> **来源：[研报客](https://pc.yanbaoke.cn)** 固定收益组 分析师：尹睿哲 (执业S1130525030009) yinruizhe@gjzq.com.cn 分析师：李豫泽 (执业S1130525030014) liyuze@gjzq.com.cn # 票息中枢 1.9% 截至2026年2月9日，存量信用债估值及利差分布特征如下： # 城投债： 公募城投债中，江浙两省加权平均估值收益率均在 $2.4\%$ 以下；收益率超过 $4.5\%$ 的城投债出现在贵州地级市；其余区域中，云南、甘肃等地的利差也较高。与上周相比，公募城投债收益率多数下行，其中，3-5年品种收益率平均下行约2.1BP。具体来看，收益下行幅度较大的品种包括1-2年广东地级市非永续、1-2年贵州省县级非永续、2-3年广西区县级非永续及3-5年宁夏省级非永续债。 私募城投债中，上海、浙江、广东、福建等沿海省份的加权平均估值收益率在 $2.75\%$ 以下；收益率高于 $3.5\%$ 的品种出现在贵州地级市、云南及甘肃的地级市、区县级，这些区域的利差也较高。与上周相比，私募城投债收益率基本下行，3-5年品种平均下行2.6BP。具体来看，收益下行幅度较大的有1-2年重庆省级非永续、2-3年河北区县级永续、1-2年云南区县级非永续及3-5年甘肃地级市非永续债，分别对应下行11.7BP、8BP、6.9BP和7BP。 # 产业债： 民企地产债和产业债估值收益率及利差整体高于其他品种。与上周相比，非金融非地产类产业债收益基本下行，国企品种中，2-3年、3-5年私募永续债下行超过3BP；国企地产债以调整为主，特别是1-2年非永续债收益上行2BP以上，民企品种收益普遍小幅下行。 # 金融债： 估值收益率和利差较高的品种有城农商行资本补充工具、租赁公司债。与上周相比，金融债收益下行占比高于普信债。具体来看，租赁债收益率多下行，3-5年私募非永续债下行幅度超过2.5BP，但永续品种中存在局部调整现象；银行次级债是金融债中上涨最明显的券种，3-5年二永债收益下行基本在4BP之上，而1-2年股份行永续债下行甚至达到7.4BP；1-3年商金债收益下行幅度不小，其中，1-2年股份行、城农商行品种表现优于同期限二级资本债；证券公司债收益同样下行，3-5年私募非永续普通、次级债收益压降分别达到2.8BP、3BP。 # 风险提示 统计数据失真，信用事件冲击债市，政策预期不确定性 # 图表目录 图表1：存量信用债加权平均估值收益率（取值时间为2月9日，单位：%） 3 图表2：存量信用债加权平均利差（取值时间为2月9日，单位：BP） 4 图表3：存量信用债加权平均估值收益率较上周变动（取值时间为2月9日，单位：BP） 5 图表4：存量信用债加权平均利差较上周变动（取值时间为2月9日，单位：BP） 6 图表5：公募城投债加权平均估值收益率（取值时间为2月9日，单位：%） 7 图表6：公募城投债加权平均利差（取值时间为2月9日，单位：BP） 9 图表7：公募城投债加权平均估值收益率较上周变动（取值时间2月9日，单位：BP） 11 图表8：私募城投债加权平均估值收益率（取值时间为2月9日，单位：%） 13 图表9：私募城投债加权平均利差（取值时间为2月9日，单位：BP） 15 图表 10: 私募城投债加权平均估值收益率较上周变动 (取值时间为 2 月 9 日,单位：BP) ..... 17 截至2026年2月9日，存量信用债中，民企地产债和产业债估值收益率及利差整体高于其他品种。与上周相比，非金融非地产类产业债收益基本下行，国企品种中，2-3年、3-5年私募永续债下行超过3BP；国企地产债以调整为主，特别是1-2年非永续债收益上行2BP以上，民企品种收益普遍小幅下行。 金融债中，估值收益率和利差较高的品种有城农商行资本补充工具、租赁公司债。与上周相比，金融债收益下行占比高于普信债。具体来看，租赁债收益率多下行，3-5年私募非永续债下行幅度超过2.5BP，但永续品种中存在局部调整现象；银行次级债是金融债中上涨最明显的券种，3-5年二永债收益下行基本在4BP之上，而1-2年股份行永续债下行甚至达到7.4BP；1-3年商金债收益下行幅度不小，其中，1-2年股份行、城农商行品种表现优于同期限二级资本债；证券公司债收益同样下行，3-5年私募非永续普通、次级债收益压降分别达到2.8BP、3BP。 图表1：存量信用债加权平均估值收益率（取值时间为2月9日，单位：%） <table><tr><td rowspan="2">券种</td><td rowspan="2">发行方式(或银行类型)</td><td rowspan="2">存量规模,亿元</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续(或二级资本债)</td></tr><tr><td rowspan="2">城投债</td><td>私募债</td><td>65197</td><td>1.91</td><td>2.08</td><td>2.21</td><td>2.48</td><td>1.88</td><td>2.02</td><td>2.20</td><td>2.53</td></tr><tr><td>公募债</td><td>79806</td><td>1.79</td><td>1.92</td><td>2.11</td><td>2.23</td><td>1.77</td><td>1.89</td><td>2.00</td><td>2.20</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>14487</td><td>2.11</td><td>2.37</td><td>2.41</td><td>2.53</td><td>1.87</td><td>2.10</td><td>2.24</td><td>2.55</td></tr><tr><td>公募债</td><td>107195</td><td>1.80</td><td>1.95</td><td>2.06</td><td>2.16</td><td>1.74</td><td>1.85</td><td>1.93</td><td>2.02</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>89</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.17</td><td>2.76</td><td>2.70</td><td>2.36</td></tr><tr><td>公募债</td><td>3861</td><td>4.66</td><td>2.19</td><td>3.95</td><td>-</td><td>2.09</td><td>2.50</td><td>2.20</td><td>2.26</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>1446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.32</td><td>2.73</td><td>2.54</td><td>2.52</td></tr><tr><td>公募债</td><td>8498</td><td>1.70</td><td>2.30</td><td>-</td><td>-</td><td>2.22</td><td>2.56</td><td>2.54</td><td>2.56</td></tr><tr><td rowspan="2">地产债(民企)</td><td>私募债</td><td>0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>公募债</td><td>453</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.92</td><td>3.18</td><td>2.98</td><td>3.15</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>423</td><td>2.14</td><td>2.20</td><td>2.52</td><td>-</td><td>2.05</td><td>2.35</td><td>2.44</td><td>2.67</td></tr><tr><td>公募债</td><td>6851</td><td>2.10</td><td>2.10</td><td>2.12</td><td>-</td><td>1.74</td><td>1.85</td><td>1.96</td><td>2.23</td></tr><tr><td rowspan="4">商业银行普通金融债</td><td>国有商业银行</td><td>8650</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.57</td><td>1.65</td><td>1.70</td><td>1.76</td></tr><tr><td>股份制商业银行</td><td>14145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.61</td><td>1.66</td><td>1.73</td><td>1.79</td></tr><tr><td>城市商业银行</td><td>13190</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.64</td><td>1.71</td><td>1.78</td><td>1.90</td></tr><tr><td>农商行</td><td>2118</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.65</td><td>1.74</td><td>1.84</td><td>1.92</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>42575</td><td>1.65</td><td>1.70</td><td>1.83</td><td>2.01</td><td>1.67</td><td>1.71</td><td>1.81</td><td>1.98</td></tr><tr><td>股份制商业银行</td><td>14675</td><td>1.68</td><td>1.78</td><td>1.89</td><td>2.12</td><td>1.68</td><td>1.72</td><td>1.85</td><td>2.04</td></tr><tr><td>城市商业银行</td><td>10523</td><td>1.89</td><td>2.10</td><td>2.11</td><td>2.33</td><td>1.91</td><td>1.99</td><td>2.41</td><td>2.29</td></tr><tr><td>农商行</td><td>2399</td><td>1.87</td><td>1.85</td><td>1.98</td><td>2.24</td><td>2.74</td><td>2.44</td><td>2.54</td><td>2.61</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>3618</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.70</td><td>1.82</td><td>2.04</td><td>2.19</td></tr><tr><td>公募债</td><td>23693</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.65</td><td>1.72</td><td>1.82</td><td>1.93</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>410</td><td>1.70</td><td>-</td><td>-</td><td>-</td><td>1.78</td><td>1.97</td><td>2.26</td><td>2.63</td></tr><tr><td>公募债</td><td>6280</td><td>1.71</td><td>1.76</td><td>1.92</td><td>2.17</td><td>1.67</td><td>1.77</td><td>1.94</td><td>2.03</td></tr></table> 来源：中债估值，企业预警通，国金证券研究所 数据说明：1）含权债剩余期限选择为行权前剩余期限，2）含权债估值收益率为行权前剩余期限，3）剔除估值收益率在 $20\%$ 以上的存量券，4）平均估值收益率计算以个券存量规模为权重。