1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The issuance and net financing of non - financial credit bonds in the first half of 2025 showed a downward trend, with the issuance of urban investment bonds also decreasing, and the net financing gap expanding. The financing cost has been declining. Different regions and cities have significant differences in issuance, net financing, and financing costs. The issuance volume of industrial holding industry decreased in the first half of 2025, ranking second [1][26]. 3. Summary by Related Content 3.1 Overall Situation of Non - financial Credit Bonds and Urban Investment Bonds - In the first half of 2025, the issuance of non - financial credit bonds was 6.82 trillion yuan, a year - on - year slight decrease of 1.02%, and the net financing was about 1.01 trillion yuan, a year - on - year decrease of 14.88%. The issuance of urban investment bonds was about 2.615 trillion yuan, accounting for 38.33% of the total non - financial credit bond issuance, with a net financing of - 815.54 million yuan [1]. - Since 2019, the issuance cost of urban investment bonds has been declining. In 2024, the weighted average coupon rate dropped below 3%, and in the first half of 2025, it further dropped below 2.5% (about 2.44%) [1]. - The net financing of urban investment bonds has shown a negative trend since Q4 2023, with fluctuations. In the first half of 2025, the net financing turned negative year - on - year, with a decline of 268% [3]. 3.2 Regional Analysis of Urban Investment Bonds 3.2.1 Provincial - level Analysis - In terms of issuance volume, Jiangsu, Shandong, and Zhejiang ranked in the top three, but their issuance volumes in Q2 2025 decreased quarter - on - quarter. Hunan and Hubei had significant quarter - on - quarter growth in Q2 2025. Since 2024, Jiangsu has seen the most obvious decline in single - quarter issuance volume [8]. - In terms of net financing, there are significant differences and large changes among provinces. Jiangsu has seen the most obvious reduction in bond volume since the debt resolution. Shandong and Guangdong have shown "reverse expansion". Most provinces' net financing decreased quarter - on - quarter in Q2 2025 [10][12]. - In terms of financing cost, since 2025, it has been in a downward trend. In Q2 2025, only Guizhou, Gansu, Qinghai, Inner Mongolia, and Heilongjiang had a weighted average coupon rate above 3%. There were 18 provinces with a yield above 2.5% in Q2 2025, 2 less than in Q1 [12]. 3.2.2 Prefecture - level City Analysis - In Q2 2025, there were 30 cities with an issuance volume of over 10 billion yuan, and Qingdao was the only city with an issuance volume of over 40 billion yuan in Q2 and over 100 billion yuan in the first half of 2025. In the first half of 2025, the issuance volumes of major cities declined significantly. Among the top 20 cities in issuance volume, Xi'an had the most obvious year - on - year increase, while regions with a decline of over 30% included Suzhou, Changzhou, Huzhou, and Xuzhou [15]. - In the first half of 2025, 102 cities achieved positive net financing, 2 more than the previous year. Guangzhou and Qingdao were the only two cities with a net financing scale of over 10 billion yuan. Among other cities with a large net financing scale, Taizhou, Shangrao, Zhengzhou, and Shijiazhuang turned from negative to positive, while Zhuhai, Fuzhou, and Weifang had obvious declines [19]. - Nanjing and Chengdu had a financing gap of over 10 billion yuan, and their year - on - year declines were large. Most cities with large financing gaps saw a significant expansion of the gap, and Xiamen, Quanzhou, and Zhuzhou turned from positive to negative [21]. - In Q2 2025, only Baoshan, Anshun, Laibin, Liaocheng, and Tongren could offer a yield of over 4%. There were 28 cities with a coupon rate of over 3%, 3 less than in Q1. Only Zhangjiakou, Weihai, Guilin, Liuzhou, Xiangtan, Harbin, and Dezhou saw a quarter - on - quarter increase in the weighted coupon rate [23]. 3.3 Industrial Holding Industry - In 2023, the issuance volume of the industrial holding industry exceeded that of the power industry, ranking first. In 2024, it continued to rank first, with the total issuance volume reaching a record high of about 1.28 trillion yuan. In the first half of 2025, it dropped to second place, and the total volume was close to 46% of that in 2024. In terms of net financing, it reached 35.18 billion yuan in 2024, a year - on - year increase of 245%. In the first half of 2025, the net financing was about 17.18 billion yuan, nearly half of that in 2024. The financing cost has also been declining, dropping below 2.2% in the first half of 2025 [26].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 长短端利差的分化 ——信用利差周报（5/4） 报告要点 [Table_Summary] 4 月 27 日-4 月 30 日债券收益率多数下行。收益率方面，0.5-1Y 产业债、商业银行二级资本 债、证券公司次级债、证券公司永续债收益率多数下行超 2bp；0.5-1Y 城投债、商金债收益率 多数下行超 1bp；2Y 产业债、商金债收益率多数下行超 1bp；2Y 证券公司次级债收益率上行 超 2bp；3-5Y 商金债收益率下行超 2bp。信用利差方面，0.5Y 产业债、商业银行二级资本债信 用利差多数收窄超 5bp；1Y 商业银行二级资本债信用利差收窄超 3bp；2Y 证券公司次级债、 证券公司永续债信用利差走阔超 3bp；5Y 城投债、产业债信用利差多数走阔超 2bp。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [ ...