本文原载于《证券时报》2026年2月12日头版 责编：叶舒筠 校对：王锦程 为了寻求比存款利率更高的投资收益，住户和非金融企业的存款表面上是"搬家"到了资管产品，但其中 很大规模资金又以非银行金融机构存款的形式回流银行表内负债端。这是因为大部分居民和企业对资金 配置的主要诉求是保值，追求安全稳健的收益，对固收类资管产品的需求量大，这些产品相应的底层资 产会更多配置存单、利率债等安全性高的债权类资产。不过，资管产品新增资产主要集中于同业存款或 存单，也反映出资管机构的投资策略高度趋同，可投资产种类有限。 未来一段时间，我国的利率水平仍将保持低位运行。短期看，居民企业的金融资产配置在存款与固收类 资管产品之间切换还是主流。长远看，居民企业积累的庞大存量财富和持续产生的新增财富迫切需要更 丰富的资产类别供投资选择，有序引导更多资金配置从债权类资产向股权类资产转移将是大趋势，但这 离不开一个重要的"吸引力前提"：资本市场不能大起大落，要让更多的普通投资者真正赚到钱，才能慢 慢改变广大投资者的投资风险偏好。因此，建立增强资本市场内在稳定性长效机制，促进资本市场健康 稳定发展，不仅是稳市之基，更是打造资管行业良性竞争生态 ...

为了寻求比存款利率更高的投资收益，住户和非金融企业的存款表面上是"搬家"到了资管产品，但其中 很大规模资金又以非银行金融机构存款的形式回流银行表内负债端。这是因为大部分居民和企业对资金 配置的主要诉求是保值，追求安全稳健的收益，对固收类资管产品的需求量大，这些产品相应的底层资 产会更多配置存单、利率债等安全性高的债权类资产。不过，资管产品新增资产主要集中于同业存款或 存单，也反映出资管机构的投资策略高度趋同，可投资产种类有限。 未来一段时间，我国的利率水平仍将保持低位运行。短期看，居民企业的金融资产配置在存款与固收类 资管产品之间切换还是主流。长远看，居民企业积累的庞大存量财富和持续产生的新增财富迫切需要更 丰富的资产类别供投资选择，有序引导更多资金配置从债权类资产向股权类资产转移将是大趋势，但这 离不开一个重要的"吸引力前提"：资本市场不能大起大落，要让更多的普通投资者真正赚到钱，才能慢 慢改变广大投资者的投资风险偏好。因此，建立增强资本市场内在稳定性长效机制，促进资本市场健康 稳定发展，不仅是稳市之基，更是打造资管行业良性竞争生态的关键一环。 责任编辑：王馨茹 证券时报记者 孙璐璐 央行近日首次在货币政策 ...

未来一段时间，我国的利率水平仍将保持低位运行。短期看，居民企业的金融资产配置在存款与固收类资管产品 之间切换还是主流。长远看，居民企业积累的庞大存量财富和持续产生的新增财富迫切需要更丰富的资产类别供 投资选择，有序引导更多资金配置从债权类资产向股权类资产转移将是大趋势，但这离不开一个重要的"吸引力前 提"：资本市场不能大起大落，要让更多的普通投资者真正赚到钱，才能慢慢改变广大投资者的投资风险偏好。因 此，建立增强资本市场内在稳定性长效机制，促进资本市场健康稳定发展，不仅是稳市之基，更是打造资管行业 良性竞争生态的关键一环。 早在1月中旬举行的国新办新闻发布会上，央行公布的一组数据就能看出存款腾挪背后的流向趋势：2025年资管产 品募集自住户和非金融企业的资金分别增加4万亿元和1万亿元，资管产品底层资产中，存款和存单新增4.6万亿 元，占资管各类新增底层资产的五成。 为了寻求比存款利率更高的投资收益，住户和非金融企业的存款表面上是"搬家"到了资管产品，但其中很大规模 资金又以非银行金融机构存款的形式回流银行表内负债端。这是因为大部分居民和企业对资金配置的主要诉求是 保值，追求安全稳健的收益，对固收类资管产品的需 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, and there is still room for reserve requirement ratio cuts and interest rate cuts [6]. - The 10 - year Treasury bond yield is in a narrow - range corridor. In the short term, the bond market sentiment may remain warm before the Spring Festival, but attention should be paid to the key resistance level. In the medium term, the bond market may face headwinds, and caution is needed when participating in ultra - long - term bond assets [7]. - In 2026, the local bond market will "front - load" issuance, and funds will be focused on new infrastructure construction, urban renewal and public services, intelligent upgrading of traditional major infrastructure, resolving stock debt risks, and industrial upgrading and national security - related fields [8][9][10][11]. - In 2026, the global attractiveness of Chinese fixed - income assets may increase, but the allocation power of overseas investors may not be the decisive factor affecting the bond yield trend [12]. - In the context of a volatile domestic stock market, investors can focus on four bond market allocation opportunities: the allocation and trading value of interest - rate bonds, the coupon advantage of high - quality credit bonds, the enhanced elasticity opportunity of convertible bonds, and the diversification value of international allocation [14] 3. Summary by Relevant Catalogs 1.1 Central Economic Work Conference and Monetary Policy in 2026 - The People's Bank of China will implement a moderately loose monetary policy, increasing counter - cyclical and cross - cyclical adjustment. There is still room for reserve requirement ratio cuts (the current average legal deposit reserve ratio is 6.3%) and interest rate cuts (stable RMB