截至 8 月 17 日，城投债、产业债成交期限分别加权于 2.13 年、2.63 年，商业银行债中，二级资本债、银行永续债以 及一般商金债加权平均成交期限分别为 4.59 年、3.72 年、4.05 年，其中银行永续债处于较低历史水平；从其余金融 债来看，证券公司债、证券次级债、保险公司债、租赁公司债久期分别为 1.53 年、2.13 年、3.22 年、1.20 年，其中 证券公司债、证券次级债位于较低历史分位。 城投债：城投债加权平均成交期限徘徊在 2.13 年附近。其中，四川省级城投债久期拉长 5.36 年，广东区县级城投债 成交久期缩短至 1.50 年附近。同时，四川省级、江苏区县级、重庆区县级、福建区县级等区域城投债久期历史分位 数已逾 90%，河南地级市城投债久期逼近 2021 年以来最高。 产业债：产业债加权平均成交期限较上周有所拉长，总体处于 2.63 年附近，医药生物行业成交久期缩短至 1.05 年， 建筑材料行业成交久期拉长至 2.49 年。此外，食品材料行业成交久期处于较低历史分位，公用事业、建筑材料等行 业均位于 90%以上的历史分位。 商业银行债：一般商金债久期拉长至 4.05 年，处 ...

Quantitative Credit Strategy - As of August 1, the secondary capital bond heavy strategy has rapidly recovered, with the weekly average yield of the credit style secondary bond heavy portfolio rising nearly 87 basis points, reaching the highest absolute return since April [2][12] - The secondary bond heavy and long-term industrial strategies showed significant recovery compared to other portfolios, with weekly returns of 0.31% and 0.51%, respectively, compensating for over 65% of the losses from the previous week [2][12] - Financial bond duration strategies generally outperformed, with secondary bonds, perpetual bonds, and brokerage bond duration portfolios beating the mid-to-long-term benchmark by approximately 9.2 basis points, 8.7 basis points, and 10.4 basis points, respectively [2][12] Duration Tracking of Varieties - The transaction duration of secondary capital bonds has risen to 4.8 years as of August 3, with urban investment bonds and industrial bonds weighted at 2.24 years and 3.03 years, respectively, both at over 90% historical percentile levels since March 2021 [3][14] - Among commercial bank bonds, the weighted average transaction durations for secondary capital bonds, bank perpetual bonds, and general commercial bank bonds are 4.79 years, 4.02 years, and 2.91 years, respectively, with bank perpetual bonds at a relatively low historical level [3][14] - For other financial bonds, the durations of securities company bonds, subordinated securities bonds, insurance company bonds, and leasing company bonds are 1.78 years, 2.37 years, 3.00 years, and 1.61 years, respectively, with securities company bonds and subordinated securities bonds at low historical percentiles [3][14] Yield Heat Map of Coupon Assets - As of August 4, the yields of non-financial and non-real estate industrial bonds have generally declined, with yields for 1-year and 2-3 year private enterprise public non-perpetual bonds down by 5.8 basis points and 6.7 basis points, respectively [4][19] - Real estate bonds also saw a decline in yields, with the yield drop for 3-year private enterprise public non-perpetual bonds exceeding 6 basis points [4][19] - In the financial bond sector, bank subordinated bonds are favored, particularly in the short end, with yields for 1-year shares and 1-2 year city commercial bank secondary capital bonds down by 11.5 basis points and 8.8 basis points, respectively [4][19] Long-term Credit Bond Insights - The issuance scale of long-term credit new bonds totaled 13.42 billion, with supply returning to a low level, possibly due to rising issuance costs, as long-term bond issuers await favorable issuance windows [5][21] - Correspondingly, the average issuance rate of long-term credit new bonds continued to rise, with the issuance rate of long-term urban investment bonds reaching over the 50th percentile for the first time in 24 years [5][21] Local Government Bond Supply and Trading Tracking - The average issuance rate of local bonds has marginally increased, with the yield spreads for 30-year, 20-year, and 10-year local bonds widening to 14 basis points, 12 basis points, and 11 basis points, respectively, compared to the same-term government bonds [6][22]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints As of August 3, the weighted average trading terms of urban investment bonds and industrial bonds were 2.24 years and 3.03 years respectively, both at over 90% of the quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.79 years, 4.02 years, and 2.91 years respectively. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.78 years, 2.37 years, 3.00 years, and 1.61 years respectively [2][10]. 3. Section Summaries 3.1 All - Variety Term Overview - The weighted average trading terms of urban investment bonds and industrial bonds were 2.24 years and 3.03 years respectively, at over 90% of the quantile levels since March 2021. Among commercial bank bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds had weighted average trading terms of 4.79 years, 4.02 years, and 2.91 years respectively. For other financial bonds, securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds had durations of 1.78 years, 2.37 years, 3.00 years, and 1.61 years respectively [2][10]. - The coupon duration congestion index declined and then slightly increased. After reaching its peak in March 2024, it dropped and this week increased slightly compared to last week, currently at 32.1% of the level since March 2021 [12]. 