本报告尊龙凯时人生就博的版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 2024年07月23日 7月23日信用债异常成交跟踪 固定收益定期报告 根据wind数据，折价成交个券中，“20石首债”债券估值价格偏离幅度较大。净价上涨成交个券中，“21万科06”估值价格偏离程度靠前。净价上涨成交二永债中，“24建行二级资本债02b”估值价格偏离幅度较大；净价上涨成交商金债中，“24建行债01b”估值价格偏离幅度靠前。成交收益率高于10%的个券中，地产债排名靠前。 信用债估值收益变动主要分布在[-5,0)区间。非金信用债成交期限主要分布在2至3年，其中0.5年内期品种折价成交占比最高；二永债成交期限主要分布在4至5年，其中3至4年期品种折价成交占比最高。分行业看，通信行业债券平均估值价格偏离最大。 风险提示：统计出现遗漏，高估值个券出现信用风险。 证券研究报告 尹睿哲 分析师 sac执业证书编号：s1450523120003 yinrz@essence.com.cn 李豫泽 分析师 sac执业证书编号：s1450523120004 liyz9@essence.com.cn 998345848 固定收益定期报告 本报告尊龙凯时人生就博的版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 表1：折价成交跟踪 简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级行业成交规模（万元）20石首债2.48-0.1463.379.092.492.40aa-aa-城投63422滇度011.46-0.13104.828.423.343.25aa-aa 城投187821滨投031.38-0.11102.778.314.854.77a aa城投482524邯建024.77-0.10103.732.172.682.66aa(2)aa 城投206824日照024.98-0.10100.062.072.662.64aa(2)aa 城投399724濮阳044.75-0.10103.032.183.083.06aa(2)aa城投402624日照能源mtn0012.99-0.09100.112.992.292.26aa(2)aa 城投900024株国104.90-0.06101.941.252.642.63aaaa 医药生物202824株国124.92-0.06100.861.242.792.78aaaa 医药生物403023平顶发展ppn0021.05-0.05101.834.862.292.24aa(2)aa 城投202824平顶发展cp0010.93-0.0599.984.872.192.14aa(2)aa 城投1000219西苑010.17-0.02100.844.412.512.46aa-aa城投100823津城建mtn0010.85-0.02104.890.532.082.08aaaaa城投2308124远东租赁scp0080.43-0.0299.993.902.042.00aaaaa非银金融2400221兴化债0.16-0.01100.660.612.122.12aa(2)aa城投60423港投040.07-0.01100.235.912.122.06aa(2)aaa城投599523津投170.07-0.01100.310.832.032.02aaaaa城投1024皖能股mtn0014.83-0.01101.150.282.192.18aa aaa公用事业202121镇公030.07-0.01100.290.902.012.01aa(2)aa 城投200620兴化020.13-0.01100.530.742.122.11aa(2)aa城投105219新昌010.17-0.01100.720.522.122.12aa(2)aa 城投201423豫航空港ppn0050.09-0.01100.205.922.122.06aa(2)aaa城投200419东财030.06-0.0160.150.372.522.51aa-aa城投90423恒业040.16-0.01100.540.612.422.42aa(2)aa 城投301719广湖040.14-0.01100.530.692.122.11aa(2)aa城投10122鹤壁投资mtn0020.07-0.01100.260.642.622.61aa-aa城投302723津南城投cp0020.07-0.01100.260.852.122.11aa-aa 城投601522美晨010.25-0.01100.750.812.972.96aa-aa汽车40321安租021.47-0.01102.280.452.102.10aa aaa非银金融204519柯建010.14-0.01100.450.712.122.11aa(2)aa城投20119滨湖020.13-0.01100.440.732.122.11aa(2)aa 城投20119安国投0.24-0.01100.850.012.972.97aa(2)aa城投564823安租101.00-0.01101.570.562.052.05aa aaa非银金融132022榆神能源ppn0010.23-0.01100.770.112.372.37aa(2)aa城投240721磁湖高新ppn001b0.09-0.01100.270.922.322.31aa(2)aa城投1765621仁寿030.22-0.01100.680.172.172.17aa(2)aa城投299623桂金d40.23-0.01100.580.852.322.32aaaa 非银金融100622荥阳020.23-0.01100.700.102.222.22aa(2)aa城投400823潍坊d10.22-0.01100.650.172.122.12aa(2)aaa城投201621高淳经开mtn0030.11-0.01100.310.882.072.06aa(2)aa城投6018大幅折价个券成交跟踪 资料来源：wind，国投证券研究中心 固定收益定期报告 本报告尊龙凯时人生就博的版权属于国投证券股份有限公司，各项声明请参见报告尾页。 