exchange rate, narrowing bank net interest margin, and maturing long - term deposits) [6] 1.2 Bond Market Pattern in 2026 - The 10 - year Treasury bond yield is around 1.8% - 1.9%. In the short term, the bond market sentiment may be warm before the Spring Festival, but attention should be paid to the 1.80% resistance level. In the medium term, the bond market may face headwinds, and caution is needed when participating in ultra - long - term bond assets [7] 1.3 Inclination of Local Bond Market Scale in 2026 - Funds will be focused on new infrastructure construction (related to new technologies), urban renewal and public services, intelligent upgrading of traditional infrastructure, resolving stock debt risks (about 6 trillion special refinancing bonds for debt replacement will be basically issued), and industrial upgrading and national security - related fields [8][9][10][11] 1.4 Global Attractiveness of Chinese Fixed - Income Assets in 2026 - Chinese fixed - income assets can effectively diversify risks in a global asset portfolio. With the appreciation of the RMB against the US dollar, their global attractiveness may increase, but the influence of overseas investors may not be decisive [12] 1.5 Bond Market Allocation Opportunities in 2026 - Interest - rate bonds: Provide a stable foundation for portfolio construction and trading opportunities for investors with certain trading abilities [15] - High - quality credit bonds: Focus on high - quality urban investment bonds in economically strong regions and industrial bonds in strategic industries [16] - Convertible bonds: Select bonds related to policy - supported sectors and pay attention to valuation [17] - International allocation: Chinese interest - rate bonds can attract foreign capital, and some high - quality Chinese dollar bonds can be a useful supplement [18]

2026 年 2 月 9 日 资金面仍然宽松，利率债收益率整体小幅下行 胜遇利率周报 本周 DR007 运行在 1.46-1.50%的区间，DR001 运行在 1.28-1.36%的区间， DR001 和 DR007 中枢较前周均有所下行。 图 银行间债券回购利率（日,%） 数据来源：Wind、胜遇研究团队整理 本周利率债收益率整体小幅下行。国债方面，1 年期上行 2bp、3 年期下行 2bp，5 年期下行 2bp，7 年期下行 1bp，10 年期持平；国开债方面，1 年期下行 1bp，3 年期下行 2bp，5 年期下行 4bp，7 年期下行 3bp，10 年期下行 3bp。 0.0000 0.5000 1.0000 1.5000 2.0000 2.5000 3.0000 2022-01-04 2023-01-04 2024-01-04 2025-01-04 2026-01-04 DR001 DR007 2026 年 2 月 9 日 当年变化（BP） -1 0 -6 -6 -3 +2 -2 -5 -6 -3 数据区间：2008.1.1-2026.2.6 2 月 6 日，国债 10-1Y 期限利差为 48.95 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the fundraising scale of newly - issued bond funds declined, but the bond funds' performance was good, leading to an increase in the outstanding scale. The outstanding share of bond - type funds at the end of Q4 reached 9.31 trillion shares, an increase of nearly 200 billion shares compared to Q3 [3][20]. - For pure - bond funds, the heavy - position structure still focuses on interest - rate bonds, with credit bonds accounting for about 20%. In Q4, pure - bond funds mainly increased their positions in general credit bonds and Tier 2 capital and perpetual bonds, and significantly reduced their positions in general commercial financial bonds [4]. - For fixed - income + funds, interest - rate bonds are important underlying assets, accounting for 42% of the total market value of heavy - position bonds. The fixed - income + funds concentrated on policy - financial bonds and treasury bonds in terms of interest - rate bond positions, and preferred Tier 2 capital and perpetual bonds in terms of credit - bond positions [6]. 