信用周報(bào)：目前基金的信用債投資策略是否應(yīng)該與去年底發(fā)生變化

規(guī)模為1628.88億元，占信用債總市值規(guī)模的18.23%，前十大少13.88%。從企業(yè)性質(zhì)來(lái)看，國(guó)企和民企產(chǎn)業(yè)債持倉(cāng)規(guī)模較上季度分別下降14.15%和7.97%，民企產(chǎn)業(yè)債持倉(cāng)規(guī)模跌幅小于國(guó)企。具體從申萬(wàn)行業(yè)地方政府積極發(fā)展本地特色的優(yōu)勢(shì)產(chǎn)業(yè)及消費(fèi)市場(chǎng)：各省市地方政府都在新春開年之其省級(jí)、地級(jí)市與區(qū)縣級(jí)平臺(tái)皆較穩(wěn)健，可適當(dāng)拉長(zhǎng)久期至5年，例如廣東、江從交易視角來(lái)看，短期內(nèi)債市整體偏震蕩，仍建議在短久期二永債中下沉資質(zhì)博取收1誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值請(qǐng)務(wù)必閱讀報(bào)告末頁(yè)的重要1誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值2 10 13 16 17 22 24 18 18 18 19 20 21誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值 21 21 21 22 22 22 23 23 23 23 24 24 25 25 26誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值1圖表1：2024年四季度基金公司持有券種變動(dòng)情況2024年三季報(bào)市值（億元）2024年四季報(bào)市值（億元）季度變動(dòng)（%）0其他資產(chǎn)支持證券同業(yè)存單可轉(zhuǎn)債中期票據(jù)政策性金融債普通金融債國(guó)債來(lái)源：Wind，華福證券研究所圖表2：2024年四季度公募基金持倉(cāng)債券類資產(chǎn)情況市值(億元)季度變動(dòng)（億元）變動(dòng)幅度（%）02019年2019年Q42020年Q12020年Q22020年Q32020年Q42021年Q12021年Q22021年Q32021年Q42022年Q12022年Q22022年Q32022年Q42023年Q12023年Q22023年Q32023年Q42024年Q12024年Q22024年Q32024年Q4來(lái)源：Wind，華福證券研究所圖表3：2024年三季度公募基金持倉(cāng)債券類資產(chǎn)情況誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值22024年Q3持倉(cāng)總市值（億元）2024年Q4持倉(cāng)總市值（億元）持倉(cāng)總市值環(huán)比變動(dòng)（%）0來(lái)源：Wind，iFind，華福證券研究所0.43%，整體表現(xiàn)較為穩(wěn)定；城投債、產(chǎn)業(yè)債持倉(cāng)市值分別為902.06億元和02023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q4來(lái)源：Wind，華福證券研究所圖表5：公募基金前十大重倉(cāng)債券種類占比金融債來(lái)源：Wind，華福證券研究所誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值 圖表6：2024年Q4公募基金重倉(cāng)城投債-按省份統(tǒng)計(jì)省份2024年Q3持倉(cāng)總市值(億元)2024年Q4持倉(cāng)總市值(億元)持倉(cāng)季度環(huán)比變化（億元）持倉(cāng)年度同比變化（億元）2024Q4重倉(cāng)城投債估值（%）非重點(diǎn)省份浙江2.53-8.84-0.622.1194.03-18.57-46.31廣東68.1268.710.59-1.2169.6662.49-7.185.8868.4758.71-9.75-5.072.0458.5649.84-8.72-9.182.0051.0845.02-0.252.0249.0643.605.45-24.26安徽40.9236.89-42.03福建20.532.39-1221.25-1.569.342.40上海30.45-11.20-21.950.39-5.112.175.695.45-0.522.08-2.52-2.520.852.088.738.47-0.260.762.123.444.220.780.352.04-0.140.44重點(diǎn)省份21.4133.1821.362.1421.882.46-5.032.15-3.47-3.47-11.17-11.172.23廣西2.062.347.57-2.51-2.516.302.57甘肅6.052.970.442.21貴州2.63-1.542.590.560.790.230.532.160.100.320.220.102.540.370.11-0.260.063.920.210.00-0.21-0.51-來(lái)源：Wind，iFind，華福證券研究所誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值4具體來(lái)看，強(qiáng