流动性打分：长期限、弱资质城投活跃度提升

图表目录图表1：分期限分流动级别只数-国债（只） 5图表2：分期限分流动级别加权收益率-国债（） 5图表3：流动性得分升前二十债券-国债 6图表4：流动性得分降前二十债券-国债 7图表5：分期限分流动级别只数-政金债（只） 7图表6：分期限分流动级别加权收益率-政金） 8图表7：流动性得分升前二十债券-政金债 8图表8：流动性得分降前二十债券-政金债 9图表9：分期限分流动级别只数-地方债（只） 9图表10：分期限分流性级别加权收益率-地（） 10图表11：流动性得分幅前二十债券-地方债 10图表12：流动性得分幅前二十债券-地方债 11图表13：流动性得分幅前十主体-存单 12图表14：流动性得分幅前二十债券-存单 12图表15：流动性得分幅前十主体-存单 13图表16：流动性得分幅前二十债券-存单 14图表17：不同流动性别下城投债分区域分限和分隐含级别分情（只） 15图表18：不同流动性别下城投债分区域分限和分隐含级别加收率情况（） 16图表19：流动性得分幅前二十主体-城投债 17图表20：流动性得分幅前二十债券-城投债 18图表21：流动性得分幅前二十主体-城投债 19图表22：流动性得分幅前二十债券-城投债 20图表23：流动性得分幅前二十债券-二永债 21图表24：流动性得分幅前二十债券-二永债 22图表25：流动性得分幅前二十债券-商金债 23图表26：流动性得分幅前二十债券-商金债 24图表27：流动性得分幅前二十主体-非银 25图表28：流动性得分幅前二十债券-其他金债 26图表29：流动性得分幅前二十主体-非银 27图表30：流动性得分幅前二十债券-其他金债 28图表31：不同流动性别下产业债分行业分限和分隐含级别分情（只） 29图表32：分期限分流性级别加权收益率-产（） 30图表33：流动性得分幅前二十主体-产业债 31图表34：流动性得分幅前二十债券-产业债 32图表35：流动性得分幅前二十主体-产业债 33图表36：流动性得分幅前二十债券-产业债 34一、国债：流动性得分变动不大，个别老券活跃度较高本周流动性分层变动不大。分期限来看，各流动性级别只数变动不大，加权收益率方面，各期限各流动性等级收益率均整体呈下降趋势，5年期以上降幅在5bp以上，5年期以内降幅主要在4bp以内。图表1：分期限分流动性级别只数-国债（只）流动性级别（分值范围）期限（年）<=1Y[1,3）[3,5）[5,10）>=10上周本周上周本周上周本周上周本周上周本周S([95,100))38372727161626262323A([85,95))10991111111092626B([70,85))2344452388C([0,011102220101017183024D([0,50）)111211121215资料来源：Qeubee，iFind,图表2：分期限分流动性级别加权收益率-国债（）流动性级别（分值范围）期限（年）<=1Y[1,3）[3,5）[5,10）>=10上周本周上周本周上周本周上周本周上周本周S([95,100))1.57021.53831.86381.84562.07852.04672.28992.22472.62872.5534A([85,95))1.60501.56311.90071.88622.03101.97412.31362.27012.56262.5020B([70,85))1.61001.59351.91571.87972.12872.09142.32672.26102.61022.5192C([0,01.54021.49781.84601.83092.03711.99332.30692.23832.58112.5326D([0,50）)1.43661.40101.31791.41692.04682.0147-0.30222.61072.4903资料来源：Qeubee，iFind,本周流动性得分升降幅前二十均以老券为主，10年期以上券占比较高。240420231092023107图表3：流动性得分升幅前二十债券-国债债券代码债券简称剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周110012.IB11附息国债1237.10047.9347.932.62562.5743101617.SZ国债16172.2955.238933.772.011.975150028.IB15附息国债2841.6055.9689.2833.322.66062.615080006.IB08国债0614.0563.6790.2626.592.3942.3401102260.SZ国债24049.8567.8778.4210.552.29232.2533019676.SH22国债111.1073.8481.858.011.781.77102253.SZ国债23252.5758.5763.595.021.9951.97090011.IB09附息国债110.1444.2648.324.061.43661.401019545.SH16国债172.2961.0664.573.512.011.975100003.IB10附息国债0315.8790.393.052.752.362.3069102255.SZ国债23271.6668.9771.222.251.851.84019700.SH23国债0748.9376.1378.262.132.682.61102257.SZ国债24014.7482.5784.221.652.11752.0826150010.IB15附息国债1041.1032.6934.141.452.65322.5909019693.SH22国债280.6878.2779.581.311.651.61019706.SH23国债131.1686.587.771.271.82251.815090020.IB09附息国债205.3652.4653.571.112.15962.0857019642.SH20国债1226.4081.6782.731.062.6352.553120008.IB12附息国债0838.0889.8290.770.952.65012.6109019662.SH21国债1427.5084.7785.540.772.63242.5525资料来源：Qeubee，iFind,图表4：流动性得分降幅前二十债券-国债债券代码债券简称剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周120012.IB12附息国债1218.1956.970-56.972.45112.3806019516.SH15国债161.2455.490-55.491.48371.4589140010.IB14附息国债1040.1092.2948.74-43.552.64852.5854100009.IB10附息国债095.9992.3358.68-33.651.92981.8487020005.IB02国债058.1068.9547.11-21.842.28382.2359060009.IB06国债092.1972.4652.08-20.381.66951.6625102249.SZ国债23214.4365.6455.03-10.612.152.1076100040.IB10附息国债4016.6492.2783.48-8.792.30932.2403090025.IB09附息国债2515.4978.1371.72-6.412.34182.2755110005.IB11附息国债0516.8581.6676.93-4.732.362.277180011.IB18附息国债114.0895.591.5-41.82751.789019541.SH16国债1342.0958.555.88-2.622.67592.6142019724.SH23国债214.4383.0580.59-2.462.152.1076090002.IB09国债024.8491.4889.12-2.361.89761.8409102241.SZ国债23131.1664.161.81-2.291.82251.815019669.SH22国债040.8585.0882.92-2.161.711.678019705.SH23国债129.1073.8571.73-2.122.36752.3086140017.IB14附息国债1710.3151.1549.13-2.022.29612.2591019684.SH22国债198.3756.8554.92-1.932.3652.3019697.SH23国债048.8556.8854.97-1.912.372.305资料来源：Qeubee，iFind,二、政金债：新券流动性高于老券，长期高于中短期长期限政金债流动性得分有所上升。