3.2 Variety Microscope - **Urban Investment Bonds**: The weighted average trading term hovered around 2.24 years. Shaanxi provincial urban investment bonds' duration extended to nearly 9.5 years, while Guangxi prefecture - level urban investment bonds' trading duration shortened to around 1.51 years. The duration quantiles of urban investment bonds in regions such as prefecture - level and district - level Jiangsu, district - level Chongqing, provincial and prefecture - level Hunan, and prefecture - level Henan exceeded 90%, with Hunan provincial urban investment bonds' duration approaching the highest since 2021 [3][16]. - **Industrial Bonds**: The weighted average trading term shortened slightly compared to last week, generally around 3.03 years. The trading duration of the food materials industry shortened to 1.26 years, while that of the public utilities industry extended to 4.03 years. The food materials industry's trading duration was at a relatively low historical quantile, while industries such as public utilities, transportation, building materials, and pharmaceutical biology were all at over 90% of the historical quantiles [3][22]. - **Commercial Bank Bonds**: The duration of general commercial financial bonds extended to 2.91 years, at the 98.6% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.79 years, at the 99.5% historical quantile, higher than last year. The duration of bank perpetual bonds extended to 4.02 years, at the 78.4% historical quantile, higher than last year [3][25]. - **Other Financial Bonds**: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 53.6%, 61.6%, 67.8%, and 95.5% of the historical quantiles respectively. The durations of securities company bonds, leasing company bonds, and securities sub - bonds slightly extended compared to last week [4][28].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - As of July 25, the weighted average trading terms of urban investment bonds and industrial bonds were 2.19 years and 3.46 years respectively, both at over 90% of the historical quantiles since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.45 years, 3.86 years, and 2.74 years respectively. The bank perpetual bonds were at a relatively low historical level. For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.50 years, 2.31 years, 3.65 years, and 1.22 years respectively. The securities company bonds and securities subordinated bonds were at lower historical quantiles, while the leasing company bonds were at a higher historical quantile [3][12]. - The coupon duration crowding index decreased and then slightly increased. After reaching its highest value in March 2024, it dropped and slightly rose this week compared to last week. Currently, it is at the 17.60% level since March 2021 [18]. 3. Summary by Directory 3.1 Full - variety Term Overview - Urban investment bonds: The weighted average trading term was around 2.19 years. Shaanxi provincial urban investment bonds' duration extended to nearly 8 years, while Guangdong prefecture - level city urban investment bonds' trading duration shortened to around 2.69 years. The historical quantiles of the durations of urban investment bonds in regions such as Henan provincial, Shandong prefecture - level city, Jiangsu district - county level, and Fujian district - county level had exceeded 90%, and the duration of Chongqing district - county level urban investment bonds was approaching the highest since 2021 [4][22]. - Industrial bonds: The weighted average trading term was around 3.46 years, slightly shorter than last week. The trading duration of the coal industry shortened to 1.85 years, and that of the building materials industry extended to 3.79 years. The real - estate industry's trading duration was at a relatively low historical level, while industries such as public utilities, transportation, commercial retail, and building materials were all at over 90% of the historical quantiles [4][30]. - Commercial bank bonds: The duration of general commercial financial bonds extended to 2.74 years, at the 98.6% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.45 years, at the 99.1% historical quantile, higher than the same period last year. The duration of bank perpetual bonds extended to 3.86 years, at the 72.1% historical quantile, higher than the same period last year [4][35]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 82.6%, 57%, 26.9%, and 69.4% historical quantiles respectively. The durations of insurance company bonds and securities subordinated bonds slightly extended compared to last week [4][38]. 3.2 Variety Microscope - Urban investment bonds: The weighted average trading term was around 2.19 years. There were significant regional differences. For example, Shaanxi provincial urban investment bonds had a long duration, while Guangdong prefecture - level city urban investment bonds had a short duration. Some regional urban investment bonds' durations were at high historical quantiles [4][22]. - Industrial bonds: The overall weighted average trading term was around 3.46 years, with different trends in different industries. The coal industry's duration shortened, and the building materials industry's duration extended. Different industries were at different historical quantiles [4][30]. - Commercial bank bonds: All three types of bonds (general commercial financial bonds, secondary capital bonds, and bank perpetual bonds) had their durations extended compared to last year, with different historical quantiles [4][35]. - Other financial bonds: There were differences in the durations and historical quantiles among different types of bonds, and the durations of insurance company bonds and securities subordinated bonds slightly increased [4][38].