折价幅度靠前50只AA城投债（主体评级）中，“19瑞丽债”估值价格偏离程度最大。净价跌幅靠前50只个券中，“19瑞丽债”估值价格偏离幅度最大。净价上涨幅度靠前50只个券中，“19远洋02”估值价格偏离幅度最大。净价上涨幅度靠前50只二永债中，“23成都银行二级资本债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9月24日4张表看信用债涨跌918-922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19瑞丽债估值价格偏离程度最大净价跌幅靠前只个券中瑞丽债估值价格偏离幅度最大净价上5019涨幅度靠前50只个券中19远洋02估值价格偏离幅度最大净价上涨幅度靠前50只二永债中23成都银行二级资本债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bp19瑞丽债300-251859751002824800AA-AA202392020成金03200-118988325228715650AA-AA202391821瑞丽债497-03696581484899760AA-AA202392019潍滨城324-02977212001950720AAA202392221临沧债478-02798721173802750AA-AA202391823綦东债682-0279942691694680AA-AA202391823新泰02664-02610029684671680AA-AA202391819秦投01286-02596531047942800AA-AA202392023成金01248-02598851144800750AA-AA202391821滨建01506-0249929939727700AA-AA202392223天门03288-0229935894825800AA-AA202392221临沧债477-0219811902829750AA-AA202392222天府F2403-0209815620806750AA-AA202391822秦投01235-02095261003931700AA-AA202392022郑路V2111-02098301952647485AA2AA202392122金堂04223-02010123987686750AA-AA202392023内桥01162-019100621295704750AA-AA202392120益阳交投198-01998301029492558AA2AA2023921MTN00221秦投01223-0199560983924700AA-AA202392023河口01163-01997371289926750AA-AA202392122东交01186-018100131028313320AAAA202392023兰城01272-01810033713386400AA2AA202391821成发01149-018100571318704750AA-AA202392123绵兴01242-01810086833658700AA-AA202392123成金01247-0189857838813750AA-AA202392223绵兴01242-01810068827666700AA-AA202392222天府F2402-0189797536811750AA-AA202391923交旅02163-018101741071384498AA2AA202391822金堂04222-01710106848695750AA-AA202392122金堂01576-01710028526739750AA-AA202392223武夷投资242-01610505643376599AA2AA2023918MTN001B20蓉水城134-016101141260654750AA-AA202392121晋宁债093-01699701807779750AA-AA202391922金堂04222-01510090762703750AA-AA202392222东交01185-0149998813321320AAAA202392122金堂01577-01410057456731750AA-AA202392023绵兴01242-01410105651649700AA-AA202392023蓝创04193-0139624863951730AA-AA202391822天府F2402-0139784396815750AA-AA202392023郑路01158-01310063879653700AA2AA202392122普陀国资债589-0139904360354327AAAA20239210123乳山01250-0139489647935700AA-AA202391823荆门城投289-01210073462400428AA2AA2023920MTN00221晋宁债092-01299321427822750AA-AA2023922敬请阅读末页的重要说明2固定收益研究21晋宁债093-01299441392808750AA-AA202392121荔城国投161-01210149756391583AA2AA2023919PPN00123姜交02298-01210004427449450AA2AA202392222金堂01577-01210045364734750AA-AA202392122金堂02200-0119999628751750AA-AA202392223大足工业199-0119929622720680AA-AA2023922PPN002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19瑞丽债300-251859751002824800AA-AA202392020成金03200-118988325228715650AA-AA202391818GLPR3061-1188420241363522509AAAA202392121GLP07058-1158460246673562440AAAA202392121GLP05051-1148546276883775440AAAA202392121GLP03046-1118601296473933437AAAA202392118GLPR3061-1118520224303281509AAAA202392021普洛斯049-1118573278503818440AAAA2023921MTN00118GLPR2055-1108594244563399545AAAA202392021GLP03046-1098698285353637437AAAA202392021GLP07059-1098559229403315440AAAA202392020贵安03174-108912873031318730AAA202392221西安建工091-1089176137061576550AAA2023921MTN00120昆