分期限来看，5-10年期和10年期以上债券，高等级流动性只数有所增加。5年期以下，流动性得分变动不大。图表5：分期限分流动性级别只数-政金债（只）流动性级别（分值范围）期限（年）<=1Y[1,3）[3,5）[5,10）>=10上周本周上周本周上周本周上周本周上周本周S([95,100))464566662725465278A([85,95))1215695798710B([70,85))--1111--1-C([0,04443121221D([0,50）)226611--11资料来源：Qeubee，iFind,图表6：分期限分流动性级别加权收益率-政金债（）流动性级别（分值范围）期限（年）<=1Y[1,3）[3,5）[5,10）>=10上周本周上周本周上周本周上周本周上周本周S([95,100))1.77191.78762.04052.02012.21122.15652.40222.31302.54482.4660A([85,95))1.81371.83402.06172.04002.21482.15002.35522.23712.59002.4876B([70,85))--2.10892.08782.16672.1192--2.4388-C([0,01.72471.70762.05261.99992.12692.08912.19182.35062.61672.5300D([0,50）)1.88871.83061.96331.93282.35592.2904--2.60832.5189资料来源：Qeubee，iFind,本周流动性得分升幅前二十中新券、五年期以内占比较高；降幅前二十中2023期限主要集中在五年以内，升幅前五均为国开债；降幅前二十中，大部分为2022图表7：流动性得分升幅前二十债券-政金债债券代码债券简称剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周060203.IB06国开031.98089.6689.662.01322.0121160216.IB16国开1622.5465.0592.0727.022.61562.555018018.SH国开21011.7535.9446.7910.851.97871.9741050220.IB05国开2011.4883.3992.248.852.43882.39200209.IB20国开093.2292.5296.173.652.192.122404101.IB24农发贴现010.2292.2795.653.381.69711.7509240201.IB24国开清发016.7293.6295.822.22.37562.2868092303001.IB23进出清发012.2091.3393.141.812.05922.0321220218.IB22国开183.1893.1694.651.492.031.9726240405.IB24农发054.9795.5497.011.472.24952.20912102002.IB21国开绿债020.2745.9847.131.151.53141.47012304002.IB23农发绿债021.5291.3292.421.12.05591.986109240407.IB24农发清发076.9295.8296.780.962.42.305240410.IB24农发109.9597.7298.580.862.47252.38090206.IB09国开065.2290.9491.80.862.30752.2241210221.IB21国开2127.5890.5191.340.832.64292.612302001QF.IB23011.8795.2995.990.72.021.9732092302002.IB23国开清发026.2296.7697.420.662.382.3092303002.IB23进出清发020.0195.0995.680.591.68441.4968220305.IB22进出052.7797.7698.340.582.1252.086资料来源：Qeubee，iFind,图表8：流动性得分降幅前二十债券-政金债债券代码债券简称剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周010221.IB01国开217.7390.5357.68-32.852.44572.3415170406.IB17农发067.9089.6657.68-31.982.44612.3604160409.IB16农发096.8691.8489.66-2.182.37192.2778018015.SH国开200616.2456.8454.82-2.022.62242.53092118101.IB21农发清发1010.2795.2393.27-1.961.77861.8294018012.SH国开20032.7956.8655.01-1.852.09482.0609018011.SH国开20020.7955.7154.33-1.381.83981.83210204.IB21国开043.7294.3292.94-1.382.19912IB22国开绿债020.9552.7251.36-1.361.91981.903809230304.IB23进出清发040.5192.7291.38-1.341.821.807150205.IB15国开050.8096.1494.8-1.341.8651.8385140376.IB14进出760.5490.5589.27-1.281.76451.7816092318005.IB23农发清发050.2595.0593.8-1.251.80051.8484092018002.IB20农发清发023.0795.4894.25-1.232.17692.125100207.IB10国开0715.9791.189.87-1.232.6252.53092118004.IB21农发清发044.3194.9393.79-1.142.25342.1823018063.SH进出21011.9255.5354.48-1.052.04052.01042202001.IB22国开绿债012.7649.2948.25-1.042.14172.1092108904.SZ农发21021.5255.454.38-1.021.99311.965018014.SH国开20053.2155.3454.33-1.012.12692.0772资料来源：Qeubee，iFind,三、地方债：中长期流动性下降，重点省份流动性上升中长期流动性有所下降，各期限收益率以下行为主。分期限来看，3-5年期和5年期以上高等级流动性债券只数。