)資質(zhì)地區(qū)如浙江、江蘇、北京等區(qū)縣級(jí)城投債持倉(cāng)規(guī)模較大，圖表7：2024年Q4公募基金重倉(cāng)城投債-按行政級(jí)別統(tǒng)計(jì)來(lái)源：Wind，iFind，華福證券研究所和AA(2)級(jí)為主，占所有持倉(cāng)城投債總市值的比重依次為27.71%、24.46%和債均較去年重倉(cāng)規(guī)模有所縮小，但AA-級(jí)別城投債占比顯著誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值期以下城投債明顯減持，占比相較上季度減00圖表9：2024年Q4公募基金重倉(cāng)城投債-按久期統(tǒng)計(jì)（億元、%）AAAAAAAAA-AAAA+AAAA(2)AA(2)AA-A+A+-來(lái)源：Wind，iFind，華福證券研究所來(lái)源：Wind，iFind，華福證券研究所圖表10：2024年四季度公募基金重倉(cāng)城投債前十大發(fā)債主體誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值來(lái)源：Wind，iFind，華福證券研究所四季度公募基金在國(guó)企產(chǎn)業(yè)債的持倉(cāng)市值規(guī)模為1563.05億元，民企規(guī)模為 綜合和交通運(yùn)輸?shù)刃袠I(yè)的產(chǎn)業(yè)債，規(guī)模均在130億元以上，較上季度分別變化 圖表11：2024年Q4公募基金重倉(cāng)產(chǎn)業(yè)債-按申萬(wàn)行業(yè)統(tǒng)計(jì)誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值2024年Q3持倉(cāng)總市值(億元)2024年Q4持倉(cāng)總市值(億元)持倉(cāng)季度環(huán)比變化（億元）持倉(cāng)年度同比變化（億元）2024Q4重倉(cāng)產(chǎn)業(yè)債估值（%）公用事業(yè)非銀金融-房地產(chǎn)建筑裝飾 -社會(huì)服務(wù)食品飲料有色金屬石油石化基礎(chǔ)化工建筑材料機(jī)械設(shè)備農(nóng)林牧漁來(lái)源：Wind，iFind，華福證券研究所級(jí)主要在AA+及以上，合計(jì)占產(chǎn)業(yè)債總持倉(cāng)規(guī)模的比重約84%。圖表12：2024Q4公募基金重倉(cāng)產(chǎn)業(yè)債-按隱含評(píng)級(jí)統(tǒng)計(jì)（億元、%）AAAAAA+268.3921.05%27.78%AAA471.6224.97%23.18%AAAAAA-260.28AA+26.77%23.65%AAAA(2)21.74AA240.45222.20AAAA-41.63%A+-圖表13：2024年四季度公募基金重倉(cāng)產(chǎn)業(yè)債-按久期統(tǒng)計(jì)（億元、%）0誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值來(lái)源：Wind，iFind，華福證券研究所來(lái)源：Wind，iFind，華福證券研究所2024Q4公募基金重倉(cāng)產(chǎn)業(yè)債總市值位居前列的發(fā)債主體有國(guó)家電網(wǎng)有限公圖表14：2024年四季度公募基金重倉(cāng)產(chǎn)業(yè)債前十大發(fā)債主體來(lái)源：Wind，iFind，華福證券研究所金融債（除政金債）是公募基金重倉(cāng)的信用債品種，四季度市值規(guī)模為 誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值1圖表15：2024年Q4公募基金重倉(cāng)金融債-按債券類型統(tǒng)計(jì)1債券類型2024年Q3持倉(cāng)總市值(億元)2024年Q4持倉(cāng)總市值(億元)持倉(cāng)季度環(huán)比變化（億元）持倉(cāng)年度同比變化（億元）2024Q4重倉(cāng)金融債估值（%）商業(yè)銀行債3293.632938.0190.911.66商業(yè)銀行次級(jí)債2307.412574.47267.0-336.061.96證券公司債387.12427.27-5.321.74其他金融機(jī)構(gòu)債209.99176.35-33.64-33.6421.231.86保險(xiǎn)公司次級(jí)債125.00152.019.072.10證券公司短期融資券51.0276.5325.516.631.68證券公司次級(jí)債53.8646.25-7.6-18.361.86其他金融機(jī)構(gòu)次級(jí)債4.2914.059.7610.941.92來(lái)源：Wind，iFind，華福證券研究所圖表16：2024年四季度公募基金重倉(cāng)金融債-按隱含評(píng)級(jí)統(tǒng)計(jì)（億元、%）AAAAAAAAA-4084.87AA+AA+21.18%22.22%AA4.96%22.85%AAAA-A+4.574.502.83%來(lái)源：Wind，iFind，華福證券研究所圖表17：2024年四季度公募基金重倉(cāng)金融債-按久期統(tǒng)計(jì)（億元、%）0來(lái)源：Wind，iFind，華福證券研究所2024年四季度，公募基金重倉(cāng)金融債總市值位居前列的發(fā)債主體均為國(guó)股圖表18：2024年四季度公募基金重倉(cāng)金融債前十大發(fā)債主體誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值10來(lái)源：Wind，iFind，華福證券研究所與刺激消費(fèi)措施，確實(shí)曾經(jīng)給各省市地方政府帶來(lái)較大裨益與財(cái)政收入。