5）因样本原因，可能造成：短期限品种收益率大于长期限品种收益率，非永续品种收益率大于永续品种收益率。 图表2：存量信用债加权平均利差（取值时间为2月9日，单位：BP） <table><tr><td rowspan="2">券种</td><td rowspan="2">发行方式(或银行类型)</td><td rowspan="2">存量规模,亿元</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续(或二级资本债)</td></tr><tr><td rowspan="2">城投债</td><td>私募债</td><td>65197</td><td>36.97</td><td>47.42</td><td>56.54</td><td>77.90</td><td>36.19</td><td>41.90</td><td>55.14</td><td>83.47</td></tr><tr><td>公募债</td><td>79806</td><td>26.53</td><td>31.88</td><td>46.29</td><td>53.56</td><td>25.12</td><td>28.34</td><td>35.31</td><td>50.32</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>14487</td><td>57.10</td><td>75.71</td><td>76.52</td><td>82.70</td><td>35.06</td><td>49.35</td><td>59.38</td><td>83.84</td></tr><tr><td>公募债</td><td>107195</td><td>28.06</td><td>34.24</td><td>41.02</td><td>45.83</td><td>22.02</td><td>24.94</td><td>28.66</td><td>32.43</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>89</td><td>-</td><td>-</td><td>-</td><td>-</td><td>363.68</td><td>114.87</td><td>104.22</td><td>63.79</td></tr><tr><td>公募债</td><td>3861</td><td>313.41</td><td>57.91</td><td>229.64</td><td>-</td><td>58.21</td><td>89.33</td><td>55.06</td><td>55.41</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>1446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79.10</td><td>112.16</td><td>89.08</td><td>82.66</td></tr><tr><td>公募债</td><td>8498</td><td>18.76</td><td>67.93</td><td>-</td><td>-</td><td>70.38</td><td>96.00</td><td>89.17</td><td>85.44</td></tr><tr><td rowspan="2">地产债(民企)</td><td>私募债</td><td>0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>公募债</td><td>453</td><td>-</td><td>-</td><td>-</td><td>-</td><td>139.00</td><td>158.38</td><td>134.52</td><td>143.83</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>423</td><td>58.76</td><td>59.10</td><td>87.74</td><td>-</td><td>56.64</td><td>74.26</td><td>78.78</td><td>95.44</td></tr><tr><td>公募债</td><td>6851</td><td>56.22</td><td>50.07</td><td>46.99</td><td>-</td><td>23.74</td><td>24.75</td><td>31.16</td><td>54.55</td></tr><tr><td rowspan="4">商业银行普通金融债</td><td>国有商业银行</td><td>8650</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.78</td><td>3.85</td><td>5.11</td><td>6.57</td></tr><tr><td>股份制商业银行</td><td>14145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.17</td><td>5.86</td><td>8.60</td><td>9.23</td></tr><tr><td>城市商业银行</td><td>13190</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11.87</td><td>10.21</td><td>13.71</td><td>17.42</td></tr><tr><td>农商行</td><td>2118</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12.30</td><td>12.82</td><td>19.21</td><td>19.17</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>42575</td><td>12.32</td><td>10.54</td><td>17.73</td><td>31.06</td><td>12.37</td><td>10.61</td><td>16.34</td><td>27.94</td></tr><tr><td>股份制商业银行</td><td>14675</td><td>15.54</td><td>18.00</td><td>23.77</td><td>41.88</td><td>13.71</td><td>11.10</td><td>20.12</td><td>34.26</td></tr><tr><td>城市商业银行</td><td>10523</td><td>35.60</td><td>48.99</td><td>46.30</td><td>62.78</td><td>38.99</td><td>38.72</td><td>76.24</td><td>59.89</td></tr><tr><td>农商行</td><td>2399</td><td>34.02</td><td>25.29</td><td>33.27</td><td>54.94</td><td>119.75</td><td>84.09</td><td>90.00</td><td>90.99</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>3618</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.12</td><td>21.71</td><td>39.18</td><td>51.67</td></tr><tr><td>公募债</td><td>23693</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13.95</td><td>11.64</td><td>16.93</td><td>22.87</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>410</td><td>18.71</td><td>-</td><td>-</td><td>-</td><td>25.34</td><td>36.70</td><td>60.93</td><td>93.23</td></tr><tr><td>公募债</td><td>6280</td><td>17.61</td><td>16.21</td><td>27.00</td><td>45.78</td><td>15.09</td><td>16.27</td><td>28.97</td><td>32.92</td></tr></table> 来源：中债估值，企业预警通，国金证券研究所 数据说明：1）信用利差计算采用个券加权平均，权重为对应个券存量规模，2）利差计算基准为同期限国开债，剩余期限匹配采用插值法进行。3）因样本原因，可能造成：短期限品种利差高于长期限品种利差，非永续品种利差高于永续品种利差。 图表3：存量信用债加权平均估值收益率较上周变动 (取值时间为2月9日，单位：BP) <table><tr><td rowspan="2">券种</td><td rowspan="2">发行方式(或银行类型)</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续(或二级资本债)</td></tr><tr><td rowspan="2">城投债</td><td>私募债</td><td>-0.68</td><td>-1.20</td><td>-2.34</td><td>-3.19</td><td>-1.18</td><td>-1.89</td><td>-1.49</td><td>-2.44</td></tr><tr><td>公募债</td><td>-0.54</td><td>-0.79</td><td>-1.74</td><td>-2.11</td><td>-0.28</td><td>-0.72</td><td>-1.36</td><td>-2.06</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>-0.46</td><td>-1.74</td><td>-3.12</td><td>-3.03</td><td>-0.35</td><td>-1.67</td><td>-1.45</td><td>-1.69</td></tr><tr><td>公募债</td><td>-0.12</td><td>-1.84</td><td>-2.19</td><td>-2.02</td><td>0.32</td><td>-1.05</td><td>-1.23</td><td>-1.43</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.68</td><td>-5.39</td><td>-2.29</td><td>-0.68</td></tr><tr><td>公募债</td><td>-1.18</td><td>-1.58</td><td>-56.58</td><td>-</td><td>0.83</td><td>-2.68</td><td>-2.03</td><td>-1.98</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.74</td><td>2.04</td><td>-1.99</td><td>-1.48</td></tr><tr><td>公募债</td><td>0.54</td><td>-3.55</td><td>-</td><td>-</td><td>1.23</td><td>3.28</td><td>0.07</td><td>0.56</td></tr><tr><td rowspan="2">地产债(民企)</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.76</td><td>-1.57</td><td>-1.73</td><td>-1.22</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>-0.91</td><td>-1.86</td><td>0.66</td><td>-</td><td>-0.69</td><td>-0.57</td><td>-0.02</td><td>-2.54</td></tr><tr><td>公募债</td><td>0.85</td><td>-2.26</td><td>-0.66</td><td>-</td><td>-1.27</td><td>-2.42</td><td>-1.52</td><td>-1.45</td></tr><tr><td