yuan, reflecting an increase of 1,377.19 billion yuan from the previous week [9] - The issuance of financial bonds amounted to 1,270.70 billion yuan, while corporate bonds and medium-term notes also saw significant issuance [9] International Market Insights - In the U.S., the consumer confidence index fell to 50.3, indicating economic concerns, while the labor market showed mixed signals with job growth slightly above expectations [15][26] - European bond yields generally increased, with the 10-year German bond yield rising by 4.6 basis points over the week [17] - Japanese investors reduced their holdings of overseas bonds while increasing their investments in domestic bonds [19]

Core Insights - The article discusses the growth and classification of sustainable bonds, emphasizing their role in promoting sustainable development and aligning with sustainability goals [1][2]. Group 1: Overview of Sustainable Bonds - Sustainable bonds are defined by the International Capital Market Association (ICMA) as bonds that finance projects beneficial to sustainable development or are linked to sustainability goals [2]. - ICMA categorizes sustainable bonds into green bonds, social responsibility bonds, sustainable development bonds, and sustainability-linked bonds [2]. Group 2: Global Market Status - As of mid-2025, the cumulative issuance of GSS+ bonds globally reached $6.2 trillion, with sovereign issuers leading at $926.1 billion, followed by the US ($859.8 billion), France ($628.6 billion), and China ($611.4 billion) [6]. - In the first half of 2025, the total issuance of GSS+ bonds was $555.8 billion, reflecting a 3.6% year-on-year decline [6]. Group 3: China's Sustainable Bond Market - In 2024, China's GSS+ bond issuance was $84.6 billion, a 3.8% decrease from $87.9 billion in 2023, with a cumulative total surpassing $500 billion by the end of 2024 [6][8]. - Green bonds accounted for over 80% of the issuance, with $68.9 billion issued in 2024, down 18.2% year-on-year [8]. - Social responsibility bonds saw a significant increase, with issuance rising by 312.5% to $13.2 billion in 2024 [8]. Group 4: Investment Focus Areas - In 2024, the majority of funds raised through green bonds were directed towards clean energy projects, including wind, solar, and hydropower, which accounted for 52.2% of the total [8]. - The transportation sector received 30.4% of the funding, indicating a strong focus on decarbonizing the energy system and upgrading transportation infrastructure [8]. Group 5: Future Trends - The sustainable bond market is expected to continue focusing on key economic and social development tasks, driven by policy guidance and market demand [10]. - The support capacity for low-carbon development through sustainable bonds is anticipated to strengthen, particularly for green bonds, as central policies are implemented [10]. - Enhanced information disclosure standards are expected to improve transparency and investment efficiency in the sustainable bond market [11].

Report Industry Investment Rating No relevant content provided. Core View - The probability of a bond market rebound is high. For 30 - year Treasury bonds, the 30 - 10 spread is expected to compress periodically with the bond market rebound. For 20 - year CDB bonds, the variety spread is expected to compress again in the short term [2][3][11][12] Summary by Directory Weekly Review Ultra - long Bond Review - Last week, the central bank announced 20 billion yuan of Treasury bond transactions in October. The A - share market reached 4000 points again, the bond market had a slight correction, and ultra - long bonds declined slightly. The trading activity of ultra - long bonds increased slightly and was very active. The term spread and variety spread of ultra - long bonds narrowed [1][4][10] Ultra - long Bond Investment Outlook - **30 - year Treasury Bonds**: As of November 7, the spread between 30 - year and 10 - year Treasury bonds was 34BP, at a historically low level. With economic downward pressure increasing in September, Q3 GDP at 4.8% year - on - year (down 0.4% from Q2), and deflation risks existing (September CPI at - 0.3% and PPI at - 2.3%), the bond market is likely to rebound. The 30 - 10 spread is expected to compress periodically [2][11] - **20 - year CDB Bonds**: As of November 7, the spread between 20 - year CDB bonds and 20 - year Treasury bonds was 15BP, at a historically extremely low level. Considering the economic situation and central bank's actions, the bond market is likely to rebound, and the variety spread of 20 - year CDB bonds is expected to compress again in the short term [3][12] Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds is 23.9 trillion yuan. As of October 31, the ultra - long bonds with a remaining term over 14 years totaled 23.9836 trillion yuan, accounting for 15.0% of all bonds. Local government bonds and Treasury bonds are the main varieties. By