信用债二级市场跟踪：收益率下行短端利差压缩更显著

内容目录收益率普遍下行，短端利差压缩更显著 3城投债：收益率普遍下行，收益率以上债券规模占比不足5产业债：收益率与利差均持续下行 8重要主体收益率变动情况展示 图表目录图1：收益率周度变动（bp） 3图2：信用利差周度变动（bp） 3图3：期限利差及周度变动（bp） 3图4：等级利差及周度变动（bp） 4图5：各品种收益率分位数 4图6：信用利差分位数 4图7：各省份公募城投债收益率分布（） 5图8：各省份城投公募债收益率周度变动（bp） 5图9：公募城投债信用利差（bp） 6图10：公募城投债信用利差周度变动（bp） 6图11：城投债收益率分布情况（亿元） 7图12：地市信用利差周度下行15bp以上的城市收益率情况（bp） 7图13：产业债收益率（） 8图14：产业债收益率周度变动（bp） 8图15：产业债信用利差（bp） 8图16：产业债信用利差周度变动 9图17：产业债隐含评级及收益率分布（亿元） 10图18：部分城投主体债券收益率（bp） 11图19：部分银行二永债收益率变动及分布情况（bp） 11图20：部分地产债发行人收益率变动及分布情况（bp） 13图1：收益率度变动图2：信用利周度变收益率变动1Y2Y收益率变动1Y2Y3Y4Y5Y10Y30Y国债-2.67-4.21-5.03-6.52-7.78-2.35国开债0.08-3.86-6.38-8.82-8.30-0.68中短期票据(AAA)-12.97-11.14-12.67-9.69-10.49中短期票据(AA+)-12.98-13.14-12.67-9.69-12.99中短期票据(AA)-12.98-11.14 -10.67-9.69-10.49中短期票据(AA-)-19.98-17.14-19.67-16.69-15.99企业债(AAA)-13.70-11.83-9.83-9.61-10.97企业债(AA+)-13.29-13.47-10.49-8.72-10.63企业债(AA)-13.29-12.47-13.50-8.72-11.64企业债(AA-)-21.29-16.47-18.49-12.73-17.64城投债(AAA)-10.92-8.72-13.16-10.41-6.40城投债(AA+)-10.92-8.71-13.16-12.41-9.40城投债(AA)-10.92-10.71-14.16-10.41-8.40城投债(AA(2))-10.92-10.71-11.16-8.41-7.40城投债(AA-)-9.92-6.71-13.16-16.41-14.40银行二级债(AAA-)-13.16-14.87-14.07-13.53-9.61银行二级债(AA+)-12.88-15.41-13.67-13.72-12.03银行二级债(AA)-13.24-17.27-13.69-13.70-12.17银行二级债(AA-)-11.24-12.27-8.69-10.70-7.17银行二级债(A+)-11.24-12.27-8.69-10.70-7.17银行二级债(A)-11.24-12.27-8.69-10.70-7.17银行永续债(AAA-)-14.18-16.70-15.73-14.00-12.71银行永续债(AA+)-14.61-15.39-15.98-13.97-12.79银行永续债(AA)-14.61-15.39 -14.98 -15.47-12.79银行永续债(AA-)-12.61-8.39-7.98-12.47-12.79银行永续债(A+)-12.61-8.39-7.98-12.47-12.79利差变动(vs国开)1Y2Y3Y4Y5Y中短期票据(AAA)-13.05-7.28-6.29-0.87-2.19中短期票据(AA+)-13.06-9.28-6.29-0.87-4.69中短期票据(AA)-13.06-7.28-4.29-0.87-2.19中短期票据(AA-)-20.06-13.28-13.29-7.87-7.69企业债(AAA)-13.78-7.97-3.45-0.79-2.67企业债(AA+)-13.37-9.61-4.110.10-2.33企业债(AA)-13.37-8.61-7.120.10-3.34企业债(AA-)-21.37-12.61-12.11-3.91-9.34城投债(AAA)-11.00-4.86-6.78-1.591.90城投债(AA+)-11.00-4.85-6.78-3.59-1.10城投债(AA)-11.00-6.85-7.78-1.59-0.10城投债(AA(2))-11.00-6.85-4.780.410.90城投债(AA-)-10.00-2.85-6.78-7.59-6.10银行二级债(AAA-)-13.24-11.01-7.69-4.71-1.31银行二级债(AA+)-12.96-11.55-7.29-4.90-3.73银行二级债(AA)-13.32-13.41-7.31-4.88-3.87银行二级债(AA-)-11.32-8.41-2.31-1.881.13银行二级债(A+)-11.32-8.41-2.31-1.881.13银行二级债(A)-11.32-8.41-2.31-1.881.13银行永续债(AAA-)-14.26-12.84-9.35-5.18-4.41银行永续债(AA+)-14.69-11.53-9.60-5.15-4.49银行永续债(AA)-14.69-11.53-8.60-6.65-4.49银行永续债(AA-)-12.69-4.53-1.60-3.65-4.49银行永续债(A+)-12.69-4.53-1.60-3.65-4.49资料来源：， 资料来源：，图3：期限利差及周度变动（bp）2024-04-12期限利差期限利差变动2Y-1Y3Y-1Y4Y-3Y5Y-3Y2Y-1Y3Y-1Y4Y-3Y5Y-3Y国债15.0729.676.965.7611.94-1.54-2.36-1.49-2.75国开债19.4427.867.77-3.94-6.46-2.44-1.92中短期票据(AAA)1.830.300.312.982.982.18中短期票据(AA+)-0.16-0.32中短期票据(AA)29.0223.501.842.310.980.18中短期票据(AA-)23.3844.0235.5047.502.840.312.983.68企业债(AAA)1.873.870.22-1.14企业债(AA+)-0.182.801.77-0.14企业债(AA)25.2317.8722.160.82-0.214.781.86企业债(AA-)19.2641.6834.9843.674.822.805.760.85城投债(AAA)5.016.042.202.212.756.76城投债(AA+)0.753.76城投债(AA)24.150.210.21-3.243.755.76城投债(AA(2))30.4231.15-0.242.753.76城投债(AA-)25.6961.4264.5486.153.21-3.24-3.25-1.24银行二级债(AAA-)7.857.968.22-1.710.544.46银行二级债(AA+)-2.531.641.521.521.521.52银行二级债(AA)-4.03-0.45银行二级债(AA-)38.012.552.552.55银行二级债(A+)银行二级债(A)银行永续债(AAA-)8.809.009.00-2.521.732.013.023.19银行永续债(AA+)银行永续债(AA)16.8031.3428.41-0.37-0.492.19银行永续债(AA-)36.414.224.63银行永续债(A+)22.0046.414.224.63资料来源：，图4：等级利差及周度变动（bp）2024-04-12等级利差 等级利差变动1Y 2Y 3Y 4Y 5Y 1Y 2Y 3Y 4Y 5Y中短期票据中短期票据中短期票据中短期票据企业债银行二级债银行二级债银行二级债银行二级债银行二级债银行二级债银行永续债银行永续债银行永续债银行永续债银行永续债