交G2208-108914959201013540AAA202392121普洛斯049-1078669265003539440AAAA2023920MTN00121GLP05051-1078645254863498440AAAA202392020昆交G1185-096920759061005516AAA202392119昆交05097-051954758871063550AAA202392120津投04142-04298953132455378AAAAA202391820津投02131-04199833286432420AAAAA202391822不动01133-038893734001276360AA-AAA202391919津投26123-038100233152416437AAAAA202391821瑞丽债497-03696581484899760AA-AA202392019潍滨城324-02977212001950720AAA202392221临沧债478-02798721173802750AA-AA202391823綦东债682-0279942691694680AA-AA202391823新泰02664-02610029684671680AA-AA202391819不动04085-026936135551264440AA-AAA202391919秦投01286-02596531047942800AA-AA202392023成金01248-02598851144800750AA-AA202391821滨建01506-0249929939727700AA-AA202392221平安不动092-024925436341232330AA-AAA2023918MTN001敬请阅读末页的重要说明3固定收益研究19不动04084-024934133931297440AA-AAA202392119津投24109-024100472210391437AAAAA202391822丰城02208-02399551203413390AA2AA202391820中信061659-02311138187326416AAAAAA202391819不动04085-023938536371229440AA-AAA202391819中信081613-02211723188326465AAAAAA202391823天门03288-0229935894825800AA-AA202392223绵阳投资240-02210364976416580AA2AA2023922PPN00119豫园01119-02299461921542495AA-AAA202391921临沧债477-0219811902829750AA-AA202392222晋能电力212-021100611030413444AAAAA2023919MTN00222天府F2403-0209815620806750AA-AA202391822秦投01235-02095261003931700AA-AA202392021不动02067-020943135481295390AA-AAA202392122郑路V2111-02098301952647485AA2AA202392122金堂04223-02010123987686750AA-AA202392023内桥01162-019100621295704750AA-AA202392123晟鸿01183-01999821161709700AA-AA2023921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评主体债券名称剩余期限年估值净价成交日期偏离偏离bp收益率级评级19远洋020507522845-44634948164459CCAAA202391919远洋010507522845-43699047751406CCAAA202391921远洋010647522845-36775138357420CCAAA202391919远洋020492112803-11132549844459CCAAA202392219远洋010492112803-10914349390406CCAAA202392222潍滨发1901198495-72831586612AAA2023922PR遵旅042331177848-68791616800AAA2023922PR遵旅011701157270-85091702790AAA202392220昆交G22091159245-6103955540AAA202391922遵旅041231129014-103501588650AAA202392222遵旅031161129055-108531595650AAA202392220昆交G11861039294-6094947516AAA202391920贵安041810949187-57411256730AAA202391822贵安011700909191-57231147600AAA202391821贵安011590849204-57041225650AAA202391818贵安011600849155-57071374760AAA202391816金地020510777646-101116387350AAAA202391821金地MTN0030510767574-97136558398AAAA2023918PR安交投1120743900-134721197750A-AA-202391921金地010450747897-100996254393AAAA202391821金地MTN0020480747767-97326350396AAAA202391820贵安G11320719354-56781304750AAA2023918敬请阅读末页的重要说明4固定收益研究17贵安011250689346-56871291680AAA202391819贵安G21170649425-56981149750AAA202391819贵安G11110619497-57141237730AAA2023918PR遵旅052490587858-31341553800AAA202392219昆交050980559594-60111005550AAA202391923泰控0429404710038-1835685700AA-AA202392023曲文011330389520-29001079680AA-AA202391820安投债0310388314-100371460800AAA202391821金地030550377413-1016672391AAAA202391820柳投041930369407-20861118670AAA202392123众鑫0329403510019-1306443450AA2AA202392121东湖债1850348769-20931594780AAA-202392123大足发展1990349787-1878780660AA-AA2023922PPN00320柳投021740