> **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 # 4 张表看信用债涨跌(1/12-1/16) # 摘要 折价幅度靠前50只AA城投债（主体评级）中，“25随州城建PPN002”估值价格偏离程度最大。净价跌幅靠前50只个券中，“24产融08”估值价格偏离幅度最大。净价上涨幅度靠前50只个券中，“23万科MTNO01”估值价格偏离幅度最大。净价上涨幅度靠前50只二永债中，“25农行二级资本债04B(BC)”估值价格偏离程度最大。 # 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 图表1：折价幅度靠前50只AA城投债（主体评级） <table><tr><td>债券名称</td><td>剩余期限(年)</td><td>估值价格偏离(%)</td><td>估值净价(元)</td><td>估值收益率偏离(bp)</td><td>当日估值收益(%)</td><td>票面利率(%)</td><td>隐含评级</td><td>主体评级</td><td>成交日期</td></tr><tr><td>25随州城建PPN002</td><td>4.54</td><td>-0.23</td><td>99.60</td><td>5.43</td><td>2.97</td><td>2.88</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>25腾冲01</td><td>4.45</td><td>-0.22</td><td>103.41</td><td>5.54</td><td>3.94</td><td>4.80</td><td>AA-</td><td>AA</td><td>2026/1/14</td></tr><tr><td>25郑蒲01</td><td>4.35</td><td>-0.19</td><td>100.25</td><td>4.60</td><td>2.92</td><td>2.98</td><td>AA-</td><td>AA</td><td>2026/1/15</td></tr><tr><td>25泉丰05</td><td>4.35</td><td>-0.17</td><td>101.12</td><td>4.36</td><td>4.08</td><td>4.37</td><td>A+</td><td>AA</td><td>2026/1/14</td></tr><tr><td>24韩城01</td><td>1.82</td><td>-0.17</td><td>103.25</td><td>9.33</td><td>2.68</td><td>4.53</td><td>AA-</td><td>AA</td><td>2026/1/14</td></tr><tr><td>24郑蒲02</td><td>3.94</td><td>-0.17</td><td>101.43</td><td>4.53</td><td>2.80</td><td>3.19</td><td>AA-</td><td>AA</td><td>2026/1/15</td></tr><tr><td>24湛基03</td><td>3.93</td><td>-0.16</td><td>100.28</td><td>4.30</td><td>2.42</td><td>2.50</td><td>AA</td><td>AA</td><td>2026/1/12</td></tr><tr><td>24钟投01</td><td>1.61</td><td>-0.15</td><td>100.43</td><td>9.41</td><td>2.19</td><td>2.47</td><td>AA(2)</td><td>AA</td><td>2026/1/14</td></tr><tr><td>24高要02</td><td>1.41</td><td>-0.13</td><td>100.60</td><td>9.42</td><td>2.04</td><td>2.48</td><td>AA(2)</td><td>AA</td><td>2026/1/14</td></tr><tr><td>24高要01</td><td>1.32</td><td>-0.12</td><td>101.03</td><td>9.46</td><td>2.02</td><td>2.83</td><td>AA(2)</td><td>AA</td><td>2026/1/14</td></tr><tr><td>25金航01</td><td>2.29</td><td>-0.11</td><td>100.11</td><td>5.17</td><td>2.05</td><td>2.10</td><td>AA+</td><td>AA</td><td>2026/1/14</td></tr><tr><td>22长垣04</td><td>3.78</td><td>-0.10</td><td>79.72</td><td>4.60</td><td>2.42</td><td>4.98</td><td>AA(2)</td><td>AA</td><td>2026/1/14</td></tr><tr><td>20瀛洲债</td><td>1.92</td><td>-0.09</td><td>41.84</td><td>4.74</td><td>1.97</td><td>5.30</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>25西安陆港MTN002</td><td>4.97</td><td>-0.08</td><td>99.81</td><td>1.76</td><td>2.95</td><td>2.91</td><td>AA(2)</td><td>AA</td><td>2026/1/16</td></tr><tr><td>20夷陵债</td><td>4.96</td><td>-0.08</td><td>100.47</td><td>1.72</td><td>3.00</td><td>5.60</td><td>AA(2)</td><td>AA</td><td>2026/1/16</td></tr><tr><td>19黄石国资绿色债</td><td>0.70</td><td>-0.07</td><td>20.51</td><td>5.05</td><td>2.05</td><td>5.80</td><td>AA</td><td>AA</td><td>2026/1/12</td></tr><tr><td>25铜陵建投MTN005</td><td>4.59</td><td>-0.06</td><td>100.37</td><td>1.35</td><td>2.78</td><td>2.87</td><td>AA(2)</td><td>AA</td><td>2026/1/16</td></tr><tr><td>23兴南05</td><td>0.91</td><td>-0.05</td><td>101.63</td><td>5.21</td><td>2.17</td><td>4.00</td><td>AA(2)</td><td>AA</td><td>2026/1/16</td></tr><tr><td>23攀国投PPN001</td><td>0.76</td><td>-0.05</td><td>102.98</td><td>5.10</td><td>1.97</td><td>6.00</td><td>AA(2)</td><td>AA</td><td>2026/1/16</td></tr><tr><td>19邳经01</td><td>0.28