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of July 25, the weighted average trading durations of urban investment bonds and industrial bonds were 2.19 years and 3.46 years respectively, both at over 90% of the quantile levels since March 2021 [2][10]. - The ticket - duration congestion index declined and then slightly increased, currently at the 17.60% level since March 2021 [13]. Summary by Catalog 1. All - Variety Duration Overview - The weighted average trading durations of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, general commercial financial bonds, securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 2.19 years, 3.46 years, 4.45 years, 3.86 years, 2.74 years, 1.50 years, 2.31 years, 3.65 years, and 1.22 years respectively [2][10]. - The ticket - duration congestion index reached its peak in March 2024 and then declined, rising slightly this week compared to last week, and is currently at 17.60% of the level since March 2021 [13]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading duration hovered around 2.19 years. Shaanxi provincial urban investment bonds' duration extended to nearly 8 years, while Guangdong prefecture - level city urban investment bonds' duration shortened to around 2.69 years [3][17]. - The duration quantiles of urban investment bonds in regions such as Henan provincial, Shandong prefecture - level city, Jiangsu district - county level, and Fujian district - county level have exceeded 90%, and the duration of Chongqing district - county level urban investment bonds is approaching the highest since 2021 [3][17]. Industrial Bonds - The weighted average trading duration shortened slightly compared to last week, generally around 3.46 years. The trading duration of the coal industry shortened to 1.85 years, while that of the building materials industry extended to 3.79 years [3][22]. - The trading duration of the real estate industry is at a relatively low historical quantile, while industries such as public utilities, transportation, commerce and retail, and building materials are at over 90% of the historical quantiles [3][22]. Commercial Bank Bonds - The duration of general commercial financial bonds extended to 2.74 years, at the 98.6% historical quantile, higher than the same period last year [3][25]. - The duration of secondary capital bonds extended to 4.45 years, at the 99.1% historical quantile, higher than the same period last year [3][25]. - The duration of bank perpetual bonds extended to 3.86 years, at the 72.1% historical quantile, higher than the same period last year [3][25]. Other Financial Bonds - In terms of weighted average trading duration, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 82.6%, 57%, 26.9%, and 69.4% of the historical quantiles respectively. The durations of insurance company bonds and securities sub - bonds slightly extended compared to last week [4][28].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - As of July 18, the weighted average trading terms of urban investment bonds and industrial bonds were 2.40 years and 3.52 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.42 years, 3.67 years, and 2.48 years respectively. The durations of secondary capital bonds and general commercial financial bonds were at high levels. For other financial bonds, the durations of securities company bonds, securities sub - bonds, insurance company bonds, and leasing company bonds were 1.57 years, 1.78 years, 3.45 years, and 1.28 years respectively. Securities company bonds and securities sub - bonds were at lower historical quantiles, while leasing company bonds were at higher historical quantiles [2][10]. - The coupon duration congestion index declined and then slightly increased. After reaching its highest value in March 2024, it dropped and slightly rose this week, currently at the 21.30% level since March 2021 [12]. 3. Summary by Relevant Catalogs 3.1 Full - Variety Term Overview - Urban investment bonds: The weighted average trading term hovered around 2.40 years. The durations of Guangdong prefecture - level and Shaanxi provincial urban investment bonds exceeded 4.5 years, while the trading duration of Hebei provincial urban investment bonds shortened to around 0.44 years. The duration historical quantiles of urban investment bonds in regions such as Jiangsu prefecture - level, Fujian prefecture - level, Zhejiang district - level, and Chongqing district - level exceeded 90%, and the duration of Jiangsu district - level urban investment bonds approached the highest since 2021 [3][16]. - Industrial bonds: The weighted average trading term shortened slightly compared to last week, generally around 3.52 years. The trading duration of the pharmaceutical and biological industry shortened to 2.88 years, while that of the building decoration industry extended to 4.45 years. The trading duration of the