信用｜5Y以上信用债热度延续

内容目录信用走势化短端现较好 4市场从3-5Y向5Y蔓延 5机构为：金续保大规信用配置 7一级踪：业净融持续长 9风险示 14图表目录图1： 上周益率动况 4图2： 上周用利变情况 4图3： 信用收益走势 4图4： 信用差走势 4图5： 信用平均交期走势 5图6： 信用债比和值成占比 5图7： 各类用债交余期占比按金） 5图8： 各类用债交含评占比按金） 6图9： 2025年以信债收率历分位（%） 7图10： 2025年以信债利历史位数（%） 7图11： 保险构二市周度买入信债模 8图12： 保险级市周净买二永规模 8图13： 基金构二市周度买入信债模 8图14： 基金级市周净买二永规模 8图15： 理财级市周净买普信规模 9图16： 理财级市周净买二永规模 9图17： 各类用债度融资累计融资 9图18： 城投分区净资情况 10图19： 产业分行净资情况 11图20： 各类用债行限占（按额） 12图21： 各类用债标数占（按额） 13图22： 非金用债消行和迟发情况 13信用债走势分化，短端表现较好2YAAA3Y7Y47b、.7bp和3.8。1Y 2Y 3Y 4Y 5Y 7Y 10Y收益率变动单位：bp单位：bp利差变动(vs国开)1Y 2Y3Y4Y5Y7Y10Y--5.2-4.8-4.7-5.6-6.2-票据(AAA)-0.90.4-0.6-0.50.31Y 2Y 3Y 4Y 5Y 7Y 10Y收益率变动单位：bp单位：bp利差变动(vs国开)1Y 2Y3Y4Y5Y7Y10Y--5.2-4.8-4.7-5.6-6.2-票据(AAA)-0.90.4-0.6-0.50.3-4.7-中短期票据(AA+)-0.90.4-0.6-0.5-0.7-4.7-4.3中短期票据(AA)-0.90.4 -0.61.5-0.7-4.7-4.3中短期票据(AA-)-0.9-3.6-0.6-1.5-0.7企业债(AAA)2.31.9-1.2-2.1-0.7-4.7-1.7企业债(AA+)1.30.9-2.2-4.1 -3.7-4.7-1.7企业债(AA)0.21.9-0.2-5.1-3.7-4.7-1.7企业债(AA-)0.31.9-0.2-6.1-3.7-4.7-1.7城投债(AAA)-0.30.6 0.8-0.2-1.2-3.8-2.6城投债(AA+)-0.31.20.82.8-1.2-3.8-2.6城投债(AA)-0.30.7-0.7-2.7 -3.2-3.8-2.6城投债(AA(2))-0.32.10.3-2.2 -2.2-3.8-2.6城投债(AA-)-1.31.10.5-4.0-3.2-3.8-2.6银行二级债(AAA-)-0.62.2-0.0 0.21.2-1.1-3.4银行二级债(AA+)0.62.20.81.20.7-2.1-1.8银行二级债(AA)0.62.20.80.20.7-2.1-2.8级债(AA-)0.62.2-0.2-0.8 -0.3-2.1-银行永续债(AAA-)-0.11.40.01.0-0.1-1.1-3.6银行永续债(AA+)-0.10.4-1.0-0.0-1.1-2.1-4.6银行永续债(AA)-0.10.4-1.0--1.1-2.1-4.6银行永续债(AA-)-0.10.4-1.0-0.0-1.1-2.1-4.6国债-1.8-5.4-4.7-3.3-2.00.2-0.2国开债-3.0-1.8-0.2 -0.30.62.22.3地方债-3.0-7.0-5.0 -5.0 -5.0-4.0-4.0中短期票据(AAA)-3.9-1.3 -0.8 -0.9 0.9-2.5-1.0中短期票据(AA+)-3.9-1.3-0.9-0.9-0.1-2.5-2.0中短期票据(AA)-3.9-1.3-0.81.1-0.1-2.5-2.0中短期票据(AA-)-3.9-5.3-0.9-1.9-0.1企业债(AAA)-0.80.1-1.4-2.4-0.1-2.50.6企业债(AA+)-1.8-0.9-2.4-4.4-3.1-2.50.6企业债(AA)-2.80.1-0.4-5.4-3.1-2.50.6企业债(AA-)-2.70.1-0.4-6.4-3.1-2.50.6城投债(AAA)-3.3-1.20.5-0.5 -0.6-1.6-0.3城投债(AA+)-3.3-0.60.5 2.5-0.6-1.6-0.3城投债(AA)-3.3-1.1 -1.0-3.0 -2.6-1.6-0.3城投债(AA(2))-3.30.30.0-2.5-1.6-1.6-0.3城投债(AA-)-4.3-0.70.2-4.3-2.6-1.6-0.3银行二级债(AAA-)-3.60.4-0.2-0.11.81.1-1.1银行二级债(AA+)-2.40.40.60.91.30.10.5银行二-2.40.40.6-0.11.30.1-0.5银行二级债(AA-)-2.40.4-0.4-1.10.30.1-0.5银行永续债(AAA-)-3.1-0.4-0.20.70.51.1-1.3银行永续债(AA+)-3.1-1.4-1.2-0.3-0.50.1-2.3银行永续债(AA)-3.1-1.4-1.2-0.3-0.50.1-2.3银行永续债(AA-)-3.1-1.4-1.2-0.3-0.50.1-2.3，通券究所 ，通券究所图3：信用收益走势 图4：信用差走势，通券究所 ，通券究所2.654.2254和.