收益率方面，各期限加权收益率以下行为主，降幅在7bp左右。图表9：分期限分流动性级别只数-地方债（只）流动性级别（分值范围）期限（年）<=1Y[1,3）[3,5）[5,10）>=10上周本周上周本周上周本周上周本周上周本周S([95,100))2-88131258613838A([85,95))47449898111114264254270262B([70,85))4146143144222204421421525505C([0,0122120278298252249442440573584D([0,50）)634612127812829891019616586939890资料来源：Qeubee，iFind,图表10：分期限分流动性级别加权收益率-地方债（）流动性级别（分值范围）期限（年）<=1Y[1,3）[3,5）[5,10）>=10上周本周上周本周上周本周上周本周上周本周S([95,100))1.7537-2.08902.00852.27862.19802.45402.38342.66932.6130A([85,95))1.58621.59532.08122.00332.27252.19322.40792.32412.64232.5827B([70,85))1.63071.60152.07532.00742.25672.18082.39182.31322.63792.5785C([0,01.56801.52902.07162.00312.25192.18122.39892.31652.65012.5872D([0,50）)1.62481.61292.04481.97492.23182.15612.37772.29512.64022.5825资料来源：Qeubee，iFind,本周地方债流动性得分升幅前二十重点省份、五年期以内占比较高；降幅前二十中老券、五年期以内占比较高。地方债流动性升幅前二十中，重点省份510图表11：流动性得分升幅前二十债券-地方债债券代码债券简称剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周198725.SH23浙江4819.30095.3495.342.65442.602173973.SH22上海308.42095.295.22.4382.3626198940.SH24重庆0429.84094.7394.732.67662.62101962.SH23云南035.92093.8593.852.4022.2919231569.SH24天津024.77093.4593.452.28842.204809131.BJ24北京012.78093.3893.382.14532.068173545.SH21四川033.89093.3293.322.25252IB23黑龙江债098.83093.1393.132.5052.4257160652.SH20云南1125.75092.1692.162.70372.65812271599.IB22广东债4813.30092.1392.132.59542.5359809112.BJ23湖南1409.62091.9891.982.48472.40862171273.IB21吉林债5812.60090.9990.992.54212.45372205690.IB22广东债215.07090.8290.822.25572.2074160626.SH20四川342.73090.2690.262.15292.0685231067.SH23吉林382.38089.2789.272.13412.06292271771.IB22四川债921.50089.1289.122.05061.97842405152.IB24新疆债012.92089.1289.122.16792.079198633.IB23甘肃143.98088.9988.992.26072.1894109206.SH22天津3728.11088.9888.982.61442.55312371338.IB23广东债779.54088.4188.412.45252.4012资料来源：Qeubee，iFind,图表12：流动性得分降幅前二十债券-地方债债券代码债券简称剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周198940.IB24重庆0429.8495.670-95.672.67662.62173973.IB22上海308.4294.990-94.992.4382.3626809129.IB24天津024.7794.520-94.522.28842.204173545.IB21四川033.8993.440-93.442.25252.1835809131.IB24北京012.7892.320-92.322.14532.068809112.IB23湖南1409.6292.230-92.232.48472.4086198923.IB23甘肃4319.6592.230-92.232.66392.60952405083.IB24江西债059.8091.110-91.112.48842.41642105531.IB21青岛债150.3790.460-90.461.60761.6308160626.IB20四川342.7390.040-90.042.15292.06852105812.IB21河南债530.4489.360-89.361.62761.6464198763.IB23江苏262.3487.980-87.982.09732.0386801005.IB22四川875.3387.280-87.282.30862.2168173994.IB23重庆0213.7986.350-86.352.62282.5443809130.IB24天津034.7785.660-85.662.28842.204160732.IB20四川7611.0885.070-85.072.52232.46082405108.IB24河北债064.8684.70-84.72.24992.1688160690.IB20湖南1225.7684.640-84.642.67132.6185198611.IB23福建078.9684.450-84.452.47192.3891160696.IB20江苏096.0784.230-84.232.31612.2238资料来源：Qeubee，iFind,四、同业存单：城商行、农商行活跃度提升流动性升幅较大主体和债券发行人以城商行和农商行为主。分主体来看，升幅前十主要为城商行和农商行，大华和恒生为外资银行；分债券来看，升幅前二十债券发行人以城商行为主，区域主要集中在广东、浙江。