折价幅度靠前50只AA城投债（主体评级）中，“21柳投02”估值价格偏离程度最大。净价跌幅靠前50只个券中，“21兖投03”估值价格偏离幅度最大。净价上涨幅度靠前50只个券中，“20万达01”估值价格偏离幅度最大。净价上涨幅度靠前50只二永债中，“22南京银行永续债01”估值价格偏离程度最大。
　　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8月20日4张表看信用债涨跌814-818债券市场定期报告信用市场周度跟踪折价幅度靠前50只AA城投债主体评级中21柳投02估值价格偏离程度最大净价跌幅靠前只个券中兖投估值价格偏离幅度最大净价上502103涨幅度靠前50只个券中20万达01估值价格偏离幅度最大净价上涨幅度靠前50只二永债中22南京银行永续债01估值价格偏离程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折价幅度靠前50只AA城投债主体评级估值收益估值价格当日估值隐含评主体债券名称剩余期限年估值净价率偏离票面利率成交日期偏离收益级评级bp21柳投02160-042912419871298750AAA202381621聊开01007-027981727421012750AAA202381823循环01284-02596141004837680AAA202381723滨旅01157-022971015961011700AA-AA202381523广利02295-0219952834768750AA-AA202381820广金债395-0218208945482599AA2AA202381823广利02296-0219979813758750AA-AA202381423吉安城建269-02010061784395420AA2AA2023818PPN00123循环01285-0199637813827680AAA202381423蓝创03194-018948411181036730AA-AA202381620黄石城投债402-01898941026609550AA2AA202381722渤投01203-0179937972552428AA2AA202381723郑路02170-017100781085637690AA2AA202381523郑路02170-017100961046626690AA2AA202381419红腾01076-016952125521475800AAA202381722金堂01586-01510099458718750AA-AA202381820遂宁开达192-0159758889841700AA-AA2023814MTN00122巴中02081-014967319551174750AAA202381522昌乐01562-01410175435593650AA-AA202381723蓝创03195-01395108841019730AA-AA202381421益阳交投068-013102121753445690AA2AA2023815MTN00120黄石城投债403-0139939754584550AA2AA202381420黄石城投债402-0139912744599550AA2AA202381623金鑫01186-01110068649658700AA-AA202381622西港05184-0119948653679650AA-AA202381623寿光金鑫177-01110089212776700AA-AA2023816PPN00123蓝创03194-01194746681042730AA-AA202381721富源01133-0119980864761750AA-AA202381823宏利02183-0119906644805750AA-AA202381722巴中01060-010973819391170750AAA202381523宏利01181-0109912642802750AA-AA202381722西港02173-0109975646663650AA-AA202381622江油01181-0109666655906700AA-AA202381623足投01186-01010027593732750AA-AA202381820芦淞01183-01010044598721750AA-AA202381820潍控01168-0109960655733710AA-AA202381823内江02177-01010078872727640AA-AA202381823万盛01461-0109309295818600AA-AA202381420潍控01168-0109970635726710AA-AA202381723宏利01180-0109902603808750AA-AA202381823天府01266-01010090392709750AA-AA202381423蓝创03194-01094655991048730AA-AA202381820遂宁开达191-0109749571846700AA-AA2023815MTN001敬请阅读末页的重要说明2固定收益研究23渤投01156-01010226695545569AA2AA202381623淮资03298-0099871351631582AA-AA202381722万盛01168-0099770629899750AA-AA202381623蓝创03195-00995025701024730AA-AA202381523淮资03298-0099862341634582AA-AA202381823广利02296-0099974347760750AA-AA202381723南康02297-0099845349820760AA-AA2023817资料来源Wind招商证券表2净价跌幅靠前50只个券剩余期限估值价格估值收益当日估值票面隐含评主体债券名称估值净价成交日期年偏离率偏离bp收益利率级评级21兖投03012-71192712301144700AA-AA202381623远东租赁283-05798082258605530AAAAA2023818MTN00221柳投02160-042912419871298750AAA202381622华侨城152-04110517958399340AAAAA2023818MTN00222泰山投资177-04010468913493433AAAA2023818MTN00123柳控01243-039897220831292730AAA202381622柳控03225-036906721111288740AAA2023816PR凉农投369-030650515361158800AAA-202381622柳控03225-028904215071303740AAA202381721聊开01007-027981727421012750AAA202381819不动04095-02597223017832440AA-AAA202381619不动04094-02596862753875440AA-AAA202381823循环01284-02596141004837