3. Summary According to the Table of Contents 3.1 Overview of Incremental Funds: Weak New - issue Performance, Growth in the Total Scale of Bond Funds - In Q4 2025, 101 new bond - type funds were issued, and the fundraising scale dropped to 58.6 billion yuan, showing a significant contraction compared with Q3 2025 and Q4 2024 [3][14]. - The bond - type fund index rose 0.51% quarter - on - quarter, and the long - term pure - bond funds outperformed short - term bond funds. The outstanding share of bond - type funds at the end of Q4 was 9.31 trillion shares, an increase of nearly 200 billion shares compared to Q3 [3][20]. 3.2 Heavy - position Bonds' Preference: Pure - bond Funds - The heavy - position structure of pure - bond funds still focused on interest - rate bonds in Q4 2025. The market value of heavy - position interest - rate bonds and credit bonds accounted for 71% and 20% of the total heavy - position market value respectively, with a marginal decline in heavy - position scale, decreasing by 5% and 3% quarter - on - quarter [4][25]. - In terms of varieties, pure - bond funds mainly increased their positions in general credit bonds and Tier 2 capital and perpetual bonds, and significantly reduced their positions in general commercial financial bonds. The heavy - position scale of general credit bonds and Tier 2 capital and perpetual bonds increased by 6.4 billion yuan and 5.4 billion yuan respectively, while the heavy - position scale of general commercial financial bonds decreased by over 30 billion yuan [4][28]. - **Urban investment bonds**: Pure - bond funds mainly increased their positions in urban investment bonds with an implicit rating of AA, with a quarter - on - quarter increase of 10.5 billion yuan. The proportion of holdings of varieties within 1 year remained stable at 43%. Zhejiang and Shandong were the provinces with the largest scale of urban investment bond allocation, and the increase in positions in Q4 was also mainly in these two provinces [4][35]. - **Industrial bonds**: The industries with the largest heavy - position scale of industrial bonds for pure - bond funds were public utilities and real estate. In Q4, pure - bond funds increased their positions in comprehensive, public utilities, and building decoration bonds. Due to the Vanke incident, pure - bond funds were relatively cautious about real - estate bonds. The heavy - position scale of industrial bonds was still concentrated within 3 years, with the proportion of holdings within 1 year dropping to 33%, and the proportion of holdings from 2 - 3 years increasing marginally [4][42]. - **Financial bonds**: The preference for Tier 2 capital and perpetual bonds by pure - bond funds recovered slightly in Q4. Pure - bond funds increased their positions in Tier 2 capital bonds by 7 billion yuan, continued to reduce their positions in bank perpetual bonds, and the heavy - position scale of Tier 2 capital and perpetual bonds accounted for 24% of credit bonds, with the proportion of Tier 2 capital and perpetual bonds of small and medium - sized banks decreasing [5][48]. 