</td><td>-0.05</td><td>101.59</td><td>0.49</td><td>2.04</td><td>7.80</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>19淮南城投债01</td><td>0.08</td><td>-0.05</td><td>20.09</td><td>0.19</td><td>1.89</td><td>7.58</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>23鼎兴01</td><td>0.29</td><td>-0.04</td><td>101.51</td><td>0.48</td><td>2.10</td><td>7.50</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>23合盛01</td><td>0.29</td><td>-0.04</td><td>101.53</td><td>0.43</td><td>1.80</td><td>7.20</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>PR冶高02</td><td>0.22</td><td>-0.04</td><td>20.22</td><td>1.01</td><td>2.24</td><td>7.50</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>23万盛02</td><td>0.19</td><td>-0.04</td><td>100.99</td><td>0.86</td><td>2.24</td><td>7.50</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>21天府01</td><td>0.19</td><td>-0.04</td><td>100.96</td><td>0.86</td><td>2.39</td><td>7.50</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>23利民01</td><td>0.16</td><td>-0.04</td><td>100.79</td><td>0.30</td><td>2.28</td><td>7.50</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>23百盐V1</td><td>0.28</td><td>-0.04</td><td>101.32</td><td>0.48</td><td>2.20</td><td>7.00</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>23巴中03</td><td>0.78</td><td>-0.02</td><td>104.00</td><td>1.42</td><td>2.30</td><td>7.55</td><td>AA-</td><td>AA</td><td>2026/1/15</td></tr></table> 来源：Wind，国金证券研究所 图表2：净价跌幅靠前50只个券 <table><tr><td>债券名称</td><td>剩余期限 (年)</td><td>估值价格 偏离(%)</td><td>估值净价 (元)</td><td>估值收益率 偏离(bp)</td><td>当日估值 收益(%)</td><td>票面利率 (%)</td><td>隐含 评级</td><td>主体 评级</td><td>成交日期</td></tr><tr><td>24产融08</td><td>3.25</td><td>-0.84</td><td>81.02</td><td>29.93</td><td>9.72</td><td>2.64</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>24产融08</td><td>3.25</td><td>-0.84</td><td>79.72</td><td>30.07</td><td>10.29</td><td>2.64</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24产融05</td><td>1.16</td><td>-0.82</td><td>90.45</td><td>81.97</td><td>11.96</td><td>2.65</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>24产融08</td><td>3.25</td><td>-0.82</td><td>81.70</td><td>29.08</td><td>9.42</td><td>2.64</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>24产融06</td><td>3.16</td><td>-0.82</td><td>81.90</td><td>29.93</td><td>9.70</td><td>2.78</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>24产融08</td><td>3.26</td><td>-0.82</td><td>82.38</td><td>29.84</td><td>9.13</td><td>2.64</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>24产融06</td><td>3.15</td><td>-0.81</td><td>80.63</td><td>29.89</td><td>10.27</td><td>2.78</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24产融06</td><td>3.16</td><td>-0.79</td><td>83.24</td><td>29.81</td><td>9.11</td><td>2.78</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>24产融05</td><td>1.16</td><td>-0.79</td><td>91.95</td><td>76.90</td><td>10.34</td><td>2.65</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>24产融04</td><td>3.04</td><td>-0.79</td><td>83.10</td><td>29.92</td><td>9.66</td><td>2.99</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>24产融05</td><td>1.15</td><td>-0.78</td><td>89.75</td><td>78.62</td><td>12.74</td><td>2.65</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24产融02</td><td>2.99</td><td>-0.77</td><td>83.48</td><td>29.89</td><td>9.65</td><td>3.03</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