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票息资产热度图谱:2.1%的资产怎么布局?
SINOLINK SECURITIES· 2025-08-05 14:13
Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - As of August 4, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the stock of credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds and real estate bonds mostly declined, and the yields of financial bonds basically declined [2][3][8] Group 3: Summary by Relevant Catalogs 1. Overall Stock Credit Bonds - The weighted average valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Compared with last week, non - financial non - real estate industrial bonds (both state - owned and private enterprises) and real estate bonds (state - owned and private enterprises) generally saw yield declines. Among them, 1 - year and 2 - 3 - year private enterprise public non - perpetual non - financial non - real estate industrial bonds had yield declines of 5.8BP and 6.7BP respectively, and the yield declines of 3 - year private enterprise public non - perpetual real estate bonds were all over 6BP. Financial bonds also had mostly declining yields, with significant declines in 1 - year perpetual lease bonds and short - end bank sub - debt [2][3][8] 2. Public Offering Urban Investment Bonds - The weighted average valuation yields in Jiangsu and Zhejiang are below 2.4%. Bonds with yields over 4.5% are in Guizhou's prefecture - level and district - county - level areas, and areas like Yunnan and Gansu have high spreads. Yields mainly declined compared with last week, with an average decline of 3.8BP for 1 - year varieties. Bonds with large decline amplitudes include 1 - year Zhejiang provincial perpetual, 1 - year Guizhou prefecture - level non - perpetual, 1 - 2 - year Guangxi district - county - level non - perpetual, and 1 - year Xinjiang provincial non - perpetual bonds [2][15] 3. Private Offering Urban Investment Bonds - The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Bonds with yields higher than 4% are in Guizhou's prefecture - level areas, and areas like Yunnan and Gansu have high spreads. The proportion of yield decline is high compared with last week, but there is differentiation among terms. The average yield of 1 - year varieties declined by 3.9BP, and the long - end performance was slightly weaker. Bonds with large decline amplitudes include 1 - 2 - year Guizhou district - county - level non - perpetual, 3 - 5 - year Shaanxi prefecture - level perpetual, 1 - year Liaoning prefecture - level and district - county - level non - perpetual urban investment bonds, with declines of 8.6BP, 15.6BP, 9.5BP, and 9.3BP respectively [2][24] 4. Financial Bonds - Bonds with high valuation yields and spreads include urban and rural commercial bank capital replenishment tools and leasing company bonds. Yields basically declined compared with last week. 1 - year perpetual lease bonds had a large decline amplitude, and 2 - 3 - year private non - perpetual varieties had slight adjustments. Bank sub - debt was favored, with dominant performance concentrated in the short - end. 1 - year joint - stock bank and 1 - 2 - year urban commercial bank secondary capital bonds had yield declines of 11.5BP and 8.8BP respectively, and the long - end secondary bonds had a decline amplitude of around 3BP. 2 - year joint - stock bank and urban commercial bank commercial financial bonds recovered first, especially the 1 - year joint - stock bank variety with a 5BP decline. The allocation sentiment for securities company bonds was good, with 1 - year private and 1 - 2 - year public non - perpetual bonds having yield declines close to 6.5BP, but the willingness to sink was weak, and private sub - non - perpetual varieties generally adjusted [4][8]
截至2025年7月21日,存量信用债估值及利差分布特征如下:
SINOLINK SECURITIES· 2025-07-22 14:20
Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of July 21, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds have all declined, with private enterprise bonds declining more than state - owned enterprise bonds, and short - term bonds being more favored than those over 1 year. Real estate bond yields mainly declined, with the yield of public non - perpetual bonds within 1 year dropping by more than 5BP. In financial bonds, urban and rural commercial bank capital supplementary tools and leasing company bonds have relatively high valuation yields and spreads. Compared with last week, financial bond yields generally declined, with some adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] Group 3: Summary According to Related Catalogs 1. Overall Outstanding Credit Bonds - The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Non - financial non - real estate industrial bond yields declined, with private enterprise bonds having a larger decline. Real estate bond yields mainly declined, and 1 - year - within public non - perpetual real estate bonds had a yield reduction of over 5BP. Financial bond yields generally declined, with certain adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] 2. Urban Investment Bonds Public Urban Investment Bonds - In Jiangsu and Zhejiang provinces, the weighted average valuation yields are below 2.3%. Yields over 4.5% are in Guizhou's district - level. Yunnan, Gansu and other regions have high spreads. Compared with last week, yields generally declined, with an average decline of less than 2BP. Larger decline varieties include 2 - 3 - year and 3 - 5 - year non - perpetual bonds of Guangdong provincial level, 2 - 3 - year perpetual bonds of Shaanxi district - level, and 1 - 2 - year non - perpetual bonds of Yunnan prefectural - level [2][15][16] Private Urban Investment Bonds - Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have weighted average valuation yields below 2.8%. Yields higher than 3.5% are in Shaanxi prefectural - level, Guizhou