AA+/AAAAA/AAAAA-/AAA10.015.012.021.014.010.015.012.021.014.026.016.030.016.032.50.00.0 0.00.00.02.00.00.016.0 18.7 23.1 30.4 30.2 0.4 0.9 5.6 7.5 6.9 7.9 7.9 0.0 0.0 0.0 11.6 14.5 15.4 21.9 25.5 0.0 0.0 17.6 24.5 28.4 35.9 45.5 0.0 2.0 2.0 37.6 52.5 79.4 1.0 2.0 0.0 1.5 3.7 2.6 2.8 2.4 0.3 0.4 6.5 9.7 16.6 19.8 19.4 0.432.5 38.7 46.6 57.8 68.4 1.9 2.6 5.4 2.8 2.41.9 2.6 5.4 2.8 2.41.9 2.6 5.4 2.8 2.41.0 3.0 2.0 2.0 2.0 1.3 0.0 8.0 16.0 20.0 26.0 32.0 1.3 0.7 37.0 56.0 60.0 66.0 80.0 1.6 8.3 7.7 1.5 1.6 8.3 7.8 1.5 资料来源：，1Y2Y3Y5Y1Y2Y3Y5Y短融中票企业债城投债商业银行普通债二级资本债8% 7% 3% 0%8% 8% 3% 0%9% 8% 6% 0%7% 7% 4% 2%7% 6%0%0%2% 1%2% 1%2% 1%3% 2%0% 0%0%0%0%1%0%0%0%0%0%0%0% 0%1% 0%1% 0%1% 0%0% 0%0%0%0%0%0%0%0%0%0%0%0% 0%0% 0%0% 0%0% 0%0% 0%0%0%0%0%0%0%0%0%0%0%银行永续债3%1%0%0%0%0%0%0%0%0%0%0%0%0%0%0%证券公司普通债9%8%0%-2%1%0%-1%0%0%-0%0%0%-证券公司次级债-8%0%--0%0%--0%0%--0%0%-消费金融ABS5%5%2%0%0%0%0%0%0%0%0%0%0%0%0%0%企业资产ABS0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%个人住房ABS5%-------0%---0%---次级可续期产业债-10%3%--0%0%--0%0%--0%0%非公开发行城投债5%3%2%0%0%0%0%0%0%0%0%0%0%0%0%0%可续期产业债8%4%0%-0%0%0%-0%0%0%-0%0%0%-保险公司资本补充债-3%0%0%-3%0%0%-1%0%0%-0%0%0%资料来源：，备注：中债银行永续债估值数据从2021.8.17开始，次级可续期产业债数据从2021.8.30开始，证券公司次级债从2021.1.4开始，其他估值数据从2019.1.1开始进行分位数统计，下同图6：信用利差分位数1Y2Y3Y5Y短融中票企业债城投债二级资本债消费金融ABS企业资产ABS个人住房ABS次级可续期产业债非公开发行城投债可续期产业债保险公司资本补充债33.5%27.2%16.6%20.3%21.7%21.9%0.0%0.0%17.7%16.7%8.2%6.2%9.6%0.0%0.0%4.2%2.0%0.8%0.9%0.0%0.0%0.0%5.7%2.2% 2.1%1.8% 1.8%0.0%0.0%0.0%49.5%49.6%38.5%37.5%28.3%32.8%17.2%19.2%11.9%14.7%3.5%4.9%13.3%9.8%4.8%2.6%1.5%2.8%4.1%8.2% 12.2%29.4%25.6%2.5%16.2%8.1%7.4%4.9%19.7%3.0%31.0%13.1%22.9%3.1%19.1%3.1%9.6% 8.4%8.1% 5.1%2.8%0.0%6.4%6.0%2.4%1.7%0.6%0.0%0.7%2.5%1.9%1.8%1.1%1.7%2.5%0.1% 0.1%3.0%4.9%0.1% 0.1%1.2%0.4%0.6%4.8%0.1%48.1%28.4%0.9%--36.6%15.2%0.3%--16.1%2.1%0.0%--5.2%0.0% 0.0%0.2% 0.1%---28.1%5.6%5.2%-20.8%3.0%-10.9%0.7%-33.5%21.4%1.5%24.7%11.8%4.3%0.1%0.0%7.7% 7.5% 3.7%0.2%5.8% 5.6%2.1%0.6%9.5% 4.7%0.7%0.0%4.5%2.4% 2.1%0.4% 0.1% 0.0% 0.0%2.2%1.8%0.3% 0.0%- - -40.4%- - -- - - -- 21%9% -37.7%- - -24.4%-33%18%--4% 4%--6% 7%25%17%10%1%13%14%5% 3% 2%6% 3% -1%0% 0% 0%2%1%3%0%19%11%13%2%-2%2%0%-2%2%1%--2%0%- 15%3% 3%-6%1%1%-12%3%9%资料来源：，城投债：收益率普遍下行，收益率不足10省份2024/4/12 相比2024-04-03信用利差相比2024-04-03公募城投债余中债隐含评级剩余期限(%)省份2024/4/12 相比2024-04-03信用利差相比2024-04-03公募城投债余中债隐含评级剩余期限(%)行政层级收益率变动（bp）（bp）信用利差变动（bp）额（亿元）AAAAA+ AAAA(2)AA-(0,0.5](0.5,1](1,2](2,3]大于3省级地市级区县级国家级园区江苏省2.47-11.956-10.04155562.272.402.442.502.852.252.352.492.622.782.222.442.512.43浙江省2.48-11.553-8.3473962.342.412.462.592.872.212.312.482.582.682.182.432.512.49山东省2.78-11.685-9.2079662.412.462.542.773.802.512.522.792.833.292.472.603.252.85广东省2.44-11.249-8.7357102.402.402.482.682.172.322.422.532.682.492.422.542.47四川省2.79-11.883-8.6062802.452.452.462.983.462.562.572.792.803.052.442.712.972.73湖北省2.65-12.471-9.4250142.482.452.522.792.942.402.442.592.722.972.572.582.942.59湖南省2.74-12.581-9.8545562.482.382.492.813.092.482.532.682.823.172.322.662.832.82北京市2.45-11.551-8.7924722.312.432.642.182.272.522.512.702.432.482.552.40江西省2.63-11.570-9.1541062.322.382.432.743.032.272.422.682.743.002.352.503.182.82福建省2.46-11.551-8.7529522