>24产融04</td><td>3.04</td><td>-0.77</td><td>81.86</td><td>29.71</td><td>10.24</td><td>2.99</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24产融08</td><td>3.25</td><td>-0.77</td><td>80.39</td><td>27.65</td><td>9.99</td><td>2.64</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>24产融04</td><td>3.04</td><td>-0.76</td><td>83.76</td><td>28.97</td><td>9.36</td><td>2.99</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>24产融04</td><td>3.05</td><td>-0.76</td><td>84.41</td><td>29.76</td><td>9.07</td><td>2.99</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>24产融02</td><td>2.99</td><td>-0.76</td><td>82.25</td><td>29.66</td><td>10.22</td><td>3.03</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24产融02</td><td>3.00</td><td>-0.75</td><td>84.77</td><td>29.72</td><td>9.06</td><td>3.03</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>23产融13</td><td>2.87</td><td>-0.74</td><td>84.81</td><td>29.85</td><td>9.60</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>23产融11</td><td>2.82</td><td>-0.73</td><td>85.08</td><td>29.84</td><td>9.58</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>23产融13</td><td>2.86</td><td>-0.73</td><td>83.61</td><td>29.54</td><td>10.18</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24产融04</td><td>3.04</td><td>-0.73</td><td>82.50</td><td>27.82</td><td>9.94</td><td>2.99</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>23产融13</td><td>2.87</td><td>-0.73</td><td>85.44</td><td>29.10</td><td>9.30</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>23产融13</td><td>2.87</td><td>-0.72</td><td>86.07</td><td>29.72</td><td>9.01</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>24产融02</td><td>2.99</td><td>-0.72</td><td>82.88</td><td>27.95</td><td>9.92</td><td>3.03</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>23产融11</td><td>2.82</td><td>-0.72</td><td>85.70</td><td>29.15</td><td>9.28</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>23产融11</td><td>2.82</td><td>-0.71</td><td>86.32</td><td>29.72</td><td>8.99</td><td>3.30</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>23产融09</td><td>2.66</td><td>-0.67</td><td>85.57</td><td>29.13</td><td>9.81</td><td>3.41</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>23产融09</td><td>2.67</td><td>-0.67</td><td>87.35</td><td>29.74</td><td>8.93</td><td>3.41</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>23产融K1</td><td>2.53</td><td>-0.65</td><td>85.98</td><td>29.67</td><td>9.76</td><td>3.25</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>23产融K1</td><td>2.52</td><td>-0.64</td><td>85.43</td><td>29.22</td><td>10.05</td><td>3.25</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>23产融K1</td><td>2.53</td><td>-0.64</td><td>87.68</td><td>29.77</td><td>8.87</td><td>3.25</td><td>A+</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>23产融10</td><td>0.82</td><td>-0.57</td><td>92.66</td><td>79.85</td><td>12.91</td><td>3.05</td><td>A+</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>23产融10</td><td>0.81</td><td>-0.56</td><td>92.15</td><td>79.05</td><td>13.70</td><td>3.05</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>23产融08</td><td>0.67</td><td>-0.49</td><td>94.65</td><td>80.46</td><td>11.65</td><td>3.15</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>23产融08</td><td>0.67</td><td>-0.48</td><td>94.20</td><td>80.08</td><td>12.