3.3 Heavy - position Bonds' Preference: Fixed - income + Funds - In Q4 2025, interest - rate bonds, credit bonds, and convertible bonds in the heavy - position assets of fixed - income + funds accounted for 42%, 28%, and 25% of the total market value of heavy - position bonds respectively. The growth rate of heavy - position interest - rate bonds slowed down from 34% in Q3 to 14%, but was still higher than that of credit bonds and convertible bonds [6][56]. - **Interest - rate bonds**: Fixed - income + funds concentrated on policy - financial bonds and treasury bonds. The heavy - position scale of policy - financial bonds reached 187.7 billion yuan, a quarter - on - quarter increase of 35.9 billion yuan, accounting for 61% of interest - rate bonds. The heavy - position scale of treasury bonds was 115.1 billion yuan, a quarter - on - quarter increase of 4.2 billion yuan, accounting for about 37% of interest - rate bonds. The main terms for treasury - bond allocation were within 3 years and over 7 years [6][59]. - **Credit bonds**: Fixed - income + funds preferred Tier 2 capital and perpetual bonds, which accounted for about half of the heavy - position scale of credit bonds. Compared with Q3, fixed - income + funds mainly increased their positions in Tier 2 capital and perpetual bonds and other financial bonds, and significantly reduced their positions in general credit bonds, especially urban investment bonds [7][66]. - Fixed - income + funds' preference for ultra - long - term credit bonds declined, with the heavy - position scale remaining at a low level of around 2.5 billion yuan in the past two quarters [7][70]. - For urban investment bonds, fixed - income + funds reduced their positions in urban investment bonds with implicit ratings of AA+ and AA, and the holding term was mainly within 3 years. The proportion of holdings of AA and below decreased to 57%. Zhejiang, Shandong, Jiangsu, and Sichuan were the provinces with the largest scale of urban investment bond allocation, and the scale of position reduction in Zhejiang, Shandong, and Xinjiang was relatively large [7][76]. - For industrial bonds, fixed - income + funds mainly allocated public - utility bonds, and their preference for medium - and long - term industrial bonds increased. The heavy - position scale of public - utility bonds was the largest, and the proportion of medium - and long - term holdings (4 - 5 years and over 5 years) increased, while the proportion of holdings within 2 years decreased [85]. - In Q4, fixed - income + funds repurchased Tier 2 capital and perpetual bonds, with a strengthened preference for 3 - 5 - year holdings. The proportion of Tier 2 capital and perpetual bonds of small and medium - sized banks in the total Tier 2 capital and perpetual bonds further dropped below 10%, and about half of the Tier 2 capital and perpetual bond holdings were concentrated in the 3 - 5 - year period [89].

固 定 收 益 研 究 固定收益月报 关注资金变动，把握品种利差 ――利率债 2 月投资策略展望 | 分析师： | 王哲语 | SAC NO： | 年 | 月 | 日 | S1150524070001 | 2026 | 2 | 6 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 年 | 月市场回顾 |  | 2026 | 1 | 证券分析师 | [Table_IndInvest] | | | | | | 资金价格：2026 | 年 | 1 月，央行各项工具流动性净投放 | 1.2 万亿元，较 |  | 2025 | 王哲语 | 年 | 12 月增加近 | 4000 亿元，其中，买断式逆回购、MLF | 均超量续作，呵护 | 022-23839051 | | 资金面的意愿，同时也降低了春节前降准的必要性。1 | 月资金价格整体抬 | wangzheyu@bhzq.com | 升，DR007 | 上行至 | 1.5%以上，与年初季节性因素、政府债供给放量预期等 ...

