现券交易中，"其他"债券怎么对应？ 证券研究报告 信用策略随笔 本篇聚焦：从有限可得的数据维度中，如何相对准确和细化地跟踪二 永债的机构交易行为？ 一、"其他"债券主要指哪些？ "其他"债券主要包括商业银行普通债、二级资本债、PPN 等除了单 独列示的其他银行间债券类型。 对比现券交易数据和成交数据，大致对应商金债、二永债、PPN这三 类。 固定收益 | 固定收益专题 二、券种和期限分类上，还能进一步细拆吗？ 现券交易数据披露的期限分类多根据到期期限，基于个券成交明细， 按到期期限分类与之对应，大致有如下几处对应： 1、5 年内"其他"债券多为商金债和 PPN 5 年内的"其他"债券中约 85%以上为商金债和 PPN，其中商金债约 占 50%，PPN 约占 35%；此外还有少量的 TLAC 债、二永债等债券。 由于商金债基本不含权，对应到期期限即为实际剩余期限；部分 PPN 含权，到期期限分布和行权期限分布不完全一致，但均主要落在 5 年以内。 故而若再进一步细分期限，或有较大偏差。但对基本不参与私募债交 易的机构而言，5 年内及细分期限的现券交易基本可看作为其对商金债买 入或卖出。 2、5 年以上"其他"债 ...

Group 1 - The Henan provincial government has issued guidelines to promote high-quality investment attraction, emphasizing the transformation of urban investment companies into industrial investment companies and encouraging mergers [1] - The guidelines support provincial and municipal industrial investment companies to establish offshore investment companies and strengthen capital services [1] - There is encouragement for state-owned enterprises and investment funds to collaborate with financial institutions for project financing and to issue domestic and foreign bonds for capital injection [1] Group 2 - Henan province plans to issue a total of 165.73 billion yuan in local bonds for urban development, shantytown renovation, and other projects [3] - The bonds will include general bonds for education and water conservancy projects, as well as special bonds for social undertakings [3] - The issuance is scheduled for June 24, with the bonds set to start accruing interest on June 25 [3] Group 3 - Zhengzhou city has introduced policies to accelerate the development of technology finance, including support for issuing technology innovation bonds [4] - The policies aim to enhance financing channels for technology sectors and encourage local enterprises to apply for provincial bond issuance incentives [4] Group 4 - Shandong, Xinjiang, and Guizhou provinces are planning to issue "special" new special bonds totaling approximately 40.2 billion yuan for various government investment projects [6] - The bonds will have different terms, with Shandong issuing 119.98 billion yuan over 15 years, Xinjiang issuing 135.4 billion yuan and 143 billion yuan over 20 and 30 years respectively, and Guizhou issuing 4 billion yuan over 30 years [6] Group 5 - Shima shares plans to issue up to 1 billion yuan in convertible corporate bonds, with proceeds aimed at repaying company debts [7] - Muyuan Foods has submitted a registration for a 5 billion yuan corporate bond issuance, also intended for debt repayment [8] - The Zhumadian Huanghe Information Industry Investment Company is set to issue 700 million yuan in corporate bonds [9] Group 6 - The first batch of private venture capital institutions has successfully issued technology innovation bonds, with Jiangsu Yida issuing 150 million yuan and Shenzhen Dongfang Fuhai issuing 400 million yuan [10][11] - The Ministry of Finance plans to issue 170 billion yuan in book-entry interest-bearing government bonds with a coupon rate of 1.43% [12] Group 7 - The market has seen a net financing decrease in urban investment bonds, with a reported net financing of -39.7 billion yuan in the first five months of the year [18] - The total issuance of technology innovation bonds has reached 738.5 billion yuan, with significant growth in non-financial industry issuances [19]