之后，13%和4。图5：信用平均交期走势 图6：信用债比和值成占比 ，通券究所 单：年 ，通券究所 单：%3-5Y5Y首先，从成交金额来看，近两周信用债尤其是产业债和二永债市场成交规模较前期明显上升，信用债市场继续火热。45Y5Y3%，31%-2%5Y以上和1，较33。当3-Y5Y图7：各类信用债成交剩余期限占比（按金额）城投债城投债产业债二永债其他金融债起始日期 结束日期成交金额(0，1](1，3](3，5]成交金额(0，1](1，3](3，5]＞5成交金额(0，1](1，3](3，5]2026/1/42026/1/112026/1/122026/1/182026/1/192026/1/252026/1/262026/2/12026/2/2 2026/2/82026/22026/22026/3/22026/3/92026/3/162026/3/232026/3/302026/4/62026/4/132026/4/20（亿元）453932%40%27%508027%44%27%504328%41%28%482029%40%29%445527%40%31%424627%40%30%271428%41%30%469628%40%30%455726%42%30%494827%43%29%490927%41%30%459926%39%32%353826%39%32%453726%41%31%488627%42%28%＞51%1%2%2%1%2%1%2%2%1%2%2%2%2%3%（亿元）396848%35%13%423938%45%14%488641%41%13%451439%40%14%426337%43%14%451035%41%17%247939%40%16%2026/3/82026/3/152026/3/222026/3/292026/4/52026/4/122026/4/192026/4/264463434848524736443439274899584338%38%37%40%39%39%39%38%43%44%42%40%40%44%42%41%14%13%17%14%16%13%13%14%（亿元）4% 4% 5% 7% 6% 8% 5% 5% 5% 4% 5% 5% 4%7%7%5126.04774.613%20%60%12%22%56%10%15%66%12%20%53%10%24%49%11%21%56%12%22%59%10%22%61%11%21%61%11%19%64%17%23%55%17%19%55%15%18%56%9% 16%64%8% 13%67%＞58%11%10%14%16%11%6%7%8%6%6%9%11%12%11%成交金额(0，1](1，3](3，5]＞5（亿元17661861208922661953216410361764186422741834172113961739183438%56% 6% 0%31%58%10%0%31%51%17%1%34%52%14%1%35%53%12%0%41%45%14%0%34%58% 8% 0%26%62%11%1%34%57% 8% 1%34%54%12%1%38%49%14%0%39%43%17%0%37%51%12%0%38%51%10%0%35%55%10%0%，财通证券研究所AAA2pctAAAAAA8pct。图8：各类信用债成交隐含评级占比（按金额）起始日期结束日期城投债产业债二永债其他金融债AAAAA+AAAA(2)AA-及以下AAAAA+AAAA-及以下AAAAA+AAAA-及以下AAAAA+AAAA-及以下2026/1/42026/1/117%17%21%39%38%38%16%50%21% 21%5%5%4%4%4%4%72%20%24%5%4%3%3%78%73%69%73%70%74%74%72%73%74%70%69%73%74%16%19%21%17%21%19%17%19%18%17%18%22%19%19%19%5%1%2026/1/122026/1/188%9%8%8%14%25%25%25%25%26%26%25%24%25%26%26%15%45%46%22%23%21%23%25%24%25%23%24%23%25%25%26%25%24%24%22%24%26%26%28%26%66%7%8%6%7%8%6%6%7%8%9%8%2%2026/1/192026/1/2515%14%14%60%29%25%21%23%26%28%2%2026/1/262026/2/117%16%18%37%36%48%47%46%67%69%67%65%2%1%2026/2/22026/2/814%3%1%2%2%2026/2/92026/2/1510%34%13%2%5%2026/2/232026/3/17%8%8%7%8%7%15%37%35%35%36%35%15%15%15%15%14%14%45%44%45%43%43%44%44%44%6%3%4%7%6%2026/3/2 2026/3/817%17%17%17%18%16%18%4%4%5%5%4%5%5%4%62%3%2026/3/92026/3/1568%66%66%68%23%23%24%23%5%4%7%2%2026/3/162026/3/228%6%3%4%3%6%3%2026/3/232026/3/297%5%2026/3/302026/4/535%5%6%3%2026/4/62026/4/128%24%37%15%26%23%73%20%5%2%5%4%2026/4/132026/4/198%26%26%34%14%23%22%26%24%61%33%4%4%2%1%4%2%2026/4/202026/4/2610%20%32%12%48%69%26%72%8%2%，财通证券研究所当前7Y△EVE2025从信用利差来看，短端以及高等级信用债利差经过调整后反而具有较大的压缩空间。