作者 分析师 瞿瑞 关注东方金诚公众号 获取更多研究报告 债市偏强震荡，收益率曲线延续平坦化 ——利率债周报（2026.1.26-2026.2.1） 核心观点 ·· 一、上周债市回顾 1. 二级市场 上周债市偏强震荡，长债收益率继续下行。全周看，10 年期国债期货 主力合约累计上涨 0.10%；上周五 10 年期国债收益率较前一周五下行 1.86bp，1 年期国债收益率较前一周五上行 1.80bp，期限利差继续收窄。 1 www.dfratings.com ·· 1 月 26 日：周一，受资金面未见明显缓和，叠加商品市场表现强劲 影响，债市整体震荡盘整。当日银行间主要利率债收益率多数上行， 但 10 年期国债收益率下行 0.56bp；国债期货各期限主力合约收盘多 数下跌，10 年期主力合约跌 0.02%。 1 月 27 日：周二，股市午后翻红，股债跷跷板效应显现，债市震荡 调整。当日银行间主要利率债收益率普遍上行，10 年期国债收益率 上行 0.69bp；国债期货各期限主力合约收盘多数持平，其中，10 年 期主力合约持平。 1 月 28 日：周三，受央行可能推出新型隔夜工具投放流动性的传闻 提振，债市震荡回暖 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoint of the Report The report analyzes the asset allocation changes of public - offering bond funds in Q4 2025. In Q4, medium - and long - term pure bond funds continued to shrink, while second - tier bond funds maintained growth. All types of bond funds increased their bond positions, with second - tier bond funds reducing their stock positions. Short - term bond funds increased leverage, medium - and long - term bond funds decreased leverage, and most bond funds reduced duration. All bond funds significantly increased their allocation to credit bonds and reduced their allocation to interest - rate bonds. There were signs of marginal credit downgrading in the top - holding bonds, and there were regional differences in the allocation of top - holding urban investment bonds. [1][2][3] 3. Summary by Directory 3.1 Medium - and Long - term Pure Bond Funds Shrink, Second - tier Bond Funds Grow In Q4 2025, the scale of medium - and long - term pure bond funds continued to shrink, while the scale of second - tier bond funds maintained growth. The total net asset value of the four types of bond funds was 9.2 trillion yuan, an increase of 151.2 billion yuan from the previous quarter. Medium - and long - term pure bond funds decreased by 154.9 billion yuan to 5.76 trillion yuan, short - term pure bond funds increased by 69.9 billion yuan to 1.02 trillion yuan. The first - tier bond funds decreased by 14 billion yuan to 833.1 billion yuan, and second - tier bond funds increased by 250.3 billion yuan to 1.6 trillion yuan. [1][10] 3.2 Asset Structure: Bond Positions Increase In terms of asset allocation structure, the scale contraction led medium - and long - term bond funds to reduce their bond holdings, while second - tier bond funds increased their bond allocation due to share expansion. The four types of funds collectively increased their bond holdings by 168.1 billion yuan. By the end of 2025, medium - and long - term pure bond funds, short - term pure bond funds, first - tier bond funds, and second - tier bond funds held bond market values of 6.69 trillion yuan, 1.1 trillion yuan, 941 billion yuan, and 1.42 trillion yuan respectively. Medium - and long - term pure bond funds reduced their holdings by 186.3 billion yuan, while short - term pure bond funds, first - tier bond funds, and second - tier bond funds increased their holdings by 84.2 billion yuan, 17.5 billion yuan, and 252.6 billion yuan respectively. The bond positions of all types of bond funds increased, and the stock position of second - tier bond funds decreased slightly. [18][19] 3.3 Medium - and Long - term Bond Funds Reduce Leverage and Control Duration Short - term bond funds increased leverage, while medium - and long - term bond funds decreased leverage. In Q4, short - term pure bond funds adopted a defensive coupon strategy of "increasing leverage + reducing duration", with the leverage ratio increasing by 0.26 pct to 111.66%. Medium - and long - term pure bond funds actively reduced leverage due to net redemption pressure and unstable long - term interest rates, with the leverage ratio decreasing by 0.92 pct to 115.83%. The leverage ratios of first - tier and second - tier bond funds increased by 1.58 pct and 0.82 pct to 113.53% and 111.59% respectively. Most bond funds reduced their duration exposure. The arithmetic average durations of medium - and long - term interest - rate bond funds, medium - and long - term credit bond funds, short - term interest - rate bond funds, and short - term credit bond funds in Q4 were 3.35 years, 2.38 years, 0.99 years, and 0.88 years respectively, decreasing by 0.23 years, 0.15 years, 0.19 years compared to Q3, and the short - term credit bond fund increased by 0.02 years. [28] 3.4 Bond Type Portfolio: Increase Allocation to Credit Bonds, Reduce Allocation to Interest - rate Bonds In Q4, the four types of bond funds collectively increased their credit bond holdings by 