rowspan="4">商业银行普通金融债</td><td>国有商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.57</td><td>-2.12</td><td>-1.11</td><td>-1.17</td></tr><tr><td>股份制商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.16</td><td>-2.82</td><td>-2.22</td><td>-1.17</td></tr><tr><td>城市商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.41</td><td>-3.16</td><td>-2.62</td><td>-1.24</td></tr><tr><td>农商行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.59</td><td>-3.33</td><td>-2.44</td><td>-1.35</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>-1.63</td><td>-2.71</td><td>-2.75</td><td>-4.71</td><td>-1.03</td><td>-2.52</td><td>-3.46</td><td>-4.22</td></tr><tr><td>股份制商业银行</td><td>-1.92</td><td>-7.35</td><td>-3.17</td><td>-4.79</td><td>-1.14</td><td>-2.14</td><td>-1.47</td><td>-4.70</td></tr><tr><td>城市商业银行</td><td>-1.63</td><td>-3.04</td><td>-2.56</td><td>-4.68</td><td>-1.29</td><td>-2.36</td><td>-3.51</td><td>-4.68</td></tr><tr><td>农商行</td><td>-1.85</td><td>-3.39</td><td>-2.36</td><td>-3.71</td><td>-1.94</td><td>-2.22</td><td>-3.58</td><td>-4.86</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.31</td><td>-0.89</td><td>-0.38</td><td>-2.81</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.59</td><td>-0.79</td><td>-0.62</td><td>-0.99</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>-0.29</td><td>-</td><td>-</td><td>-</td><td>-0.39</td><td>-2.37</td><td>-2.14</td><td>-2.99</td></tr><tr><td>公募债</td><td>-0.39</td><td>-0.93</td><td>-0.75</td><td>-2.42</td><td>0.14</td><td>-2.45</td><td>-1.47</td><td>-2.24</td></tr></table> 来源：中债估值，企业预警通，国金证券研究所 数据说明：加权平均估值收益率变动 $=$ （本周加权平均估值收益率-上周加权平均估值收益率）\*100，本周和上周取值时间分别为26年2月9日、26年2月2日。 图表4：存量信用债加权平均利差较上周变动 (取值时间为2月9日，单位：BP) <table><tr><td rowspan="2">券种</td><td rowspan="2">发行方式(或银行类型)</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td><td>1年以内</td><td>1至2年</td><td>2至3年</td><td>3至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续(或二级资本债)</td></tr><tr><td rowspan="2">城投债</td><td>私募债</td><td>1.03</td><td>1.30</td><td>1.37</td><td>1.00</td><td>0.27</td><td>0.37</td><td>2.17</td><td>1.58</td></tr><tr><td>公募债</td><td>1.17</td><td>1.60</td><td>1.86</td><td>1.86</td><td>1.00</td><td>1.52</td><td>2.29</td><td>1.89</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>0.97</td><td>0.84</td><td>0.51</td><td>1.09</td><td>1.09</td><td>0.69</td><td>2.16</td><td>2.45</td></tr><tr><td>公募债</td><td>1.40</td><td>0.59</td><td>1.49</td><td>2.06</td><td>1.50</td><td>1.29</td><td>2.45</td><td>2.58</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.73</td><td>-2.81</td><td>1.14</td><td>3.93</td></tr><tr><td>公募债</td><td>0.33</td><td>0.73</td><td>-53.15</td><td>-</td><td>1.48</td><td>-0.48</td><td>1.65</td><td>1.66</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.21</td><td>4.42</td><td>1.61</td><td>2.40</td></tr><tr><td>公募债</td><td>1.96</td><td>-0.18</td><td>-</td><td>-</td><td>2.80</td><td>5.49</td><td>3.72</td><td>4.71</td></tr><tr><td rowspan="2">地产债(民企)</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.59</td><td>0.61</td><td>2.04</td><td>3.03</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>1.08</td><td>0.38</td><td>4.55</td><td>-</td><td>0.41</td><td>1.77</td><td>3.60</td><td>1.90</td></tr><tr><td>公募债</td><td>-0.51</td><td>-0.02</td><td>3.00</td><td>-</td><td>-0.10</td><td>-0.28</td><td>2.18</td><td>2.35</td></tr><tr><td rowspan="4">商业银行普通金融债</td><td>国有商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.74</td><td>0.58</td><td>2.64</td><td>2.90</td></tr><tr><td>股份制商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.24</td><td>-1.01</td><td>1.53</td><td>2.96</td></tr><tr><td>城市商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.17</td><td>-0.95</td><td>1.11</td><td>3.30</td></tr><tr><td>农商行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.08</td><td>-1.05</td><td>1.18</td><td>3.28</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>-0.30</td><td>-0.74</td><td>0.97</td><td>-0.68</td><td>0.50</td><td>-0.13</td><td>0.03</td><td>-0.33</td></tr><tr><td>股份制商业银行</td><td>-0.31</td><td>-5.54</td><td>0.28</td><td>-0.70</td><td>0.74</td><td>0.24</td><td>2.02</td><td>-0.81</td></tr><tr><td>城市商业银行</td><td>-0.97</td><td>-0.31</td><td>1.12</td><td>-0.47</td><td>0.18</td><td>0.02</td><td>0.21</td><td>-0.67</td></tr><tr><td>农商行</td><td>-0.74</td><td>-1.43</td><td>1.28</td><td>0.23</td><td>-0.56</td><td>0.02</td><td>0.22</td><td>-0.74</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.89</td><td>1.57</td><td>3.19</td><td>0.69</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.32</td><td>1.62</td><td>3.04</td><td>3.02</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>1.02</td><td>-</td><td>-</td><td>-</td><td>1.12</td><td>-0.19</td><td>1.48</td><td>0.98</td></tr><tr><td>公募债</td><td>1.00</td><td>1.12</td><td>2.94</td><td>1.82</td><td>1.70</td><td>0.04</td><td>2.11</td><td>1.39</td></tr></table> 来源：中债估值，企业预警通，国金证券研究所 数据说明：加权平均利差变动 $=$ 本周加权平均利差-上周加权平均利差，本周和上周取值时间分别为26年2月9日、26年2月2日。 公募城投债中，江浙两省加权平均估值收益率均在 $2.4\%$ 以下；收益率超过 $4.5\%$ 的城投债出现在贵州地级市；其余区域中，云南、甘肃等地的利差也较高。与上周相比，公募城投债收益率多数下行，其中，3-5年品种收益率平均下行约2.1BP。具体来看，收益下行幅度较大的品种包括1-2年广东地级市非永续、1-2年贵州省县级非永续、2-3年广西区县级非永续及3-5年宁夏省级非永续债。 