而中长端低等级信用债利差压降空间反而较低。结合收益率和利差来看，长久期高等级银行二永债当前交易拥挤度相对较小，收益率和利差下行空间较大，在二季度确定性相对更高。而非金信用债里面，建议关注中长久期高等级债券以及短端后续利差进一步压缩的可能性，只要利率不是趋势反转，信用的下行趋势也不会结束。图9：2025年以信债收率历分位（%） 图10：2025年以信债利历史位数（%）1Y2Y3Y1Y2Y3Y5Y7Y10Y中短期票据AAA+02.172.173.7223.5332.82AAA02.482.486.522.9132.82AAA-00.310.312.1717.3423.53AA+00.310.311.2412.3821.36AA00.310.311.246.8119.5AA-00.310.311.24城投AAA01.864.020.939.2935.6AA+02.793.14.025.2633.13AA01.860.930.3116.7238.08AA(2)03.413.410.318.0547.99AA-00.621.2404.0231.27银行二级资本债AAA-03.414.9536.5340.2544.58AA+02.176.1927.8637.4643.34AA02.172.486.8121.3632.51AA-02.171.241.5518.8924.15银行永续债AAA-02.483.4125.0835.9145.82AA+01.243.7220.1235.647.37AA00.620.623.4119.8133.44AA-00.620.621.241.8613.311Y2Y3Y5Y7Y中短期票据AAA+43.0314.8625.0820.4AAA34.0626.6318.5822.297.74AAA-30.9618.2717.0318.270.93AA+27.2412.3814.866.812.79AA20.435.262.178.0510.22AA-20.740.316.813.413.41城投AAA41.1823.8431.2719.810.31AA+33.7516.120.7419.810AA26.016.814.957.127.12AA(2)20.7411.463.72010.84AA-10.539.913.4102.48银行二级资本债AAA-37.1534.6738.0839.3246.13AA+37.7727.2445.5119.8142.41AA35.9135.629.413.416.81AA-9.617.9621.982.480.93银行永续债AAA-36.5322.9126.0112.0738.7AA+38.0823.2224.467.7442.11AA37.1513.9317.341.8611.76AA-19.819.295.571.861.24，通券究所 注数至2026-04-24 ，通券究所 注数至2026-04-24基于以上分析，当前短端已然拥挤，市场逐步由3-5Y转向5Y及以上，且从收益率和利差的角度来看，中长久期仍有一定的下行空间，建议关注中长久期高等级非金信用债和5Y及以上中高等级二永债，寻找拥挤度较弱的方向，等待市场收益率进一步下行。机构行为：基金继续保持大规模信用债配置4.04.43745Y855-10Y图11： 保险构二市周度买入信债模 图12：保险级市周净买入二永规模，通券究所 位亿元 ，通券究所 位亿元基金大幅增加普信债买入力度，上周合计净买入规模757.11亿元，环比增长35%Y35.5-Y4.2%。图13：基金构二市周度买入信债模 图14：基金级市周净买入二永规模，通券究所 位亿元 ，通券究所 位亿元.1Y39Y图15：理财级市周净买入普信规模 图16：理财级市周净买入二永规模，通券究所 单：元 ，通券究所 单：元一级跟踪：产业债净融资持续增长4.-.412.51.215-48图17：各类信用债周度净融资及累计净融资6612.7618.69043.4.