306.1 billion yuan and reduced their interest - rate bond holdings by 117.4 billion yuan. Among pure bond funds, medium - and long - term bond funds reduced interest - rate bonds and increased credit bonds, and short - term bond funds increased their credit bond allocation more than interest - rate bonds. Among bond funds with equity components, first - tier bond funds mainly increased their credit bond holdings, and second - tier bond funds increased their credit bond allocation more than interest - rate bonds. In terms of specific bond types, medium - and long - term pure bond funds mainly reduced their holdings of treasury bonds, policy - financial bonds, and financial bonds and increased their holdings of medium - term notes; short - term pure bond funds mainly increased their holdings of financial bonds, policy - financial bonds, and commercial paper; first - tier bond funds mainly increased their holdings of financial bonds; second - tier bond funds mainly increased their holdings of financial bonds and policy - financial bonds. The proportion of policy - financial bonds in the interest - rate bond portfolio of most bond funds increased. [35][43][52] 3.5 Top - holding Bond Analysis: Rating Central Tendency Migrates Downward In Q4 2025, bond funds significantly reduced their holdings of interest - rate bonds, slightly reduced their holdings of urban investment bonds, increased their holdings of convertible bonds, industrial bonds, and certificates of deposit, and slightly increased their holdings of financial bonds. There were signs of marginal credit downgrading in the top - holding bonds. Most bond funds reduced the proportion of AAA - rated bonds and increased the proportion of AA - and below - rated bonds. In terms of regional allocation of top - holding urban investment bonds, bond funds significantly reduced their holdings of urban investment bonds in Zhejiang and Anhui and increased their holdings in Sichuan and Chongqing. [55][58][65]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Interest rates are fluctuating narrowly, credit bond yields have slightly declined, and most credit spreads are still narrowing. [3][9] - Most urban investment bond spreads have decreased by 1 - 2BP. [14] - Real - estate bond spreads are still widening, while most other industrial bond spreads are converging. [25] - This week, Tier 2 and perpetual bonds (Two - and - Perpetual bonds, "Two - and - Perpetual" bonds refer to bank Tier 2 capital bonds and perpetual bonds) have shown weak performance. Except for the 5Y variety, most yields have increased. [4][33] - The excess spread of 3Y industrial perpetual bonds has narrowed, while the excess spread of urban investment bonds has shown differentiation. [4][36] 3. Summary According to Relevant Catalogs 3.1 Interest rates are fluctuating narrowly, credit bond yields have slightly declined, and most credit spreads are still narrowing - Interest - rate bond yields fluctuated narrowly. The yields of 1Y and 10Y China Development Bank bonds increased by 1BP, the yield of 3Y decreased by 1BP, and the yields of 5Y and 7Y remained flat. [3][9] - Credit bond yields generally declined slightly. The yields of 1Y AA + and above - grade credit bonds increased by 1BP, while the other grades remained flat; the yield of 3Y AAA remained flat, and the other grades decreased by 2 - 4BP; the yields of 5Y AA + and above - grade remained flat, and the other grades increased by 1BP; the yields of 7Y all grades decreased by 1 - 3BP; the yields of 10Y all grades increased by 1BP. [3][9] - Most credit spreads slightly converged. The credit spreads of 1Y AA + and above - grade remained flat, and the other grades narrowed by 1BP; the spread of 3Y AAA increased by 1BP, the spread of AA - decreased by 1BP, and the other grades compressed by 3BP; the spreads of 5Y AA + and above - grade remained flat, and the other grades widened by 1BP; the spreads of 7Y all grades narrowed by 1 - 3BP; the spreads of 10Y all grades narrowed by 1BP. [3][9] 3.2 Most urban investment bond spreads have decreased by 1 - 2BP - In terms of external ratings, the credit spreads of external - rated AAA platforms generally decreased by 1BP compared with last week, and the credit spreads of AA + and AA platforms generally decreased by 2BP. [14] - By administrative level, the credit spreads of provincial - level platforms generally decreased by 1BP compared with last week, and the credit spreads of prefecture - level and district - county - level