但是，收面臨壓力，風(fēng)險(xiǎn)隱患仍然較多?！绷Α６鴮?duì)于農(nóng)業(yè)與工業(yè)都較為稀少的地區(qū)，其礦產(chǎn)資源、物流樞紐、商品集散、誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值12發(fā)展的若干措施》政策例行吹風(fēng)會(huì)，主要圍繞餐飲住宿、家政服務(wù)、文娛旅游、布會(huì)，介紹了推進(jìn)內(nèi)陸開放國(guó)際合作引領(lǐng)區(qū)建設(shè)情況，主要聚焦五大重點(diǎn)領(lǐng)域，誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值13大，具備地方特色的服務(wù)消費(fèi)政策也相繼出臺(tái)市、區(qū)縣的融資平臺(tái)也正在積極進(jìn)行“隱債清零”與“向市場(chǎng)化轉(zhuǎn)型”等工作，誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值14西、內(nèi)蒙古、遼寧、吉林、黑龍江、甘肅、貴州及云南等省市，其省本級(jí)平臺(tái)、通過(guò)正在興建的、客貨兼顧的區(qū)域性干線鐵路“柳梧鐵路”“梧州-桂平-貴港-橫州-南寧”與平陸運(yùn)河進(jìn)行銜接，使得桂平陸運(yùn)河及北部灣經(jīng)濟(jì)的外溢效應(yīng)；亦或可通過(guò)梧州來(lái)向東誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值15中心及經(jīng)濟(jì)發(fā)展主軸，自西向東分別以宜昌、荊門值得重點(diǎn)關(guān)注的是武漢“湖泊-大學(xué)-產(chǎn)業(yè)-商滎陽(yáng)、孟津、新安及三門峽，東部的開封、蘭考、商丘，南部的航空港、許昌、誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值16它們的發(fā)展現(xiàn)狀、政府布局、產(chǎn)業(yè)實(shí)力、未來(lái)潛力、債務(wù)規(guī)模皆存在較大差異。將會(huì)對(duì)沿線城市有所裨益，自北至南包括了九江、景德誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值17策持續(xù)發(fā)力，市場(chǎng)流動(dòng)性將繼續(xù)保持合理充裕，企礦石議價(jià)能力及供需格局均會(huì)有改善。第二個(gè)是地產(chǎn)行業(yè)，可關(guān)注專項(xiàng)債收儲(chǔ)、誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值18圖表19：金融債各品種信用利差及變動(dòng)情況金融債各品種2025/2/14收益率（%）2025/2/14信用利差（BP）利差歷史分位數(shù)（%）利差較上周變動(dòng)（BP）商業(yè)銀行普通債34.4516.98%0.26商業(yè)銀行永續(xù)債2.4789.7815.09%-3.81商業(yè)銀行二級(jí)資本債2.68108.55il8.17%-1.85證券公司普通債32.45il11.32%-4.04證券公司非永續(xù)次級(jí)債2.0750.02il13.20%證券公司永續(xù)債2.0243.6014.46%-5.53證券公司短融35.8223.89%-1.66保險(xiǎn)公司非永續(xù)次級(jí)債2.96140.8342.76%-1.66保險(xiǎn)公司永續(xù)債2.1659.2831.81%-4.76銀行二級(jí)資本債28.2916.98%-0.37股份制銀行39.1718.23%-1.14城商行2.4689.2111.94%-1.88農(nóng)商行3.42183.10il6.91%-2銀行永續(xù)債34.60il11.94%0.14股份制銀行2.0952.89il15.72%-1.04城商行2.65107.27il13.83%-4.982.4588.54il8.43%-4.65來(lái)源：iFind，華福證券研究所圖表20：二永債收益率和信用利差-分省份二級(jí)資本債永續(xù)債2025/2/14信用利差（BP）29.832025/2/14收益率（%）2025/2/14信用利差（BP）29.832025/2/14收益率（%）省份北京市100.002025/2/14收益率（%）2025/2/14信用利差（2025/2/14收益率（%）2025/2/14信用利差（BP）省份北京市700.00700.0038.82上海市重慶市廣東省福建省陜西省四川省江蘇省天津市山東省甘肅省云南省新疆維吾爾自治區(qū)浙江省廣西壯族自治區(qū)廣西壯族自治區(qū)黑龍江省湖北省吉林省河南省湖南省貴州省安徽省江西省遼寧省青海省 2.0446.44110.00 2.0951.02655.00 