-682.34.829-1737.95.012411833.6314.211884.02.5-122026-04-202026-04-26-387.576.0-11492.9.076010519.4700.22006.5.52072026-04-132026-04-19788.53.5-15-267.1.08909819.2775.81799.19972026-04-062026-04-12942.032.0-10-1157.12.0-111701.27.0-12026-03-302026-04-051974.08.839--1045.12.0-398424.8713.41878.2.34032026-03-232026-03-292372.84.510-653.17.0-177711.4133.511474.9.4-812026-03-162026-03-222268.3018-476.100.6577.9880.71556.3.02162026-03-092026-03-152086.35.4-1-476.100.5697.21.7531340.4.93492026-03-022026-03-082101.76.047--476.1.0-135165.5660.9-990.56.5-1172026-02-232026-03-012577.700.-463.100.5826.40.02167.000.-2220262577.77.5-14-463.1.5-415826.48.2492167.0.74002026-02-092026-02-152725.26.268-421.66-6.5328.2301.611766.3.99662026-02-022026-02-082039.01.081-415.000.4026.6164.91799.4.95142026-01-262026-02-011228.00.274-415.05.0-412861.8266.51284.47.9-22026-01-192026-01-25487.81.8540.000.1595.27.446502.40.7-22026-01-122026-01-18-54.04.0-50.000.1127.8958.2763.1.88282026-01-052026-01-11本年累积净融资净融资本年累积净融资净融资本年累积净融资净融资本年累积净融资净融资其他金融债（亿元）二永债（亿元）产业债（亿元）城投债（亿元）截止日期起始日期，财通证券研究所（12、321（08-43亿元-1.8-.2。资（截至周末）资（截至周末）变动本周较上周本年累积净融2025.12 2026.01 2026.02 2026.03 3.30~4.5 4.6~4.124.13~4.194.20~4.26地区（亿元）山东省1049.3150.3107.255.0(66.4)39.241.257.916.7200.8福建省114.8(16.6)(8.5)(50.6)(18.6)(18.7)12.452.139.72.4上海2.7(5.5)(7.2)(27.7)4.0(35.0)(24.5)38.062.5(49.2)河南省207.412.74.631.37.2(27.5)(58.1)26.584.6(7.6)贵州省(126.1)(9.5)(3.9)18.531.60.08.022.914.976.2吉林省(24.9)5.015.09.55.00.020.010.0(10.0)49.5西藏自治区(20.0)0.00.00.00.00.010.09.5(0.5)19.5江西省(16.1)(13.4)29.6(8.7)(41.0)24.033.58.2(25.3)42.6辽宁省76.95.05.025.00.00.00.07.57.532.5湖北省70.9(14.3)(79.4)(163.6)(28.9)7.1(7.9)7.115.0(144.3)宁夏回族自治区28.05.012.02.00.05.00.05.05.012.0山西省72.7(1.1)(17.9)18.1(11.0)(5.0)1.04.03.013.1新疆维吾尔自治区122.25.812.628.215.013.03.42.5(0.9)57.1北京142.871.053.0122.110.03.28.82.0(6.8)151.1甘肃省95.4(17.5)(14.5)(14.5)0.0(10.0)0.00.00.0(24.5)海南省62.60.00.00.00.00.012.00.0(12.0)12.0黑龙江省(47.8)0.00.0(0.2)0.00.00.00.00.0(0.2)内蒙古自治区24.00.00.020.04.00.00.00.00.024.0青海省(2.1)0.00.00.00.00.00.00.00.00.040.6(75.6)(83.4)25.331.115.04.6(1.3)(5.9)43.5广西壮族自治区111.0(26.0)4.114.2(6.4)3.08.5(2.0)(10.5)19.7云南省186.8(17.6)20.591.7(9.4)12.8(9.7)(9.2)0.577.3重庆(272.4)(64.4)(73.6)(26.3)(17.2)1.5(18.7)(15.1)3.6(71.8)湖南省(588.1)(45.4)(20.7)(10.0)12.4(7.0)(12.6)(15.4)(2.8)(19.6)河北省218.468.018.48.010.043.638.4(15.6)(54.0)84.4浙江省295.3304.4322.8327.6(46.0)16.241.9(30.8)(72.7)342.1安徽省(49.0)111.0138.8136.23.65.7(32.8)(32.6)0.271.9四川省173.657.564.210.1(50.7)10.950.8(38.5)(89.3)40.7陕西省130.5(2.0)19.063.95.83.933.0(39.0)(72.0)61.8广东省1096.286.9169.0445.812.536.0116.9(64.0)(180.9)601.2江苏省(680.7)225.6303.8355.7(33.7)(39.0)(72.6)(112.2)(39.6)165.6，财通证券研究所产业债分行业看，截至上周末今年净融资规模前三行业为：公用事业、综合、建筑装饰。