680AAA202381719CHNG1Y057-02311635486344469AAAAAA202381722GLP01155-023817220071888430AAAA202381723远东租赁283-0229891873572530AAAAA2023815MTN00219招商局094-02211447348351428AAAAAA2023818MTN007B23滨旅01157-022971015961011700AA-AA202381521不动02077-02297033115794390AA-AAA202381823广利02295-0219952834768750AA-AA202381820广金债395-0218208945482599AA2AA202381823广利02296-0219979813758750AA-AA202381423潍坊城建190-021100351188550570AA2AAA2023817MTN00223华阳新材275-02110491390589555AAAAA2023818MTN00722泰山投资183-02010310478490392AAAA2023815MTN00220吉安绿色债421-02010290980387530AA2AA202381823唐山金融257-0209925867531500AA2AA2023814MTN00122泰山投资178-02010495472489433AAAA2023815MTN00123吉安城建269-02010061784395420AA2AA2023818PPN001敬请阅读末页的重要说明3固定收益研究23循环01285-0199637813827680AAA202381423蓝创03194-018948411181036730AA-AA202381620黄石城投债402-01898941026609550AA2AA202381722渤投01203-0179937972552428AA2AA202381723深铁10996-01710084205318328AAAAAA202381723郑路02170-017100781085637690AA2AA202381523郑路02170-017100961046626690AA2AA202381420潍坊03196-01710040911568425AA2AAA202381719红腾01076-016952125521475800AAA202381722潍坊04197-0169749912568430AA2AAA202381723九龙江290-01610489346426378AAAAA2023814MTN00423柳控02252-01689908291252720AAA202381821大唐集008-01610523800301310AAAAAA2023815MTN00320许昌投资187-01510153872511440AA2AA2023818PPN00222国丰Y2155-01510626381364340AAAAA202381422渝惠通222-0159977474425354AA2AA2023817MTN00423大足01193-0159823886802700AA-AA202381422金堂01586-01510099458718750AA-AA202381823景旅D4087-015100261752639680AA-AA202381720遂宁开达192-0159758889841700AA-AA2023814MTN00122巴中02081-014967319551174750AAA2023815资料来源Wind招商证券表3净价上涨幅度靠前50只个券估值价格估值收益率当日估值票面利隐含主体债券名称剩余期限年估值净价成交日期偏离偏离bp收益率评级评级20万达0100719244010-1541646703558BBAAA202381820万达0100716763358-1470568245558BBAAA202381620万达010078272876-789649715558BBAAA202381522津城建MTN01310614110008-14048571580AAAAA202381722津投2310213910001-14369558560AAAAA202381722津城建MTN0111001329992-14235554549AAAAA202381719津投200931249929-13835541463AAAAA2023817PR安方债2421195509-99411467780AAA-2023816PR新宇022001143621-89791573805BBBAA-202381723津投1007910010170-1055763740AAAAA202381720津投021400989713-7458639420AAAAA202381820津投041510989484-6959750378AAAAA202381623津投0907609810177-1511757746AAAAA202381720津投021400969581-7289742420AAAAA202381619新宇011100879247-89871646850BBBAA-202381720贵安021760868984-53811415730AAA202381423津投0806708610188-12754456760AAAAA202381722贵安G11560778848-50821598650AAA2023814敬请阅读末页的重要说明4固定收益研究19津投241180779678-6926730437AAAAA202381620昆交G22180768551-39911349540AAA202381720昆交产MTN0010090768319-41721493498AAA202381722津城建MTN0100990769877-8157692560AAAAA202381623津投1409407610107-4736780803AAAAA202381622津投260090749704-7116718428AAAAA202381622南京银行永续债4190739754-950360332AAAAA20238150123津投0706407210197-3886727760AAAAA202381719津投2009307110000-7943461463AAAAA202381823津投1409307010304-2852757803AAAAA202381820贵安G11420709166-52701430750AAA202381417贵安011350679170-52501409680AAA202381423津投1309006610289-3118750795AAAAA202381819贵安G21270649258-52211264750AAA202381421洛阳银行永续债2880589763-909484480AAAAA202381423津投1007905410225-4290720740AAAAA202381821济源0401205310061