图表5：公募城投债加权平均估值收益率(取值时间为2月9日,单位：%） <table><tr><td rowspan="2">公募债</td><td rowspan="2">行政层级</td><td>1年以内</td><td>1年至2年</td><td>2年至3年</td><td>3年至5年</td><td>1年以内</td><td>1年至2年</td><td>2年至3年</td><td>3年至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续</td></tr><tr><td rowspan="3">江苏省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.69</td><td>-</td><td>1.84</td><td>-</td></tr><tr><td>地级市</td><td>1.79</td><td>1.89</td><td>2.03</td><td>2.24</td><td>1.72</td><td>1.80</td><td>1.89</td><td>2.06</td></tr><tr><td>区县级</td><td>1.83</td><td>1.95</td><td>2.07</td><td>2.38</td><td>1.76</td><td>1.85</td><td>1.96</td><td>2.18</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>1.97</td><td>2.00</td><td>2.26</td><td>-</td><td>1.64</td><td>1.84</td><td>1.81</td><td>2.07</td></tr><tr><td>地级市</td><td>1.77</td><td>1.85</td><td>1.99</td><td>2.21</td><td>1.72</td><td>1.81</td><td>1.89</td><td>2.02</td></tr><tr><td>区县级</td><td>1.85</td><td>1.94</td><td>2.16</td><td>2.39</td><td>1.75</td><td>1.84</td><td>1.93</td><td>2.12</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>1.74</td><td>1.89</td><td>2.06</td><td>-</td><td>1.71</td><td>2.08</td><td>2.13</td><td>2.19</td></tr><tr><td>地级市</td><td>1.85</td><td>1.88</td><td>2.07</td><td>2.35</td><td>1.74</td><td>1.88</td><td>1.98</td><td>2.21</td></tr><tr><td>区县级</td><td>1.89</td><td>2.08</td><td>2.13</td><td>2.47</td><td>1.87</td><td>2.04</td><td>2.18</td><td>2.53</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>1.76</td><td>1.87</td><td>1.96</td><td>2.07</td><td>1.70</td><td>1.79</td><td>1.88</td><td>1.97</td></tr><tr><td>地级市</td><td>1.78</td><td>1.84</td><td>1.92</td><td>2.09</td><td>1.75</td><td>1.86</td><td>1.88</td><td>2.15</td></tr><tr><td>区县级</td><td>1.76</td><td>-</td><td>1.95</td><td>2.06</td><td>1.78</td><td>1.91</td><td>2.08</td><td>2.34</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>1.75</td><td>1.98</td><td>-</td><td>-</td><td>1.71</td><td>1.80</td><td>1.90</td><td>2.02</td></tr><tr><td>地级市</td><td>1.83</td><td>-</td><td>1.97</td><td>-</td><td>1.78</td><td>1.85</td><td>1.99</td><td>2.26</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.94</td><td>2.08</td><td>2.34</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>1.76</td><td>1.83</td><td>2.04</td><td>2.16</td><td>1.69</td><td>1.80</td><td>1.86</td><td>2.13</td></tr><tr><td>地级市</td><td>1.78</td><td>1.92</td><td>2.27</td><td>2.26</td><td>1.76</td><td>1.85</td><td>1.94</td><td>2.17</td></tr><tr><td>区县级</td><td>1.96</td><td>-</td><td>-</td><td>-</td><td>1.79</td><td>1.93</td><td>2.08</td><td>2.20</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>1.82</td><td>-</td><td>-</td><td>-</td><td>1.72</td><td>1.78</td><td>1.86</td><td>1.96</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>2.10</td><td>-</td><td>-</td><td>-</td><td>1.81</td><td>1.98</td><td>2.15</td><td>2.40</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>1.73</td><td>1.84</td><td>1.94</td><td>1.97</td><td>1.67</td><td>1.75</td><td>1.83</td><td>1.93</td></tr><tr><td>地级市</td><td>1.75</td><td>-</td><td>2.16</td><td>2.33</td><td>1.76</td><td>1.86</td><td>1.96</td><td>2.13</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.87</td><td>2.00</td><td>2.20</td><td>2.35</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>1.80</td><td>2.34</td><td>2.71</td><td>-</td><td>1.73</td><td>1.79</td><td>1.94</td><td>2.03</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.88</td><td>2.00</td><td>2.18</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.92</td><td>2.05</td><td>2.14</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>1.71</td><td>1.83</td><td>1.97</td><td>2.06</td><td>1.70</td><td>1.79</td><td>1.88</td><td>1.98</td></tr><tr><td>地级市</td><td>-</td><td>2.15</td><td>-</td><td>-</td><td>1.84</td><td>2.05</td><td>2.13</td><td>2.37</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>2.11</td><td>-</td><td>1.83</td><td>1.92</td><td>2.05</td><td>2.36</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>1.79</td><td>-</td><td>-</td><td>-</td><td>1.69</td><td>1.71</td><td>1.81</td><td>1.93</td></tr><tr><td>地级市</td><td>1.76</td><td>1.92</td><td>2.02</td><td>2.14</td><td>1.77</td><td>2.03</td><td>2.02</td><td>2.06</td></tr><tr><td>区县级</td><td>1.86</td><td>1.96</td><td>2.09</td><td>2.16</td><td>1.74</td><td>1.87</td><td>1.97</td><td>2.03</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.75</td><td>1.89</td><td>2.04</td><td>2.24</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.81</td><td>1.96</td><td>2.19</td><td>2.44</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.67</td><td>1.74</td><td>1.83</td><td>1.91</td></tr><tr><td>地级市</td><td>1.83</td><td>2.00</td><td>2.46</td><td>2.22</td><td>1.73</td><td>1.86</td><td>1.90</td><td>2.06</td></tr><tr><td>区县级</td><td>-</td><td>1.98</td><td>2.28</td><td>2.37</td><td>1.76</td><td>1.85</td><td>1.95</td><td>2.19</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.74</td><td>1.87</td><td>2.01</td><td>2.15</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>4.15</td><td>2.18</td><td>2.54</td><td>4.75</td><td>3.07</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.08</td><td>4.26</td><td>2.68</td><td>3.44</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>1.76</td><td>1.85</td><td>1.93</td><td>2.10</td><td>1.71</td><td>1.77</td><td>2.42</td><td>1.97</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.83</td><td>1.92</td><td>2.28</td><td>2.35</td></tr><tr><td>区县级</td><td>-</td><td>2.19</td><td>2.34</td><td>-</td><td>1.95</td><td>2.19</td><td>2.39</td><td>2.74</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>1.76</td><td>2.45</td><td>2.52</td><td>-</td><td>1.70</td><td>1.84</td><td>1.99</td><td>2.06</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>2.04</td><td>1.73</td><td>1.81</td><td>1.94</td><td>2.06</td></tr><tr><td