高估值成交地产债中，“23沪开01”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，“20牟中01”估值价格偏离程度最大。净价跌幅占比靠前50只个券中，“22康佳05”估值价格偏离幅度最大。净价上涨幅度靠前50只个券中，“21中交A”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3月12日4张表看信用债涨跌36-310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23沪开01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20牟中01估值价格偏离程度最大净价跌幅占比靠前50只个券中22康佳05估值价格偏离幅度最大净价上涨幅度靠前50只个券中21中交A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bp23沪开01284Y-032100501180400420AA20233923沪开01284Y-01410064500395420AA20233822碧桂园281Y-01310064492405430AAAAAA202336MTN00222新建元228Y2Y-0129934571355325AAA202336MTN00122金融城建GN001可持续196Y2Y-0079989393335329AAAAA202338挂钩21保利发展167Y-00710031417305325AAAAAA202336MTN00320中海03247D-00610032776287340AAAAAA20233723华润置地126D-0039978600280219AA2023310SCP00121保利发展166Y-00310047170295325AAAAAA202339MTN00321保利06323Y2Y-00310149051320370AAAAAA20233820招商蛇口245Y-00310205070300389AAAAAA2023310MTN002B21外高01137Y2Y-00210035086291319AAAAAA20233922保利发展235Y-0029943112315290AAA202336MTN00422新建元227Y2Y-0029956092345325AAA202338MTN00121保利发展112Y-00210075129285355AAAAAA202339MTN002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bp20牟中01318D1Y-053100046341637650AA20233921棕榈01253D3Y-03299574461650600AA20233821岳交02164Y-031101571844480585AA20233821人居债107Y2Y-021101091822320427AAAAA20233921江滨01139Y2Y-017100131217408420AA20233822宜春城投239Y2Y-0179786801402307AA202336MTN00322孝感02262Y2Y-0169721675505390AA20233622孝感02261Y2Y-0159730623502390AA20233921郓城专项债516Y-0139632499685550AAAAA20233922高安01233Y-0139785584519420AAAAA202331021乌镇债301Y2Y-00910179380400480AAAA20233620醴陵债267Y2Y-00910132378508580AAAAA20233722南集01271Y-0089920272481450AA20233722金禹水利268Y2Y-0089712327565447AA202338MTN00321钱塘03166Y2Y-00710043347389418AAAA20233621钟投01183Y-0079934318617580AAAAA20233921成高01117Y2Y-00610064424302360AAAAA202331021栖霞建设170Y-00610135357375460AAAA202338MTN00220南京空港178D-00410047684295400AAAAA2023310MTN00220绿投03229D2Y-00410091297380540AA20233821金控0251D-004100071848350420AAAA20233820大双债236D4Y-00410030290580645AAAAA20233822孝感02261Y2Y-0049734160500390AA202331022义建01261Y2Y-0049722132439325AA20233722沧港01114Y5Y-00310094112490580AA20233820宁德01165D2Y-00310035254302390AAAA20233620岳交01168D-00310053221350480AAAAA20233920奉化0298D2Y-00310025137328440AA20233921周东0159D-00310015984540680AAAA20233923连云工投215D-00310012414525550AA202337SCP00120新密0137D-002100021489580650AA202331021宁建发114Y-00210077049357429AA20233822华阔01266Y-0029627059548395AA20233718巢湖城镇19D-00210015152286615AAAAA202339MTN00122义建01261Y2Y-0029729049436325AA20233820扬州交通268D2Y-00210098113306448AAAA2023310MTN00122浏水01188Y-0019881049457390AA20233620咸宁城投232D2Y-00110056284330426AAAA2023310MTN00123嘉兴科技140D-0019996250299288AA2023310SCP001资料来源qeubee招商证券敬请阅读末页的重要说明3固定收益研究表3净价跌幅占比靠前50只个券估值收益票面剩余期限估值价格成交净价成交收益债项主体债券名称率偏离利率成交日期年偏离元率评级评级bp22康佳05261Y-12796855242480350AA20233823济城G4497Y-093100872077385405AAAAAA20233820高控02196Y-06498693476592520AAA20233823济城G3297Y2Y-054100681908355380AAAAAA20233720牟中01318D1Y-053100046341637650AA20233922云能投161Y-05398763591580499AAA2023310MTN00722青岛国信176Y-033100071934375380AAAAAA202336MTN00623沪开01284Y-032100501180400420AA20233921棕榈01253D3Y-03299574461650600AA20233822青信03212Y2Y-03298831544380322AAAAAA20233922青岛国信233Y2Y-03198461449385315AAAAAA202337MTN00222章控01244Y2Y-03196521367504350AA20233720青岛国信221Y-03199341480381350AAAAAA202336MTN00521岳交02164Y-031101571844480585AA20233820青岛国信220Y-02999371392380350AAAAAA202339MTN00522锡建G1944Y-0279843339408388AAAAAA20233822晋中01200Y2Y-02599071291427378AA20233921青信01163Y2Y-02499701462370352AAAAAA202337G21汴投1259D-023100313024510566AA202331020青科01179D4Y-023100284250380450AAAAA