3 表2：净价上涨个券成交跟踪 简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级行业成交规模（万元）21万科062.011.4581.21-82.5215.0115.83aa aaa房地产127521万科041.821.4581.22-91.4016.4017.32aa aaa房地产40222万科071.271.4387.90-125.8314.4815.74aa aaa房地产50920万科081.311.4387.89-123.0014.9016.13aa aaa房地产166121金地041.711.2082.87-80.5016.5817.38bb aaa房地产89322万科062.961.1976.43-46.6613.9614.43aa aaa房地产22322万科042.871.1876.95-47.4413.7714.25aa aaa房地产23920万科060.911.0592.09-126.9813.6514.92aa aaa房地产946422万科050.960.9290.73-106.0214.1715.23aa aaa房地产81721万科021.500.9086.09-67.2214.9415.61aa aaa房地产63722万科mtn0051.430.9086.34-69.5414.1614.85aa aaa房地产388822万科mtn0041.400.9086.49-71.2114.3115.03aa aaa房地产171420金地011.220.8887.12-80.6516.3717.18bb aaa房地产4424京投k429.960.51101.32-2.492.632.65aaaaaa城投300024鲲鹏投资mtn00329.950.49101.49-2.502.872.90aaa-aaa非银金融804022万科022.610.4878.00-20.3114.2814.48aa aaa房地产282524鲁信039.970.43101.14-4.972.672.72aaa-aaa建筑装饰201422万科mtn0030.590.4193.70-68.8114.3515.04aa aaa房地产149324洛阳国晟mtn0019.990.41100.10-4.782.963.01aa(2)aaa建筑装饰1000024淄博城资mtn005b9.950.40101.38-4.772.963.01aa(2)aaa城投2008124淄博城资mtn004b9.920.40103.58-4.772.963.01aa(2)aaa城投412924诚通控股mtn010a19.710.38108.68-2.582.662.68aaa-aaa综合650024东部024.950.3699.85-7.912.502.58aa(2)aa 城投500724环发014.970.36100.53-7.922.702.78aa(2)aa 商贸零售100024潍水024.960.35100.26-7.933.643.72aa-aa 城投1953024周城发4.870.35102.05-7.872.742.82aa(2)aa 城投608824宁统014.960.35100.88-7.933.793.87aa-aa城投960123西岭f12.340.35106.54-16.142.572.74aa(2)aa城投52824信泰014.960.35101.80-7.934.044.12aa-aa城投13114pr凯宏债2.170.3443.40-31.958.678.99a-aa城投29824周城投4.750.34102.93-7.822.732.81aa(2)aa 城投307424鲁路桥mtn003(科创票据)9.920.34101.81-3.972.692.73aa aaa建筑装饰712024鲁路桥mtn0029.850.33104.11-3.952.692.73aa aaa建筑装饰1456224市中014.660.33105.96-8.003.533.61aa-aa城投421224潍坊水务mtn0014.640.33103.12-7.843.513.58aa-aa 城投307824潍滨014.660.33105.24-8.014.184.27aa-aa 城投380924乳山国运mtn0034.540.32103.25-7.833.703.78aa-aa城投103324悦达mtn0024.980.31100.45-6.792.822.89aaaaa房地产100024黄石产投ppn0014.910.30101.77-6.762.762.83aaaa 1508324川华西mtn0012.680.30102.36-11.712.572.69aaaa 城投18166大幅正偏离个券成交跟踪 资料来源：wind，国投证券研究中心 固定收益定期报告 本报告尊龙凯时人生就博的版权属于国投证券股份有限公司，各项声明请参见报告尾页。 4 表3：二永债成交跟踪 简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)