本年累积净融资（截至周末）本周较2025.122026.01本年累积净融资（截至周末）本周较2025.122026.012026.022026.03 3.30~4.5 4.6~4.124.13~4.194.20~4.26上周变动行业（亿元）公用事业 1526.9 1070.6 8.5 613.0 63.0 159.6 97.4行业（亿元）商业贸易 207.4 256.9 138.0 213.2 18.0 59.0 (11.9)房地产 (150.7) 17.2 (60.0) (102.4) (134.7) 23.4 3.8建筑装饰 (423.8) 537.5 172.9 292.4 112.9 20.8 90.4钢铁 (42.0) (11.0) 49.0 3.8 33.8 33.3 (15.0)电子 40.7 17.0 (12.0) 钢铁 (42.0) (11.0) 49.0 3.8 33.8 33.3 (15.0)机械设备 (118.0) 15.0 55.0 85.7 4.2 0.0 37.0国防军工 4.0 0.0 20.0 24.0 24.0 1.0 (4.0)通信 (228.0) 110.0 16.0 (82.0) (30.0) 21.0 (20.0)采掘 220.0 78.0 30.0 121.6 10.0 40.0 电气设备 (14.7) 35.0 71.0 74.7 14.0 2.0 化工 (63.2) 255.7 73.0 158.3 3.0 15.5 (35.3)汽车 (88.0) 20.0 (40.0) 150.5 35.5 (30.0) 13.0食品饮料 (339.5) 402.4 (14.0) (409.4) 489.0 (5.0) (7.5)计 11.0 (10.0) (3.9) 0.0 5.0 10.0农林牧渔 (35.5) 18.0 63.1 7.0 50.0 5.0 10.0医药生物 5.0 56.7 (6.7) 57.3 13.0 52.5 37.2交通运输 268.0 (181.9) 92.7 345.8 10.5 61.0 93.5家用电器 10.0 (15.0) 0.0 (4.0) 0.0 0.0 0.0轻工制造 1.0 0.0 0.0 0.0 0.0 0.0 0.0纺织服装 (3.5) (3.2) (8.0) 纺织服装 (3.5) (3.2) (8.0) 10.0 (1.0) 0.0 3.0休闲服务 (31.8) 32.0 10.0 19.2 (29.0) 10.0 27.0传媒 0.0 18.0 13.0 (2.0) (8.0) 16.2 (1.0)建筑材料 (1.5) 39.0 0.0 90.0 (10.0) 2.0 13.0综合 418.9 396.2 183.2 447.0 8.3 134.1 163.2非银金融 488.2 246.2 2.6 240.3 42.0 89.5 (17.2)有色金属 (104.5) 198.5 13.0 79.0 (8.0) (20.0) 非银金融 488.2 246.2 2.6 240.3 42.0 89.5 (17.2)，财通证券研究所

821.2民企国企140.4民企国企83.871.659.457.053.040.035.032.029.024.223.021.015.011.08.07.40.00.00.0(2.0)(18.0)(27.0)(41.0)(53.0)(61.0)(129.0)

723.8152.380.0(18.8)48.472.016.044.055.040.032.259.510.028.55.01.0(29.2)(86.1)0.00.00.0(5.0)(45.0)(26.0)(54.0)(216.2)(96.5)(111.8)

2813.1804.339.21266.726.0200.6245.9100.036.0303.6101.0385.6145.073.59.1137.5133.5397.0(19.0)0.00.00.086.29.296.01353.5242.5490.7

5.02.3-113.03.027.6-23.54.01.05.00.0115.570.8-20.04.018.023.671.437.50.00.00.0-0.20.00.00.0-1.8-8.0-20.23.573Y23年,5Y。.............................