rowspan="3">广西壮族自治区</td><td>省级</td><td>1.90</td><td>2.06</td><td>2.13</td><td>2.40</td><td>1.73</td><td>1.86</td><td>2.02</td><td>2.19</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.06</td><td>2.01</td><td>2.30</td><td>2.73</td></tr><tr><td>区县级</td><td>2.25</td><td>2.61</td><td>2.35</td><td>-</td><td>1.89</td><td>2.26</td><td>2.38</td><td>2.56</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>1.78</td><td>1.87</td><td>2.02</td><td>2.12</td><td>1.74</td><td>1.77</td><td>-</td><td>1.96</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>2.02</td><td>2.05</td><td>-</td><td>1.70</td><td>1.79</td><td>1.89</td><td>2.01</td></tr><tr><td></td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.70</td><td>3.06</td><td>1.86</td><td>2.02</td></tr><tr><td rowspan="2">河北省</td><td>地级市</td><td>2.20</td><td>2.01</td><td>2.27</td><td>-</td><td>1.79</td><td>1.88</td><td>2.13</td><td>2.30</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.82</td><td>1.87</td><td>2.17</td><td>2.45</td></tr><tr><td rowspan="3">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.79</td><td>1.90</td><td>2.15</td><td>2.54</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.22</td><td>2.57</td><td>2.93</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.42</td><td>2.57</td><td>2.73</td><td>2.85</td></tr><tr><td rowspan="3">新疆维吾尔自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.17</td><td>-</td><td>-</td><td>1.97</td></tr><tr><td>地级市</td><td>-</td><td>2.10</td><td>2.29</td><td>-</td><td>1.77</td><td>1.89</td><td>2.05</td><td>2.13</td></tr><tr><td>区县级</td><td>-</td><td>1.94</td><td>-</td><td>-</td><td>1.83</td><td>1.99</td><td>2.46</td><td>2.34</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.85</td><td>1.98</td><td>2.28</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>2.35</td><td>2.80</td><td>1.90</td><td>1.95</td><td>2.04</td><td>2.38</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.01</td><td>-</td><td>2.35</td><td>-</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>2.15</td><td>1.93</td><td>2.06</td><td>-</td><td>1.86</td><td>2.02</td><td>1.89</td><td>2.36</td></tr><tr><td>地级市</td><td>1.83</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.90</td><td>2.00</td><td>2.12</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.50</td><td>2.02</td><td>-</td><td>-</td></tr><tr><td rowspan="3">甘肃省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.76</td><td>1.89</td><td>2.04</td><td>2.25</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.07</td><td>2.54</td><td>2.73</td><td>3.20</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">辽宁省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>1.96</td><td>2.34</td><td>2.77</td><td>1.79</td><td>2.02</td><td>1.96</td><td>2.35</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">黑龙江省</td><td>省级</td><td>-</td><td>-</td><td>4.40</td><td>-</td><td>-</td><td>-</td><td>2.45</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>-</td><td>2.12</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">内蒙古自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.00</td><td>2.47</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">宁夏回族自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.71</td><td>1.87</td><td>1.94</td><td>2.06</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.92</td><td>2.16</td><td>2.26</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.81</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">西藏自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>1.80</td><td>2.00</td><td>-</td><td>-</td><td>1.75</td><td>1.87</td><td>2.09</td><td>2.06</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.71</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">青海省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.18</td><td>-</td><td>2.62</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">海南省</td><td>省级</td><td>-</td><td>1.90</td><td>2.05</td><td>-</td><td>1.71</td><td>1.79</td><td>1.92</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.78</td><td>1.93</td><td>2.11</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.78</td><td>-</td><td>-</td><td>-</td></tr></table> 来源：中债估值，企业预警通，国金证券研究所 数据说明：1）含权债剩余期限选择为行权前剩余期限，2）含权债估值收益率为行权前剩余期限，3）剔除估值收益率在 $20\%$ 以上的存量券，4）平均估值收益率计算以个券存量规模为权重。5）因样本原因，可能造成：短期限品种收益率大于长期限品种收益率，非永续品种收益率大于永续品种收益率。 图表6：公募城投债加权平均利差(取值时间为2月9日,单位：BP) <table><tr><td rowspan="2">公募债</td><td rowspan="2">行政层级</td><td>1年以内</td><td>1年至2年</td><td>2年至3年</td><td>3年至5年</td><td>1年以内</td><td>1年至2年</td><td>2年至3年</td><td>3年至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续</td></tr><tr><td rowspan="3">江苏省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.16</td><td>-</td><td>20.27</td><td>-</td></tr><tr><td>地级市</td><td>24.75</td><td>28.44</td><td>37.82</td><td>54.26</td><td>20.25</td><td>19.48</td><td>24.50</td><td>36.39</td></tr><tr><td>区县级</td><td>28.40</td><td>34.16</td><td>42.48</td><td>66.95</td><td>24.28</td><td>25.18</td><td>31.48</td><td>48.33</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>42.92</td><td>40.27</td><td>61.38</td><td>-</td><td>17.07</td><td>21.97</td><td>16.13</td><td>38.09</td></tr><tr><td>地级市</td><td>25.89</td><td>24.56</td><td>33.74</td><td>50.17</td><td>19.71</td><td>21.11</td><td>24.30</td><td>32.39</td></tr><tr><td>区县级</td><td>32.17</td><td>32.90</td><td>51.70</td><td>69.04</td><td>22.94</td><td>23.56</td><td>28.66</td><td>42.29</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>23.05</td><td>28.09</td><td>40.78</td><td>-</td><td>20.06</td><td>47.51</td><td>47.96</td><td>49.68</td></tr><tr><td>地级市</td><td>31.26</td><td>26.60</td><td>42.55</td><td>64.34</td><td>23.20</td><td>27.17</td><td>33.37</td><td>51.82</td></tr><tr><td>区县级</td><td>36.85</td><td>46.40</td><td>48.83</td><td>73.53</td><td>35.39</td><td>43.48</td><td>53.12</td><td>83.58</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>22.14</td><td>24.44</td><td>31.14</td><td>38.37</td><td>17.63</td><td>19.