remaining term, the 30 - year variety has the highest proportion [13] Primary Market Weekly Issuance - Last week, the issuance volume of ultra - long bonds was small. From November 3 to 7, 2025, 6.29 billion yuan of ultra - long bonds were issued, a significant decrease compared with the previous week. By variety, Treasury bonds were 2 billion yuan, local government bonds were 4.14 billion yuan, etc. By term, 15 - year bonds were 0.86 billion yuan, 20 - year bonds were 2.01 billion yuan, etc. [19] This Week's Planned Issuance - The announced issuance plan for this week is 13.22 billion yuan, including 2.7 billion yuan of ultra - long Treasury bonds, 10.42 billion yuan of ultra - long local government bonds, and 0.1 billion yuan of ultra - long medium - term notes [25] Secondary Market Trading Volume - Last week, the trading of ultra - long bonds was very active. The trading volume was 1.0951 trillion yuan, accounting for 12.1% of all bonds. The trading activity increased slightly compared with the previous week. By variety, the trading volume of ultra - long Treasury bonds was 790.6 billion yuan, etc. [28] Yield - Last week, due to the central bank's announcement of Treasury bond transactions and the A - share market reaching 4000 points, the bond market had a slight correction and ultra - long bonds declined slightly. The yields of 15 - year, 20 - year, 30 - year, and 50 - year Treasury bonds changed by 3BP, 2BP, 2BP, and 3BP to 2.05%, 2.15%, 2.16%, and 2.23% respectively. Similar changes occurred in CDB bonds, local bonds, and railway bonds [34] Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds narrowed, and the absolute level was low. The spread between 30 - year and 10 - year Treasury bonds was 34BP, down 1BP from the previous week, at the 14% percentile since 2010 [41] - **Variety Spread**: Last week, the variety spread of ultra - long bonds narrowed, and the absolute level was low. The spread between 20 - year CDB bonds and Treasury bonds was 15BP, and the spread between 20 - year railway bonds and Treasury bonds was 17BP, with changes of 0BP and - 2BP respectively from the previous week, at the 12% percentile since 2010 [47] 30 - year Treasury Bond Futures - Last week, the main contract TL2512 of 30 - year Treasury bond futures closed at 115.95 yuan, a decrease of 0.63%. The total trading volume was 573,900 lots (down 104,798 lots), and the open interest was 180,600 lots (down 2,293 lots), with a significant decrease in trading volume and a slight decrease in open interest compared with the previous week [49]

Market Overview - Since November, the bond market has shown a V-shaped trend in long-term interest rates, but the volatility has narrowed compared to September and October, indicating a state of indecision in the market[1] - The central bank's bond purchases have resumed, but the scale of operations in October was limited, which does not support a strong bullish sentiment in the market[1] Regulatory Changes - The new redemption fee regulations for bond funds are expected to be implemented soon, with a proposed exemption threshold of 6 months for fee waivers, which could limit institutional flexibility[2] - If the exemption period is shortened to 3 months, it may significantly reduce the impact of the new regulations on public fund liabilities[2] Economic Indicators - October's PMI, export, and inflation data have been released, showing that manufacturing PMI and export performance are relatively weak, while inflation data indicates signs of recovery[3] - The upcoming financial and economic data for October will focus on credit, consumption, investment, and real estate, which could influence interest rate cut expectations if macroeconomic pressures increase[3] Investment Strategy - In the current indecisive market, the pace of duration chasing has slowed, with funds net buying 757 billion yuan, primarily in credit bonds, while government bonds saw a net sell of 44 billion yuan[4] - The average duration of interest rate bonds remains stable at 3.7-3.8 years, indicating that risk exposure is still manageable[4] Risk Factors - Potential risks include unexpected adjustments in monetary policy, liquidity changes, and fiscal policy shifts that could impact market stability[5]