2.1759.45243.00 2.2265.32110.00 2.4588.51542.50 2.4992.31546.00 2.5195.11230.00 2.5298.38311.00 2.5397.3330.00 2.63108.6975.00 2.65107.2815.002.77120.621917.202.823.083.143.293.683.753.853.874.432.823.083.143.293.683.753.853.874.434.515.36126.12152.89156.19173.01210.77214.54228.63216.79288.84293.61381.5159.0042.00136.0080.0085.00164.3524.00181.807.63176.00四川省天津市山東省廣西壯族自治區(qū)遼寧省內(nèi)蒙古自治區(qū)黑龍江省云南省海南省 2.5795.45203.00 2.63107.890\ 2.73114.52510.00 2.5795.45203.00 2.63107.890\ 2.73114.52510.00 2.79121.22179.00 3.06143.82335.00 3.21161.6250.00 3.39180.945.00 3.40182.95117.00 3.40181.2220.00 3.45186.3220.00 2.0950.62200.00 2.1358.98103.00 2.2265.15157.00 2.2569.06210.00 2.2771.08162.00 2.3275.45240.00 2.3275.170.00 2.3276.84110.00 2.4793.4950.002.4891.78779.002.502.522.5394.2795.4497.43 2.502.522.5394.2795.4497.43 652.0050.00 山西省6.83527.6335.50來(lái)源：iFind，華福證券研究所圖表21：各個(gè)省份二永債成交規(guī)模（億元）誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值19省份2025-1-17成交規(guī)模2025-1-24成交規(guī)模2025-2-7成交規(guī)模2025-2-14成交規(guī)模周度變動(dòng)近四周成交規(guī)模（億元）安徽省13.644.000.7511.9011.1530.29北京市27.3116.9010.1017.447.3471.75福建省5.528.975.329.133.8228.93甘肅省4.532.590.693.292.6011.10廣東省25.9931.745.3023.7018.4086.73廣西壯族自治區(qū)16.686.612.616.704.0932.59貴州省0.002.700.000.200.202.90海南省0.000.240.000.000.000.24河北省19.628.833.488.134.6540.06河南省13.1512.1616.1314.8442.73黑龍江省0.200.603.90湖北省5.588.352.286.163.8822.37湖南省7.473.252.402.30-0.1015.42吉林省3.103.000.002.502.508.60江蘇省39.0342.607.3851.7844.40140.79江西省0.807.604.623.3914.26遼寧省0.400.600.602.203.80內(nèi)蒙古自治區(qū)0.000.000.000.000.000.00寧夏回族自治區(qū)0.000.000.000.000.000.00青海省0.000.000.000.000.000.0022.1421.464.9313.578.6462.100.000.002.20陜西省5.203.333.802.00-1.8014.33上海市17.309.206.004.8033.70四川省21.0220.847.1321.3914.2670.39天津市6.368.092.804.3121.56新疆維吾爾自治區(qū)0.600.000.000.000.000.60云南省5.730.002.103.7011.53浙江省89.7547.7722.6260.1737.55220.31重慶市2.5611.737.255.8222.97來(lái)源：iFind，華福證券研究所圖表22：本周信用債發(fā)行情況來(lái)源：iFind，華福證券研究所8000來(lái)源：iFind，華福證券研究所8000來(lái)源：iFind，華福證券研究所0000發(fā)現(xiàn)價(jià)值200 0 2023/1/22 2023/2/19 2023/3/19 2023/4/162023/4/302023/5/142023/5/282023/6/112023/6/25 2023/7/23 2023/8/20 2023/9/172023/10/1 2024/1/21 2024/2/18 2024/3/172024/3/312024/4/142024/4/282024/5/122024/5/26 2024/6/23 2024/7/21 2024/8/18 2024/9/152024/9/29發(fā)現(xiàn)價(jià)值200 0 2023/1/22 2023/2/19 2023/3/19 2023/4/162023/4/302023/5/142023/5/282023/6/112023/6/25 2023/7/23 2023/8/20 2023/9/172023/10/1 