.472.382.442.493.992.222.332.462.592.632.502.432.532.45上海市2.34-10.744-8.9019692.302.352.372.172.252.362.472.552.342.362.272.31安徽省2.53-11.860-9.2632622.422.402.472.572.682.292.372.512.622.872.402.452.752.61重庆市2.74-12.180-9.4836482.542.442.552.693.132.472.552.732.733.112.472.852.66天津市2.59-11.576-11.0327342.552.622.672.392.462.652.993.462.572.712.58河南省2.65-13.273-11.0233022.532.462.532.693.212.352.472.702.743.032.502.623.232.42陕西省2.89-11.194-8.6816782.542.412.903.322.652.552.852.983.282.532.683.203.05广西壮族自治区2.92-9.7102-7.5314072.462.492.823.492.612.622.943.113.602.553.273.522.84云南省3.23-10.0137-9.118472.573.292.962.773.543.774.032.733.064.243.79贵州省4.70-16.9280-15.179652.332.774.114.574.664.474.496.232.495.336.344.71河北省2.59-11.767-9.8210382.252.462.432.662.882.422.442.592.702.972.452.582.91新疆维吾尔自治区2.56-11.666-9.548202.582.512.812.332.372.602.792.812.552.672.56山西省2.54-12.662-10.236112.442.562.982.322.332.502.762.822.452.533.64吉林省2.68-10.977-8.866782.322.513.032.292.532.622.894.092.532.733.09甘肃省2.81-12.994-11.732822.353.344.422.842.292.893.143.962.354.25辽宁省3.18-10.7126-8.191452.312.884.052.892.343.433.483.222.312.954.413.12黑龙江省2.93-12.2106-10.62982.593.902.442.932.943.213.744.122.772.46宁夏回族自治区2.71-12.584-11.131342.423.582.852.272.472.673.552.422.743.76内蒙古自治区2.63-11.380-12.66562.412.473.062.392.643.192.672.472.80海南省2.42-11.955-10.801152.322.592.202.322.462.592.322.552.65西藏自治区2.42-11.952-9.991112.422.252.292.422.562.412.50青海省2.89-12.1104-10.15422.892.713.652.89资料来源：，注：为了统计方便，我们对中债隐含评级进行了一定程度归并，AAA-/AAA/AAA+均统计为AAA，下同省份2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率收益率变动（bp）（bp）信用利差变动（bp）省份2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率收益率变动（bp）（bp）信用利差变动（bp）额（亿元）中债隐含评级2.472.482.782.442.792.652.742.452.632.462.342.53-11.9-11.5-11.6-11.2-11.8-12.4-12.5-11.5-11.5-11.5-10.7-11.8565385498371815170514460-10.04-8.34-9.20-8.73-8.60-9.42-9.85-8.79-9.15-8.75-8.90-9.261555673967966571062805014455624724106295219693262AAA-11.0-9.8-11.9-9.9-10.4-10.5-9.9-11.3-10.3-8.4-10.5-10.2AA+-11.1-11.1-10.9-12.0-11.1-11.8-10.9-11.0-11.4-11.6-10.7AA-12.0-11.8-12.3-12.1-11.6-12.8AA(2)-12.1-11.5-11.5-10.3-13.7-12.7AA--11.0-8.5-10.6剩余期限(0,0.5](0.5,1](1,2]-10.6-12.5-12.3-10.0-12.2-10.0-10.7-11.9-12.1-10.7(2,3]-12.9-13.5-10.0-11.7-12.8-13.2-10.0-11.3-13.4-12.9-10.1-11.3-13.3-13.2-10.5-11.7-13.4-12.5-10.2-12.1-13.6-13.9-11.5-11.6-13.1-13.6-10.5-13.8-12.9-12.8-10.3-11.6-12.6-13.1-10.0-11.3-13.0-13.7-10.4-11.4-12.5-12.2-8.9-10.6-12.8-13.7-10.4-11.7大于3-10.7-11.0-11.2-8.4-12.2-12.1-13.4-10.4-11.6-9.1-11.2-10.4行政层级-11.5-11.7-11.1-9.9-10.2-12.2-11.4-12.1-11.2-11.5-11.4-12.6-11.2-12.2-12.0-11.1-11.8-12.4-11.9-13.8-11.5-12.5-11.5-12.9-12.6-11.8-12.4-10.8-11.4-10.9-8.2-10.5-11.2-11.2-11.7-11.8-10.5-11.8-13.5-11.6-12.1-13.0-12.0-12.1-11.7-10.7-11.6-11.3-12.5-11.6-11.9-10.7-12.0-11.0-11.3重庆市2.74-12.180-9.48-9.5-11.1-13.2-12.6-11.2-14.5-13.3-10.6-10.5-12.0-10.8-12.9-10.4天津市2.59-11.576-11.03-11.5-12.4-11.3-11.3-12.0-13.2-13.1-4.1-11.2-12.1-11.9河南省2.65-13.273-11.02-10.4-11.5-12.1-14.2-14.3-13.7-13.6-13.6-13.7-10.5-11.3-13.2-17.7-12.3陕西省2.89-11.194-8.68-10.4-12.3-11.7-10.2-12.2-12.8-10.5-10.0-10.9-10.6-11.5-14.4-10.6广西壮族自治区2.92-9.7102-7.531407-11.2-11.3-11.6-6.5-11.4-12.6-7.5-8.0-11.8-11.4-7.6-10.4-11.0云南省3.23-10.0137-9.11847-13.9-9.3-9.3-11.4-7.8-10.8-14.6-8.9-7.8-16.3-11.4贵州省4.70-16.9280-15.17965-11.3-13.6-10.5-16.7-16.4-19.6-11.5-16.8-12.2-16.2-23.8-9.2河北省2.59-11.767-9.821038-11.2-11.8-11.5-13.3-12.6-13.4-10.7-11.9-9.0-11.3-11.5-14.4新疆维吾尔自治区2.56-11.666-9.54820-11.1 -12.0-10.1-12.9-13.2-9.9-11.2-10.5-12.0-10.8-11.0山西省2.54-12.662-10.23611-12.2-13.4-10.7-13.8-13.3-12.6-12.0-11.8-12.6-12.7-9.8吉林省2.68-10.977-8.86678-11.8-10.9-9.1-13.6-11.7-9.8-11.4-13.6-10.9-11.1-9.7甘肃省2.81-12.994-11.73282-13.0-11.6-13.3-15.0-12.5-12.2-11.0-14.2-13.1-12.6辽宁省3.18-10.7126-8.19145-12.2-11.0-9.7-12.7-13.4-9.1-10.2-8.7-12.2-11.0-8.8-10.8黑龙江省2.93-12.2106-10.6298-11.7-13.6-13.2-13.0-11.4-10.1-13.3-16.2-11.6-11.4宁夏回族自治区2.71-12.584-11.13134-11.9-10.7-13.1-12.8-17.7-9.6-8.9-11.9-13.5-9.7内蒙古自治区2.63-11.380-12.6656-13.2-11.6-9.7-12.9-10.3-8.1-11.1-11.6-11.1海南省2.42-11.955-10.80115-12.5-10.9-13.6-13.5-10.5-11.2-12.5-10.7-11.2西藏自治区2.42-11.952-9.99111-11.9-11.3-14.9-9.8-12.2-12.0-11.5青海省2.89-12.1104-10.1542-12.1-11.6-13.9-12.1资料来源：，省份2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率收益率变动（bp）（bp）信用利差变动（bp）省份2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率收益率变动（bp）（bp）信用利差变动（bp）额（亿元）中债隐含评级AAAAA+AA剩余期限 行政层级AA(2)AA-(0,0.5](0.5,1](1,2](2,3]大于3省级地市级区县级国家级园区辽宁省内蒙古自治区海南省青海省3.182.932.712.632.422.422.89-10.7-12.2-12.5-11.3-11.9-11.9-12.112610684805552104-8.19-10.62-11.13-12.66-10.80-9.99-10.1514598134561151114252.7 95.3207.1118.954.0152.0143.1102.375.6190.675.7 224.9153.098.2 51.6 55.558.1125.664.7 58.147.1 50.547.3 52.6103.090.289.2102.168.248.4104.2240.355.566.950.564.452.1112.866.685.851.948.291.3100.678.6133.361.156.0115.2150.762.554.752.4155.8162.0117.453.1171.058.7104.2江苏省2.47-11.956-10.041555637.344.351.662.698.253.555.260.155.657.738.551.960.055.3浙江省2.48-11.553-8.34739636.345.050.864.290.548.951.157.552.551.137.446.955.754.2山东省2.78-11.685-9.20796641.950.363.386.4187.379.372.689.877.1107.851.067.3131.497.5广东省2.44-11.249-8.73571035.347.460.768.445.052.653.947.444.636.948.153.754.7四川省2.79-11.883-8.60628041.046.651.9102.1154.883.577.188.474.887.742.174.6102.175.9湖北省2.65-12.471-9.42501442.649.357.985.7103.069.064.169.867.078.659.064.096.166.7湖南省2.74-12.581-9.85455641.645.255.187.0119.977.373.178.376.1100.346.472.388.889.7北京市2.45-11.551-8.79247238.348.369.745.747.459.945.251.848.554.447.544.8江西省2.63-11.570-9.15410637.544.152.681.0112.355.162.178.368.783.040.659.3121.491.2福建省2.46-11.551-8.75295231.245.451.061.5194.950.552.954.253.940.229.250.061.158.6上海市2.34-10.744-8.90196937.544.850.943.345.445.841.340.245.446.548.339.9安徽省2.53-11.860-9.26326232.944.651.766.382.457.156.963.055.865.437.855.473.771.6重庆市2.74-12.180-9.48364846.643.357.079.2122.073.974.885.268.092.344.294.570.9天津市2.59-11.576-11.03273469.578.486.767.966.175.391.7127.871.990.177.7河南省2.65-13.273-11.02330242.847.057.381.0132.563.166.583.268.581.347.774.1125.959.7陕西省2.89-11.194-8.68167846.757.696.2144.392.375.497.392.0106.752.072.6126.2112.5广西壮族自治区2.92-9.7102-7.53140756.160.993.2155.988.282.0104.1104.8144.465.1135.1160.098.9云南省3.23-10.0137-9.1184775.1142.0122.197.5162.7171.1186.387.2126.3222.4190.0贵州省4.70-16.9280-15.1796554.686.0217.2284.7286.3256.8244.1408.265.0338.7442.5285.1河北省2.59-11.767-9.82103843.753.077.498.767.963.869.163.772.642.169.2101.3新疆维吾尔自治区2.56-11.666-9.5482057.162.890.962.257.371.672.566.465.075.966.2山西省2.54-12.662-10.2361151.565.5103.358.552.961.770.468.555.161.1155.3吉林省2.68-10.977-8.8667852.460.9109.653.673.575.083.6194.261.983.1115.8甘肃省2.81-12.994-11.7328252.2136.5234.5111.748.597.2107.5182.452.3226.0资料来源：，省份2024/4/12 