3月18日信用债异常成交跟踪

表1：折价成交跟踪大幅折价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）24深铁0614.98-0.54100.064.482.962.91AAAAAA城投8799820清浦011.00-0.2699.7618.972.752.56AA(2)AA城投9670924淮北建投MTN0054.99-0.20100.214.373.153.11AA(2)AA+城投100024晋能电力MTN0014.82-0.19101.924.252.992.95AAAAA煤炭407618新沂管廊NPB011.76-0.1642.0010.122.872.77AA-AA城投83924津投044.95-0.1599.683.373.573.54AAAAA城投100024云能投MTN0012.81-0.14102.205.123.073.02AAAAA综合408724能投012.88-0.13100.714.663.093.04AAAAA综合402623般阳012.09-0.12106.514.773.703.65AA-AA城投426023中化工程MTN0012.66-0.12101.314.402.682.64AAAAA建筑装饰1012723津投262.69-0.12102.294.293.093.05AAAAA城投1727323乳山012.01-0.12106.624.853.523.47AA-AA城投689323珠江042.47-0.11100.894.743.483.43AAAAA城投101824津城建MTN0052.83-0.11101.473.823.103.06AAAAA城投406322巴洲文旅PPN0031.76-0.10105.714.603.113.07AA-AA建筑装饰356224津城建MTN0113.98-0.1099.882.683.363.34AAAAA城投359923连云港MTN0072.66-0.09101.303.533.083.04AA(2)AA+交通运输201024津城建MTN0102.95-0.0999.683.113.113.07AAAAA城投1596423津武011.64-0.08102.064.353.183.14AA-AA+城投326623曲文010.84-0.08102.985.593.103.05AA-AA+城投83023曲文021.22-0.07104.183.923.233.19AA-AA+城投197924乳山国运MTN0034.89-0.0799.171.654.694.67AA-AA城投60624大足014.95-0.07100.581.513.873.85AA-AA+城投130223先导039.38-0.07106.320.803.193.18AA+AAA城投639824长寿投资MTN0014.97-0.07100.621.463.603.59AA-AA+城投1202124渝南资产MTN0014.96-0.0799.331.483.953.94AA-AA城投380024筑城024.98-0.0699.761.433.703.69AA-AAA城投300024潍坊水务MTN0014.99-0.06100.201.424.204.19AA-AA+城投400024大足永晟MTN0014.99-0.0699.981.414.304.29AA-AA城投1000024惠民城建PPN0024.96-0.0696.881.484.724.70AA-AA+城投320021津渤海MTN0010.80-0.06102.234.572.592.55AA-AAA城投306624津城建MTN0082.37-0.06100.452.543.073.05AAAAA城投402122延新031.28-0.06103.652.822.942.91AA(2)AA+城投186423津城建MTN0142.22-0.06102.022.333.053.03AAAAA城投347124青岛世园PPN0010.86-0.05100.805.463.513.45AA-AA+城投403020杭投016.73-0.05109.690.762.762.75AAAAAA城投1758124合建投MTN0016.87-0.05100.200.882.872.86AAAAAA城投602223青岛世园MTN0010.98-0.05101.024.673.403.36AA-AA+城投404523太湖新城MTN0029.45-0.05105.130.643.093.09AA+AAA城投105322青岛世园PPN0021.24-0.05101.143.893.633.59AA-AA+城投4048资料来源：，国投证券研究中心大幅正偏离个券成交跟踪表2：净价上涨个券成交跟踪大幅正偏离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）21金地042.053.0367.95-179.5126.4328.23BB+AAA房地产94220金地011.572.9370.30-227.2430.3132.58BB+AAA房地产822金地MTN0010.931.4171.94-179.3746.4348.22BB+AAA房地产74821金地MTN0070.751.3674.44-198.5250.7352.71BB+AAA房地产150421金地MTN0050.251.1091.57-345.2739.8143.26BB+AAA房地产338921