5月14日信用债异常成交跟踪

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）16联想022.14-0.2498.6312.375.285.16A+AAA计算机99524市中024.95-0.19100.024.504.874.83AA-AA城投700124市中014.85-0.18100.414.204.854.81AA-AA城投105123平发042.47-0.08104.153.082.662.63AA(2)AA+城投208124通顺交投MTN0014.95-0.0899.721.662.912.89AA(2)AA+城投397821工投030.63-0.07102.479.583.613.51AA-AA城投81924济运024.81-0.0798.731.684.304.28AA(2)AA+建筑装饰54523铜仁023.56-0.06104.421.875.585.56AA-AA城投1122120津投065.81-0.06102.431.093.753.74AAAAA城投715219津投275.58-0.05106.881.043.713.70AAAAA城投86724咸金012.96-0.0399.581.183.973.96AA-AA电子50019豫园010.54-0.03100.444.914.023.97AA-AAA商贸零售200919联想030.10-0.02100.0813.594.494.36A+AAA计算机2023新惠030.18-0.01100.880.792.472.46AA-AA城投121317东建010.21-0.01100.811.223.283.27AA-AA城投113920咸阳金控PPN0010.51-0.01102.020.483.343.34AA-AA电子102022锡产业MTN0017.92-0.01109.600.152.782.78AA+AAA建筑装饰15377PR信泰债0.47-0.0120.360.103.773.77A+AA城投10222昆产010.02-0.01100.061.303.303.29AA-AA+城投261519新宇010.36-0.01101.260.134.714.71AAA-城投14221河东建设PPN0020.02-0.01100.041.303.253.24AA-AA城投303419饶江010.13-0.01100.400.223.753.75AA-城投420419滨投010.27-0.01100.780.214.344.34A+AA城投45322聚鑫债0.03-0.01100.080.662.412.40AA(2)AA建筑装饰421919陕煤化MTN0010.02-0.01100.057.011.981.91AA+AAA煤炭500324苏交通SCP0050.13-0.0199.995.902.051.99AAAAAA交通运输5999820高密020.04-0.01100.092.083.723.70A+城投83721聊开010.33-0.01100.840.144.664.66A+AA城投32622阳安030.30-0.01100.740.192.802.80AAAA+非银金融504PR安交投0.46-0.0120.230.094.824.82AAA-城投3820桂债010.11-0.01100.231.332.972.95AAAAA非银金融1604219首钢MTN0040.06-0.01100.140.781.991.98AA+AAA钢铁300419株国030.14-0.01100.340.232.342.34AAAA+医药生物200723平安租赁MTN0011.07-0.01101.650.252.312.30AA+AAA非银金融1016519中铝MTN0010.03-0.01100.052.872.001.97AA+AAA有色金属200119南网040.04-0.01100.091.671.991.97AAA+AAA公用事业800619高密010.37-0.01100.750.134.464.46A+AA城投43519国丰020.48-0.01100.980.082.172.17AA+AAA基础化工20219恒健020.25-0.01100.410.292.092.08AAA-AAA城投434821海亮010.46-0.01100.760.104.324.32AA-AA+有色金属250资料来源：，国投证券研究中心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）21万科062.207.1866.60-405.7724.9729.03AA+AAA房地产182522万科022.816.4663.41-285.8322.6125.46AA+AAA房地产233322万科063.155.9863.10-234.2220.7823.12AA+AAA房地产43522万科043.065.9863.11-240.6821.0523.46AA+AAA房地产82123万科MTN0021.995.9670.00-367.7023.6527.33AA+AAA房地产548323万科MTN0011.945.9670.01-378.6724.2328.02AA+AAA房地产131223万科MTN0042.155.8969.55-334.0322.4225.76AA+AAA房地产64923万科MTN0032.095.8969.56-345.1723.0126.46AA+AAA房地产121021万科042.025.4169.59-333.4124.5827.91AA+AAA房地产206522万科MTN0051.624.2772.26-326.3125.9929.25AA+AAA房地产290722万科MTN0041.594.2772.35-334.0626.4429.78AA+AAA房地产437220万科081.504.1973.68-350.1327.7431.24AA+AAA房地产190822万科071.464.1374.56-350.3126.4829.99AA+AAA房地产1130022万科GN0011.194.1274.73-447.6031.6936.16AA+AAA房地产697921万科021.693.6171.79-266.7026.7229.39AA+AAA房地产317322万科051.153.4678.62-374.1027.2030.94AA+AAA房地产680920万科020.841.7588.52-234.1519.1521.49AA+AAA房地产427620万科041.011.7281.41-207.7926.7128.79AA+AAA房地产790621旭辉020.191.4926.89-589.791290.581296.48CCAAA房地产15622万科MTN0020.761.4782.37-225.9231.4033.66AA+AAA房地产51120万科061.101.4780.32-162.1626.8328.45AA+AAA房地产110822万科031.061.4680.53-166.1626.1527.81AA+AAA房地产9322万科010.811.3688.53-188.5119.5