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints of the Report - The credit strategy in November can remain relatively optimistic. There are three reasons: First, the historical quantiles of medium - and long - term credit bonds are still at relatively high levels since the beginning of the year, especially the 5Y secondary and perpetual bonds still have room to decline. Second, the restart of Treasury bond trading, the overall loose capital interest rates, and the decline in market risk appetite due to the recent adjustment of the equity market are expected to continue the phased upward trend of credit bonds, and there are more positive factors than negative factors in the bond market currently. Third, the rapid decline in bank liability costs supports banks to significantly increase bond investments [4][42]. Summary According to the Directory 1. This Week's Credit Hot Events - Guangxi Jintou's former Party secretary and chairman are under disciplinary review, with the remaining bond balance of the entity being 19.4 billion yuan [1][9]. - Minister of Finance Lan Fuan stated that not increasing implicit debt should be regarded as an "iron - clad discipline" [1][10]. - On November 5, the National Association of Financial Market Institutional Investors warned four institutions including Dongjin Huai Investment and Jintang Xingjin for non - market - based bond issuance [1][11]. - Two bonds, 25 Xiaoshan Airport MTN002B (green) and 25 Jinneng Coal Industry MTN017, cancelled their issuance due to market factors, with a total planned issuance scale of 1.45 billion yuan [1][12]. 2. Primary Market 2.1 Net Financing Scale - The net financing of traditional credit bonds this week increased compared to last week, and the net financing of asset - backed securities increased by 1.17 billion yuan compared to last week. Among different product types, the net financing of urban investment bonds and industrial bonds increased, while that of financial bonds decreased [2][13]. - In terms of the number of issuances and redemptions, the number of urban investment bond issuances and redemptions decreased, the number of industrial bond issuances increased and redemptions decreased, and the number of financial bond issuances decreased and redemptions increased [15]. 2.2 Issuance Cost - Except for a slight increase in the issuance interest rate of AA urban investment bonds, the issuance interest rates of other bonds with different ratings declined to varying degrees. Specifically, the issuance interest rates of industrial and financial bonds with different ratings decreased by 11 - 29BP compared to last week, the AA urban investment bond issuance interest rate increased by 9BP, and the AA + and AAA urban investment bond issuance interest rates decreased by 19BP and 7BP respectively [18]. 3. Secondary Market 3.1 Trading Volume - The trading volume of credit bonds decreased by 53.4 billion yuan compared to last week. Among them, the trading volume of urban investment bonds and industrial bonds decreased, while that of financial bonds increased slightly. The trading volume of asset - backed securities also decreased [19]. - In terms of turnover rate, the turnover rate of most credit bonds decreased compared to last week [20]. 3.2 Yield - The yield of 5Y AA credit bonds decreased by 7BP compared to last week, and the yield of 3Y AAA + credit bonds increased by 4BP. The yield fluctuations of other credit bonds with different ratings and maturities were within 3BP compared to last week [21]. - Taking the 5Y AA + bonds of each variety as an example, the yields of different varieties rose and fell this week [25]. 3.3 Credit Spreads - Overall, except for a slight widening of the credit spread of the AA + non - ferrous metal industry compared to last week, the credit spreads of other industries and ratings compressed to varying degrees. For example, the credit spread of the AA + non - ferrous metal industry widened by 1BP, and the credit spread of the AA non - banking financial industry compressed by 7BP [28]. 3.3.1 Urban Investment Bonds - By maturity, the 3 - 5Y urban investment credit spreads compressed significantly by 8BP, and the compression of other maturities was within the range of 3 - 5BP [31]. - By region, the urban investment credit spreads in different regions compressed to varying degrees, and many regions have reached historical lows since the beginning of 2024 [33]. 3.3.2 Industrial Bonds - Except for a slight widening of the industrial credit spreads of a few maturities and ratings, most industrial credit spreads compressed to varying degrees [35]. 3.3.3 Bank Capital Bonds - Except for a 5BP and 4BP widening of the credit spreads of 5Y AAA - and AA + bank perpetual bonds respectively, the credit spreads of other secondary and perpetual bonds with different maturities and ratings fluctuated slightly within 2BP [37]. 4. This Week's Bond Market Sentiment - "Xiangyiyou" issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted in essence, and the implied ratings of "17 Fucheng A" and "17 Fucheng B" issued by Fujian Fucheng Group Co., Ltd. were downgraded [40]. 5. Investment Suggestions - Overall, except for a slight widening of the credit spread of the AA + non - ferrous metal industry, the credit spreads of other industries and ratings compressed to varying degrees. In terms of urban investment bonds, the 3 - 5Y urban investment credit spreads compressed significantly, and in terms of industrial bonds, most credit spreads compressed. In terms of bank capital bonds, most credit spreads fluctuated slightly [4][42].