and Yunnan prefectural - and district - levels. Gansu, Heilongjiang and other regions have high spreads. Compared with last week, yields mainly declined. Larger decline varieties include 2 - 3 - year non - perpetual bonds of Tianjin provincial level, 1 - year - within non - perpetual bonds of Guizhou district - level, 3 - 5 - year perpetual bonds of Shaanxi prefectural - level, and 2 - 3 - year non - perpetual bonds of Heilongjiang prefectural - level, with declines of 10.5BP, 11.1BP, 21.8BP, and 13.5BP respectively [2][24][25] 3. Non - Financial Non - Real Estate Industrial Bonds - Yields declined compared with last week, with private enterprise bonds having a larger decline than state - owned enterprise bonds, and short - term bonds being more popular [3][8] 4. Real Estate Bonds - Yields mainly declined, and the yield of 1 - year - within public non - perpetual bonds dropped by more than 5BP [3][8] 5. Financial Bonds - Valuation yields and spreads are relatively high in urban and rural commercial bank capital supplementary tools and leasing company bonds. Yields generally declined compared with last week. 1 - year - within private and 2 - 3 - year public perpetual leasing bonds had large declines, while 3 - 5 - year non - perpetual varieties had adjustments. Commercial financial bond yields declined within 4BP, and 3 - 5 - year urban and rural commercial bank varieties had callbacks. Short - duration bank sub - bonds performed better than medium - and long - term ones [4][8]
中枢1.9%的焦虑
SINOLINK SECURITIES· 2025-07-08 15:25
Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - As of July 7, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds and real estate bonds have generally declined, and the short - end varieties of non - financial and non - real estate industrial bonds have a larger decline. Among them, the 1 - 2 - year public and 1 - year private non - perpetual bonds of private enterprises have declined by 19.6BP and 14.2BP respectively. The 2 - year private enterprise real estate bonds are more popular [3][8]. - In financial bonds, the varieties with high valuation yields and spreads include urban and rural commercial bank capital supplementary tools and leasing company bonds. Compared with last week, the yields of financial bonds have generally declined. For example, the yields of 3 - 5 - year non - perpetual leasing bonds have declined by more than 8.5BP, and the yields of 1 - year joint - stock bank secondary perpetual bonds have declined by nearly 13BP [4][8]. - In public offering urban investment bonds, the weighted average valuation yields of Jiangsu and Zhejiang provinces are both below 2.3%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level cities and districts and counties of Guizhou. The spreads in Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of public offering urban investment bonds have basically declined, and the average yield of varieties within 1 year has declined by 11.5BP [2][16]. - In private placement urban investment bonds, the weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong and Fujian are below 2.7%. The varieties with yields higher than 4% appear in prefecture - level cities of Guizhou and Shaanxi. The spreads in Yunnan, Gansu, Heilongjiang and other regions are also relatively high. Compared with last week, the yields of private placement urban investment bonds have mainly declined [2]. Group 3: Summary According to Relevant Catalogs 1. Overall Outstanding Credit Bonds - The weighted average valuation yields and spreads of private enterprise real estate bonds and industrial bonds are generally higher than those of other varieties. The yields of non - financial and non - real estate industrial bonds and real estate bonds have generally declined, and the short - end varieties of non - financial and non - real estate industrial bonds have a larger decline. The yields of financial bonds have also generally declined [3][4][8]. - The data in the table shows the weighted average valuation yields, spreads, and their changes compared with last week of different types of bonds (including urban investment bonds, non - financial and non - real estate industrial bonds, real estate bonds, financial bonds, etc.) under different issuance methods (public offering and private placement) and different maturities [9][12][13]. 2. Public Offering Urban Investment Bonds - The weighted average valuation yields of Jiangsu and Zhejiang provinces are below 2.3%, while those in Guizhou's prefecture - level cities and districts and counties exceed 4.5%. The spreads in Yunnan, Gansu and other regions are relatively high. The yields have basically declined compared with last week, and the 1 - year varieties have an average decline of 11.5BP. The varieties with a large decline in yields include 1 - year non - perpetual bonds of Jiangsu provincial level, 1 - year perpetual bonds of Hebei provincial level, etc. [2][16]. - The table shows the weighted average valuation yields, spreads, and their changes compared with last week of public offering urban investment bonds at different administrative levels in various regions [17][19][21]. 3. Private Placement Urban Investment Bonds - The weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong and Fujian are below 2.7%. The varieties with yields higher than 4% appear in prefecture - level cities of Guizhou and Shaanxi. The spreads in Yunnan, Gansu, Heilongjiang and other regions are relatively high. The yields have mainly declined compared with last week, and the varieties with a large decline in yields include 1 - year perpetual bonds of Shandong district and county level, etc. [2]. - The table shows the weighted average valuation yields, spreads of private placement urban investment bonds at different administrative levels in various regions [25][28].
