1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Among bonds with discounted transactions, "20 Huainan Jianfa MTN003" had a relatively large deviation in bond valuation price. Among bonds with rising net - price transactions, "25 Changde Jingjian MTN002" ranked high in terms of valuation price deviation. Among secondary and perpetual bonds with rising net - price transactions, "20 CITIC Bank Secondary" had a relatively large deviation in valuation price; among commercial financial bonds with rising net - price transactions, "22 Industrial Bank 04" ranked high in terms of valuation price deviation. Among individual bonds with a transaction yield higher than 6%, real - estate bonds ranked high. Credit bond valuation yield changes were mainly distributed in the (0,5] interval. Non - financial credit bond transaction terms were mainly distributed between 2 and 3 years, with the 3 - 4 - year - term variety having the highest proportion of discounted transactions; secondary and perpetual bond transaction terms were mainly distributed between 4 and 5 years. By industry, bonds in the communication industry had the largest average valuation price deviation [2]. 3. Summaries According to Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "20 Huainan Jianfa MTN003" had discounted transactions, with different remaining terms, valuation price deviations, and transaction scales. For example, "20 Huainan Jianfa MTN003" had a remaining term of 0.28 years, a valuation price deviation of - 0.59%, and a transaction scale of 8,053 yuan [4]. 3.2 Tracking of Bonds with Rising Net - Price Transactions - Bonds like "25 Changde Jingjian MTN002" had rising net - price transactions, with different remaining terms, valuation price deviations, and transaction scales. For instance, "25 Changde Jingjian MTN002" had a remaining term of 4.96 years, a valuation price deviation of 0.16%, and a transaction scale of 5,000 yuan [5]. 3.3 Tracking of Secondary and Perpetual Bond Transactions - Secondary and perpetual bonds such as "20 CITIC Bank Secondary" were tracked. "20 CITIC Bank Secondary" had a remaining term of 0.06 years, a valuation price deviation of - 0.01%, and a transaction scale of 35,046 yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Commercial financial bonds like "22 Industrial Bank 04" were tracked. "22 Industrial Bank 04" had a remaining term of 0.03 years, a valuation price deviation of 0.00%, and a transaction scale of 16,004 yuan [7]. 3.5 Tracking of Individual Bonds with a Transaction Yield Higher than 6% - Real - estate bonds such as "23 Vanke MTN002" had a transaction yield higher than 6%. "23 Vanke MTN002" had a remaining term of 0.80 years, a valuation price deviation of 0.07%, and a transaction scale of 7,781 yuan [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - Credit bond valuation yield changes were mainly distributed in the (0,5] interval [2][10]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms on the Day - Non - financial credit bond transaction terms were mainly distributed between 2 and 3 years, with the 3 - 4 - year - term variety having the highest proportion of discounted transactions [2][12]. 3.8 Distribution of Secondary and Perpetual Bond Transaction Terms on the Day - Secondary and perpetual bond transaction terms were mainly distributed between 4 and 5 years [2][15]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non - Financial Credit Bonds in Each Industry - Bonds in the communication industry had the largest average valuation price deviation, and different industries had different transaction scales [2][17].