1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - According to Wind data, among the bonds traded at a discount, "24 Chanrong 08" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "25 Xuyi 02" had a relatively high degree of deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Guizhou Bank Tier 2 Capital Bond 01" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - Capital Bond 02C(BC)" had a relatively high degree of deviation in valuation price. Among the bonds with a trading yield higher than 5%, financial bonds ranked high [2]. - The changes in credit bond valuation yields are mainly distributed in the (0, 5] interval. The trading terms of non - financial credit bonds are mainly distributed within 0.5 years, and the proportion of discounted transactions of varieties within 0.5 years is the highest; the trading terms of Tier 2 and perpetual bonds are mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 2 years is the highest. By industry, the bonds in the agriculture, forestry, animal husbandry and fishery industry have the largest average deviation in valuation price [2]. 3. Summaries Based on Relevant Catalogs 3.1 Discounted Transaction Tracking - The report tracks the discounted transactions of multiple bonds, including "24 Chanrong 08", "24 Chanrong 06", etc. The industries involved include non - bank finance, agriculture, forestry, animal husbandry and fishery, public utilities, and urban investment. The remaining terms range from 0.42 to 19.53 years, and the valuation price deviations range from - 0.13% to - 0.99% [4]. 3.2 Tracking of Bonds with Rising Net Prices - It tracks bonds with rising net prices such as "25 Xuyi 02", "25 Xuyi 03", etc. The industries include urban investment, coal, transportation, etc. The remaining terms range from 1.39 to 9.92 years, and the valuation price deviations range from 0.05% to 0.22% [6]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Tracks the transactions of Tier 2 and perpetual bonds, including "25 Guizhou Bank Tier 2 Capital Bond 01", "25 Wuxi Rural Commercial Bank Tier 2 Capital Bond 01", etc. The bank types include city commercial banks, rural commercial banks, joint - stock banks, and state - owned banks. The remaining terms range from 0.30 to 4.98 years, and the valuation price deviations range from - 0.01% to 0.01% [8]. 3.4 Tracking of Commercial Financial Bond Transactions - Tracks the transactions of commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - Capital Bond 02C(BC)", "25 Agricultural Bank of China TLAC Non - Capital Bond 01C(BC)", etc. The bank types include state - owned banks, city commercial banks, joint - stock banks, and rural commercial banks. The remaining terms range from 0.13 to 9.58 years, and the valuation price deviations range from - 0.01% to 0.00% [10]. 3.5 Tracking of Bonds with a Trading Yield Higher than 5% - Tracks bonds with a trading yield higher than 5%, such as "16 Chaoyang Bank Tier 2", "23 Vanke 01", etc. The industries include banking, real estate, and non - bank finance [11]. 3.6 Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields are mainly distributed in the (0, 5] interval [2]. 3.7 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds are mainly distributed within 0.5 years, and the proportion of discounted transactions of varieties within 0.5 years is the highest [2]. 3.8 Distribution of Trading Terms of Tier 2 and Perpetual Bonds on the Day - The trading terms of Tier 2 and perpetual bonds are mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 2 years is the highest [2]. 3.9 Discounted Transaction Proportion and Trading Volume of Non - Financial Credit Bonds in Each Industry - By industry, the bonds in the agriculture, forestry, animal husbandry and fishery industry have the largest average deviation in valuation price [2].