45</td><td>3.15</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>23产融08</td><td>0.66</td><td>-0.46</td><td>93.33</td><td>79.82</td><td>14.04</td><td>3.15</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>24中化08</td><td>28.41</td><td>-0.41</td><td>99.39</td><td>2.18</td><td>3.01</td><td>2.98</td><td>AAA-</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>24中化08</td><td>28.41</td><td>-0.34</td><td>99.05</td><td>1.79</td><td>3.03</td><td>2.98</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24陆金开MTN001</td><td>3.63</td><td>-0.33</td><td>100.54</td><td>9.63</td><td>2.36</td><td>2.52</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23产融05</td><td>0.40</td><td>-0.28</td><td>95.75</td><td>80.10</td><td>14.02</td><td>3.05</td><td>A+</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>23产融05</td><td>0.40</td><td>-0.28</td><td>95.48</td><td>80.76</td><td>14.83</td><td>3.05</td><td>A+</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>24瑞茂02</td><td>0.58</td><td>-0.28</td><td>93.99</td><td>55.38</td><td>17.29</td><td>6.37</td><td>BBB</td><td>A+</td><td>2026/1/14</td></tr><tr><td>23产融05</td><td>0.39</td><td>-0.27</td><td>95.25</td><td>79.71</td><td>15.63</td><td>3.05</td><td>A+</td><td>AA+</td><td>2026/1/16</td></tr><tr><td>26兰花MTN001</td><td>2.98</td><td>-0.25</td><td>99.76</td><td>8.95</td><td>2.38</td><td>2.30</td><td>AA</td><td></td><td>2026/1/14</td></tr><tr><td>GV夷陵02</td><td>4.87</td><td>-0.23</td><td>100.06</td><td>5.17</td><td>2.75</td><td>2.76</td><td>AA</td><td>AA+</td><td>2026/1/12</td></tr><tr><td>25中化01</td><td>14.02</td><td>-0.23</td><td>94.15</td><td>1.97</td><td>2.81</td><td>2.30</td><td>AAA-</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>25随州城建 PPN002</td><td>4.54</td><td>-0.23</td><td>99.60</td><td>5.43</td><td>2.97</td><td>2.88</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>26江东G1</td><td>4.98</td><td>-0.22</td><td>99.83</td><td>4.80</td><td>2.43</td><td>2.39</td><td>AA</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>25腾冲01</td><td>4.45</td><td>-0.22</td><td>103.41</td><td>5.54</td><td>3.94</td><td>4.80</td><td>AA-</td><td>AA</td><td>2026/1/14</td></tr></table> 来源：Wind，国金证券研究所 图表3：净价上涨幅度靠前50只个券 <table><tr><td>债券名称</td><td>剩余期限(年)</td><td>估值价格偏离(%)</td><td>估值净价(元)</td><td>估值收益率偏离(bp)</td><td>当日估值收益(%)</td><td>票面利率(%)</td><td>隐含评级</td><td>主体评级</td><td>成交日期</td></tr><tr><td>23 万科 MTN001</td><td>0.27</td><td>49.62</td><td>28.17</td><td>-54971.00</td><td>897.90</td><td>3.11</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>23 万科 MTN003</td><td>0.41</td><td>49.62</td><td>28.17</td><td>-37286.75</td><td>593.38</td><td>3.07</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 万科 02</td><td>1.13</td><td>37.63</td><td>35.95</td><td>-8153.39</td><td>155.82</td><td>3.64</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 万科 04</td><td>1.39</td><td>37.63</td><td>35.95</td><td>-5484.12</td><td>116.43</td><td>3.53</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 万科 06</td><td>1.47</td><td>37.63</td><td>35.95</td><td>-4938.86</td><td>107.81</td><td>3.70</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>23 万科 01</td><td>0.52</td><td>35.20</td><td>37.75</td><td>-16717.28</td><td>314.22</td><td>3.10</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>21 万科 