金地MTN0040.191.0893.78-424.3737.4241.66BB+AAA房地产1121422GLP021.521.0685.73-73.6915.3316.06A+AAA交通运输2204720万科020.990.9885.86-109.1120.4821.58AA+AAA房地产137421龙湖062.400.9664.19-43.3525.3225.75AA-AAA房地产48622GLP010.970.9691.76-103.5613.9214.96A+AAA交通运输147121龙湖042.170.8966.72-43.2925.7026.14AA-AAA房地产190316龙湖041.960.8068.94-43.3026.7227.16AA-AAA房地产7821GLP110.430.5195.97-103.4113.8414.87A+AAA交通运输15723安顺014.510.30101.78-8.026.526.60AA-AA城投699822黔投033.630.2892.06-8.477.998.07A+AA城投205S20播交11.230.2687.67-23.7510.5110.75A-AA-城投215421龙湖021.810.2672.64-8.4224.9325.02AA-AAA房地产61323潍水012.720.25102.85-10.534.654.76AA-AA+城投80023遂宁柔刚PPN0022.780.25104.32-10.514.794.90AA-AA城投164123弥工012.730.25104.39-10.525.615.71AA-AA城投213523中原发展MTN0022.260.25103.36-12.023.383.50AA(2)AA+城投1247823柳投012.620.23106.02-10.514.985.08AA-AA城投3774PR通源012.120.2361.42-23.335.515.74A+AA城投3721远安债013.840.2382.48-11.024.074.18AA(2)AA-城投166023柳债062.610.23108.13-10.524.124.22AA-AA+城投10618GLPR30.130.2398.64-102.4313.8214.84A+AAA交通运输59721远安债024.290.22105.04-11.164.104.21AA(2)AA-城投253724云能投MTN0041.960.22100.71-11.683.423.54AA-AAA综合794416金地020.010.2299.71-5.8428.7028.75BB+AAA房地产154921长城资本债01BC2.560.21102.84-8.943.613.70AAAAA非银金融1849322黔水021.600.2199.01-13.627.647.78A+AA城投60620红塔021.480.20104.40-15.964.344.50AA-AA城投1150622龙湖022.830.2062.16-3.4423.7923.82AA-AAA房地产90022金沙013.320.20100.46-8.457.787.86A+AA城投19223休宁债4.430.20103.74-5.843.093.15AA(2)AA-建筑装饰103020不动Y11.130.2087.91-10.6316.9517.06AA-AAA社会服务130024澳柯玛集MTN0011.980.20100.07-10.292.963.06AAAA机械设备200023渝南022.250.19107.44-10.363.883.98AA-AA城投420S20播交30.770.1987.94-23.4810.4910.73A-AA-城投208221GLP070.100.1999.06-101.8313.8114.83A+AAA交通运输183资料来源：，国投证券研究中心二永债成交跟踪表3：二永债成交跟踪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）23宁波银行永续债014.310.16102.74-4.062.772.81AA+AAA城商行4001524建行二级资本债01A4.890.13100.59-3.002.622.65AAA-AAA国有行2912724农行二级资本债01A4.890.13100.63-3.002.622.65AAA-AAA国有行7237124中行二级资本债01A4.870.13100.72-3.002.622.65AAA-AAA国有行14484323工行二级资本债02A4.450.13101.88-3.322.612.65AAA-AAA国有行305322南京银行永续债013.600.13101.95-4.082.742.78AA+AAA城商行3411523农行二级资本债02A4.490.13102.65-3.292.612.65AAA-AAA国有行1502223中行二级资本债02A4.510.13102.66-3.272.612.65AAA-AAA国有行820123建行二级资本债03A4.660.13102.95-3.162.622.65AAA-AAA国有行5858123中行二级资本债04A4.720.13102.98-3.122.622.65AAA-AAA国有行1439723中行二级资本债03A4.600.13103.47-3.212.622.65AAA-AAA国有行620423建行二级资本债02A4.610.13103.57-3