021.38AA+AAA房地产1824PR毕节债1.551.0341.31-101.834.735.75A-AA-城投56022龙湖022.670.9980.27-42.3013.1613.58AA-AAA房地产76121龙湖062.240.8582.04-42.5113.4813.90AA-AAA房地产9921龙湖042.020.7784.11-42.8513.4313.86AA-AAA房地产166016龙湖041.810.7086.18-43.0213.5013.93AA-AAA房地产3521龙湖021.650.6487.69-42.7813.1213.55AA-AAA房地产8820龙湖061.230.4890.70-41.8312.8913.31AA-AAA房地产13822龙湖041.140.4591.18-41.7612.8513.27AA-AAA房地产132322龙湖031.010.4092.10-41.8312.8013.22AA-AAA房地产142624宜昌014.940.3899.90-8.252.722.80AA+AA+城投197324陕煤化MTN0029.800.35100.54-4.183.233.28AA+AAA煤炭200020龙湖040.810.3494.19-42.5811.6012.02AA-AAA房地产129124三峡GN002(碳中和债)29.980.30100.51-1.502.722.73AAA+AAA公用事业500020溪地010.960.2996.96-31.9910.4510.77A+AA城投512PR南充债4.600.2974.63-11.744.324.44AA-AA城投454524诚通控股MTN011B29.930.28101.24-1.503.213.22AA+AAA综合804520龙湖020.680.2895.34-41.5111.4411.86AA-AAA房地产2776资料来源：，国投证券研究中心表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光大二级资本债01B8.910.23107.76-3.002.652.68AA+AAA股份行2150424农行二级资本债02B9.950.2098.87-2.252.622.64AAA-AAA国有行3650422民生银行永续债013.090.19104.81-6.652.562.62AA+AAA股份行209024建行二级资本债01B9.730.18101.69-2.182.622.64AAA-AAA国有行811823农行二级资本债03B9.460.17107.70-2.092.622.64AAA-AAA国有行7741123建行二级资本债02B9.450.17107.52-2.082.622.64AAA-AAA国有行214924中信银行永续债014.950.1699.52-3.482.522.56AA+AAA股份行12420824兴业银行永续债014.950.1699.38-3.472.522.56AA+AAA股份行8338423招行永续债014.550.12103.82-2.982.512.54AA+AAA股份行2550623徽商银行永续债014.460.11104.75-2.872.652.68AA+AAA城商行209123建行二级资本债01B8.870.11107.76-1.532.622.63AAA-AAA国有行537722农行永续债023.310.11102.42-3.642.402.44AAA-AAA国有行28231324邮储永续债014.840.11100.99-2.502.512.54AAA-AAA国有行4991522建行永续债013.300.11102.51-3.652.402.43AAA-AAA国有行19863724农行永续债014.840.11100.99-2.492.512.53AAA-AAA国有行4740623浙商银行二级资本债014.040.11103.68-3.002.502.53AA+AAA股份行16462322南京银行永续债013.450.11102.76-3.462.472.51AA+AAA城商行6057220龙江银行二级011.380.11101.65-8.323.343.42A+AA+城商行611523工行二级资本债01A3.910.11104.02-3.022.402.43AAA-AAA国有行2078923农行二级资本债01A3.860.11103.99-3.002.392.42AAA-AAA国有行1869723中行二级资本债01A3.850.11103.99-3.002.392.42AAA-AAA国有行2077523中信银行二级资本债01A4.600.10103.04-2.502.482.51AA+AAA股份行3807823浙商银行二级资本债024.540.10104.11-2.562.532.55AA+AAA股份行2915422青岛银行永续债013.180.10103.08-3.502.682.71AAAAA城商行1338622青岛银行永续债023.260.10102.64-3.392.692.72AAAAA城商行2050023宁波银行永续债014.160.10103.56-2.672.542.56AA+AAA城商行1447924浙商银行二级资本债014.930.1099.96-2.182.552.57AA+AAA股份行1799124民生银行二级资本债014.960.1099.54-2.142.602.62AA+AAA股份行199123中行永续债014.090.10103.07-2.632.472.50AAA-AAA国有行6072624东莞银行二级资本债014.990.1099.95-2.112.632.65AAAAA城商行100023建行永续债014.180.10103.17-2.552.482.51AAA-AAA国有行6288321民生银行永续债011.940.10103.57-5.472.392.44AA+AAA股份行3103522重庆农商永续债2.960.10103.96-3.592.492.53AAAAA农商行88324江南农商行二级资本债014.980.10100.32-2.102.782.80AAAAA农商行801422中国银行永续债022.960.10103.63-3.532.362.40AAA-AAA国有行6936222杭州银行二级资本债013.380.10102.37-3.042.412.44AA+AAA城商行5829022交行二级资本债02B8.510.09105.63-1.302.612.62AAA-AAA国有行317222中国银行永续债012.910.09103.59-3.472.362.40AAA-AAA国有行12729422光大银行二级资本债01A3.290.09102.28-3.002.372.40AA+AAA股份行5107422苏州银行永续债012.680.09103.42-3.732.462.50AAAAA城商行620资料来源：，国投证券研究中心商金债成交跟踪简称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）22浙商银行小微债031.430.06100.48-4.482.132.17AAA-AAA股份行3414922光大银行1.430.06100.52-4.482.102.14AAA-AAA股份行1004522华润银行绿色债1.510.06100.72-4.292.152.20AA+AAA城商行402922平安银行011.470.06100.50-4.382.102.14AAA-AAA股份行1205022杭州银行债011.380.06100.51-4.622.122.16AAA-AAA城商行401924长沙银行债012.960.0699.94-2.022.302.32AA+AAA城商行299824光大银行小微债2.950.0699.74-2.002.242.26AAA-AAA股份行4784824贵阳银行绿色债012.830.06100.16-2.082.342.36AA+AAA城商行3801024上海银行债012.910.06100.26-2.002.272.29AAA-AAA城商行18943924建行债01A2.800.06100.37-2.082.212.23AAAAAA国有行27372723海峡银行小微债032.540.06101.17-2.322.392.42AAAA+城商行606124浦发银行债022.870.05100.40-2.002.232.25AAA-AAA股份行34914324招商银行三农债2.870.05100.32-2.002.232.25AAA-AAA股份行200524北京银行012.850.05100.45-2.002.262.28AAA-AAA城商行9137924浙商银行小微债012.850.05100.45-2.002.262.28AAA-AAA股份行11445124华夏银行债012.850.05100.53-2.002.232.25AAA-AAA股份行9745224光大银行债012.850.05100.53-2.002.232.25AAA-AAA股份行5827624江苏银行绿色债022.840.05100.32-2.002.262.28AAA-AAA城商行1804722中信银行021.230.05100.51-4.562.072.12AAA-AAA股份行4420124浦发银行债012.810.05100.32-1.992.232.25AAA-AAA股份行20753122兴业银行041.220.05100.55-4.542.072.12AAA-AAA股份行602923珠海农商小微债2.600.05100.88-2.162.542.57AA-AA+农商行1008923青岛银行绿债012.560.05101.40-2.192.272.29AA+AAA城商行1518723东莞农商行债012.510.05101.36-2.212.262.29AA+AAA农商行202523广州银行绿色债022.500.05101.40-2.212.262.29AA+AAA城商行1013224平安银行三农债012.730.05100.61-1.992.232.25AAA-AAA股份行1005224平安银行小微债012.730.05100.61-1.992.232.25AAA-AAA股份行402023中行债012.450.05101.42-2.212.192.21AAAAAA国有行506623海峡银行小微债022.250.05100.80-2.352.372.39AAAA+城商行604023交行债022.370.05101.18-2.242.182.20AAAAAA国有行38411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）21万科062.207.1866.60-405.7724.9729.03AA+AAA房地产182522万科022.816.4663.41-285.8322.6125.46AA+AAA房地产233322万科063.155.9863.10-234.2220.7823.12AA+AAA房地产43522万科043.065.9863.11-240.6821.0523.46AA+AAA房地产82123万科MTN0021.995.9670.00-367.7023.6527.33AA+AAA房地产548323万科MTN0011.945.9670.01-378.6724.2328.02AA+AAA房地产131223万科MTN0042.155.8969.55-334.0322.4225.76AA+AAA房地产64923万科MTN0032.095.8969.56-345.1723.0126.46AA+AAA房地产121021万科042.025.4169.59-333.4124.5827.91AA+AAA房地产206522万科MTN0051.624.2772.26-326.3125.9929.25AA+AAA房地产290722万科MTN0041.594.2772.35-334.0626.4429.78AA+AAA房地产437220万科081.504.1973.68-350.1327.7431.24AA+AAA房地产190822万科071.464.1374.56-350.3126.4829.99AA+AAA房地产1130022万科GN0011.194.1274.73-447.6031.6936.16AA+AAA房地产697921万科021.693.6171.79-266.7026.7229.39AA+AAA房地产317322万科051.153.4678.62-374.1027.2030.94AA+AAA房地产680920万科020.841.7588.52-234.1519.1521.49AA+AAA房地产427620万科041.011.7281.41-207.7926.7128.79AA+AAA房地产790621旭辉020.191.4926.89-589.791290.581296.48CCAAA房地产15622万科MTN0020.761.4782.37-225.9231.4033.66AA+AAA房地产51120万科061.101.4780.32-162.1626.8328.45AA+AAA房地产110822万科031.061.4680.53-166.1626.1527.81AA+AAA房地产9322万科010.811.3688.53-188.5119.5021.38AA+AAA房地产182422龙湖022.670.9980.27-42.3013.1613.58AA-AAA房地产76121龙湖062.240.8582.04-42.5113.4813.90AA-AAA房地产9921龙湖042.020.7784.11-42.8513.4313.86AA-AAA房地产166016龙湖041.810.7086.18-43.0213.5013.93AA-AAA房地产3521龙湖021.650.6487.69-42.7813.1213.55AA-AAA房地产8820龙湖061.230.4890.70-41.8312.8913.31AA-AAA房地产13822龙湖041.140.4591.18-41.7612.8513.27AA-AAA房地产132322龙湖031.010.4092.10-41.8312.8013.22AA-AAA房地产142620龙湖040.810.3494.19-42.5811.6012.02AA-AAA房地