2024/1/21 2024/2/18 2024/3/172024/3/312024/4/142024/4/282024/5/122024/5/26 2024/6/23 2024/7/21 2024/8/18 2024/9/152024/9/292024/12/8 2025/1/19誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值21圖表24：本周城投債和產(chǎn)業(yè)債認(rèn)購(gòu)情況9城投債認(rèn)購(gòu)倍數(shù)-MA5產(chǎn)業(yè)債認(rèn)購(gòu)倍數(shù)-MA5987654321來(lái)源：iFind，華福證券研究所圖表25：本周城投債和產(chǎn)業(yè)債發(fā)行成本情況65432102022-01-142022-06-102022-07-152022-08-192022-01-142022-06-102022-07-152022-08-192023-01-132023-07-142023-08-182024-01-122024-07-122024-08-162025-01-10來(lái)源：iFind，華福證券研究所圖表26：本周下信用債交易所審核通過(guò)/注冊(cè)生效情況m城投債審核通過(guò)/注冊(cè)生效規(guī)模（億元）mm產(chǎn)業(yè)債審核通過(guò)/注冊(cè)生效規(guī)模（億元）——城投債審核通過(guò)/注冊(cè)生效數(shù)量（只）產(chǎn)業(yè)債審核通過(guò)/注冊(cè)生效數(shù)量（只）2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2025-…2025-…000來(lái)源：iFind，華福證券研究所圖表27：本周信用債協(xié)會(huì)完成注冊(cè)情況誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值22mm城投債完成注冊(cè)規(guī)模（億元）mm產(chǎn)業(yè)債完成注冊(cè)規(guī)模（億元）2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2022-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2023-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2024-…2025-…2025-…000來(lái)源：iFind，華福證券研究所5.1二級(jí)成交的“量”圖表28：本周信用債成交規(guī)模和數(shù)量4000000000來(lái)源：iFind，華福證券研究所圖表29：本周城投債成交規(guī)模-分省份（萬(wàn)）圖表30：本周產(chǎn)業(yè)債成交規(guī)模-分行業(yè)（萬(wàn)）誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值2302025-02-072025-02-14安北福甘廣廣貴海河河黑湖湖吉江江遼內(nèi)寧青山山陜上四天西新云浙重徽京建肅東西州南北南龍北南林蘇西寧蒙夏海東西西海川津藏疆南江慶來(lái)源：iFind，華福證券研究所圖表31：本周信用債整體成交規(guī)模-分隱含評(píng)級(jí)（萬(wàn)）002025-02-072025-02-傳電電房紡非公國(guó)黑環(huán)機(jī)基計(jì)家建建交交煤美農(nóng)輕商社石食通醫(yī)銀有綜鋼汽紡采媒力子地織銀用防色保械礎(chǔ)算用筑筑通運(yùn)炭容林工貿(mào)會(huì)油品信藥行色合鐵車織掘設(shè)產(chǎn)服金事軍金設(shè)化機(jī)電材裝運(yùn)設(shè)護(hù)牧制零服石飲生金服備裝融業(yè)工屬備工器料飾輸備理漁造售務(wù)化料物屬飾來(lái)源：iFind，華福證券研究所圖表32：本周城投債整體成交規(guī)模-分隱含評(píng)級(jí)（萬(wàn)）0來(lái)源：iFind，華福證券研究所圖表33：本周城投債加權(quán)成交久期（年）省份2024/12/62024/12/132024/12/202024/12/272025/1/32025/1/102025/1/172025/1/242025/2/72025/2/14近三個(gè)月成交期限變動(dòng)趨勢(shì)2.182.212.022.022.022.183.873.242.892.462.343.113.113.113.923.36福建3.862.642.552.292.282.602.602.602.60甘肅2.253.082.692.872.863.072.952.952.952.612.022.142.522.252.172.172.172.052.24貴州2.842.362.202.302.532.532.532.302.362.333.243.550.810.810.812.293.232.842.552.422.982.982.982.263.123.082.892.832.542.592.592.592.172.522.080.542.212.542.382.552.782.492.492.492.092.612.452.422.513.122.552.552.552.262.294.612.753.172.842.843