12</td><td>23.21</td><td>25.92</td></tr><tr><td>地级市</td><td>24.14</td><td>23.61</td><td>28.17</td><td>40.05</td><td>24.87</td><td>25.65</td><td>23.30</td><td>44.32</td></tr><tr><td>区县级</td><td>23.07</td><td>-</td><td>29.62</td><td>37.96</td><td>27.14</td><td>30.75</td><td>43.30</td><td>63.94</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>22.59</td><td>37.63</td><td>-</td><td>-</td><td>19.25</td><td>19.31</td><td>24.97</td><td>32.51</td></tr><tr><td>地级市</td><td>29.20</td><td>-</td><td>33.53</td><td>-</td><td>25.02</td><td>24.51</td><td>34.03</td><td>56.96</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.38</td><td>33.44</td><td>43.37</td><td>64.89</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>27.22</td><td>22.86</td><td>38.73</td><td>46.37</td><td>21.45</td><td>19.67</td><td>21.72</td><td>43.23</td></tr><tr><td>地级市</td><td>28.80</td><td>31.74</td><td>63.15</td><td>55.29</td><td>25.44</td><td>24.12</td><td>29.20</td><td>46.45</td></tr><tr><td>区县级</td><td>41.69</td><td>-</td><td>-</td><td>-</td><td>26.65</td><td>32.31</td><td>43.29</td><td>50.56</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>27.40</td><td>-</td><td>-</td><td>-</td><td>17.66</td><td>16.42</td><td>21.21</td><td>26.80</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>55.15</td><td>-</td><td>-</td><td>-</td><td>29.80</td><td>37.46</td><td>50.54</td><td>70.07</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>18.75</td><td>24.08</td><td>29.42</td><td>30.30</td><td>16.68</td><td>13.40</td><td>17.81</td><td>23.19</td></tr><tr><td>地级市</td><td>24.85</td><td>-</td><td>50.03</td><td>61.40</td><td>23.77</td><td>26.03</td><td>31.58</td><td>43.22</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.37</td><td>39.51</td><td>55.43</td><td>66.35</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>27.34</td><td>72.85</td><td>106.01</td><td>-</td><td>19.02</td><td>17.96</td><td>29.31</td><td>33.59</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.12</td><td>27.63</td><td>35.42</td><td>48.83</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.34</td><td>31.22</td><td>40.02</td><td>44.53</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>20.23</td><td>23.39</td><td>32.49</td><td>38.32</td><td>17.74</td><td>18.60</td><td>22.42</td><td>29.44</td></tr><tr><td>地级市</td><td>-</td><td>52.93</td><td>-</td><td>-</td><td>30.86</td><td>44.45</td><td>49.38</td><td>67.61</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>47.38</td><td>-</td><td>31.42</td><td>31.34</td><td>40.85</td><td>67.77</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>49.64</td><td>-</td><td>-</td><td>-</td><td>16.61</td><td>10.19</td><td>15.22</td><td>22.56</td></tr><tr><td>地级市</td><td>22.91</td><td>31.24</td><td>36.73</td><td>43.51</td><td>24.54</td><td>43.58</td><td>37.11</td><td>35.45</td></tr><tr><td>区县级</td><td>33.83</td><td>35.32</td><td>44.49</td><td>46.56</td><td>22.43</td><td>26.44</td><td>32.67</td><td>33.83</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.44</td><td>29.12</td><td>39.57</td><td>56.37</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.71</td><td>35.57</td><td>54.23</td><td>76.22</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14.54</td><td>13.35</td><td>18.45</td><td>21.53</td></tr><tr><td>地级市</td><td>29.83</td><td>39.60</td><td>80.95</td><td>53.70</td><td>22.62</td><td>25.74</td><td>25.62</td><td>37.14</td></tr><tr><td>区县级</td><td>-</td><td>36.14</td><td>61.87</td><td>66.57</td><td>24.86</td><td>24.78</td><td>30.28</td><td>48.63</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.70</td><td>26.60</td><td>37.10</td><td>46.56</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>241.48</td><td>66.30</td><td>93.73</td><td>309.44</td><td>136.94</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>156.45</td><td>265.51</td><td>102.63</td><td>174.56</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>21.81</td><td>23.44</td><td>28.22</td><td>40.55</td><td>16.55</td><td>16.90</td><td>77.61</td><td>27.01</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.27</td><td>32.10</td><td>63.79</td><td>65.95</td></tr><tr><td>区县级</td><td>-</td><td>60.80</td><td>70.80</td><td>-</td><td>41.26</td><td>58.88</td><td>74.01</td><td>104.54</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>21.95</td><td>84.51</td><td>88.26</td><td>-</td><td>17.48</td><td>22.89</td><td>34.68</td><td>35.64</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>36.25</td><td>23.29</td><td>21.30</td><td>29.49</td><td>36.09</td></tr><tr><td rowspan="3">广西壮族自治区</td><td>省级</td><td>39.26</td><td>45.32</td><td>48.48</td><td>69.79</td><td>20.37</td><td>24.84</td><td>37.17</td><td>49.91</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53.30</td><td>39.71</td><td>64.54</td><td>104.99</td></tr><tr><td>区县级</td><td>75.25</td><td>99.55</td><td>71.36</td><td>-</td><td>44.21</td><td>64.83</td><td>72.81</td><td>86.07</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>24.29</td><td>25.85</td><td>36.48</td><td>44.08</td><td>22.24</td><td>17.25</td><td>-</td><td>25.27</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>39.82</td><td>41.94</td><td>-</td><td>18.41</td><td>18.48</td><td>24.06</td><td>31.05</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.01</td><td>144.67</td><td>21.22</td><td>29.48</td></tr><tr><td>地级市</td><td>65.05</td><td>39.02</td><td>62.83</td><td>-</td><td>28.41</td><td>26.69</td><td>48.18</td><td>60.63</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31.78</td><td>26.64</td><td>52.30</td><td>74.61</td></tr><tr><td