高估值成交地产债中，“22杨浦科创MTN001”债券估值价格偏离幅度较大。高估值成交AA城投债（主体评级）中，“21新余01”估值价格偏离程度最大。净价跌幅占比靠前50只个券中，“21新余01”估值价格偏离幅度最大。净价上涨幅度靠前50只个券中，“14豫铁投MTN001”估值价格偏离幅度最大。
　　风险提示：统计出现遗漏，高估值个券出现信用风险

研究报告全文：证券研究报告固定收益研究2023年1月15日4张表看信用债涨跌19-113债券市场定期报告信用市场周度跟踪高估值成交地产债中22杨浦科创MTN001债券估值价格偏离幅度较大高估值成交AA城投债主体评级中21新余01估值价格偏离程度最大净价跌幅占比靠前50只个券中21新余01估值价格偏离幅度最大净价上涨幅度靠前50只个券中14豫铁投MTN001估值价格偏离幅度最大风险提示统计出现遗漏高估值个券出现信用风险尹睿哲S1090518110001yinruizhecmschinacomcn李豫泽S1090518080001liyuzecmschinacomcn敬请阅读末页的重要说明固定收益研究表1高估值成交地产债明细估值收益估值价格成交收益债项主体评债券名称剩余期限年成交净价率偏离票面利率成交日期偏离率评级级bp22杨浦科创257Y-0109707433417295AAAA2023111MTN00122金茂MTN002247Y-0069883265390340AA202319资料来源qeubee招商证券表2高估值成交AA城投债主体评级明细估值收益剩余期限估值价格成交净价成交收益票面利率债项主体债券名称率偏离成交日期年偏离元率评级评级bp21新余01104Y-080100027910570574AA202311120太湖03318D2Y-062100876822517630AA202311020宿新01184D2Y-048100469422535650AA202311220景德城投305D-03899155015630528AAAA2023111MTN002G20洞庭2101Y1Y-030100982883545650AA202311320融盛02282D-027100653296503600AAAA202311121温投01156Y-02699041693440377AA20231922宜春创业170Y1Y-02297461410590430AAAA2023110MTN00221岚交02322D-021100172242495520AA202311322浏水01203Y-02097881036502390AA202311021凤新01116Y-018100301475430460AAAA202311121榕城04185Y2Y-0179951937372345AA202311322天心城投259Y2Y-0179612719460298AA2023110MTN00221蜀道投资382Y-0159954439373360AA2023110MTN00320枝金03226D2Y-014100291973535598AAAAA202311020沛县城投156D-014100153379450500AAAA2023113MTN00120涪交0257D2Y-01399958646545550AAAA202311321信阳华信193Y2Y-0139844727456370AAAAA2023110MTN00121临建01153Y-0129932801440395AA202311321梁溪经发185Y-0119910654488437AAAA2023111PPN00419鹰潭投资117Y-01199251010482415AAAA2023111MTN00120扬州化工76D-010100263987495650AA2023113PPN00122新津国资225Y2Y-0109796511578480AAAAA2023112MTN00121九华山122Y-00910143699356480AAAAA2023112MTN00120淮高01164D2Y-008100112685600650AAAA20231920扬教01175D-007100411021350450AAAAA202311320桃花源76D2Y-007100172500580700AAAAA2023113MTN00119金华融盛110Y-00510057474465520AAAA2023112MTN00122泰兴D1146D-00599001211640400A-1AA202311220扬交01105D2Y-00410009868350397AAAA2023112资料来源qeubee招商证券敬请阅读末页的重要说明2固定收益研究表3净价跌幅占比靠前50只个券票面利剩余期限估值价格偏成交净价估值收益率成交收益债项主体债券名称率成交日期年离元偏离bp率评级评级21新余01104Y-080100027910570574AA202311122龙建01271Y2Y-07997093099385270AAAA202311321汉江03372Y2Y-074100282164400409AAAAAA202311120太湖03318D2Y-062100876822517630AA202311022杭开01261Y-06096152505480320AA202311322闽高速938Y-0569998713370370AAA2023113MTN01022泰州城投191Y-055100173022410420AAA202319PPN00222南武01257Y-05595562298533345A202311121润铜02147Y2Y-04999753431530515AAAA20231920宿新01184D