图表13：流动性得分升幅前十主体-存单主体名称主体评级机构类型债券存量(亿)上周流动性得分本周流动性得分流动性得分升幅齐商银行股份有限公司AA+城市商业银行1024.9534.1729.22内蒙古银行股份有限公司AA+城市商业银行30.23.4732.1628.69大华银行(中国)有限公司AAA外资法人银行1725.2542.7117.46潍坊银行股份有限公司AA+城市商业银行132.129.741.2111.51浙江杭州余杭农村商业银行股份有限公司AA+农村商业银行42.638.6148.249.63江苏张家港农村商业银行股份有限公司AA+农村商业银行49.948.0256.288.26恒生银行(中国)有限公司AAA外资法人银行61.129.2136.687.47哈尔滨银行股份有限公司AAA城市商业银行244.864.3668.844.48大连银行股份有限公司AAA城市商业银行268.161.8866.334.45深圳前海微众银行股份有限公司AAA民营银行186.955.9460.34.36资料来源：Qeubee，iFind,图表14：流动性得分升幅前二十债券-存单债券代码债券简称剩余期限上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周112372797.IB23东莞农村商业银行CD22852D074.8774.871.98161.9204112411013.IB24平安银行CD0133D16.8188.0171.21.811.75112492402.IB24珠海华润银行CD022110D10.1380.2470.112.04981.95112493497.IB24秦农农商银行CD040131D066.2366.232.1652.0527112387626.IB23郑州银行CD242159D066.266.22.05831.9587112492407.IB24杭州银行CD018110D15.9181.6765.762.02971.93112421115.IB24渤海银行CD11583D065.7665.7601.95112403048.IB24农业银行CD0482D12.8877.5264.641.81.74112417035.IB24光大银行CD03552D14.8178.8364.021.93151.8691112492629.IB24温州银行CD046123D063.9163.912.11192.0002112410075.IB24兴业银行CD075340D10.7674.2463.482.12972.0365112492854.IB24杭州银行CD024124D062.1862.182.031.93112382462.IB23哈尔滨银行CD10281D058.3158.312.23832IB24张家港农村商业银行CD0064D19.6776.8757.21.911.85112306298.IB23交通银行CD29869D22.8779.7656.891.91271.8817112373037.IB23广州银行CD11654D056.8856.881.98021.9216112372917.IB23广州银行CD11553D056.8856.881.98091.9209112372980.IB23重庆农村商行CD16853D056.8856.881.98091.9209112495537.IB24河北银行CD0336D056.8856.881.91361.85112385429.IB23徽商银行CD126123D056.8856.882.031.93资料来源：Qeubee，iFind,流动性降幅较大主体以农商行为主；流动性降幅较大债券发行人以股份行为主。分主体来看，降幅前十主要为农商行；分债券来看，降幅前二十债券发行人以股份行为主。图表15：流动性得分降幅前十主体-存单主体名称主体评级机构类型债券存量(亿)上周流动性得分本周流动性得分流动性得分升幅盛京银行股份有限公司AA+城市商业银行74.734.162.51-31.65中国邮政储蓄银行股份有限公司AAA国有大型商业银行63.379.2158.79-20.42浙江上虞农村商业银行股份有限公司AA+农村商业银行44.511.391.51-9.88浙江台州椒江农村商业银行股份有限公司AA-农村商业银行1412.385.03-7.35浙江兰溪农村商业银行股份有限公司AA-农村商业银行11.516.839.55-7.28天津农村商业银行股份有限公司AAA农村商业银行135.935.1528.14-7.01合肥科技农村商业银行股份有限公司AA+农村商业银行151.443.0736.18-6.89江苏常熟农村商业银行股份有限公司AAA农村商业银行15.243.5637.19-6.37江苏昆山农村商业银行股份有限公司AA+农村商业银行15.45043.72-6.28浙江稠州商业银行股份有限公司AA+城市商业银行181.641.5835.68-5.9资料来源：Qeubee，iFind,图表16：流动性得分降幅前二十债券-存单债券代码债券简称剩余期限上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周112319272.IB23恒丰银行CD27217D85.029.47-75.551.98411.9103112492955.IB24吉林银行CD02933D65.930-65.932.04981.9659112315490.IB23民生银行CD49048D60.750-60.751.96531.898112312183.IB23北京银行CD18367D78.1117.64-60.471.95031.9195112409065.IB24浦发银行CD065124D57.070-57.0721.9112493218.IB24青岛银行CD016313D76.9622.14-54.822.18772.0806112412017.IB24北京银行CD017188D77.3122.9-54.412.0621.972112374398.IB23上海农商银行CD11269D65.5911.19-54.41.951.9235112318216.IB23华夏银行CD216139D69.416.63-52.7721.902112315232.IB23民生银行CD23234D51.680-51.681.971.8961112317211.IB23光大银行CD211153D70.3819.11-51.272.00231.905112418045.IB24华夏银行CD045314D61.612.8-48.82.12752.0302112398183.IB23东莞银行CD05218D79.4530.85-48.61.98651.9109112492873.IB24广西北部湾银行CD050124D45.450-45.452.11222.0003112491323.IB24成都银行CD021187D67.3522.5-44.852.08021.9899112370985.IB23重庆银行CD131209D57.0712.31-44.762.09441.9998112320214.IB23广发银行CD21423D44.520-44.521.93981.8632112493443.IB24青岛银行CD019223D66.4322.29-44.142.09782112304034.IB23中国银行CD03433D67.1523.19-43.961.931.8559112315377.IB23民生银行CD377144D57.0713.22-43.852.031.9331资料来源：Qeubee，iFind,五、城投债：中长期、低级别流动性上升更明显城投债中长期、低级别流动性上升更明显，收益率以下行为主。分区域看，样本省份流动高等级流动性城投债均有所增加。期限方面，2年以上流动性上升明显，中长期债项仍受欢迎；隐含级别方面，各等级流动性以上升为主，AA（2）等级更明显，投资者或仍倾向于下沉策略。收益率方面，分区域、分期限和分隐含级别，加权收益率均以下行为主。