.233.233.233.132.753.002.372.022.012.062.062.062.022.042.832.242.522.202.092.592.592.592.142.443.233.182.902.382.052.052.054.342.160.824.540.532.042.042.040.543.003.352.692.672.872.313.733.924.024.183.823.823.822.933.892.412.762.642.622.532.632.632.632.172.492.982.882.342.752.282.122.122.122.332.683.222.782.292.502.502.502.78上海3.112.912.852.362.222.134.002.832.802.782.852.972.972.972.543.003.022.372.232.112.792.792.792.492.032.013.482.783.704.472.432.432.432.612.453.503.902.902.933.233.233.232.332.222.382.742.932.612.462.492.742.742.742.132.532.493.042.672.492.992.702.702.702.422.44平均期限3.342.652.512.392.452.522.522.522.152.41來(lái)源：iFind，華福證券研究所圖表34：本周產(chǎn)業(yè)債加權(quán)成交久期（年）誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值24省份2024/12/62024/12/132024/12/202024/12/272025/1/32025/1/102025/1/172025/1/242025/2/72025/2/14近三個(gè)月成交期限變動(dòng)趨勢(shì)安徽2.154.302.382.222.172.542.542.543.894.484.073.942.442.722.722.723.754.00福建3.473.733.322.782.142.682.682.682.002.54甘肅2.752.692.512.200.910.910.912.35廣東3.593.383.112.582.432.122.36廣西2.262.663.282.762.21貴州2.142.222.142.184.082.682.682.682.112.190.763.133.013.320.595.142.272.512.192.242.112.222.812.873.682.692.872.952.952.953.052.31黑龍江3.292.402.253.330.710.710.710.480.922.593.112.752.802.482.743.212.252.683.014.553.743.282.450.480.480.485.212.352.862.062.212.022.772.492.182.482.482.482.98遼寧2.932.792.164.314.314.312.230.350.750.770.740.643.004.005.006.007.008.008.008.0011.0012.00青海2.122.743.002.833.502.932.932.930.703.752.702.412.362.502.502.502.252.382.222.352.112.532.953.043.223.302.652.752.752.752.182.30上海2.384.563.933.182.573.172.405.344.074.863.203.693.693.693.123.103.693.013.082.180.512.09 2.852.362.102.102.102.013.342.722.792.152.402.282.282.282.69浙江2.573.703.892.462.212.212.212.382.962.633.123.422.642.782.782.782.67平均期限3.143.903.543.222.252.272.272.272.893.18來(lái)源：iFind，華福證券研究所5.2二級(jí)成交的“價(jià)”圖表35：本周城投債收益率情況-分期限分隱含評(píng)級(jí)（%）剩余期限0-1Y1-2Y2-3Y3-5Y省份AAAAAA-AA+AAAA(2)AAAAAA-AA+AAAA(2)AAAAAA-AA+AAAA(2)AAAAAA-AA+AAAA(2)重點(diǎn)省份甘肅廣西貴州黑龍江吉林遼寧內(nèi)蒙古寧夏青海天津云南重慶1.972.012.002.042.052.052.032.042.102.512.412.582.172.132.382.092.212.231.902.061.922.062.082.081.972.122.052.482.612.582.142.142.712.332.572.252.251.902.121.932.242.182.062.062.202.082.702.612.182.762.372.742.402.332.462.282.432.932.192.712.742.582.332.162.562.911.962.002.322.63非重點(diǎn)省份安徽北京福建廣東海南河北河南湖北湖南江蘇江西山東山西陜西上海四川西藏新疆浙江1.901.911.921.911.991.941.901.881.951.921.951.