20233622长轨01217Y7Y-02399031166548500AAAA20233620潍坊03146D2Y-02199734979480425AAAAAA202331021人居债107Y2Y-021101091822320427AAAAA20233922上饶城投227Y-02097061000535395AAAA202339MTN00221江滨01139Y2Y-017100131217408420AA20233822宜春城投239Y2Y-0179786801402307AA202336MTN00322新郑投资227Y2Y-0179642857590418AA202338PPN00320澴水02203D2Y-017101242194395638AA20233622孝感02262Y2Y-0169721675505390AA20233621临沂投资165Y-01699431077555520AA202336MTN00322衡阳城投261Y2Y-0169805685415335AA202337MTN00421惠通04177Y4Y-01610080857440490AAAA20233723常德城投197Y3Y-01610157832415500AA202339PPN00220大连城乡129D-01699844453540510AAAA2023310MTN00122南谯国资185Y-0159895892460400AA-202337PPN00122孝感02261Y2Y-0159730623502390AA20233923沪开01284Y-01410064500395420AA20233822邯交01256Y2Y-0149692578510380AA20233722云能投129Y-01499131154550480AAA202337MTN002敬请阅读末页的重要说明4固定收益研究22汉江国投债02260Y-0149872575341289AAAAAA20233622延安01102Y3Y-014100311214615650AA20233921淮交02162Y-01310103746440510AA20233722碧桂园281Y-01310064492405430AAAAAA202336MTN00222广开01196Y6Y-0139919665338295AAAAAA20233921郓城专项债516Y-0139632499685550AAAAA20233922高安01233Y-0139785584519420AAAAA202331022河西02911Y-01210103150403417AAAAAA20233622新建元228Y2Y-0129934571355325AAA202336MTN00123豫资01298Y-01210013379345350AAA202331022国惠01355D1Y-01299871225321308AAA202337资料来源qeubee招商证券敬请阅读末页的重要说明5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21中交A22D4516010002-744388424AAAAA20233820随州城建20D2Y10410110-214530-1782479AAAA2023310MTN00122首股05266Y2Y0859874-3466440390AAA20233722首股05265Y2Y0719874-2886440390AAA20233822海恒01201Y2Y0689905-3569405355A202331023萧山经开债499Y2Y0509984-1256371367AAAAA202331022苏通04238Y0459774-2014446345AA20233822溧阳高新240Y0429764-1853445340AA202339PPN00122光明房产241Y0379799-1628540450AAAA202338MTN00122河钢集MTN009128Y0369937-2858365314AAAAAA20233821润企投资178Y2Y03510071-2123585630AA202338MTN00222吉安01241Y2Y0349699-1517467333AA20233823常城建MTN001496Y03110111-711365390AAA202331023华综01296Y2Y03110064-1185395419AAAAAA202338G21扬新2165Y4Y02910186-2011428550AAAA20233823海淀国资293Y02810148-1042395450AAA202339MTN00121丰城城投132Y02710126-2264530635AAAA202336MTN00121巩义01147Y02710068-2055440492AAAAA20233720盐城东方221D02710083-4137400550AAAA202337MTN00121粤高02813Y5Y02610275-399365405AAAAAA20233722宣控04256Y0269770-1074414318AA202331022绍兴滨海277Y02610243-1034400495AA202336MTN00221诚通14341Y2Y02610048-840342358AAAAAA20233822科城K2178Y02510299-1659410590AA202331021闽侯01161Y02410015-1660405417AA20233622黄岩城投241Y0249715-1010461334AA202336PPN00119华发集团322D02410059-2835355426AAAAAA202337MTN00222宁波舜农184Y0239978-1314377365AA202338MTN00122晋能电力275Y0239871-888400350AAA202338MTN007G22国太1238Y0239837-1026384312AA20233721华能04825Y02210358-335346397AAAAAA20233921滨江房产355D0229934-1997527456AAAAAA202336MTN00122宣控03234Y0229869-1010407348AA202331022成都环境443Y0219890-521345318AAAAAA202337MTN00122兴泸04465Y2Y0219802-518396349AA202331021诚通10335Y2Y02110097-710345377AAAAAA20233720长春轨交210Y0219993-1061513510AAAA2023310MTN003B21粤珠江MTN001109Y02110097-2010376470AAA202338敬请阅读末页的重要说明6固定收益研究22吉安城建266Y0209747-797425323AA202339MTN00120华发02196Y0209998-1195530530AAAAAA202331022扬城建MTN002432Y02010015-498344348AAAAAA20233622宜宾发展02478Y3Y02010349-469349430AAAAAA20233719阳股02152Y02010019-1416335350AAAAAA20233721滨建投MTN001204D0209892-397762580AAA20233922江津02235Y2Y0209757-886465354AA202331021吴兴城投145Y2Y02010172-1456401528AA202338PPN00222宜宾发展02477Y3Y01910353-460348430AAAAAA20233822宣控04256Y0199760-787418318AA20233922成都国投212Y2Y01910001-971489490AA202338PPN00122龙泉债442Y2Y0199823-566385335AAAAA202338资料来源qeubee招商证券敬请阅读末页的重要说明7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本报告版权归本公司所有本公司保留所有权利未经本公司事先书面许可任何机构和个人均不得以任何形式翻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8