food and beverage industry was at a lower historical quantile, and industries such as public utilities, transportation, coal, commercial retail, and building materials were all at over 90% historical quantiles [3][23]. - Commercial bank bonds: The duration of general commercial financial bonds shortened to 2.48 years, at the 96.4% historical quantile, higher than the same period last year. The duration of secondary capital bonds extended to 4.42 years, at the 98.6% historical quantile, higher than the same period last year. The duration of bank perpetual bonds shortened to 3.67 years, at the 65.7% historical quantile, higher than the same period last year [3][26]. - Other financial bonds: In terms of the weighted average trading term, insurance company bonds > securities sub - bonds > securities company bonds > leasing company bonds, at 73.3%, 19.5%, 39.5%, and 76% historical quantiles respectively. The durations of insurance company bonds and securities sub - bonds slightly extended compared to last week [4][29]. 3.2 Variety Microscope - The coupon duration congestion index is the reciprocal of the standard deviation of durations among varieties. A larger index means a smaller standard deviation of duration changes among different varieties, indicating more consistent behavior. It should be analyzed in combination with the duration changes of each variety [15]. - The report provides various charts to show the average trading duration, historical quantiles of durations, and duration changes of different types of bonds, including credit bonds, non - financial credit bonds, urban investment bonds in different provinces, industrial bonds, commercial bank bonds, and other financial bonds [9]

1. Report's Investment Rating for the Industry - Not provided in the given content 2. Core View of the Report - The weighted average trading durations of mainstream bond varieties are approaching their peaks again. As of July 11, the weighted trading durations of urban investment bonds and industrial bonds are at 2.44 years and 3.77 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are 4.16 years, 3.74 years, and 2.95 years respectively, with bank perpetual bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds are 1.43 years, 1.83 years, 3.56 years, and 1.20 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical quantiles and insurance company bonds at a relatively high historical quantile [10]. - The coupon duration congestion index declined and then slightly increased. After reaching its highest value in March 2024, it dropped and this week decreased slightly compared to last week, currently at the 17.8% level since March 2021 [12]. 3. Summary by Directory 3.1 All - Variety Duration Overview - As of July 11, the weighted trading durations of urban investment bonds and industrial bonds are 2.44 years and 3.77 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds are 4.16 years, 3.74 years, and 2.95 years respectively. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds are 1.43 years, 1.83 years, 3.56 years, and 1.20 years respectively [2][10]. 3.2 Variety Microscope 3.2.1 Urban Investment Bonds - The weighted average trading duration hovers around 2.44 years. The durations of urban investment bonds in Guangdong prefecture - level cities and Hebei provincial - level are over 5 years, while the trading duration of Shanxi prefecture - level urban investment bonds has shortened to around 1.35 years. The historical quantiles of the durations of urban investment bonds in regions such as Jiangsu prefecture - level cities, Jiangsu district - level, Zhejiang prefecture - level cities, and Chongqing district - level have exceeded 90%. The durations of Hunan provincial - level and Henan prefecture - level urban investment bonds are approaching their highest levels since 2021 [3][16]. 3.2.2 Industrial Bonds - The weighted average trading duration has slightly lengthened compared to last week, generally around 3.77 years. The trading duration of the real - estate industry has shortened to 1.78 years, while that of the public utilities industry has lengthened to 4.62 years. The trading duration of the real - estate industry is at a relatively low historical quantile, while industries such as public utilities, transportation, pharmaceutical biology, commercial retail, and building materials are all at over 90% historical quantiles [3][21]. 3.2.3 Commercial Bank Bonds - The duration of general commercial financial bonds has shortened to 2.95 years, at the 99.1% historical quantile, higher than the level of the same period last year. The duration of secondary capital bonds has shortened to 4.16 years, at the 92.4% historical quantile, higher than the level of the same period last year. The duration of bank perpetual bonds has lengthened to 3.74 years, at the 68.3% historical quantile, higher than the level of the same period last year [3][23]. 3.2.4 Other Financial Bonds - In terms of the weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at 79%, 23%, 16%, and 68% historical quantiles respectively. The durations of insurance company bonds and securities subordinated bonds have slightly lengthened compared to last week [4][25].