图表17：不同流动性级别下城投债分区域、分期限和分隐含级别分布情况（只）流动性级别（分值范围）区域江苏山东四川天津重庆上周本周上周本周上周本周上周本周上周本周S([95,100))7079485324201821138A([85,95))332332156161828386816273B([70,85))74873729828518018010195140138C([0,08978854424562822937579190202D([0,50）)3057306710071012817810117125528521流动性级别（分值范围）期限（年）<=1Y[1,2）[2,3）[3,5）>=5上周本周上周本周上周本周上周本周上周本周S([95,100))2292257166100122981091618A([85,95))7837843763813994063213336375B([70,85))12351210730744829816642659115129C([0,0120211758708691091109210251057211208D([0,50）)28902948243324202936293430613030947931流动性级别（分值范围）中债隐含评级AAAAA+AAAA(2)AA-上周本周上周本周上周本周上周本周上周本周S([95,100))13313614315311512284851826A([85,95))210227459465529511598622107112B([70,85))26225869969195493213061343271275C([0,02612546626671055106816701666648659D([0,50）)46445213761373300330775374535117971771资料来源：Qeubee，iFind,图表18：不同流动性级别下城投债分区域、分期限和分隐含级别加权收益率情况（）流动性级别（分值范围）区域江苏山东四川天津重庆上周本周上周本周上周本周上周本周上周本周S([95,100))2.40782.31952.55952.46092.49292.41802.85372.74882.72082.6848A([85,95))2.46732.35062.60672.51962.52222.38722.63162.50462.60812.5444B([70,85))2.48422.39292.74642.61212.65502.52432.61782.49562.69292.5781C([0,02.52682.46203.23183.14032.95342.87392.85802.79112.96812.9035D([0,50）)2.64532.52553.07432.93043.04202.90432.98812.82933.00572.8900流动性级别（分值范围）期限（年）<=1Y[1,2）[2,3）[3,5）>=5上周本周上周本周上周本周上周本周上周本周S([95,100))2.24842.15832.55762.47272.65542.50812.85542.75012.81802.7230A([85,95))2.31812.21872.56642.43222.66212.53652.88652.78433.03182.8307B([70,85))2.35972.24732.58832.45752.65572.55112.89572.77292.91632.8442C([0,02.49332.40032.73142.63082.78802.67913.08503.00813.06633.0083D([0,50）)2.54502.44302.78902.65582.84042.69922.99822.88563.09752.9938流动性级别（分值范围）中债隐含评级AAAAA+AAAA(2)AA-上周本周上周本周上周本周上周本周上周本周S([95,100))2.30072.20822.45742.34972.66802.54632.66812.58133.27113.1508A([85,95))2.33702.25902.46002.34062.58502.48502.69622.57733.08392.9588B([70,85))2.37762.27302.48572.38272.58682.46912.67932.57133.23123.1081C([0,02.43502.32752.55542.43432.64372.52642.82792.70893.76213.6970D([0,50）)2.50342.39542.58652.46852.66962.54042.88492.75563.54313.4516资料来源：Qeubee,iFind,城投债流动性波动较大，升降幅靠前省份均以非重点省份为主。升幅方面，主体级别以AA、AA+为主，区域主要分布在广东、浙江、江苏、山东等地，非重点省份较少，2年期以上债券占比一半；降幅方面，主体级别以AA和AA+为主，区域分布以非重点省份为主，2年期以上有12只，占60%。流动性得分升降幅变动均较大。图表19：流动性得分升幅前二十主体-城投债主体名称主体评级区域申万行业一级分类债券存量(亿)到期量1Y内(亿)到期量3Y内(亿)上周流动性得分本周流动性得分流动性得分升幅温州市瓯海新城建设集团有限公司AA浙江省房地产13.5013.52.9348.6945.76广东三水发展控股投资有限公司AA+广东省建筑装饰5006.7352.0245.29海口市水务集团有限公司AA海南省环保6005.9547.8941.94烟台业达城市发展集团有限公司AA+山东省综合3002510.2351.1440.91三亚崖州湾科技城控股集团有限公司AA+海南省建筑装饰120128.6749.4940.82金华市水务集团有限公司AA浙江省环保7077.3247.8940.57惠州大亚湾区石化投资集团有限公司AA广东省公用事业8057.4847.8940.41西藏城市发展投资股份有限公司AA西藏房地产8028.3848.6940.31西安市碑林城市开发建设投资有限责任公司AA+陕西省建筑装饰351009.2448.9539.71莆田市高新技术产业园开发有限公司AA福建省建筑装饰12.3012.39.1448.6939.55贵阳白云工业发展投资有限公司AA贵州省建筑装饰3.21.2211.7250.7239包头市保障性住房发展建设投资有限公司AA内蒙古房地产66017.8155.9238.11温州高新技术产业开发区投资建设开发有限公司AA浙江省房地产270.91.525.6763.6337.96镇江市丹徒区建设投资有限公司AA江苏省建筑装饰2.82.8010.6848.137.42山东城资国有资产运营(集团)有限公司AA山东省建筑装饰2.402.411.1348.1537.02北京昌鑫建设投资有限公司AA+北京市建筑装饰2001014.7850.1135.33无锡市锡西新城产业发展集团有限公司AA江苏省房地产31.71120.713.5748.7335.16嵊州市经济开发区投资有限公司AA浙江省建筑装饰32.931022.9316.2750.9634.69弥勒市农业投资开发有限责任公司AA云南省建筑装饰6.80415.0648.7433.68徐州市文化旅游集团有限公司-江苏省非银金融40416.2749.4933.22资料来源：Qeubee，iFind,图表20：流动性得分升幅前二十债券-城投债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周2080056.IB20空港债陕西省2.94086.886.83.02332.8882127518.SHPR嵊州债浙江省0.25084.0284.022.19212.0839012384204.IB23越秀集团SCP011广东省0.33082.0782.072.15472.0423102383094.IB23广州地铁MTN007广东省4.5916.5398.181.572.56752.4434102481018.IB24农垦MTN001广西2.929.3789.480.032.96782.8398012480917.IB24浙交投SCP006浙江省0.4010.9991.0280.032.14912.0375184290.SH22景陶债江西省4.91079.2479.243.56253.4667254488.SH24富阳D2浙江省0.9817