相比2024-04-03信用利差相比2024-04-03公募城投债余中债隐含评级剩余期限平均估值收益率省份2024/4/12 相比2024-04-03信用利差相比2024-04-03公募城投债余中债隐含评级剩余期限平均估值收益率收益率变动（bp）（bp）信用利差变动（bp）额（亿元）AAAAA+ AAAA(2)AA-(0,0.5](0.5,1](1,2](2,3]大于3行政层级省级地市级区县级国家级园区江苏省2.47-11.956-10.0415556-9.3-8.4-9.6-10.9-9.9-15.9-13.1-8.2-6.5-3.0-11.1-9.3-10.0-10.6浙江省2.48-11.553-8.347396-7.8-7.9-8.6-8.4-5.1-15.8-12.7-7.8-6.3-3.1-11.9-8.2-8.3-8.4山东省2.78-11.685-9.207966-9.5-7.8-10.2-9.6-8.1-16.3-12.4-8.1-6.1-3.4-8.6-8.9-10.0-9.3广东省2.44-11.249-8.735710-6.8-9.9-10.5-5.8-16.1-12.7-8.7-6.5-2.1-5.5-9.0-6.6-9.5四川省2.79-11.883-8.606280-5.6-7.6-8.6-10.7-8.4-16.5-12.0-8.1-7.1-4.5-6.8-8.9-8.8-7.6湖北省2.65-12.471-9.425014-6.1-8.2-9.8-10.1-10.6-16.3-13.6-9.6-6.7-4.1-9.2-9.3-8.7-9.8湖南省2.74-12.581-9.854556-4.7-8.8-8.9-10.7-9.9-16.0-13.1-8.4-8.7-5.3-10.7-10.2-9.6-8.9北京市2.45-11.551-8.792472-8.6-8.6-9.5-15.8-12.4-7.8-6.6-2.9-8.5-8.6-7.9-9.8江西省2.63-11.570-9.154106-8.6-8.6-9.8-9.8-7.9-15.6-12.7-8.0-6.2-4.0-8.8-9.6-8.0-8.6福建省2.46-11.551-8.752952-3.1-8.8-9.8-10.6-4.8-15.8-13.3-8.0-6.3-1.4-2.0-9.2-9.7-10.8上海市2.34-10.744-8.901969-8.8-8.7-10.0-15.7-11.7-6.8-5.6-3.2-8.6-9.1-11.5-8.8安徽省2.53-11.860-9.263262-5.7-8.1-8.8-10.0-10.0-15.7-13.3-8.8-6.5-2.4-7.7-9.9-7.9-9.5重庆市2.74-12.180-9.483648-5.2-6.9-9.8-10.9-9.2-17.9-12.9-8.9-5.4-4.2-6.5-11.0-7.5天津市2.59-11.576-11.032734-10.6-11.8-11.5-14.0-11.4-11.2-7.54.3-10.4-12.1-12.0河南省2.65-13.273-11.023302-7.0-8.0-9.0-13.0-12.5-16.6-13.2-12.1-8.6-3.0-7.6-11.7-14.3-12.1陕西省2.89-11.194-8.681678-6.3-11.6-9.1-9.1-16.0-12.3-8.9-4.6-3.4-7.4-9.3-12.1-8.3广西壮族自治区2.92-9.7102-7.531407-9.3-9.6-9.9-3.7-14.0-12.2-5.4-2.8-3.7-9.5-5.2-7.5-9.6云南省3.23-10.0137-9.11847-13.1-8.3-12.5-10.8-5.5-5.4-6.2-7.7-8.9-11.6-10.2贵州省4.70-16.9280-15.17965-12.1-11.5-7.9-19.9-15.8-17.4-6.5-8.8-11.7-13.4-21.6-8.1河北省2.59-11.767-9.821038-7.8-10.0-9.9-12.1-15.6-13.1-8.6-6.7-2.1-8.5-9.8-12.6新疆维吾尔自治区2.56-11.666-9.54820-6.5-10.4-7.8-15.8-12.8-8.2-6.0-2.3-9.9-8.3-9.0资料来源：，图11：城投债收益率分布情况（亿元）省份公募城投债余额私募城投债余额不同收益阶段债券余额(0,2.5](2.5,2.75](2.75,3](3,3.25](3.25,3.5](3.5,3.75](3.75,4](4,4.5](4.5,5](5,5.5](5.5,6](6,8](8,10](10,15](15,20](20,100]江苏省15,556.2815,425.8015196971329316693411323859170000000浙江省7,395.6212,759.15865384571651279764728000000000山东省7,965.596,919.725272426914438454894284875243059459110000广东省5,710.211,186.054079178252612047150000000000四川省6,280.344,325.40418325288717394883953634429158030000湖北省5,014.422,397.4628822733831241111119898800000000湖南省4,555.933,663.60312424969184073201488889573501212000北京市2,471.52608.85204466115871400000000000江西省4,105.502,682.79313018387291962331561065970000000福建省2,952.472,008.27247418472322824144540000000上海市1,968.64823.461933643180000000000000安徽省3,261.652,667.722803197956311814648341300000000重庆市3,648.213,725.41234220721028565355162132206574000000天津市2,734.37622.82166343142121514810182622413000000河南省3,301.963,713.642647202111653121291066271422000000陕西省1,678.261,566.54108255566631876190130111500200000广西壮族自治区1,406.541,057.405933662691562312532431886113000000云南省846.75512.55102241197230122845012857651900000贵州省965.431,135.72258107134138638312124837515179230472300河北省1,037.691,188.65981655305