1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - According to Wind data, among the bonds traded at a discount, "24 Railway MTN004B" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "25 Quwenkong MTN001" led in terms of valuation price deviation. Among the secondary and perpetual bonds with rising net prices, "23 Hankou Bank Secondary Capital Bond 02" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Ruifeng Rural Commercial Bank Science - and - Technology Innovation Bond 01" led in terms of valuation price deviation. Among the bonds with a trading yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the (0, 5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - to 4 - year - term varieties having the highest proportion of discounted trades; the trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted trades was relatively high for all terms. In terms of industries, the bonds in the petroleum and petrochemical industry had the largest average deviation in valuation price [2]. 3. Summaries Based on Relevant Catalogs 3.1 Discounted Bond Trading Tracking - "24 Railway MTN004B" had a remaining term of 28.75 years, a valuation price deviation of - 0.67%, a valuation net price of 104.85 yuan, a valuation yield deviation of 3.29 bp, a valuation yield of 2.37%, and a trading volume of 24,042 yuan. It belonged to the transportation industry with an implied rating of AAA+ and a subject rating of AAA [4]. 3.2 Tracking of Bonds with Rising Net Prices - "25 Quwenkong MTN001" had a remaining term of 4.93 years, a valuation price deviation of 0.32%, a valuation net price of 100.14 yuan, a valuation yield deviation of - 7.23 bp, a valuation yield of 3.87%, and a trading volume of 5,989 yuan. It belonged to the urban investment industry with an implied rating of AA(2) and a subject rating of AAA [6]. 3.3 Tracking of Secondary and Perpetual Bond Trading - "23 Hankou Bank Secondary Capital Bond 02" had a remaining term of 3.24 years, a valuation price deviation of 0.01%, a valuation net price of 106.31 yuan, a valuation yield deviation of - 0.50 bp, a valuation yield of 2.35%, and a trading volume of 21,231 yuan. It was a city - commercial bank bond with an implied rating of AA - and a subject rating of AA+ [7]. 3.4 Tracking of Commercial Financial Bond Trading - "25 Ruifeng Rural Commercial Bank Science - and - Technology Innovation Bond 01" had a remaining term of 4.87 years, a valuation price deviation of 0.01%, a valuation net price of 98.36 yuan, a valuation yield deviation of - 0.27 bp, a valuation yield of 2.13%, and a trading volume of 983 yuan. It was a rural - commercial bank bond with an implied rating of AA and a subject rating of AA+ [8]. 3.5 Tracking of Bonds with a Trading Yield Higher than 5% - "22 Vanke 07" had a remaining term of 0.14 years, a valuation price deviation of 0.01%, a valuation net price of 99.73 yuan, a valuation yield deviation of - 0.62 bp, a valuation yield of 5.26%, and a trading volume of 2,569 yuan. It belonged to the real - estate industry with an implied rating of AA+ and a subject rating of AAA [9]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the (0, 5] range [2]. 3.7 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - to 4 - year - term varieties having the highest proportion of discounted trades [2]. 3.8 Distribution of Trading Terms of Secondary and Perpetual Bonds on the Day - The trading terms of secondary and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted trades was relatively high for all terms [2]. 3.9 Proportion and Trading Volume of Discounted Trades of Non - Financial Credit Bonds in Each Industry - The bonds in the petroleum and petrochemical industry had the largest average deviation in valuation price [2].