2Y-048100469422535650AA202311222锡建G2977Y-0449698544420382AAAAAA202311322河钢集270Y-04496531788500360AAAAAA2023111MTN01222芜湖02235Y2Y-04497871963409313AA202311022新际03411Y-04299681089355347AAA202311122河钢集270Y-04196651663495360AAAAAA2023110MTN01220景德城投305D-03899155015630528AAAA2023111MTN00221高科01129Y2Y-038100702910386445AAAA202311221苏城01328Y-037101291163335378AAAAAA202311322闽高速925Y-03610061466367375AAA2023113MTN00422盐城资产222Y-03499011624420373AAA2023111MTN00121广铁02329Y-03110151966330380AAAAAA202311121南司01153Y2Y-031100532014460500AAAA2023111G20洞庭2101Y1Y-030100982883545650AA202311322沪国03463Y-0309750691350291AAA202311122中节能416Y-0299984774369365AAAAAA2023111MTN00222鄂科投债01463Y10Y-0299497710440318AAAAAA202311221青岛城投364Y-0299909865400373AAAAAA2023110MTN00421苏沙钢151Y-02798161968523395AAA2023110MTN00320融盛02282D-027100653296503600AAAA202311121蓉城轨交361Y-0279992801342340AAAAAA202319MTN00322平阳01245Y2Y-02796431168526368A202311121海控01176Y2Y-02699731510385370AAAAAA202311020青城02276Y3Y-02610087959385420AAAAAA202311221温投01156Y-02699041693440377AA20231921岸资01187Y2Y-02699011399390335AAAA202311222闽港口债01960Y-0259864319387370AAAAAA202311020金坛06336D2Y-025101022573480600AAAA202311221天宁债356Y2Y-0259860925470419AAAA202311117青城02280Y-0249734918418316AA202311122昆明交通99D-02399249505610330AAA202319SCP004敬请阅读末页的重要说明3固定收益研究22中化股454Y-0239871567355324AAA2023110MTN00720德达城建216D2Y-02399823916420396AAAA2023113MTN00222中化股240Y-02398591021330268AAA2023113MTN00322杭金投278Y-0229786873373291AAA2023111MTN00221华发集团128Y2Y-02299181874495429AAAAAA202319MTN00422济南城建447Y-0229865548382349AA2023110MTN00322闽能源267Y-0229870866310259AAA2023110MTN00322宜春创业170Y1Y-02297461410590430AAAA2023110MTN00221岚交02322D-021100172242495520AA202311320山煤PPN004223D-021101602910350630AAA2023113资料来源qeubee招商证券敬请阅读末页的重要说明4固定收益研究表4净价上涨幅度靠前50只个券票面利估值价格成交净价估值收益率成交收益债项主体债券名称剩余期限年率成交日期偏离元偏离bp率评级评级14豫铁投MTN001686Y06310260-1095445490AAAAAA20231922外资02295Y2Y03210088-1211403436AAA20231920姜交01123Y1Y0319915-2740650580AAAA202311322两江01418Y02910048-778360373AAAAAA20231922常熟城投461Y0259579-583418316AA-202319MTN002B21泗阳01104Y02410060-2588438500AAAAA20231922晋能煤业241Y0249868-1018432374AAA202319MTN01022江北建投199Y0239900-1181370317A202319MTN00122渝高01465Y0239742-545371310AAAAAA202311322武汉生态478Y0219639-469430345AA202319MTN00322上饶投资463Y0219437-490535395AAA2023112MTN00221金港MTN003157Y0209906-1315420358AAAA20231922龙海01145Y0209842-1425510396A-202319甬交投02798Y01910146-303403425AAAAAA202311320吉凤01293D4Y01810039-2546