04</td><td>0.34</td><td>35.20</td><td>37.75</td><td>-24048.18</td><td>465.08</td><td>3.70</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>21 万科 06</td><td>0.52</td><td>35.20</td><td>37.75</td><td>-16358.97</td><td>309.05</td><td>3.49</td><td>CC</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 万科 02</td><td>1.13</td><td>3.98</td><td>26.12</td><td>-1059.96</td><td>237.35</td><td>3.64</td><td>CC</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>22 万科 04</td><td>1.39</td><td>3.98</td><td>26.12</td><td>-707.40</td><td>171.27</td><td>3.53</td><td>CC</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>22 万科 06</td><td>1.48</td><td>3.98</td><td>26.12</td><td>-636.26</td><td>157.20</td><td>3.70</td><td>CC</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 万科 01</td><td>0.52</td><td>3.71</td><td>27.92</td><td>-2127.09</td><td>481.39</td><td>3.10</td><td>CC</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>21 万科 04</td><td>0.34</td><td>3.71</td><td>27.92</td><td>-2846.74</td><td>705.56</td><td>3.70</td><td>CC</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>21 万科 06</td><td>0.53</td><td>3.71</td><td>27.92</td><td>-2083.04</td><td>472.64</td><td>3.49</td><td>CC</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>20 遵和 02</td><td>1.71</td><td>0.76</td><td>39.22</td><td>-65.19</td><td>5.69</td><td>7.30</td><td>A</td><td>AA-</td><td>2026/1/12</td></tr><tr><td>20 遵和 01</td><td>1.28</td><td>0.49</td><td>39.67</td><td>-65.43</td><td>5.59</td><td>7.50</td><td>A</td><td>AA-</td><td>2026/1/12</td></tr><tr><td>25 农行二级资本债 04B(BC)</td><td>9.85</td><td>0.34</td><td>99.29</td><td>-3.87</td><td>2.48</td><td>2.40</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 03B(BC)</td><td>9.68</td><td>0.33</td><td>100.15</td><td>-3.86</td><td>2.48</td><td>2.50</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 交行二级资本债 02B</td><td>8.53</td><td>0.33</td><td>99.89</td><td>-4.25</td><td>2.38</td><td>2.37</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 惠商 V1</td><td>2.77</td><td>0.32</td><td>100.97</td><td>-12.26</td><td>3.11</td><td>3.48</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>24 工行二级资本债 01B(BC)</td><td>8.62</td><td>0.31</td><td>100.00</td><td>-4.06</td><td>2.40</td><td>2.40</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 中行二级资本债 02B</td><td>8.23</td><td>0.30</td><td>102.75</td><td>-4.08</td><td>2.34</td><td>2.71</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>26 沪建工MTN001</td><td>4.98</td><td>0.30</td><td>100.42</td><td>-6.49</td><td>2.81</td><td>2.90</td><td>AA+</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>26 黄产 Y1</td><td>2.98</td><td>0.29</td><td>100.32</td><td>-10.42</td><td>2.73</td><td>2.84</td><td>AA</td><td>AA+</td><td>2026/1/13</td></tr><tr><td>25 农行二级资本债 02B(BC)</td><td>9.52</td><td>0.29</td><td>97.30</td><td>-3.35</td><td>2.44</td><td>2.12</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 01B(BC)</td><td>9.42</td><td>0.28</td><td>97.16</td><td>-3.35</td><td>2.44</td><td>2.10</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 宏建 