.2395.8778.6402.2655114858.SH23瓯经01浙江省1.75078.5578.552.58042.4393254336.SH24淮交D1江苏省0.988.0585.7277.6702.3742012383358.IB23成都高新SCP003四川省0.12077772.12132.1396254451.SH24宁现02浙江省4.9811.0886.5175.4302.5574012480816.IB24国联SCP002江苏省0.2512.1987.2275.032.17952.0794115860.SH23德达02山东省4.36074.1974.192.91612.8146102480023.IB24华发集团MTN001广东省2.7116.5490.4573.912.83532.701184350.SH22长轨01湖南省8.0514.2386.7472.512.78513.1706102280753.IB22锡产业MTN001江苏省7.9815.0387.3372.32.93882.7538196663.SH21苏高F1江苏省2.26072.0872.082.74972.5971980103.IB19海城投债江苏省1.95071.9971.992.43772.3011780007.IB17滇投债云南省0.26071.2671.263.11073.1576资料来源：Qeubee，iFind,图表21：流动性得分降幅前二十主体-城投债主体名称主体评级区域申万行业一级分类债券存量(亿)到期量1Y内(亿)到期量3Y内(亿)上周流动性得分本周流动性得分流动性得分升幅西藏鲲泰建设集团有限公司AA西藏建筑装饰50551.311.34-49.97南京江宁旅游康养产业集团有限公司-江苏省综合100048.762.36-46.4云南省交通投资建设集团有限公司AAA云南省交通运输128.216132.976.6330.75-45.88博罗县产业投资集团有限公司AA+广东省房地产50048.424.39-44.03成都市武侯国有资本投资运营集团有限责任公司AAA四川省房地产27.50051.18.92-42.18武义县国有资本控股集团有限公司-浙江省综合20256.3114.36-41.95宝应县开发投资有限公司AA江苏省综合11.662.44.6651.5511.45-40.1南通市通州区惠通投资有限责任公司AA江苏省综合673524.868.6328.67-39.96象山县滨海投资有限公司AA浙江省建筑装饰95445.255.64-39.61新昌县交通投资集团有限公司AA浙江省建筑装饰150548.429.35-39.07贵州乌江能源集团有限责任公司AA+贵州省电力设备1001057.0918.66-38.43榆林市榆阳区国有资产运营有限公司AA+陕西省非银金融100049.7712.16-37.61三明市交通建设发展集团有限公司AA福建省交通运输2632354.6317.07-37.56安徽建工集团控股有限公司AA+安徽省建筑装饰50549.713.3-36.4杭州萧山钱江世纪城国有资产经营有限责任公司AAA浙江省房地产400051.7715.66-36.11常德市交通建设投资集团有限公司AA湖南省建筑装饰31.316.110.661.525.76-35.74怀化市城市发展集团有限公司-湖南省建筑装饰4.150050.0414.36-35.68芜湖市鸠江建设投资有限公司AA安徽省房地产16.64.74.754.6719.9-34.77无锡惠憬城市发展有限公司AA江苏省房地产18.786.112.6850.0415.66-34.38长治市财通投资控股集团有限公司AA+山西省商贸零售50549.4915.66-33.83资料来源：Qeubee，iFind,图表22：流动性得分降幅前二十债券-城投债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周188293.SH21路桥Y1福建省0.1890.710-90.712.23822.1455152429.SH20空港债陕西省2.9486.640-86.643.02332.88822380144.IB23汴微02河南省4.6894.658.1-86.553.2293.1195148586.SZ24福投02福建省4.7688.828.44-80.382.54732.43562280112.IB22景陶债江西省4.9179.240-79.243.56253.4667012480184.IB24泉州城建SCP001福建省0.4875.910-75.912.2212.1133102282171.IB22龙控MTN002江苏省1.4486.4811.12-75.362.75292.6192012480295.IB24淮安交通SCP001江苏省0.0989.3914.51-74.882.22982.1463012480344.IB24临沂城投SCP002山东省0.2688.7514.28-74.472.2432.1347102300467.IB23中原豫资MTN002河南省2.3873.210-73.212.52242.402101801253.IB18鄂联投MTN005B湖北省4.5471.020-71.023.08382.94172280070.IB22惠通停车债01重庆市4.8771.020-71.022.80912.6896253661.SH24宁现01浙江省4.7578.728.1-70.622.66022.5332012480304.IB24伊犁财通SCP001新疆0.5188.6918.31-70.382.3462.2375102381029.IB23鲲泰建设MTN001西藏2.0169.90-69.92.52522.4016127866.SHPR舟蓬01浙江省2.7869.470-69.472.74252.64162180036.IB21厦门轨道债01福建省1.8769.470-69.472.39522.2892184730.SH23孝感债湖北省5.9385.216.49-68.713.01932.8965102103348.IB21沧州港务MTN001河北省2.698415.42-68.582.73712.5981102280171.IB22高淳文化MTN001江苏省0.7667.860-67.862.38862.2711资料来源：Qeubee，iFind,六、二永债：国股行流动性升幅较大，农商行降幅较大二永债方面，流动性升幅前二十主要为国股行和城商行，降幅前二十主要为城商行和农商行。图表23：流动性得分升幅前二十债券-二永债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周2020052.IB20泸州银行二级01四川省6.45075.2675.263.40793.1471092280109.IB22中行二级资本债02B北京市13.5219.2686.6467.382.68622.54232380070.IB23建行二级资本债02B北京市14.5210.9572.8661.912.68972.541720007.IB17营口银行二级辽宁省2.8716.2574.1957.944.0883.97062228042.IB22农业银行二级02北京市13.1719.8377.3857.552.67882.5279092280132.IB22建行二级资本债02B北京市13.5510.8268.2857.462.68652.54232280008.IB22工行二级资本债05B北京市13.6710.8266.8756.052.68732.541920088.IB19秦皇岛银行二级01河北省5.6712.766.2353.533.723