Report Investment Rating - No information provided on the investment rating of the industry in the report. Core Viewpoints - As of July 4, the weighted average trading maturities of urban investment bonds and industrial bonds were 2.27 years and 3.27 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading maturities of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.28 years, 3.73 years, and 3.27 years respectively, with bank perpetual bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.52 years, 1.69 years, 3.33 years, and 1.37 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical quantiles and leasing company bonds at a relatively high historical quantile [2][9]. - The coupon duration crowding index declined and then slightly increased. After reaching its peak in March 2024, it dropped and this week slightly decreased compared to last week, currently at the 27.80% level since March 2021 [12]. Summary by Directory 1. All - Variety Maturity Overview - The weighted average trading maturities of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, general commercial financial bonds, securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 2.27 years, 3.27 years, 4.28 years, 3.73 years, 3.27 years, 1.52 years, 1.69 years, 3.33 years, and 1.37 years respectively. Their corresponding historical quantiles since March 2021 were 94.1%, 97.7%, 97.3%, 68.1%, 99.5%, 29.1%, 13.9%, 70.8%, and 82.9% [11]. - The coupon duration crowding index declined after reaching its peak in March 2024 and this week slightly decreased compared to last week, currently at the 27.80% level since March 2021 [12]. 2. Variety Microscope - **Urban Investment Bonds**: The weighted average trading maturity hovered around 2.27 years. Guangdong provincial - level urban investment bonds had a duration of over 5 years, while Guizhou provincial - level urban investment bonds' trading duration shortened to around 0.48 years. The durations of urban investment bonds in regions such as prefecture - level cities in Zhejiang, prefecture - level cities in Guangdong, district - county - level in Fujian, and prefecture - level cities in Shandong were at over 90% historical quantiles, and the durations of Hunan provincial - level and Henan prefecture - level urban investment bonds were approaching their highest levels since 2021 [3][16]. - **Industrial Bonds**: The weighted average trading maturity was around 3.27 years, slightly longer than last week. The trading maturity of the real estate industry shortened to 1.85 years, while that of the public utilities industry lengthened to 3.63 years. The real estate industry's trading maturity was at a relatively low historical quantile, while industries such as public utilities, food and beverage, biomedicine, commercial retail, and building materials were all at over 90% historical quantiles [3][20]. - **Commercial Bank Bonds**: The duration of general commercial financial bonds lengthened to 3.27 years, at the 99.5% historical quantile, higher than the same period last year. The duration of secondary capital bonds lengthened to 4.28 years, at the 97.30% historical quantile, higher than the same period last year. The duration of bank perpetual bonds lengthened to 3.73 years, at the 68.10% historical quantile, higher than the same period last year [3][23]. - **Other Financial Bonds**: In terms of the weighted average trading maturity, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at 83%, 14%, 30%, and 71% historical quantiles respectively. The duration of insurance company bonds slightly lengthened compared to last week [3][25].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As of June 27, the weighted average trading durations of urban investment bonds and industrial bonds were 2.18 years and 3.39 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading durations of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 4.21 years, 3.54 years, and 2.07 years respectively, with general commercial financial bonds at a relatively low historical level. For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.54 years, 2.28 years, 3.18 years, and 1.45 years respectively, with securities company bonds and securities subordinated bonds at low historical quantiles and leasing company bonds at a high historical quantile [2][9]. 3. Summary by Relevant Catalog 3.1 Full - Variety Duration Overview - The weighted average trading durations of urban investment bonds and industrial bonds were 2.18 years and 3.39 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, secondary capital bonds had a duration of 4.21 years (95% quantile), bank perpetual bonds had a duration of 3.54 years (62.6% quantile), and general commercial financial bonds had a duration of 2.07 years (56.3% quantile). For other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.54 years (33.3% quantile), 2.28 years (56.3% quantile), 3.18 years (66% quantile), and 1.45 years (87.8% quantile) respectively [2][9]. - The coupon duration congestion index declined after reaching its peak in March 2024 and then slightly increased. This week, it decreased slightly compared to last week and was currently at the 45% level since March 2021 [12]. 