票息资产热度图谱:极致 2.0%的顾虑
SINOLINK SECURITIES· 2025-07-01 11:19
Report Summary Report Industry Investment Rating No information provided in the content. Report's Core View - As of June 30, 2025, private enterprise industrial bonds and real estate bonds in the outstanding credit bonds had higher overall valuation yields and spreads compared to other varieties. Compared with the previous week, the yields of non - financial and non - real estate industrial bonds were mostly adjusted, with the 1 - 2 year private enterprise private non - perpetual variety having a relatively larger upward range, averaging 9.7BP. Among real estate bonds, the yields of state - owned enterprise private non - perpetual varieties increased more overall, with the 1 - 2 year variety rising 4.8BP. - In financial bonds, varieties with higher valuation yields and spreads included leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. Compared with the previous week, the yields of most financial varieties increased. Specifically, the yields of 1 - 2 year private perpetual and within 1 year public perpetual varieties in leasing bonds increased by more than 5BP; the interest rate increase of each variety of general commercial financial bonds was less than 2BP; among Tier 2 capital bonds, the adjustment range of urban and rural commercial bank varieties was larger, with the yield of 2 - 3 year rural commercial bank Tier 2 bonds increasing by 9.8BP, but the yield of 3 - 5 year rural commercial bank Tier 2 bonds decreasing by more than 12BP; in addition, the yield increase of each maturity variety in securities company bonds and sub - bonds was controlled within 5BP. - For urban investment bonds, in public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces were both below 2.4%; urban investment bonds with yields exceeding 4.5% appeared in prefecture - level and district - county levels in Guizhou. In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian were below 2.8%; varieties with yields higher than 4% appeared in prefecture - level cities in Guizhou, Shaanxi, and Yunnan. Compared with the previous week, the yields of most public urban investment bonds increased slightly, and the yields of most varieties in private urban investment bonds also increased [2][3][4]. Summary by Relevant Catalogs Overall Outstanding Credit Bonds - **Valuation Yields and Spreads**: Private enterprise industrial bonds and real estate bonds had higher overall valuation yields and spreads. The valuation yields and spreads of leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds in financial bonds were relatively high [2][3][4]. - **Yield Changes Compared to Last Week**: Non - financial and non - real estate industrial bonds had yield adjustments, with the 1 - 2 year private enterprise private non - perpetual variety having an average increase of 9.7BP. Among real estate bonds, the 1 - 2 year state - owned enterprise private non - perpetual variety increased by 4.8BP. Most financial varieties saw yield increases, with specific increases varying by bond type [3][4]. Urban Investment Bonds Public Urban Investment Bonds - **Valuation Yields**: The weighted average valuation yields in Jiangsu and Zhejiang were below 2.4%, while yields exceeding 4.5% were in Guizhou's prefecture - level and district - county levels. Other regions like Guangxi, Yunnan, and Gansu had relatively high spreads [2]. - **Yield Changes Compared to Last Week**: Yields mostly increased slightly. Larger - increase varieties included 2 - 3 year non - perpetual bonds of Sichuan provincial level, 3 - 5 year non - perpetual bonds of Anhui provincial level, within 1 year non - perpetual bonds of Guizhou prefecture - level cities, and within 1 year perpetual bonds of Hebei provincial level [2]. Private Urban Investment Bonds - **Valuation Yields**: Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian had weighted average valuation yields below 2.8%. Yields higher than 4% were in prefecture - level cities in Guizhou, Shaanxi, and Yunnan. Regions like Heilongjiang, Qinghai, and Gansu had relatively high spreads [2]. - **Yield Changes Compared to Last Week**: Yields of most varieties increased. The varieties with larger upward ranges were 3 - 5 year non - perpetual bonds of Guangxi prefecture - level cities (9.9BP), 1 - 2 year non - perpetual bonds of Shaanxi district - county levels (9.7BP), 1 - 2 year non - perpetual bonds of Jilin prefecture - level cities (8.0BP), and 3 - 5 year non - perpetual bonds of Liaoning prefecture - level cities (7.7BP) [2]. Industrial Bonds - **Non - financial and Non - real estate Industrial Bonds (State - owned Enterprises)**: The yields of private and public bonds were mostly adjusted compared to the previous week, with different adjustment ranges for different maturities [12]. - **Non - financial and Non - real estate Industrial Bonds (Private Enterprises)**: The 1 - 2 year private non - perpetual variety had a relatively large upward range in yield, averaging 9.7BP [3]. - **Real Estate Bonds (State - owned Enterprises)**: The yields of private non - perpetual varieties increased more overall, with the 1 - 2 year variety rising 4.8BP [3]. - **Real Estate Bonds (Private Enterprises)**: No information on private bonds; for public bonds, some maturity varieties had yield decreases [12]. Financial Bonds - **Leasing Company Bonds**: The yields of 1 - 2 year private perpetual and within 1 year public perpetual varieties increased by more than 5BP [4]. - **General Commercial Financial Bonds**: The interest rate increase of each variety was less than 2BP [4]. - **Tier 2 Capital Bonds**: Among urban and rural commercial bank varieties, the 2 - 3 year rural commercial bank Tier 2 bonds' yield increased by 9.8BP, while the 3 - 5 year rural commercial bank Tier 2 bonds' yield decreased by more than 12BP [4]. - **Securities Company Bonds and Sub - bonds**: The yield increase of each maturity variety was controlled within 5BP [4].