.202.622.65AAA-AAA国有行3617923农行二级资本债03A4.620.13103.57-3.192.622.65AAA-AAA国有行1758223厦门国际二级资本债014.310.12103.96-3.262.962.99AAAAA城商行404923工行二级资本债01A4.070.12103.37-3.342.612.64AAA-AAA国有行412923天津银行二级资本债014.070.12106.06-3.473.093.13AAAAA城商行212319农业银行二级015.000.12108.83-2.892.622.65AAA-AAA国有行325723中行二级资本债01A4.010.12103.33-3.322.612.64AAA-AAA国有行1031623农行二级资本债01A4.010.12103.33-3.322.612.64AAA-AAA国有行206322杭州银行二级资本债013.530.12101.64-3.572.662.69AA+AAA城商行1014923成都银行二级资本债014.430.11102.20-2.892.812.84AAAAA城商行3469523中行永续债014.250.11102.29-2.982.692.72AAA-AAA国有行204323浙商银行二级资本债014.200.11102.84-2.982.742.77AA+AAA股份行8537722光大银行二级资本债01A3.450.11101.54-3.502.622.66AA+AAA股份行101423浙商银行二级资本债024.690.11103.25-2.682.752.78AA+AAA股份行618223徽商银行永续债014.620.11103.91-2.752.882.91AA+AAA城商行1660422交行二级资本债02A3.660.11101.48-3.282.602.63AAA-AAA国有行29087222华夏银行二级资本债013.440.11101.54-3.482.622.66AA+AAA股份行1418722工行二级资本债04A3.650.11101.37-3.272.602.63AAA-AAA国有行30688222建行二级资本债02A3.640.11101.37-3.272.602.63AAA-AAA国有行809923厦门国际二级资本债024.460.11103.63-2.822.972.99AAAAA城商行207022建行永续债013.450.11101.73-3.452.672.70AAA-AAA国有行2541222工行二级资本债05A3.760.11103.89-3.312.602.63AAA-AAA国有行830222中行二级资本债02A3.610.11101.43-3.262.602.63AAA-AAA国有行17175922宁波银行二级资本债013.380.10101.87-3.422.652.69AA+AAA城商行1830523建行永续债014.330.10102.40-2.592.692.72AAA-AAA国有行1329823招行永续债014.700.10102.93-2.322.742.76AA+AAA股份行2056522中国银行永续债023.110.08102.96-3.042.652.68AAA-AAA国有行2572222中国银行永续债013.070.08102.93-3.012.642.67AAA-AAA国有行1233923农行永续债014.450.08102.10-2.022.702.72AAA-AAA国有行9183资料来源：，国投证券研究中心商金债成交跟踪表4：商金债成交跟踪商金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建行债01B4.950.14100.01-3.052.502.53AAAAAA国有行2298524贵阳银行绿色债012.990.0599.57-1.592.552.57AA+AAA城商行398224浦发银行债012.960.0599.72-1.612.452.47AAA-AAA股份行1395124平安银行小微债012.890.05100.03-1.642.452.47AAA-AAA股份行7599624平安银行三农债012.890.05100.03-1.642.452.47AAA-AAA股份行1499824昆仑银行小微债2.870.04100.44-1.592.502.51AA+AAA城商行401523华夏银行062.750.04100.90-1.682.452.46AAA-AAA股份行5948023徽商银行小微债012.680.04100.72-1.702.502.51AAA-AAA城商行2819823华夏银行债052.690.04100.90-1.702.452.46AAA-AAA股份行4840323杭州银行022.450.04100.20-1.762.472.49AAA-AAA城商行1803023上海农商012.450.04100.22-1.772.472.49AAA-AAA农商行11924323兴业银行小微债012.430.04100.22-1.772.442.46AAA-AAA股份行5811423浙商银行小微债022.640.04100.86-1.722.482.49AAA-AAA股份行1209723南京银行012.440.04100.24-1.772.472.49AAA-AAA城商行4710423兴业银行小微债022.600.04100.83-1.722.452.46AAA-AAA股份行604623光