rowspan="2">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.08</td><td>29.87</td><td>50.62</td><td>84.61</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69.42</td><td>97.31</td><td>129.01</td><td>-</td></tr><tr><td></td><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90.34</td><td>95.95</td><td>109.19</td><td>114.25</td></tr><tr><td rowspan="3">新疆维吾尔自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>63.74</td><td>-</td><td>-</td><td>25.47</td></tr><tr><td>地级市</td><td>-</td><td>48.67</td><td>64.20</td><td>-</td><td>23.67</td><td>28.39</td><td>40.34</td><td>44.17</td></tr><tr><td>区县级</td><td>-</td><td>35.01</td><td>-</td><td>-</td><td>32.52</td><td>38.48</td><td>81.97</td><td>63.11</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23.70</td><td>24.43</td><td>33.15</td><td>58.02</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>69.93</td><td>108.08</td><td>37.21</td><td>33.72</td><td>39.84</td><td>68.35</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47.54</td><td>-</td><td>70.85</td><td>-</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>59.34</td><td>32.24</td><td>41.46</td><td>-</td><td>33.18</td><td>41.75</td><td>25.76</td><td>66.42</td></tr><tr><td>地级市</td><td>29.24</td><td>-</td><td>-</td><td>-</td><td>25.43</td><td>29.21</td><td>34.91</td><td>43.65</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>96.94</td><td>42.03</td><td>-</td><td>-</td></tr><tr><td rowspan="3">甘肃省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.04</td><td>28.28</td><td>39.46</td><td>55.07</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53.17</td><td>92.59</td><td>108.94</td><td>149.56</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">辽宁省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>37.38</td><td>68.38</td><td>105.76</td><td>22.79</td><td>41.07</td><td>31.44</td><td>65.31</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">黑龙江省</td><td>省级</td><td>-</td><td>-</td><td>274.47</td><td>-</td><td>-</td><td>-</td><td>80.31</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.00</td><td>-</td><td>47.40</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">内蒙古自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38.70</td><td>82.53</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">宁夏回族自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25.79</td><td>24.05</td><td>29.01</td><td>37.45</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40.16</td><td>53.18</td><td>61.31</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.74</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">西藏自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>28.85</td><td>39.78</td><td>-</td><td>-</td><td>19.57</td><td>25.18</td><td>44.00</td><td>39.56</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.94</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">青海省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>56.69</td><td>-</td><td>95.18</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td rowspan="3">海南省</td><td>省级</td><td>-</td><td>29.84</td><td>40.06</td><td>-</td><td>18.21</td><td>19.90</td><td>26.89</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23.46</td><td>33.35</td><td>46.99</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.87</td><td>-</td><td>-</td><td>-</td></tr></table> 来源：中债估值，企业预警通，国金证券研究所 数据说明：1）信用利差计算采用个券加权平均，权重为对应个券存量规模，2）利差计算基准为同期限国开债，剩余期限匹配采用插值法进行。3）因样本原因，可能造成：短期限品种利差高于长期限品种利差，非永续品种利差高于永续品种利差。 图表7：公募城投债加权平均估值收益率较上周变动 (取值时间2月9日,单位：BP) <table><tr><td rowspan="2">公募债</td><td rowspan="2">行政层级</td><td>1年以内</td><td>1年至2年</td><td>2年至3年</td><td>3年至5年</td><td>1年以内</td><td>1年至2年</td><td>2年至3年</td><td>3年至5年</td></tr><tr><td colspan="4">永续</td><td colspan="4">非永续</td></tr><tr><td rowspan="3">江苏省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.53</td><td>-</td><td>0.24</td><td>-</td></tr><tr><td>地级市</td><td>-0.86</td><td>-0.34</td><td>-2.13</td><td>1.80</td><td>-0.28</td><td>-0.19</td><td>-0.60</td><td>-0.95</td></tr><tr><td>区县级</td><td>-1.53</td><td>-1.38</td><td>-1.99</td><td>-3.94</td><td>-0.55</td><td>-0.63</td><td>-1.46</td><td>-2.54</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>-0.78</td><td>-1.82</td><td>-3.51</td><td>-</td><td>0.95</td><td>-1.17</td><td>-1.16</td><td>-1.83</td></tr><tr><td>地级市</td><td>-0.66</td><td>-1.48</td><td>-3.17</td><td>-1.26</td><td>-0.35</td><td>0.05</td><td>-0.00</td><td>-1.47</td></tr><tr><td>区县级</td><td>-1.71</td><td>-2.62</td><td>-4.49</td><td>-2.47</td><td>-0.18</td><td>-0.56</td><td>-0.83</td><td>-2.24</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>-0.11</td><td>-1.75</td><td>-3.43</td><td>-</td><td>0.28</td><td>-1.67</td><td>-3.49</td><td>-1.39</td></tr><tr><td>地级市</td><td>-1.11</td><td>1.41</td><td>-1.09</td><td>-2.28</td><td>-0.65</td><td>0.06</td><td>-1.24</td><td>-1.03</td></tr><tr><td>区县级</td><td>-0.79</td><td>-1.17</td><td>-1.73</td><td>0.29</td><td>-0.32</td><td>-1.56</td><td>-1.19</td><td>-2.85</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>0.51</td><td>1.15</td><td>-1.05</td><td>-2.06</td><td>-0.98</td><td>0.35</td><td>-0.10</td><td>-0.28</td></tr><tr><td>地级市</td><td>-0.75</td><td>0.04</td><td>-0.80</td><td>-0.15</td><td>0.05</td><td>0.03</td><td>-0.65</td><td>-3.06</td></tr><tr><td>区县级</td><td>-0.19</td><td>-</td><td>-1.00</td><td>-1.00</td><td>-0.69</td><td>-0.52</td><td>-1.80</td><td>-2.54</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>0.51</td><td>-0.05</td><td>-</td><td>-</td><td>-0.61</td><td>0.09</td><td>-0.33</td><td>-0.44</td></tr><tr><td>地级市</td><td>-1.79</td><td>-</td><td>0.08</td><td>-</td><td>-0.36</td><td>-1.10</td><td>-2.01</td><td>-3.13</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.51</td><td>-1.25</td><td>-1