100374861400000000新疆维吾尔自治区819.66613.1966548213726291210000000000山西省610.88448.0749235012021702000000000吉林省678.09235.553254001242127100240000000甘肃省281.90129.07234770015101517900110000辽宁省145.12126.454820233331818272650132000黑龙江省97.60125.332227373423152017200000000宁夏回族自治区134.0068.50406728306714000000000内蒙古自治区56.1512.203122000105000000000海南省114.9967.00847200000000000000西藏自治区111.29137.6712374813000000000000青海省41.5034.100211001380000000000全国85,948.670,988.1675054700515542590636002609214623701206440159281622300占比54.8%45.2%43.0%30.0%9.9%3.8%2.3%1.7%1.4%1.5%0.8%0.3%0.1%0.2%0.0%0.0%0.0%0.0%资料来源：，图12：地市信用利差周度下行15bp以上的城市收益率情况（bp）资料来源：，152652851315265285

SW行业SW行业房地产综合煤炭钢铁银行汽车通信传媒计算机其他2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率(%)收益率变动（bp）（bp）信用利差变动2.34 -12.9 43 -11.183.83 1.4 191 3.552.44 -12.7 52 -10.622.42 -13.7 53 -12.182.57 -13.0 65 -10.712.53 -12.3 57 -10.442.48 -13.1 58 -11.332.36 -11.8 44 -9.192.47 -13.1 59 -11.802.51 -13.1 66 -12.263.09 -14.2 119 -12.322.54 -13.1 65 -11.622.53 -5.0 67 -4.062.77 -14.1 93 -13.592.37 -13.6 49 -11.822.41 -13.0 50 -10.862.42 -12.9 53 -10.932.70 -12.0 86 -11.443.27 -11.9 122 -7.052.56 -13.9 72 -13.312.72 -13.7 84 -12.582.73 -10.9 93 -12.162.47 -13.6 63 -12.802.63 -17.4 83 -17.142.68 -17.1 81 -16.232.73 -13.8 87 -12.722.15 -13.8 39 -15.033.44 -15.3 161 -14.983.62 -13.9 171 -11.522.75 -14.2 83 -11.642.96 -12.5 95 -9.86（亿元）1715312299453435237848751456266342133772638112016651404133515421093936483600296078334523952442113211118985559450.5Y1Y2Y2.2.212.092.142.202.112.052.192.192.222.322.142.162.182.142.272.202.182.122.142.2.932.192.232.262.212.242.272.212.232.362.262.222.212.182.222.362.232.172.262.232.422.25AA2.2.812.442.292.512.362.322.552.462.582.322.342.332.512.322.382.262.742.292.342.282.222.774.6.093.483.702.642.752.75AAA2.2.402.212.232.282.242.152.202.332.312.332.222.292.262.6.302.362.362.382.342.332.322.332.343.132.402.332.252.322.552.24 2.33AA2.2.982.612.462.532.442.382.402.602.612.502.472.422.672.482.572.372.772.402.372.382.552.853.8.832.84AAA2.2.552.332.352.392.354.794.743.802.454.912.664.948.793.633.352.442.604.212.794.625.202.6.502.512.472.482.442.442.392.522.453.012.552.412.512.422.422.472.412.332.432.78AA 2. 2.3.1811.472.81 3.202.822.652.612.613.445.383.123.165.733.252.332.552.403.012.412.442.342.302.412.352.352.292.352.752.782.482.652.592.792.622.712.523.582.502.942.562.933.423.312.884.622.22 2.272.322.852.674.912.282.182.132.282.472.302.292.282.232.272.392.882.182.122.172.212.132.074.942.552.895.132.342.272.372.352.352.372.322.422.704.042.242.292.162.182.482.605.302.462.432.842.774.126.103.864.044.832.372.222.635.602.202.852.54 2.452.136.112.382.573.032.493.444.136.26资料来源：， 注：0.5Y代表（0.25,0.75]，1Y代表（0.75,1.5]，2Y代表（1.5,2.5]，下同SW行业2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率(%)收益率变动（bp）（bp）SW行业2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率(%)收益率变动（bp）（bp）信用利差变动（bp）公募债余额（亿元）0.5Y1Y2YAAAAA+AAAA-AAAAA+AAAA-AAA AA 汽车通信传媒农林牧渔2.722.732.472.632.68-13.7-10.9-13.6-17.4-1712.58-12.16-12.80-17.14-16.23833452395244211-12.0-11.7-12.5-11.8-12.3-14.5-12.1-13.4-14.2-11.811.2-13.6-9.1-13.9-13.4-13.7-21.1-13.2-12.2-14.2-13.5-13.5-14.0-12.6-13.9 -20.4-13.8-14.1-12.3-13.8-13.2-13.6-12.3-13.7-13.3-21.72.1公用事业2.34-12.943-11.1817153-12.6-11.6-12.4-13.2-14.4-12.0-13.7-16.0-13.4-12.4-12.7-14.7房地产3.831.41913.5512299-14.8-9.2-12.6-27.1-14.350.9-11.4-22.8-11.363.1-8.7-93.1非银金融2.44-12.752-10.6245343-13.2-13.1-12.7-11.1-12.7-11.7-12.6-8.6-12.5-11.4-12.4-15.9交通运输2.42-13.753-12.185237-13.2-12.4-11.9-17.1-13.9-12.8-12.8-12.9-12.9-11.7建筑装饰2.57-13.065-10.718487-13.8-11.8-13.4-12.4-14.5-11.1-14.3-11.8-14.2-11.9-12.9-13.8综合2.53-12.357-10.445145-12.5-13.1-12.5-15.7-13.6-13.1-14.8-18.6-13.3-12.8-13.0-19.2煤炭2.48-13.158-11.336266-12.6-12.0-13.1-13.3-12.9-12.3-13.8-17.5-13.3-11.9-16.2石油石化2.36-11.844-9.193421-12.3-7.7-12.8-12.2-10.8-13.6-12.2-11.8钢铁2.47-13.159-11.803377-12.6-12.7-14.0-13.7-13.0-12.2-15.3-12.9-13.4-12.3-13.4有色金属2.51-13.166-12.262638-12.0-12.2-12.8-20.2-13.4-12.6-13.3-20.5-13.0-13.3-12.6-14.0社会服务3.09-14.2119-12.321120-12.1-11.5-11.9-50.3-13.23.4-14.3-44.4-5.5-8.6-13.9-15.1商贸零售2.54-13.165-11.621665-15.0-12.5-12.3-18.0-13.9-12.5-13.0-18.9-13.9-13.4-12.0-13.5建筑材料2.53-5.067-4.061404-13.0-12.9-13.0-13.4-12.7-13.8-14.3-13.0-13.5-12.7基础化工2.77-14.193-13.591335-12.7-11.8-13.9-19.0-16.4-13.0-13.2-17.2-13.7-11.8-13.3-17.1食品饮料2.37-13.649-11.821542-13.3-12.2-12.3-13.8-13.4-12.5-12.0-13.4-12.6环保2.41-13.050-10.861093-14.4-13.8-13.0-14.6-10.9-13.8-15.8-12.1-12.7-12.0电子2.42-12.953-10.93936-11.7-12.0-14.1-14.1-13.5-13.6-13.3-15.8-12.4-13.4-11.9-13.7医药生物2.70-12.086-11.44483-12.5-11.6-9.7-10.9-13.9-13.9-18.2-12.9-13.7-9.9银行3.27-11.9122-7.0560029-14.1-13.7-13.7-10.9-14.4-14.6-15.7-12.6-15.5-15.3-16.4-10.5机械设备2.56-13.972-13.31607-13.1-11.4-11.8-23.9-11.7-14.1-13.1-20.0-13.0-11.7-12.2电力设备2.73-13.887-12.72321-12.4-12.3-13.1-23.3-13.5-16.8-20.4-13.7-11.5-18.6国防军工2.15-13.839-15.03111-12.8-12.5轻工制造3.44-15.3161-14.9889-12.2-11.9-21.8-19.2纺织服饰3.62-13.9171-11.5285-13.8-13.8-12.8-11.9家用电器2.75-14.283-11.6455-14.3-13.6-12.8-17.8其他2.96-12.595-9.86945-11.3-14.3-14.9-19.0-13.5-14.1-20.7-13.1-18.0-3.3-19.2资料来源：，图15：产业债信用利差（bp）公用事业2.34-12.943-11.181715337.948.175.3305.041.651.666.7161.237.048.269.375.9房地产3.831.41913.551229944.6115.8103.5432.056.4446.8115.1699.755.8450.2120.0950.2非银金融2.44-12.752-10.624534331.742.867.0171.737.953.478.1101.033.452.282.3120.7交通运输2.42-13.753-12.18523737.746.551.4192.240.153.763.934.351.884.9建筑装饰2.57-13.065-10.71848742.548.673.385.544.554.869.7161.040.648.665.3119.6综合2.53-12.357-10.44514533.544.558.799.340.451.360.8354.336.143.764.3382.9煤炭2.48-13.158-11.33626631.646.854.395.133.850.855.3129.144.562.0130.3石油石化2.36-11.844-9.19342140.649.278.037.649.358.933.845.5钢铁2.47-13.159-11.80337741.644.370.051.850.377.377.149.150.974.299.6有色金属2.51-13.166-12.26263844.546.481.5300.147.050.578.5308.648.047.180.8148.1社会服务3.09-14.2119-12.32112055.758.554.6297.851.0130.366.1697.3100.5103.055.3135.1商贸零售2.54-13.165-11.62166536.449.756.1201.839.957.165.4179.740.654.966.292.5建筑材料2.53-5.067-4.06140438.945.055.265.246.249.458.442.939.061.1基础化工2.77-14.193-13.59133541.842.473.8313.342.144.083.7150.532.957.881.1265.1资料来源：，SW行业2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率(%)收益率变动（bp）（bp）SW行业2024/4/12 相比2024-04-03信用利差相比2024-04-03平均估值收益率(%)收益率变动（bp）（bp）信用利差变动（bp）公募债余额（亿元）0.5Y1Y2YAAAAA+AAAA-AAA AAAA-AAAAA+AAAA-其他2.682.732.153.443.622.752.96-17.1-13.8-13.8-15.3-13.9-14.2-12.58187391611718395-16.23-12.72-15.03-14.98-11.52-11.64-9.86211321111898555945-10.6-14.6-15.3-16.0-12.5-16.5-15.4-15.8-15.1-13.4-13.2-27.9-13.2-16.1-19.1-8.8-17.5 