339463-21051111680AAA202392123豫航空港28103310319-1302485610AA2AAA2023921MTN009B23甬开012980319952-1107322305AAAA202392122柳城011580319450-21301174780AAA2023922PR渤海022580314162-2106951410AA-AAA202392023台商0227403010254-1201390490AA2AA2023919PR渤海022570304187-2039910410AA-AAA202392222新会023960309819-820431380AA2AA202392123西投011500299432-21381178750AAA202392119津投065440298570-638836499AAAAA202392223甬开012980299921-1032333305AAAA202392023豫航空港26602910275-1194481595AA2AAA2023921MTN00622曲文投MTN0021100299682-2584965650AA-AA202391823大足工业18902910030-1682751770AA-AA2023918PPN00123银河Y247202810016-655354358AAA-AAA2023920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23成都银行二级4920199809-417378335AAAAA2023921资本债0123厦门国际二级4950199832-418423385AAAAA2023921资本债0223天津银行二级4560179953-415481470AAAAA2023921资本债0123广州农商行二45201710197-415421470AAAAA2023921级资本债0122建行永续债3940169971-439328320AAA-AAA20239210122农行永续债3960169959-434328317AAA-AAA20239210222南京银行永续4090169902-420358332AAAAA2023921债01敬请阅读末页的重要说明5固定收益研究22江西银行永续4010169554-426492367AAAAA2023921债0122青岛银行永续3820169757-444440370AAAAA2023921债0122东莞农商行二42701610138-405394430AAAAA2023921级资本债0122工行二级资本3920169950-425316302AAA-AAA2023921债03A22广州银行二级42701510294-405374450AAAAA2023921资本债0122成都银行二级42201510063-401373390AAAAA2023921资本债0122民泰商行永续4020159608-423572460AA-AA2023921债0222富邦华一永续3970159707-435595510AA-AAA2023921债0122中国银行二级33401510051-487308325AAA-AAA20239210122工商银行二级33301510061-489308328AAA-AAA20239210121工商银行二级32301510125-504306348AAA-AAA20239210221建设银行二级32301510125-503306348AAA-AAA20239210522交通银行二级34301510113-475309345AAA-AAA20239210122农行二级资本4010159948-405317303AAA-AAA2023921债02A22农业银行二级37501510109-436314345AAA-AAA20239210122建设银行二级37401510109-437313345AAA-AAA20239210122邮储银行二级34601510141-470310354AAA-AAA20239210122工商银行二级35601510128-457311350AAA-AAA20239210321中国银行二级31501510162-514305360AAA-AAA20239210321建设银行二级31301510162-517305360AAA-AAA20239210321交通银行二级30201510178-531302365AAA-AAA202392122重庆银行永续42501510020-390464470AAAAA2023921债0122邮储银行永续33301510075-476321346AAA-AAA2023921债0123成都农商行永4900159911-335410390AAAAA2023921续债0121中国银行永续31901510133-495319364AAA-AAA2023921债0223农行永续债4930159934-325336321AAA-AAA20239210122恒丰银行永续3650159791-441518455AAAAA2023921债21工商银行永续31801510136-495319365AAA-AAA2023921债0222中国银行永续36001510134-439325365AAA-AAA2023921债0221邮储银行二级29201510121-533300344AAA-AAA20239210121农业银行永续31501410169-495319376AAA-AAA2023921债0123建行永续债4820149973-328335329AAA-AAA20239210123中原银行永续4900149828-334500460AAAAA2023921债01敬请阅读末页的重要说明6固定收益研究21建设银行二级28901410124-533299345AAA-AAA20239210122邯郸银行永续4190149648-387612515AA-AA2023921债0122华夏银行二级3930149929-393330310AAAAA2023921资本债0122农业银行永续34201410082-450323349AAA-AAA2023921债0123大连银行永续4330149662-370580490AA-AAA2023921债0122中国银行永续35601410134-433324365AAA-AAA2023921债0122光大银行二级3940149928-388330310AAAAA2023921资本债01A21交通银行永续27201410247-561309406AAA-AAA2023921债21工商银行永续27101410242-563309404AAA-AAA2023921债0121中国银行永续26601410250-573308408AAA-AAA2023921债01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