本报告j9九游会老哥俱乐部官网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22日 7月22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，“21枫桥债”债券估值价格偏离幅度较大。净价上涨成交个券中，“22万科06”估值价格偏离程度靠前。净价上涨成交二永债中，“24农行二级资本债02b”估值价格偏离幅度较大；净价上涨成交商金债中，“24长安银行绿债01”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4至5年期品种折价成交占比最高。分行业看，综合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 固定收益定期报告 本报告j9九游会老哥俱乐部官网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）21枫桥债4.00-19.8480.1718.352.212.03aaaa城投1843323荣成021.07-0.21102.7018.082.692.51aa(2)aa 城投101824寿光034.89-0.18101.244.123.523.48aa-aa 城投1588124蓝创014.66-0.18102.634.134.013.97aa-aa城投1411124岳建024.97-0.14100.213.072.472.44aaaa 城投300023沣东控股ppn0021.24-0.12104.697.902.502.42aa(2)aa 城投2092424冀中能源mtn011(科创票据)4.92-0.12100.682.733.593.56aaaaa煤炭201121滨投031.38-0.11102.896.864.774.70a aa城投400522沣控010.77-0.09102.328.732.492.40aa(2)aa 城投307424合川城投ppn0052.95-0.09100.333.032.512.48aa(2)aa 城投601723蓝创051.13-0.07104.583.303.103.06aa-aa城投1561123蓝创041.09-0.07104.423.333.093.06aa-aa城投1247523蓝创031.01-0.06104.123.443.093.06aa-aa城投82823蓝创020.91-0.06103.723.543.093.06aa-aa城投3123蓝创010.85-0.06103.383.593.093.06aa-aa城投54822沣控040.27-0.05100.798.492.422.34aa(2)aa 城投98621荣财鑫0.08-0.05100.1236.852.762.39aa(2)aa 城投1818121荣财鑫0.08-0.05100.1236.852.762.39aa(2)aa 城投10118pr信泰债0.28-0.0420.261.882.902.88a aa城投19019芜湖县建投债020.08-0.04100.391.862.011.99aa-aa城投641321遵旅030.40-0.04101.452.283.633.61a aa城投1019遵红020.41-0.04101.452.304.234.21a aa城投20320遵桥010.46-0.04101.382.224.094.07aaa 城投50019新宇010.17-0.03100.641.364.464.45aaa-城投5019遵投020.18-0.03100.661.533.663.65aa-aa 城投674417陕能030.38-0.03101.450.242.032.02aa aaa综合10121遵桥090.29-0.03100.881.904.054.03aaa 城投50523遵旅010.49-0.03101.321.943.653.63a aa城投34520高密030.38-0.03101.042.223.523.50a 城投20723红河032.26-0.03109.160.143.223.22aa-aa 城投73322中希020.11-0.03100.390.344.074.07aa-aa社会服务349822遵旅040.40-0.03101.052.283.633.61a aa城投80723纳兴012.24-0.03108.530.133.373.37aa-aa城投327722新蒲040.34-0.03100.902.084.013.99a aa 城投60622遵旅030.33-0.03100.902.033.613.59a aa城投103923桓台金海ppn0012.29-0.03108.090.153.083.08aa-aa城投214823晋宁债2.27-0.03108.150.143.673.67aa-aa城投226023阳安020.48-0.03101.610.202.432.43aaaa 非银金融10223弥工012.39-0.03108.060.153.793.79aa-aa城投130222遵旅020.25-0.03100.661.903.603.58a aa城投1155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j9九游会老哥俱乐部官网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）22万科062.961.5275.53-57.8314.4315.00aa aaa房地产21222万科042.871.5176.05-58.7514.2514.84aa aaa房地产10422万科022.621.4877.63-62.7414.4815.11aa aaa房地产258921万科062.011.3780.05-74.4015.8316.58aa aaa房地产73623万科mtn0041.961.3780.05-76.1215.6716.43aa aaa房地产152721万科041.831.3780.06-82.2617.3218.14aa aaa房地产22720万科040.821.3192.70-164.5813.1914.83aa aaa房地产150321万科021.501.0985.32-77.1915.6116.38aa aaa房地产239522万科mtn0051.431.0985.57-79.6714.8515.65aa aaa房地产254622万科mtn0041.401.0885.72-81.4915.0315.84aa aaa房地产220520万科060.910.5391.13-56.2914.9215.48aa aaa房地产259124京投k429.960.46100.81-2.252.652.67aaaaaa城投901824鲁信039.970.44100.71-5.152.722.77aaa-aaa建筑装饰200524渝富0229.880.44106.30-2.262.952.97aaaaaa城投1700524鲲鹏投资mtn00329.950.36100.99-1.842.902.92aaa-aaa非银金融201224洛阳国晟mtn0019.990.3699.70-4.153.013.05aa(2)aaa建筑装饰1601224诚通控股mtn013b29.840.35107.79-1.822.842.86aaa-aaa综合1073524锡产业mtn00629.880.35105.52-1.832.952.97aa aaa城投1366324诚通控股mtn011b29.740.35108.58-1.822.842.86aaa-aaa综合432524淄博城资mtn005b9.950.35100.97-4.153.013.05aa(2)aaa城投1604424长建019.890.34105.44-4.133.123.16aa(2)aa 城投211224沈阳地铁mtn0049.760.33104.94-4.093.063.10aa(2)aaa城投1045622万科mtn0020.570.3293.32-42.6815.4415.87aa aaa房地产187324亳建034.970.32100.21-6.962.632.70aa(2)aa城投601422万科mtn0010.520.3294.58-47.4714.0014.47aa aaa房地产188024商丘024.960.32100.90-6.962.632.70aa(2)aa 城投1709724洛晟034.890.31100.88-6.942.622.69aa(2)aaa建筑装饰201224越秀集团mtn005b19.930.31100.83-2.062.742.76aaaaaa房地产1103124周城发4.870.31101.69-6.942.822.89aa(2)aa 城投907220津投105.740.31106.99-6.162.892.95aaaaa城投3732624诚通控股mtn010a19.710.30108.27-2.062.682.70aaa-aaa综合864024诚通控股mtn005b19.540.30108.39-2.062.682.70aaa-aaa综合432124津城建mtn0256.950.30100.54-4.833.063.11aaaaa城投500924津城建mtn0276.970.30100.77-4.823.073.11aaaaa城投1200324城发044.790.29104.11-6.902.963.03aa(2)aa 城投622324津投196.900.29102.11-4.853.053.10aaaaa城投10161pr遵交旅4.620.2973.06-12.425.996.11a aa城投977424津投106.730.28105.73-4.933.033.08aaaaa城投841524景国资ppn001b4.630.28104.06-6.852.852.92aa(2)aa 城投207424寿光城控mtn0014.620.28104.77-6.803.313.38aa(2)aa 城投8381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j9九游会老哥俱乐部官网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)估值收益率(%)前一日估值收益率(%)隐含评级主体评级银行分类成交规模（万元）24农行二级资本债02b9.760.26101.04-3.082.