.91</td><td>-2.82</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>0.94</td><td>-0.56</td><td>-1.36</td><td>-3.02</td><td>-0.09</td><td>-0.29</td><td>-0.83</td><td>-2.19</td></tr><tr><td>地级市</td><td>1.00</td><td>-0.13</td><td>-3.12</td><td>-1.19</td><td>-0.97</td><td>-0.62</td><td>-0.63</td><td>-1.67</td></tr><tr><td>区县级</td><td>-1.10</td><td>-</td><td>-</td><td>-</td><td>-0.61</td><td>-0.77</td><td>-1.51</td><td>-2.79</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>-1.11</td><td>-</td><td>-</td><td>-</td><td>-0.52</td><td>-0.24</td><td>0.07</td><td>-0.58</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-1.95</td><td>-</td><td>-</td><td>-</td><td>-0.56</td><td>-1.21</td><td>-2.01</td><td>-3.07</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>-0.05</td><td>-0.12</td><td>-1.61</td><td>-0.80</td><td>-0.15</td><td>-0.09</td><td>-0.12</td><td>1.18</td></tr><tr><td>地级市</td><td>-0.20</td><td>-</td><td>-2.86</td><td>-1.27</td><td>-0.52</td><td>-0.11</td><td>-1.31</td><td>-2.23</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.12</td><td>-1.19</td><td>-1.26</td><td>-2.31</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>-0.59</td><td>-0.74</td><td>3.73</td><td>-</td><td>-0.50</td><td>0.49</td><td>-0.21</td><td>-0.36</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.64</td><td>-1.13</td><td>-2.52</td><td>-2.41</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.53</td><td>-0.59</td><td>-1.86</td><td>-2.40</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>0.87</td><td>-1.65</td><td>-2.63</td><td>-2.45</td><td>-0.52</td><td>-0.56</td><td>-0.67</td><td>-2.07</td></tr><tr><td>地级市</td><td>-</td><td>-4.57</td><td>-</td><td>-</td><td>-0.83</td><td>-1.56</td><td>-2.60</td><td>-2.74</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-3.88</td><td>-</td><td>0.34</td><td>-1.17</td><td>-2.96</td><td>-2.80</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>-2.09</td><td>-</td><td>-</td><td>-</td><td>-0.43</td><td>0.81</td><td>1.04</td><td>-0.25</td></tr><tr><td>地级市</td><td>0.21</td><td>-0.43</td><td>-0.79</td><td>-2.27</td><td>3.38</td><td>-6.05</td><td>-0.75</td><td>-0.98</td></tr><tr><td>区县级</td><td>-3.31</td><td>0.05</td><td>-1.92</td><td>-0.91</td><td>-0.22</td><td>0.27</td><td>-0.68</td><td>-1.08</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.16</td><td>0.08</td><td>-1.42</td><td>0.24</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.52</td><td>-1.12</td><td>-2.38</td><td>-3.93</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.79</td><td>-2.05</td><td>-1.58</td><td>-2.49</td></tr><tr><td>地级市</td><td>-2.02</td><td>-1.45</td><td>-3.06</td><td>-2.26</td><td>0.34</td><td>1.71</td><td>-0.03</td><td>-0.09</td></tr><tr><td>区县级</td><td>-</td><td>-0.69</td><td>-1.67</td><td>-3.94</td><td>-0.59</td><td>-0.71</td><td>-2.25</td><td>-2.86</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.67</td><td>-0.37</td><td>-2.73</td><td>-2.07</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-3.62</td><td>-0.53</td><td>-1.02</td><td>-4.34</td><td>-4.35</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.28</td><td>-27.25</td><td>-2.03</td><td>-5.90</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>0.01</td><td>0.16</td><td>-1.28</td><td>-2.27</td><td>-0.72</td><td>0.85</td><td>-3.24</td><td>0.09</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.04</td><td>-0.38</td><td>-2.75</td><td>-3.11</td></tr><tr><td>区县级</td><td>-</td><td>0.60</td><td>-3.74</td><td>-</td><td>-0.54</td><td>0.61</td><td>-2.43</td><td>-3.25</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>-0.64</td><td>0.37</td><td>0.11</td><td>-</td><td>-0.06</td><td>0.18</td><td>-0.30</td><td>-0.51</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-0.88</td><td>-0.86</td><td>0.18</td><td>0.55</td><td>-0.64</td></tr><tr><td rowspan="2">广西壮族自治区</td><td>省级</td><td>-0.63</td><td>-0.16</td><td>-1.00</td><td>-2.02</td><td>-0.69</td><td>-0.04</td><td>-0.37</td><td>-0.91</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.98</td><td>-1.89</td><td>-2.74</td><td>-4.60</td></tr><tr><td></td><td>区县级</td><td>-0.14</td><td>-0.81</td><td>-3.59</td><td>-</td><td>-1.00</td><td>-1.43</td><td>-6.09</td><td>-3.38</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>-1.99</td><td>0.50</td><td>-2.02</td><td>-2.53</td><td>-0.12</td><td>0.19</td><td>-</td><td>-0.27</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-2.55</td><td>-3.20</td><td>-</td><td>0.10</td><td>0.28</td><td>-0.62</td><td>-1.32</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.45</td><td>-1.77</td><td>-0.32</td><td>-0.05</td></tr><tr><td>地级市</td><td>-1.91</td><td>-1.05</td><td>-3.10</td><td>-</td><td>-0.65</td><td>-0.95</td><td>-2.91</td><td>-2.76</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.05</td><td>-0.94</td><td>-2.38</td><td>-3.63</td></tr><tr><td rowspan="3">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.02</td><td>-1.23</td><td>-2.44</td><td>-4.39</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.20</td><td>-5.40</td><td>-1.25</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.88</td><td>4.23</td><td>-1.26</td><td>-3.62</td></tr><tr><td rowspan="3">新疆维吾尔自治区</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.48</td><td>-</td><td>-</td><td>-2.16</td></tr><tr><td>地级市</td><td>-</td><td>-2.19</td><td>-2.78</td><td>-</td><td>-0.52</td><td>-1.38</td><td>-1.88</td><td>-1.76</td></tr><tr><td>区县级</td><td>-</td><td>-0.72</td><td>-</td><td>-</td><td>-0.87</td><td>0.75</td><td>-2.48</td><td>-3.04</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.04</td><td>-1.48</td><td>-3.09</td><td>-3.99</td></tr><