912.002.102.022.001.952.001.981.991.971.991.991.961.981.962.002.011.971.972.041.982.032.132.062.092.082.102.152.102.072.052.042.102.092.122.052.052.142.162.052.192.142.202.182.212.282.262.222.172.252.252.192.512.232.162.161.901.861.861.861.831.981.871.861.871.911.871.911.851.922.051.992.001.971.961.941.961.962.001.941.931.941.921.942.031.952.002.092.052.071.982.082.092.062.042.032.022.122.012.022.012.032.122.132.032.212.122.212.082.182.302.222.192.172.262.302.212.492.142.262.472.202.161.901.871.881.881.971.931.871.861.871.901.871.921.882.072.022.001.941.971.962.022.062.031.961.971.991.932.022.071.981.971.962.261.971.972.052.252.092.162.172.302.232.142.062.072.112.182.072.062.062.072.182.062.272.222.272.232.322.412.322.282.222.352.392.342.652.202.422.482.292.211.951.931.921.922.001.951.941.911.951.941.971.952.142.042.132.002.092.072.102.052.132.062.002.032.022.112.092.072.042.312.092.052.152.422.232.222.352.232.332.372.252.192.272.362.202.282.212.212.362.192.472.462.452.592.772.552.532.452.612.762.762.721.932.632.631.941.981.972.462.42來(lái)源：iFind，華福證券研究所圖表36：本周產(chǎn)業(yè)債收益率情況-分企業(yè)類型（國(guó)企%）誠(chéng)信專業(yè)發(fā)現(xiàn)價(jià)值250-1Y1-2Y2-3Y3-5Y重點(diǎn)行業(yè)房地產(chǎn)AAA+AAAAAA-AA+AAAA(2)AAA+AAAAAA-AA+AAAA(2)AAA+AAAAAA-AA+AAAA(2)AAA+AAAAAA-AA+AAAA(2)2.001.963.822.412.142.061.933.152.592.202.141.982.982.672.272.231.992.552.522.48建筑裝飾1.871.952.002.252.221.831.952.002.212.421.891.972.052.322.361.922.032.102.542.80煤炭1.941.942.002.091.871.952.151.851.891.972.282.072.50鋼鐵1.901.862.022.091.842.092.131.912.152.381.982.142.47有色金屬1.932.002.052.501.871.952.041.921.972.171.982.122.26石油石化1.861.982.052.111.821.931.992.171.851.961.962.611.902.032.07基礎(chǔ)化工2.001.982.131.921.922.251.982.331.962.032.34食品飲料1.891.891.992.171.831.932.181.841.922.231.892.022.711.861.991.981.831.982.381.841.792.002.141.892.142.33商貿(mào)零售1.932.132.102.222.152.192.261.892.102.312.362.032.272.512.79交通運(yùn)輸1.711.931.922.022.182.171.851.881.962.162.211.871.892.002.292.451.711.901.972.122.382.76通信1.931.971.921.992.20機(jī)械設(shè)備2.011.992.401.831.891.992.181.841.892.002.281.881.992.09電力設(shè)備1.981.972.131.882.08計(jì)算機(jī)1.882.431.872.441.871.933.043.17紡織服飾2.013.042.921.973.663.603.742.26綜合1.931.962.012.132.201.881.901.962.252.281.891.951.992.302.381.931.992.082.502.80來(lái)源：iFind，華福證券研究所圖表37：本周產(chǎn)業(yè)債收益率情況-分企業(yè)類型（民企%）0-1Y1-2Y2-3Y3-5Y重點(diǎn)行業(yè)房地產(chǎn)AAA+AAAAAA-AA+AAAA(2)AAA+AAAAAA-AA+AAAA(2)AAA+AAAAAA-