Group 1 - The global stock market experienced an overall decline this week, with the US market down by 1.59% and other global markets down by 0.58% [3] - The Asia-Pacific region saw significant volatility, particularly with declines in South Korea and Japan [4] - Chinese assets remained relatively strong, with the A-share CSI All Share Index rising by 0.63% for three consecutive weeks [6] Group 2 - The Hong Kong stock market outperformed the A-share market, with the Hang Seng Index increasing by 1.29% this week [7] - Chinese assets are currently valued slightly lower than the global market average, providing a degree of protection against potential downturns [8] Group 3 - Market fluctuations this week were primarily driven by uncertainty regarding the Federal Reserve's potential interest rate cuts in December [9] - The Federal Reserve did lower rates in October, but the decision for December remains uncertain [10] - Long-term expectations suggest that the Federal Reserve will continue to lower interest rates [11] Group 4 - The US stock market reached a high valuation at the end of October and early November, marking the first instance of overvaluation in the past year [12][13] - Following this, the Nasdaq 100 and S&P 500 indices have seen a valuation correction, returning to a normal but slightly elevated level [14][15] Group 5 - Current valuations in the US stock market are not particularly low, but they do not indicate a significant bubble [16] - Historical comparisons show that the Nasdaq's valuation during the 1990s internet bubble exceeded 100 times, whereas it currently hovers around 30 times [17] Group 6 - There are two types of bear markets: one occurring during economic recessions with slow or declining corporate earnings, and another during periods of normal economic growth with short bear markets [18] - The US stock market has experienced long bear markets following the bursting of bubbles, such as the 2000 internet bubble and the 2008 financial crisis [19][20] Group 7 - Despite the potential for future economic downturns and long bear markets, the US stock market has shown relatively good earnings growth in recent years, primarily experiencing short bear markets [24] - Current valuations in the US stock market are not low enough to present significant buying opportunities [25] Group 8 - A global stock market star rating chart indicates that the market was undervalued during previous periods in 2018, 2020, and 2022, with current ratings around 3.0 stars, suggesting a relatively low valuation [27] - The global stock index can be accessed through various funds, although there are currently no global stock index funds available in mainland China [29] Group 9 - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across US, UK, Hong Kong, and A-share indices to track the global stock market [30] - There are limitations on the purchase amounts for overseas market funds, typically capped at around 100 yuan [32] Group 10 - A new edition of the book "The Long-Term Investment Secret" has been released, which has been influential in the investment field for over 30 years [35] - The book emphasizes that stocks are the best long-term investment vehicle and provides extensive data on asset class returns over the past two centuries [36]

Core Insights - The report titled "2025 Yangtze River Delta Green Bond Development Report" highlights the role of green finance in facilitating the region's low-carbon transition, indicating that after a short-term adjustment in 2024, the market is poised for growth [1][2]. Policy Developments - National and local governments have introduced various guiding documents and incentive measures to support green bond development, including the launch of a green finance service platform in Shanghai and the establishment of evaluation standards for financing entities in Jiangsu [2][18]. - The report outlines a comprehensive policy framework for green bond development in the Yangtze River Delta, promoting regional collaboration in green finance innovation [2]. Market Analysis - In 2024, the issuance scale of green bonds in the Yangtze River Delta saw a decline, with 261 "green labeled" bonds issued, totaling 268.04 billion yuan, and 167 "green tagged" bonds amounting to 146.96 billion yuan [2]. - Jiangsu led in issuance scale, while Zhejiang and Shanghai showed active innovation in bond types, and Anhui successfully issued the first green financial bond in the financial leasing sector [2]. - The market structure is undergoing adjustments, with local government and corporate credit bonds