520579AAAAA202311022重庆交投451Y0169864-385372339AA202319MTN00321芜湖建设118Y01610057-1430348399AAAA202319MTN00121南方06358Y0169955-501356343AAAAAA202311122泉州水务218Y0159948-692353328AAAA202319MTN00122临专01467Y2Y0159633-393433333AAAAA202319G22宁沪1279Y0149854-552313258AAAAAA202319G20桐庐2298D7Y01410002-2034540550AA20231921恒澄建设140Y0149994-1025461458A-202319PPN00122首钢02281Y2Y0149769-512376288AAAAAA202311222江苏广电263Y0139902-503328289AA202319MTN001科创票据22亦庄控股419Y0139991-334370368AA2023113MTN00121沛兴01193Y0139930-754485447AAAAA20231922太仓水务281Y0129614-439459310A2023110MTN00121溧城02143Y2Y0129943-936439399A-20231921望源开发121Y2Y01210117-1068446550AAAA2023110MTN00120宜国03256Y01210127-544346400AAAAAA202311220合肥产投230Y0119968-517364350AAAAAA202319MTN00122粤桥01483Y5Y0119776-272356305AAAAAA202311023申迪MTN001299Y0119955-393356340AAAAAA202311321厦门火炬147Y01110026-800408428A202319MTN00121华远陆港189Y2Y0119926-591441400AAAAAA202319MTN00122国盛MTN004477Y0119727-236343280AAA202311320昆高新债426Y0119976-512400389AAAA202319敬请阅读末页的重要说明5固定收益研究20青岛城投226Y0119941-483356329AAAAAA2023111MTN00321盐港02365Y0109977-339356350AAAAAA202311022晋能煤业238Y0109852-438440374AAAAAA2023113MTN00822东南资产259Y0109743-405395289AA2023110MTN00222洪山城投225Y0109774-436447340A202319MTN00122青岛国信465Y0109715-230400332AAAAAA202319MTN00321天恒置业148Y2Y0109929-656427378AAAA202319MTN00121滁州城投122Y2Y01010055-867345393AAAA202319MTN00122鲁西化工262Y2Y0109759-375378280AAAAAA2023112MTN00121温州铁投债02144Y12Y0109985-697350340AAAAAA202311122华宇投资85D0109963-3717557400AA2023112SCP00322惠交债282Y2Y0109723-350383278AAAA202319资料来源qeubee招商证券敬请阅读末页的重要说明6固定收益研究分析师承诺负责本研究报告的每一位证券分析师在此申明本报告清晰准确地反映了分析师本人的研究观点本人薪酬的任何部分过去不曾与现在不与未来也将不会与本报告中的具体推荐或观点直接或间接相关尹睿哲中国人民大学金融学博士研究生IMI国际货币研究所研究员2018年加入招商证券现任招商证券研发中心首席债券分析师李豫泽同济大学产业经济学硕士2017年加入招商证券现任招商证券研发中心债券分析师曾为新财富水晶球金牛奖固收团队成员招商证券债券信用评分符号和定义等级符号定义A3偿债主体还债务的能力极强基本不受不利经济环境的影响信用风险极低投资A2偿债主体偿还债务的能力很强受不利经济环境的影响较小信用风险很低档A1偿债主体偿还债务的能力较强较易受不利经济环境的影响信用风险较低B3偿债主体偿还债务的能力一般受不利经济环境影响较大信用风险一般B2偿债主体偿还债务的能力较弱受不利经济环境影响很大有较高信用风险投B1偿债主体偿还债务的能力较大地依赖于良好的经济环境信用风险很高机档C3偿债主体偿还债务的能力极度依赖于良好的经济环境信用风险极高C2偿债主体在破产或重组时可获得保护较小基本不能保证偿还债务C1偿债主体不能偿还债务注债项符号含义与主体符号含义一致重要声明本报告由招商证券股份有限公司以下简称本公司编制本公司具有中国证监会许可的证券投资咨询业务资格本报告基于合法取得的信息但本公司对这些信息的准确性和完整性不作任何保证本报告所包含的分析基于各种假设不同假设可能导致分析结果出现重大不同报告中的内容和意见仅供参考并不构成对所述证券买卖的出价在任何情况下本报告中的信息或所表述的意见并不构成对任何人的投资建议除法律或规则规定必须承担的责任外本公司及其雇员不对使用本报告及其内容所引发的任何直接或间接损失负任何责任本公司或关联机构可能会持有报告中所提到的公司所发行的证券头寸并进行交易还可能为这些公司提供或争取提供投资银行业务服务客户应当考虑到本公司可能存在可能影响本报告客观性的利益冲突版复制引用或转载否则本公司将保留随时追究其法律责任的权利敬请阅读末页的重要说明7