.45332228005.IB22工商银行二级02北京市12.7517.8369.5751.742.66052.51172128052.IB21工商银行二级03北京市12.6620.3469.5749.232.65562.50791928008.IB19农业银行二级03北京市9.9820.1168.7148.62.55062.3925232380079.IB23交行二级资本债01B上海市14.5810.7758.9548.182.68982.542228040.IB22建设银行二级02北京市13.1619.4866.2346.752.67842.52742020073.IB20泸州银行二级02四川省6.57046.1346.133.41963.1645092280029.IB22余杭农商行二级资本债02浙江省8.2713.1358.9545.822.89082.7842020097.IB20绍兴银行二级03浙江省6.6931.737644.272.63482.54422021014.IB20南昌农商二级01江西省6.0822.0566.2844.233.72163.87892128026.IB21建设银行二级02北京市12.3118.0458.9540.912.63862.52228025.IB22工商银行二级04北京市12.9919.1759.4840.312.67152.522020048.IB20北湾银行二级01广西6.3646.7282.2535.532.57882.5208资料来源：Qeubee，iFind,图表24：流动性得分降幅前二十债券-二永债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周2120057.IB21稠州银行永续债02浙江省2.1976.517.58-68.933.06322.8912092280103.IB22稠州商行二级资本债01浙江省8.4978.2513.58-64.673.08382.9756092280018.IB22海南银行永续债01海南省3.2555.4118.84-36.574.50184.35982120099.IB21哈尔滨银行永续债02黑龙江省2.5883.3348.66-34.674.40774.24832020056.IB20阜新银行二级01辽宁省6.4134.350-34.354.89354.7706242380035.IB23齐商银行永续债01山东省4.6581.4653.03-28.433.87453.6992220007.IB22厦门国际银行永续债01福建省2.7566.1837.86-28.322.74582.535232380020.IB23稠州商行二级资本债01浙江省9.0282.2154.81-27.43.18783.07572020054.IB20齐鲁银行永续债山东省1.4083.856.42-27.382.52852.38561928020.IB19交通银行二级02上海市10.3365.1637.86-27.32.57042.4295242380024.IB23北部湾银行永续债01广西壮族自治区4.5376.3649.91-26.453.29833.12621926002.IB19东亚银行二级01上海市0.02260-262.38892.35261820048.IB18葫芦岛银行二级01辽宁省4.3625.670-25.679.02078.89542120072.IB21江西银行永续债01江西省2.3579.254.45-24.752.8352.6751621049.IB16唐山农商二级河北省2.5921.850-21.854.06913.93872228035.IB22百信银行二级02北京市8.1450.0129.25-20.763.26693.1102092200015.IB22建德农商行二级资本债券01浙江省8.5231.7311.13-20.65.47715.37152121030.IB21张家港农商行永续债江苏省2.1731.9111.79-20.122.91032.73842120041.IB21桂林银行二级01广西7.0349.631.17-18.432.83832.7181资料来源：Qeubee，iFind,七、商金债：贵州、广西城商行债券流动性下降商金债方面，流动性升幅前二十主要为城商行和农商行，区域主要集中在浙江、广东和上海；降幅前二十主要为城商行和农商行，区域主要集中在浙江、广东和上海，贵州、广西城商行降幅较多。图表25：流动性得分升幅前二十债券-商金债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周2220041.IB22海峡银行小微债01福建省1.0816.6669.5752.912.31822.22142020006.IB20宁波银行小微债02浙江省0.8811.8862.0250.142.14842.08672220089.IB22浙商银行三农债浙江省1.6611.7153.6541.942.24212IB23日照银行小微债山东省2.3340.5581.3340.782.48072.3586092280006.IB2201发陕西省0.9433.8166.2332.422.38422.30622420001.IB24富滇银行三农债01云南省2.76031.1731.172.69192.55452121027.IB21萧山农商小微债浙江省0.2237.9866.6728.692.10542.0038292480003.IB24德银股份债01德国1.9857.2385.528.2702.51922420003.IB24昆仑银行小微债新疆2.7870.2388.3618.132.37372.28292121040.IB21长沙农商小微债01湖南省0.3970.2388.217.972.16822.0792326005.IB23富邦华一上海市2.0271.9389.8117.882.74132.62432320032.IB23通商银行02浙江省2.2775.2493.0817.842.47272.35122120098.IB21东莞银行02广东省0.5666.1882.8116.632.09572.0345222280001.IB22交行绿债02上海市1.6572.6787.0414.372.18932.083092280068.IB22大华中国债01上海市1.3558.7969.9611.172.55732.37212321020.IB23顺德农商小微债02广东省2.2480.0889.449.362.30822.22651920037.IB19青岛银行债02山东省0.0975.2484.519.271.99241.92652321028.IB23中山农商01广东省2.4082.5791.248.672.48872.3662221028.IB22瑞丰农商三农债01浙江省1.4476.3684.217.852.37772.26352320023.IB23上饶银行绿色债01江西省2.1681.2689.017.752.45882.3389资料来源：Qeubee，iFind,图表26：流动性得分降幅前二十债券-商金债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周2320018.IB23贵州银行三农债贵州省2.0969.4711.79-57.682.45022.33162220059.IB22柳州银行绿色债02广西1.2864.198.73-55.462.50042.38622126004.IB21华侨永亨中国02上海市0.5975.9137.86-38.052.29592.22052326011.IB23华商