Group 1 - The bond market showed mixed performance for Vanke's domestic bonds, with "22 Vanke 06" rising nearly 3%, "23 Vanke 01" up over 1%, and "21 Vanke 04" increasing by 0.63% [1] - Conversely, "22 Vanke 04" fell over 5%, and "21 Vanke 06" dropped more than 1% [1] - In the local bond market, bonds such as "25 Jilin Bond 29", "24 Corps Bond 03", and "25 Zhejiang Bond 02" increased by over 1% [1] Group 2 - Special government bonds experienced declines, with "24 Special National 01" down 0.49%, "24 Special National 02" down 0.37%, "24 Special National 03" down 0.47%, and "24 Special National 04" down 0.40% [1] - Other special government bonds like "Special National 2401" decreased by 0.19%, while "Special National 2403" fell by 0.43% [1]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Report's Core View - Among AA - rated urban investment bonds (subject rating) with a high discount, "24 Hengting 03" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net - price decline, "23 Chanrong 09" has the largest deviation in valuation price. Among the top 50 individual bonds with the largest net - price increase, "22 Vanke 06" has the largest deviation in valuation price. Among the top 50 secondary perpetual bonds with the largest net - price increase, "24 ABC Secondary Capital Bond 02B" has the largest deviation in valuation price [2]. 3. Summary by Related Catalogs 3.1 Discount - Rate Ranking of AA Urban Investment Bonds - The report presents a list of AA urban investment bonds with high discount rates, including details such as remaining term, valuation price, valuation net - price, valuation yield, etc. "24 Hengting 03" has a remaining term of 4.57 years, a valuation price deviation of - 0.27%, a valuation net - price of 100.53 yuan, and a valuation yield of 2.45% [3]. 3.2 Top 50 Individual Bonds with the Largest Net - Price Decline - The list shows 50 individual bonds with significant net - price declines. "23 Chanrong 09" has a remaining term of 3.38 years, a valuation price deviation of - 0.62%, a valuation net - price of 98.08 yuan, and a valuation yield of 4.02% [5]. 3.3 Top 50 Individual Bonds with the Largest Net - Price Increase - The report lists 50 individual bonds with the largest net - price increases. "22 Vanke 06" has a remaining term of 2.19 years, a valuation price deviation of 0.99%, a valuation net - price of 90.55 yuan, and a valuation yield of 8.61% [7]. 3.4 Top 50 Secondary Perpetual Bonds with the Largest Net - Price Increase - The list includes 50 secondary perpetual bonds with significant net - price increases. "24 ABC Secondary Capital Bond 02B" has a remaining term of 9.00 years, a valuation price deviation of 0.09%, a valuation net - price of 102.56 yuan, and a valuation yield of 2.17% [10].