1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Among the bonds with discounted transactions, "24 Guoxin Holdings MTN001B" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "25 Liancheng Y2" had a prominent deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Postal Savings Perpetual Bond 01BC" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "25 Agricultural Bank TLAC Non - capital Bond 02C(BC)" had a prominent deviation in valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, and the proportion of discounted transactions of varieties within 0.5 years was the highest. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 1 year was the highest. By industry, the bonds in the household appliances industry had the largest average deviation in valuation price [2]. 3. Summary According to Related Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "24 Guoxin Holdings MTN001B" (residual term: 18.59 years, valuation price deviation: - 0.32%, transaction scale: 52940000 yuan), "23 Shizhu 01" (residual term: 3.14 years, valuation price deviation: - 0.31%, transaction scale: 518430000 yuan) had relatively large valuation price deviations [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "25 Liancheng Y2" (residual term: 4.61 years, valuation price deviation: 0.23%, transaction scale: 10050000 yuan), "24 Liancheng Y2" (residual term: 4.21 years, valuation price deviation: 0.23%, transaction scale: 20020000 yuan) had prominent valuation price deviations [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Bonds including "25 Postal Savings Perpetual Bond 01BC" (residual term: 4.44 years, valuation price deviation: 0.17%, transaction scale: 267110000 yuan), "25 Industrial and Commercial Bank Perpetual Bond 01BC" (residual term: 4.66 years, valuation price deviation: 0.15%, transaction scale: 286480000 yuan) were tracked [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Bonds such as "25 Agricultural Bank TLAC Non - capital Bond 02C(BC)" (residual term: 9.89 years, valuation price deviation: 0.06%, transaction scale: 176930000 yuan), "25 Nanhai Rural Commercial Science and Innovation Bond" (residual term: 4.93 years, valuation price deviation: 0.06%, transaction scale: 69380000 yuan) were tracked [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - Bonds like "22 Vanke 06" (residual term: 1.81 years, valuation price deviation: 0.03%, valuation yield: 5.49%, transaction scale: 590000 yuan), "22 Vanke 04" (residual term: 1.72 years, valuation price deviation: 0.02%, valuation yield: 5.48%, transaction scale: 8850000 yuan) were tracked [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. 3.7 Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, and the proportion of discounted transactions of varieties within 0.5 years was the highest [2]. 3.8 Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 1 year was the highest [2]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds in Each Industry - The bonds in the household appliances industry had the largest average deviation in valuation price [2].