3.2 Variety Microscope Urban Investment Bonds - The weighted average trading duration hovered around 2.18 years. Shaanxi provincial urban investment bonds had a duration of over 8 years, while Fujian district - county - level urban investment bonds' trading duration shortened to around 1.24 years. The duration quantiles of urban investment bonds in regions such as Guangdong prefecture - level cities, Fujian prefecture - level cities, Hebei prefecture - level cities, and Shanxi provincial - level regions exceeded 90%, and the durations of Hunan provincial - level and Henan prefecture - level urban investment bonds were approaching their highest levels since 2021 [3][16]. Industrial Bonds - The weighted average trading duration was around 3.39 years, slightly longer than last week. The trading duration of the steel industry shortened to 1.66 years, while that of the food and beverage industry lengthened to 2.31 years. The real estate industry's trading duration was at a low historical quantile, while industries such as public utilities, transportation, retail, and building materials were at over 90% historical quantiles [3][21]. Commercial Bank Bonds - The duration of general commercial financial bonds shortened to 2.07 years (56.3% quantile), lower than the same period last year. The duration of secondary capital bonds lengthened to 4.21 years (95% quantile), higher than the same period last year. The duration of bank perpetual bonds shortened to 3.54 years (62.6% quantile), also higher than the same period last year [3][24]. Other Financial Bonds - In terms of weighted average trading duration, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, with quantiles of 66%, 56.3%, 33.3%, and 87.8% respectively. The overall duration of other financial bonds slightly shortened compared to last week [3][27].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - As of June 13, the weighted average trading terms of urban investment bonds and industrial bonds were 2.35 years and 2.98 years respectively, both at over 90% quantile levels since March 2021. Among commercial bank bonds, the weighted average trading terms of secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 3.90 years, 3.70 years, and 2.03 years respectively, with general commercial financial bonds at a relatively low historical level. Among other financial bonds, the durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.64 years, 2.05 years, 3.56 years, and 1.62 years respectively, with securities company bonds and securities subordinated bonds at relatively low historical quantiles and leasing company bonds at a relatively high historical quantile [2][10]. - The coupon duration congestion index declined after reaching its peak in March 2024 and then slightly increased this week, currently at the 53.10% level since March 2021 [13]. Summary by Directory 1. Full - variety Term Overview - The weighted average trading terms of urban investment bonds, industrial bonds, secondary capital bonds, bank perpetual bonds, and general commercial financial bonds were 2.35 years, 2.98 years, 3.90 years, 3.70 years, and 2.03 years respectively. The durations of securities company bonds, securities subordinated bonds, insurance company bonds, and leasing company bonds were 1.64 years, 2.05 years, 3.56 years, and 1.62 years respectively [2][10]. - The coupon duration congestion index is currently at the 53.10% level since March 2021 [13]. 2. Variety Microscope Urban Investment Bonds - The weighted average trading term of urban investment bonds hovered around 2.35 years. The duration of Shaanxi provincial urban investment bonds exceeded 6 years, while that of Hebei provincial urban investment bonds shortened to around 0.81 years. The historical quantiles of the durations of urban investment bonds in regions such as Jiangsu district - level, Zhejiang prefecture - level, Chongqing district - level, Guangdong prefecture - level, Fujian district - level, Sichuan provincial, and Henan prefecture - level have exceeded 90%. The durations of urban investment bonds in Anhui prefecture - level, Zhejiang prefecture - level, and Guangdong prefecture - level are approaching the highest since 2021 [3][17]. Industrial Bonds - The weighted average trading term of industrial bonds shortened slightly compared to last week, generally around 2.98 years. The trading duration of the food and beverage industry shortened significantly to 1.28 years, while that of the public utilities industry lengthened to 3.35 years. The trading duration of the food and beverage industry is at a relatively low historical quantile, while those of public utilities, transportation, commerce and retail, non - ferrous metals and other industries are all at over 90% historical quantiles [3][21]. Commercial Bank Bonds - The duration of securities subordinated bonds shortened to 2.05 years, at the 45% historical quantile, higher than the same period last year. The duration of secondary capital bonds lengthened to 3.90 years, at the 78.6% historical quantile, lower than the same period last year. The duration of bank perpetual bonds shortened to 3.70 years, at the 66.8% historical quantile, higher than the same period last year [3][23]. Other Financial Bonds - In terms of the weighted average trading term, insurance company bonds > securities subordinated bonds > securities company bonds > leasing company bonds, at the 79.3%, 45%, 50.4%, and 95.9% historical quantiles respectively. The durations of securities company bonds, insurance company bonds, and leasing company bonds lengthened slightly compared to last week [4][26].