大银行债032.640.04100.91-1.712.452.46AAA-AAA股份行2218923华夏银行债042.610.04100.90-1.722.452.46AAA-AAA股份行605221南洋银行010.770.04100.76-6.382.352.42AAAAA其他银行1208523光大银行债022.520.04100.66-1.742.442.46AAA-AAA股份行4126423华夏银行债032.370.04100.36-1.782.442.46AAA-AAA股份行4012023杭州联合农商小微债032.750.04100.87-1.602.502.51AA+AAA农商行201723工行绿债032.690.04100.73-1.622.422.43AAAAAA国有行1107923浙商银行债012.360.04100.33-1.782.472.49AAA-AAA股份行7922923江苏银行债022.360.04100.33-1.782.472.49AAA-AAA城商行3611323北京银行022.360.04100.33-1.782.472.49AAA-AAA城商行5014723工商银行绿色金融债022.680.04100.72-1.612.422.43AAAAAA国有行301923杭州联合农商绿色债2.720.04100.83-1.602.502.51AA+AAA农商行2016523上海银行债022.350.04100.33-1.782.472.49AAA-AAA城商行3411623青岛银行绿债012.720.04100.89-1.602.502.51AA+AAA城商行504323厦门国际银行012.690.04100.85-1.612.502.51AA+AAA城商行10084资料来源：，国投证券研究中心表5：成交收益率高于10的个券表5：成交收益率高于10的个券高收益成交个券跟踪简称剩余期限(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金地042.053.0367.95-179.5126.4328.23BB+AAA房地产94220金地011.572.9370.30-227.2430.3132.58BB+AAA房地产822金地MTN0010.931.4171.94-179.3746.4348.22BB+AAA房地产74821金地MTN0070.751.3674.44-198.5250.7352.71BB+AAA房地产150421金地MTN0050.251.1091.57-345.2739.8143.26BB+AAA房地产338921金地MTN0040.191.0893.78-424.3737.4241.66BB+AAA房地产1121422GLP021.521.0685.73-73.6915.3316.06A+AAA交通运输2204720万科020.990.9885.86-109.1120.4821.58AA+AAA房地产137421龙湖062.400.9664.19-43.3525.3225.75AA-AAA房地产48622GLP010.970.9691.76-103.5613.9214.96A+AAA交通运输147121龙湖042.170.8966.72-43.2925.7026.14AA-AAA房地产190316龙湖041.960.8068.94-43.3026.7227.16AA-AAA房地产7821GLP110.430.5195.97-103.4113.8414.87A+交通运输157S20播交11.230.2687.67-23.7510.5110.75A-AA-城投215421龙湖021.810.2672.64-8.4224.9325.02AA-AAA房地产61318GLPR30.130.2398.64-102.4313.8214.84A+AAA交通运输59716金地020.010.2299.71-5.8428.7028.75BB+AAA房地产154922龙湖022.830.2062.16-3.4423.7923.82AA-AAA房地产90020不动Y11.130.2087.91-10.6316.9517.06AA-AAA社会服务1300S20播交30.770.1987.94-23.4810.4910.73A-AA-城投208221GLP070.100.1999.06-101.8313.8114.83A+AAA交通运输18320龙湖拓展MTN001B1.330.1878.89-3.6625.0125.05AA-AAA房地产80120龙湖061.390.1780.08-3.7822.4422.48AA-AAA房地产185914天瑞020.270.1799.39-52.9910.2010.73A-AA建筑材料225422龙湖031.170.1684.12-3.7820.5620.60AA-AAA房地产2520万科041.170.1581.62-0.6723.0623.07AA+AAA房地产291320万科061.250.1481.54-0.6822.2722.27AA+AAA房地产103520万达011.480.1286.42-3.6616.5816.62BB+AAA房地产8822万科MTN0051.780.1277.28-0.3719.2319.24AA+AAA房地产324222龙湖010.830.1290.30-3.5116.7416.77AA-AAA房地产153820龙湖020.830.1190.29-3.5117.3917.42AA-A