dominating, while the proportion of green financial bonds has decreased [2]. Environmental Impact Disclosure - The report emphasizes the importance of environmental impact disclosure for the sustainable development of the green bond market, noting that over 90% of "green tagged" bonds disclosed environmental impact data in 2024 [3]. - These bonds are estimated to reduce carbon dioxide emissions by approximately 7.79 million tons annually and replace 3.11 million tons of standard coal [3]. - There are regional disparities in disclosure quality, with Shanghai and Anhui leading in completeness, while Jiangsu and Zhejiang have room for improvement [3]. Future Development Recommendations - The report suggests four key areas to enhance the high-quality development of the green bond market: incentivizing enterprises to issue green bonds, exploring a framework for domestic green government bond issuance, establishing a unified directory and standards for transition bonds, and strengthening international cooperation to align China's green standards with global practices [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report As of November 7, the durations of general credit bonds and secondary bonds have returned to high levels. The weighted average trading durations of urban investment bonds and industrial bonds are at over 90% of their historical highs since 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are at different historical levels, and the durations of other financial bonds have generally shortened, with lease company bonds at a relatively high historical percentile [2][9]. 3. Summary by Relevant Catalog 3.1 Full - Variety Maturity Overview - As of November 7, the weighted trading durations of urban investment bonds and industrial bonds are 2.20 years and 2.82 years respectively, at over 90% of their historical highs since 2021 [2][9]. - Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are 4.45 years, 3.81 years, and 2.16 years respectively. The general commercial financial bonds are at a relatively low historical level [2][9]. - For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and lease company bonds are 1.74 years, 2.38 years, 3.31 years, and 1.32 years respectively. The overall duration of other financial bonds has shortened, and lease company bonds are at a relatively high historical percentile [2][9]. - The coupon duration congestion index has slightly increased. After reaching its peak in March 2024 and then declining, it has rebounded this week and is currently at the 35.6% level since March 2021 [11]. 3.2 Variety Microscope Urban Investment Bonds - The weighted average trading duration of urban investment bonds hovers around 2.32 years. The duration of Gansu provincial - level urban investment bonds has extended to 3.25 years, while the trading duration of Shanghai district - level urban investment bonds has shortened to around 1.47 years [3][15]. - The historical percentiles of the durations of urban investment bonds in regions such as Chongqing district - level, Henan prefecture - level, and Anhui prefecture - level have exceeded 90%. The durations of Chongqing district - level and Gansu provincial - level urban investment bonds are approaching their highest levels since 2021 [3][15]. Industrial Bonds - The weighted average trading duration of industrial bonds has slightly shortened compared to last week and is generally around 2.27 years. The trading durations of the non - ferrous metals and public utilities industries have extended to 2.48 years and 3.29 years respectively [3][21]. - The trading duration of the real estate industry is at a relatively low historical percentile, while the building materials and commercial retail industries are at relatively high historical percentiles [3][21]. Commercial Bank Bonds - The duration of general commercial financial bonds has extended to 2.16 years, at the 67.6% historical percentile, lower than the level of the same period last year [3][23]. - The duration of secondary capital bonds has shortened to 4.45 years, at the 97.9% historical percentile, higher than the level of the same period last year [3][23]. - The duration of bank perpetual bonds has shortened to 3.81 years, at the 69.7% historical percentile, higher than the level of the same period last year [3][23]. Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities sub - bonds > securities company bonds > lease company bonds, at the 70%, 63.9%, 63.9%, and 78% historical percentiles respectively. The duration of insurance company bonds has significantly extended compared to last week [3][26].