2.3%以上的意外拉久期
SINOLINK SECURITIES· 2025-06-17 14:28
Group 1: Industry Investment Rating - No information provided in the content Group 2: Core Viewpoints - As of June 16, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds mostly declined, while those of some bonds such as private perpetual bonds of state - owned enterprises within 1 year and 3 - 5 years increased. The yields of real estate bonds also mainly declined, especially those of private public non - perpetual bonds within 1 - 2 years, with a yield reduction of more than 4.5BP. In financial bonds, the varieties with higher valuation yields and spreads are leasing company bonds and capital supplementary tools of urban and rural commercial banks. More than half of the yields of financial bonds declined compared with last week [3][8]. - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces are both below 2.4%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level and district - county - level areas of Guizhou. The spreads in other regions such as Yunnan and Gansu are also relatively high. Compared with last week, the yields of public urban investment bonds generally declined, with an average decline of 3.7BP for 3 - 5 - year varieties [2][14]. - In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. The varieties with yields higher than 4% appear in prefecture - level areas of Guizhou and Shaanxi, and prefecture - level and district - county - level areas of Yunnan. The spreads in other areas such as Gansu and Heilongjiang are also relatively high. Compared with last week, the yields of private urban investment bonds basically declined, with an average decline of 3BP and 5BP for 2 - 3 - year and 3 - 5 - year varieties respectively [2][23]. Group 3: Summary by Relevant Catalogs Chart 1: Weighted Average Valuation Yield of Outstanding Credit Bonds (as of June 16, unit: %) - Displays the weighted average valuation yields of different bond types (such as urban investment bonds, non - financial non - real estate industrial bonds, real estate bonds, etc.) in different time periods (1 year or less, 1 - 2 years, 2 - 3 years, 3 - 5 years) and different issuance methods (private or public) [10]. Chart 2: Weighted Average Spread of Outstanding Credit Bonds (as of June 16, unit: BP) - Presents the weighted average spreads of different bond types in different time periods and issuance methods, with the calculation benchmark being the same - term government - developed bonds [11]. Chart 3: Change in Weighted Average Valuation Yield of Outstanding Credit Bonds Compared with Last Week (as of June 16, unit: BP) - Shows the changes in the weighted average valuation yields of different bond types compared with last week, calculated as (this week's weighted average valuation yield - last week's weighted average valuation yield) * 100 [12]. Chart 4: Change in Weighted Average Spread of Outstanding Credit Bonds Compared with Last Week (as of June 16, unit: BP) - Illustrates the changes in the weighted average spreads of different bond types compared with last week, calculated as this week's weighted average spread - last week's weighted average spread [13]. Chart 5: Weighted Average Valuation Yield of Public Urban Investment Bonds (as of June 16, unit: %) - Provides the weighted average valuation yields of public urban investment bonds in different administrative levels (provincial, prefecture - level, district - county - level) of various provinces [15]. Chart 6: Weighted Average Spread of Public Urban Investment Bonds (as of June 16, unit: BP) - Displays the weighted average spreads of public urban investment bonds in different administrative levels of various provinces, with the calculation benchmark being the same - term government - developed bonds [17]. Chart 7: Change in Weighted Average Valuation Yield of Public Urban Investment Bonds Compared with Last Week (as of June 16, unit: BP) - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels of various provinces compared with last week [20]. Chart 8: Weighted Average Valuation Yield of Private Urban Investment Bonds (as of June 16, unit: %) - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels of various provinces [24]. Chart 9: Weighted Average Spread of Private Urban Investment Bonds (as of June 16, unit: BP) - Displays the weighted average spreads of private urban investment bonds in different administrative levels of various provinces, with the calculation benchmark being the same - term government - developed bonds [26].