银行01广东省2.2743.148.74-34.42.47372.35212220043.IB22中原银行小微债01河南省1.1443.1410.63-32.512.23392.10522220015.IB22华兴银行小微债广东省0.8781.2649.25-32.012.41032.35081920062.IB19宁波银行小微债03浙江省0.4943.1412.35-30.792.06661.98892220068.IB22湖州银行绿色债浙江省1.5049.218.7-30.52.38342.26912226001.IB22南洋银行01上海市2.7737.987.58-30.42.53212.40822326004.IB23星展银行上海市1.9285.1457.35-27.792.48122.3931212380001.IB23湖南银行小微债01湖南省1.8383.5856.48-27.12.2772IB23杭州联合农商小微债02浙江省2.3380.3253.65-26.672.31782.23572321016.IB23昆山农商小微债江苏省2.1043.1419.63-23.512.45162.33282120081.IB21汉口银行小微债03湖北省0.4168.2645.51-22.752.17022.08152228030.IB22招商银行绿色金融债01广东省1.0791.2569.57-21.682.16172.05382328001.IB23建设银行绿色金融债北京市1.9393.275.97-17.232.20122.11482320005.IB23厦门国际银行三农债01福建省1.8788.4871.45-17.032.27862IB22农业银行绿色金融债01北京市1.5196.4281.46-14.962.18462.0672320014.IB23苏州银行绿色债江苏省1.9992.8880.27-12.612.28532.20022326003.IB23汇丰银行01上海市1.9284.6972.31-12.382.38112.2928资料来源：Qeubee，iFind,八、其他金融债：证券公司债保持较高活跃度非银方面，流动性升幅前二十均主要为融资租赁、金融类地方国企，AAA主体占比较高，升幅前二十债券发行人以券商为主；降幅前二十主要为融资租赁和金融类地方国企，降幅前二十债券发行人以券商为主。图表27：流动性得分升幅前二十主体-非银主体名称主体评级区域债券存量(亿)到期量1Y内(亿)到期量3Y内(亿)上周流动性得分本周流动性得分流动性得分升幅马上消费金融股份有限公司AAA重庆市101.2577.6313.2316.277457.73国家电网海外投资有限公司AAA香港100106.6556.1749.52广州市城发投资基金管理有限公司AAA广东省5056.5647.8941.33广东粤海资本集团有限公司-广东省14009.2147.8938.68吉致汽车金融有限公司-上海市406.08180.19161.018.5345.1336.6华远陆港资本运营有限公司-山西省2.502.525.3259.2433.92江西省财政投资集团有限公司AAA江西省1601628.3555.8227.47厦门建发新兴产业股权投资有限责任公司AA福建省2701130.5356.2925.76厦门资产管理有限公司AA+福建省14866.0831.7125.63深圳联合保理有限公司-广东省79.417.7752.0435.1260.3525.23国开金融有限责任公司AAA北京市500057.6182.5224.91中飞租融资租赁有限公司AAA天津市47.112.12344.367.1822.88深圳德远商业保理有限公司-广东省22.5120.3808.2230.0321.81上海国际信托有限公司-上海市70.831.533.525.6543.2617.61南通投资管理有限公司-江苏省3.503.50.6917.8117.12潍坊市政金控股集团有限公司AA山东省4000.8717.8116.94深圳市海润商业保理有限公司-广东省100108.924.7915.89苏州元禾控股股份有限公司AAA江苏省49.884.1817.762.9478.3315.39国投融资租赁有限公司AA+上海市55014.7828.9314.15杭银消费金融股份有限公司AAA浙江省39.2912.442554.5668.6414.08资料来源：Qeubee，iFind,图表28：流动性得分升幅前二十债券-其他金融债债券代码债券简称区域剩余期限（年）上周流动性得分本周流动性得分流动性得分升幅估值收益率（）上周本周072310231.IB23银河证券CP005北京市0.069.0581.0772.022.02741.94240385.SH23方正G7湖南省1.6517.4180.2762.862.44262.2943115436.SH23信达S2北京市0.0117.5678.5560.992.00451.97115520.SH23东海02江苏省2.1518.976.6857.782.64882.5098240089.SH23中泰02山东省2.508.9858.9549.972.43372.2985115624.SH23宁证C1江苏省2.2344.7993.3748.582.47232.3357149546.SZ21长江C2湖北省0.2310.4758.9548.482.18322.0835072310194.IB23华创证券CP004贵州省0.4020.5966.2345.642.21042.1212072310228.IB23华创证券CP006贵州省0.3616.7462.0245.282.19742.1115137768.SH22银河G4北京市1.3824.8666.2341.372.27342.11192422014.IB24建信金租债01北京市2.9857.3997.8840.4902.3025149972.SZ22东财03西藏自治区0.2218.6658.9540.292.06081.9717115721.SH23信投C5北京市1.2748.1788.4640.292.28192.1902115127.SZ23山证C3山西省2.4019.8259.6339.812.64532.5093115163.SH23东财01山东省0.8220.3159.6339.323.15112.1977148180.SZ23华股01四川省1.8120.8860.1439.262.35242.21137521.SH22国君Y1上海市3.2321.2360.4139.182.58322.4156240514.SH24中金C1北京市2.7521.5659.4937.932.50072.3503149857.SZ22东北01吉林省0.9321.0358.9537.922.34082.2337188494.SH21中航G1江西省0.3028.9266.7337.812.15572.0646资料来源：Qeubee，iFind,图表29：流动性得分降幅前二十主体-非银主体名称主体评级区域债券存量(亿)到期量1Y内(亿)到期量3Y内(亿)上周流动性得分本周流动性得分流动性得分升幅江西省鄱阳湖融资租赁有限公司-江西省13.2610.782.2348.7611.03-37.73中铁商业保理有限公司-广东省90.4962.9224.6960.2929.78-30.51山东省新动能基金管理有限公司AAA山东省600054.824.41-30.39农银国际(中国)投资有限公司AA+北京市3003052.7823.19-29.59成都益航资产管理有限公司AAA四川省25101063.634.17-29.43长城人寿保险股份有限公司AA+北京市24.34.3050.4