platforms generally decreased by 2BP. [19] 3.3 Real - estate bond spreads are still widening, while most other industrial bond spreads are converging - Most industrial bond spreads converged. The spread of Vanke continued to compress significantly, but the spreads of central and state - owned enterprise real - estate bonds and other private - enterprise real - estate bonds still widened overall. [25] - The spreads of central and state - owned enterprise real - estate bonds widened by 1 - 3BP, the spread of mixed - ownership real - estate bonds converged by 188BP, and the spread of private - enterprise real - estate bonds increased by 15BP. [25] - The spread of Longfor decreased by 2BP, that of CIFI increased by 49BP, that of Vanke decreased by 1802BP, that of Midea Real Estate decreased by 1BP, that of Huafa increased by 13BP, and that of Poly increased by 3BP. [25] - The spread of AA - grade coal bonds increased by 1BP, and the other grades decreased by 1BP; the spread of AAA - grade steel bonds remained flat, and that of AA + decreased by 2BP; the spread of AAA - grade chemical bonds remained flat, and that of AA + decreased by 1BP. [25] 3.4 This week, Tier 2 and perpetual bonds have shown weak performance. Except for the 5Y variety, most yields have increased - The yields of 1Y all - grade Tier 2 capital bonds remained flat, and the spreads decreased by 0 - 1BP; the yields of all - grade perpetual bonds increased by 1 - 2BP, and the spreads increased by 0 - 1BP. [33] - The yields of 3Y all - grade Tier 2 capital bonds increased by 2 - 3BP, and the spreads widened by 3 - 4BP; the yields of all - grade perpetual bonds remained flat, and the spreads widened by 1BP. [33] - The yields of 5Y all - grade Tier 2 capital bonds decreased by 0 - 2BP, the yields of perpetual bonds remained flat, and the spreads changed by the same margin. [33] - The yields of 10Y all - grade Tier 2 capital bonds increased by 2 - 5BP, and the spreads widened by 1 - 3BP; the yields of perpetual bonds increased by 5BP, and the spreads increased by 3BP. [33] 3.5 The excess spread of 3Y industrial perpetual bonds has narrowed, while the excess spread of urban investment bonds has shown differentiation - The excess spread of industrial AAA - grade 3Y perpetual bonds converged by 0.76BP compared with last week to 13.91BP, at the 36.17% percentile since 2015. The excess spread of industrial 5Y perpetual bonds remained the same as last week at 13.21BP, at the 33.60% percentile since 2015. [36] - The excess spread of urban - investment AAA - grade 3Y perpetual bonds increased by 0.83BP to 4.86BP, at the 5.43% percentile. The excess spread of urban - investment 5Y perpetual bonds decreased by 3.72BP to 9.62BP, at the 11.15% percentile. [36] 3.6 Credit Spread Database Compilation Instructions - The overall market credit spreads, commercial bank Tier 2 and perpetual spreads, and urban - investment/industrial perpetual bond credit spreads are calculated based on ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds data. The historical percentiles are since the beginning of 2015. [38] - The credit spreads related to urban - investment and industrial bonds are compiled and statistically analyzed by the Huafu Securities Research Institute, and the historical percentiles are since the beginning of 2015. [38] - The credit spreads of industrial and urban - investment individual bonds = the ChinaBond valuation (exercise) of individual bonds - the yield to maturity of the same - term China Development Bank bonds (calculated by the linear interpolation method), and finally the arithmetic average method is used to calculate the credit spreads of the industry or regional urban - investment bonds. [40] - The excess spread of bank Tier 2 capital bonds/perpetual bonds = the credit spread of bank Tier 2 capital bonds/perpetual bonds - the credit spread of bank ordinary bonds of the same grade and term. The excess spread of industrial/urban - investment perpetual bonds = the credit spread of industrial/urban - investment perpetual bonds - the credit spread of medium - term notes of the same grade and term. [40] - Sample screening criteria and other information: Both industrial and urban - investment bonds select medium - term notes and public - offering corporate bond samples, 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 samples. Industrial and urban - investment bonds are all external entity ratings, while commercial banks use ChinaBond implicit debt ratings. [40]