6.3-9.9 -8.1-15.7-11.2-22.1-16.9-13.4-14.1-13.2-16.5-21.0-13.1-13.5-8.2-20.6-9.1-13.6-8.0-8.30.7-13.4-16.1公用事业2.34-12.943-11.1817153-14.7-12.9-14.5-12.7-13.9-11.2-13.0-15.4-9.6-8.6-9.0-12.3房地产3.831.41913.5512299-17.0 -11.2-14.0-29.0-13.8 51.5-10.9-22.3-7.467.1-5.0-89.5非银金融2.44-12.752-10.6245343-15.1 -15.2-14.8-14.2-12.3 -11.2-12.1-8.0-8.5-7.5-8.6-12.0交通运输2.42-13.753-12.185237-16.1 -14.6-12.8-17.6-13.4 -12.4-12.5-8.9-9.8-8.1建筑装饰2.57-13.065-10.718487-14.8-14.1-14.1-12.3-13.9-10.6-13.7-11.4-10.4-8.0-9.0-10.5综合2.53-12.357-10.445145-13.5-15.6-14.2-17.9-13.0-12.7-14.3-17.9-9.6-8.6-9.4-16.9煤炭2.48-13.158-11.336266-17.9-13.5-14.6-12.4-12.9-11.9-13.5-17.0-9.4-8.1-12.9石油石化2.36-11.844-9.193421-13.1-7.3-13.9-11.9-10.4-13.5-8.2-8.9钢铁2.47-13.159-11.803377-14.6-15.0-16.8-13.6-12.5-11.7-13.5-8.2-9.2-8.1-10.6有色金属2.51-13.166-12.262638-13.4-14.6-15.5-19.8-12.7-12.0-12.9-19.4-10.3-9.6-9.0-11.0社会服务3.09-14.2119-12.321120-14.6-12.3-12.7-53.9-12.93.9-13.7-44.2-1.2-4.8-11.2-11.7商贸零售2.54-13.165-11.621665-17.0-15.2-13.3-18.9-13.6-12.0-12.7-18.4-9.8-9.5-8.2-10.1建筑材料2.53-5.067-4.061404-14.7-15.3-14.5-12.2-12.4-13.1-13.6-8.8-9.0-8.9基础化工2.77-14.193-13.591335-17.1-10.5-16.0-21.1-15.7-13.0-12.7-16.5-9.3-9.0-9.6-13.5食品饮料2.37-13.649-11.821542-16.7-15.1-14.1-13.2-13.1-12.0-8.3-9.1-8.7环保2.41-13.050-10.861093-14.9-15.7-15.7-14.2-10.3-13.1-15.5-7.9-8.8-8.0电子2.42-12.953-10.93936-10.9-10.5-17.0-19.4-13.3-13.5-13.2-15.0-8.0-9.0-7.9-10.4医药生物2.70-12.086-11.44483-11.5-11.5-12.2-10.3-13.7-13.3-17.8-8.3-9.1-6.6银行3.27-11.9122-7.0560029-16.5-14.3-14.6-12.3-13.6-13.8-14.9-11.7-11.4-11.6-12.4-6.7机械设备2.56-13.972-13.31607-15.0-11.4-11.7-29.2-11.7-13.7-12.7-19.6-8.6-9.0-8.8汽车2.72-13.784-12.58833-14.6-15.9-13.6-13.3-12.8-20.3-8.5-7.7通信2.73-10.993-12.16452-16.2-16.0-19.27.9-8.7-13.6-10.8传媒2.47-13.663-12.80395-16.2-12.8-12.1-12.9-13.0-13.2-9.3-9.3-8.2计算机2.63-17.483-17.14244-14.3-12.7-13.6-19.2-10.1资料来源：，图17：产业债隐含评级及收益率分布（亿元）资料来源：，注：公募及私募债余额中，不包括商金二级债和商金永续；图18：部分城投主体债券收益率变动及分布情况（bp）主体2024/4/12相比2024-04-03信用利差相比2024-04-03债券余额平均估值收益率(%)收益率变动（bp）（bp）信用利差变动（bp）（亿元）天津城市基础设施建设投资集团有限公司2.62-11.176-10.171321.60山东高速集团有限公司2.41-12.243-9.491354.89深圳市地铁集团有限公司2.43-8.534-5.87905.00湖南省高速公路集团有限公司2.29-11.345-10.52837.57蜀道投资集团有限责任公司2.44-10.746-7.15878.90湖北交通投资集团有限公司2.50-12.447-8.93768.00河南航空港投资集团有限公司2.45-12.464-12.56664.25青岛城市建设投资(集团)有限责任公司2.47-11.254-8.35765.81江苏交通控股有限公司2.23-10.638-10.62859.00河南交通投资集团有限公司2.53-11.748-7.57865.90江西省交通投资集团有限责任公司2.37-10.239-7.65761.00广州地铁集团有限公司2.29-10.736-7.84710.21西安高新控股有限公司2.53-10.366-8.92636.63珠海华发集团有限公司2.57-12.669-10.65584.00北京市基础设施投资有限公司2.31-10.937-7.82522.87云南省能源投资集团有限公司2.55-14.072-13.76564.56北京国有资本运营管理有限公司2.49-7.434-5.37603.20汉江国有资本投资集团有限公司2.57-11.255-5.88520.10济南城市建设集团有限公司2.49-11.448-7.33514.00常州市城市建设(集团)有限公司2.48-11.146-6.73473.35湖北省联合发展投资集团有限公司2.58-12.263-9.35460.55北京市海淀区国有资本运营有限公司2.54-10.057-6.54420.00武汉地铁集团有限公司2.45-9.943-5.20401.21青岛国信发展(集团)有限责任公司2.48-11.157-8.46499.91湖州市城市投资发展集团有限公司2.44-11.449-8.06426.09四川发展(控股)有限责任公司2.47-9.039-4.13468.58衡阳市城市建设投资有限公司2.43-15.357-14.31395.21深圳能源集团股份有限公司2.40-12.036-8.31389.60广西交通投资集团有限公司2.46-11.256-9.26490.30成都兴城投资集团有限公司2.50-11.249-7.08453.00成都高新投资集团有限公司2.44-10.646-6.62380.00吉林省高速公路集团有限公司2.50-10.958-8.71360.55广东恒健投资控股有限公司2.38-12.937-9.69373.00安徽省交通控股集团有限公司2.38-11.230-7.10330.00杭州余杭城市发展投资集团有限公司2