-172569670AA-AA202381623津城建CP00405705210171-9211402715AAAAA202381723津城建CP00507705210215-6922432730AAAAA202381819津投065540518277-1101907499AAAAA202381623津投0907605010228-4595711746AAAAA202381823津城建SCP03605605010159-8999399699AAAAA202381723津城建SCP03705705010167-8999399705AAAAA202381723江宁经开29304910473-1006461412AA2AAA2023817MTN00223江宁经开29204910503-1006461418AA2AAA2023817MTN00123津城建CP00405704710119-8320494715AAAAA202381623津城建SCP03705704710116-8407489705AAAAA202381623津投0606204610132-7592530768AAAAA202381623津城建SCP04106104610110-7715524715AAAAA202381623津投0305004610122-9114432698AAAAA202381623津投0806804410102-6664584760AAAAA202381623津投0204704310117-9003414685AAAAA2023816资料来源Wind招商证券表4净价上涨幅度靠前50只二永债估值价格估值收益当日估值隐含主体评债券名称剩余期限年估值净价票面利率成交日期偏离率偏离bp收益评级级22南京银行永续4190739754-950360332AAAAA2023815债0121洛阳银行永续2880589763-909484480AAAAA2023814债20民生银行二级1870369797-598409375AAAAA202381522民生银行永续3840319455-453489420AAAAA2023815债0121招商银行永续33203110098-462339369AAAAA2023815债敬请阅读末页的重要说明5固定收益研究21北京银行永续33303110134-462349384AAAAA2023815债0221浙商银行永续3280319944-462374385AAAAA2023815债21北京银行永续31803010458-459349435AAAAA2023815债0122成都银行二级43302910042-376384390AAAAA2023814资本债0122华融湘江二级3910299371-388478390AA-AAA2023816资本债0123工行二级资本46602810309-349311349AAA-AAA2023815债01A22湖北银行二级3870289535-389473408AA-AAA202381623建行二级资本46202810308-349311349AAA-AAA2023815债01A22广州银行二级43802810508-375384450AAAAA2023814资本债0123农行二级资本46102810307-349311349AAA-AAA2023815债01A23中行二级资本46102810307-349311349AAA-AAA2023815债01A22广州银行二级43702810554-369379450AAAAA2023816资本债0122重庆银行二级3620289960-385378373AAAAA202381622成都农商二级3590289975-386378375AAAAA20238160122工行二级资本4240289910-348311300AAA-AAA2023815债04A22交行二级资本4250289934-349311303AAA-AAA2023815债02A22建行二级资本4230289910-348311300AAA-AAA2023815债02A22杭州联合农商36202810025-385393397AAAAA2023816二级0123建行永续债4930289979-351331329AAA-AAA20238150122杭州联合农商3630289982-383399397AAAAA2023814二级0121北京农商二级3370289997-386364364AAAAA202381423中行永续债4840289958-351331327AAA-AAA20238150122汉口银行二级3860289635-388518466AA-AA20238160122农行二级资本4110279935-349311303AAA-AAA2023815债02A22工行二级资本43602710469-349311370AAA-AAA2023815债05A21厦门银行二级32902710067-388384394AAAAA20238140221徽商银行二级32002710171-390384409AAAAA20238140121厦门银行二级31702710246-392384420AAAAA20238140121厦门银行二级32802710108-381378394AAAAA20238160222农业银行二级38502710258-352311345AAA-AAA20238150122建设银行二级38402710257-352311345AAA-AAA20238150121渤海银行二级2440269672-419493440AAAAA202381422工商银行二级36702610290-353311350AAA-AAA20238150321徽商银行二级32002610212-379378409AAAAA202381601敬请阅读末页的重要说明6固定收益研究21东莞银行二级26202610625-416384480AAAAA20238140122邮储银行二级35602610317-354311354AAA-AAA20238150121中信银行永续27002610315-422339420AAAAA2023815债22中国银行二级34502610101-355311325AAA-AAA20238150123广州农商行二46302610475-337409470AAAAA2023816级资本债0122工商银行二级34402610122-355311328AAA-AAA20238150122农行永续债4060269893-351331317AAA-AAA20238150220长沙银行二级23102610480-421383460AAAAA202381422建行永续债4050269921-351331320AAA-AAA20238150121齐鲁银行二级30802510065-377408418AAAAA20238160121工商银行二级33402510266-355311348AAA-AAA202381502资料来源Wind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