日期城投债产业债二永债其他金融债(0，1](1，3](3，5]＞5（年）(0，1](1，3](3，5]＞5（年(0，1](1，3](3，5]＞5（年）(0，1](1，3](3，5]＞5加权平均期限（年）2024-010%2%2.6663%26%6%4%18130%51%16%3%4%2.742024-015%6%5%6%5%6%2.9752%30%9% 9%2540% 0%0% 0%0% 0%50% 50%7.5018%68%11%11%2.982024-0323%46%46%25%3.3142%35%16%7%284100%0%5.0011%77%74%81%2%3.032024-0420%28%3.5444%46%30%12% 13%3.6075%25%6.2519%17%8%0%0%0%0%2.672024-0523%22%42%30%3.5226%16%12%3.520%65%0%0%4.312%2.612024-0633%40%3.8436%30%20%14%16%4.410% 0%0% 0%100%5.0038%46%16%2.382024-0720%20%26%24%44%46%45%10%10%4.3043%20%21%3.9690%10%6%5.5022%55%24%2.912024-084.3027%35%33%35%26%25%12%3.950%75%4.9514%73%13%1%3.012024-0921%29%5%3.8533%8%3550% 0%0% 0%100%100%0%0%0%5.0020%60%19%0%0%0%0%2.862024-1027%51%21%1%3%2%2.8340%21%21%4%2855.0048% 48%4%1.782024-1120%55%22%3.0933%40%41%7%3380%0%17%15%83%81%4.6541%52%8%2.062024-1224%23%23%47%27%3.17536%19%4%2804%4.9336%48%17%2.292025-0135%36%38%5%5%3.541%24%17% 18%3160% 0%0% 0%0% 0%0% 0%0% 0%100%100%100%100%100%0%0%0%0%0%5.0020%18%57%22%1%2.992025-0235%31%33%3.4735%33%38%18%9%3445.0069%13%0%0%1%0%0%0%1%0%0%0%0%0%0%0%0%2.802025-0320%19%46%3%3.3143%13%10%3095.0026%60%14%2.502025-0443%41%5%3.5432%37%36%38%17%14%3525.0018%77%78%4%2.652025-0516%17%17%40%42%40%2%3.7239%14%11%3265.0012%9%2.852025-0637%36%38%5%3.7830%17%14%3.760%21%26%63%66%16%8%9%21%5.3719%68%13%2.782025-077%3.9339%35%19%7%3010%0%4.8936%53%10%2.312025-0823%35%4%3%1%3%1%3%2%3.4434%45%17%18%4%27148% 43%4.4955%38%6%1.712025-0918%47%32%3.3637% 39%6%5%3050% 0%79%85%86%6.0527%29%64%62%65%9%9%2.332025-1022%51%25%3.0438%43%13%2370%0%0%15%11%0%4.702.102025-1119%47%31%30%3.3930%40%19%11%3042%4.9021%26%14%2.682025-1224%45%2.9942%58%37%10%11%25710%88%2%4.9162%12%2.502026-0117%44%37%3.5326%12%4%19739%46%15%2.072026-0222%42%35%35%3.3139%41%40%19%0%2%23034%54%12%2.202026-0316%17%45%3%3%3.4337%9%27625%48%47%24%2.822026-0443%37%3.5738% 38%13%10%3000% 6%91% 3%5.0335%18%2.49，财通证券研究所37%；337%。城投债产业债二永债城投债产业债二永债其他金融债日期 1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比2024-112% 6% 11%28%52%2024-123% 6% 11%31%49%2025-017% 8% 15%34%36%98%97%93%18%15%16%24%15%32%15%20%18%15%24%18%28% 82% 0% 0% 11%67%22%100% 0% 0% 12%32%56%100%27% 85% 0% 0% 10%70%20%100% 0% 0% 15%19%65%100%16% 68% 0% 0% 0% 0% 65%35%100%2026-041% 2% 5% 22%71% 99% 6% 14%14%30%37% 94% 0% 0%20%40%40%100% 0% 0% 0% 7% 93%100%2024-0613%2%6%24%56%87%38%4%6%17%36%62%0%0%7%40%53%100%0%0%0%9%91%100%2024-077%1%6%22%64%93%32%5%8%18%37%68%0%0%9%45%45%100%0%0%7%26%67%100%2024-085%6%12%32%44