01</td><td>3.11</td><td>0.28</td><td>104.28</td><td>-9.78</td><td>3.32</td><td>4.80</td><td>AA-</td><td></td><td>2026/1/14</td></tr><tr><td>24浦发银行二级资本债02B</td><td>8.90</td><td>0.28</td><td>98.77</td><td>-3.48</td><td>2.50</td><td>2.34</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>26贾汪城投MTN001</td><td>4.98</td><td>0.27</td><td>100.26</td><td>-5.88</td><td>2.94</td><td>3.00</td><td>AA-</td><td>AA</td><td>2026/1/15</td></tr><tr><td>25惠临03</td><td>4.91</td><td>0.27</td><td>99.99</td><td>-5.90</td><td>3.13</td><td>3.13</td><td>AA-</td><td>AA</td><td>2026/1/12</td></tr><tr><td>24广发银行二级资本债01B</td><td>8.56</td><td>0.27</td><td>98.52</td><td>-3.45</td><td>2.49</td><td>2.30</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25农行二级资本债04B(BC)</td><td>9.85</td><td>0.26</td><td>98.96</td><td>-3.00</td><td>2.52</td><td>2.40</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>25临经01</td><td>3.98</td><td>0.25</td><td>102.16</td><td>-6.89</td><td>2.90</td><td>3.48</td><td>AA-</td><td>AA</td><td>2026/1/16</td></tr><tr><td>24红狮K2</td><td>1.39</td><td>0.25</td><td>100.75</td><td>-18.73</td><td>2.63</td><td>3.20</td><td>AA</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24平安银行二级资本债01B</td><td>8.49</td><td>0.25</td><td>100.03</td><td>-3.31</td><td>2.49</td><td>2.50</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25农行二级资本债03B(BC)</td><td>9.68</td><td>0.25</td><td>99.82</td><td>-2.90</td><td>2.52</td><td>2.50</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>25潼建01</td><td>4.82</td><td>0.25</td><td>99.66</td><td>-5.54</td><td>3.01</td><td>2.93</td><td>AA-</td><td>AA</td><td>2026/1/16</td></tr><tr><td>25灞桥01</td><td>4.76</td><td>0.24</td><td>100.22</td><td>-5.65</td><td>3.75</td><td>3.80</td><td>AA-</td><td>AA</td><td>2026/1/16</td></tr><tr><td>25潮州08</td><td>4.88</td><td>0.24</td><td>99.92</td><td>-5.21</td><td>2.88</td><td>2.86</td><td>AA(2)</td><td>AA</td><td>2026/1/14</td></tr><tr><td>23深铁12</td><td>7.64</td><td>0.23</td><td>102.86</td><td>-3.49</td><td>2.79</td><td>3.21</td><td>AAA</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>25平顶发展PPN002</td><td>4.48</td><td>0.23</td><td>99.14</td><td>-5.59</td><td>2.87</td><td>2.66</td><td>AA(2)</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>25农行TLAC非资本债01C(BC)</td><td>9.46</td><td>0.23</td><td>97.15</td><td>-2.69</td><td>2.40</td><td>2.06</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>25汴投01</td><td>4.40</td><td>0.23</td><td>99.28</td><td>-5.55</td><td>2.90</td><td>2.73</td><td>AA(2)</td><td>AA+</td><td>2026/1/15</td></tr><tr><td>25金旭K2</td><td>4.88</td><td>0.23</td><td>100.03</td><td>-5.10</td><td>3.58</td><td>3.59</td><td>AA-</td><td>AA+</td><td>2026/1/14</td></tr><tr><td>22资城01</td><td>1.44</td><td>0.22</td><td>83.54</td><td>-21.37</td><td>2.19</td><td>6.00</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>24农行二级资本债01B</td><td>8.06</td><td>0.22</td><td>103.45</td><td>-3.09</td><td>2.33</td><td>2.80</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25高控02</td><td>4.30</td><td>0.22</td><td>100.95</td><td>-5.49</td><td>3.04</td><td>3.28</td><td>AA(2)</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>22邹城天成项目01</td><td>1.49</td><td>0.22</td><td>71.19</td><td>-21.18</td><td>2.84</td><td>6.80</td><td>AA-</td><td></td><td>2026/1/16</td></tr><tr><td>25阜城03</td><td>4.87</td><td>0.22</td><td>99.96</td><td>-4.80</td><td>2.81</td><td>2.80</td><td>AA(2)</td><td>AA</td><td>2026/1/12</td></tr><tr><td>24中行二级资本债01B</td><td>8.05</td><td>0.21</td><td>103.81</td><td>-2.97</td><td>2.32</td><td>2.85</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr></table> 来源：Wind，国金证券研究所 图表4：净价上涨幅度靠前50只二永债 <table><tr><td>债券名称</td><td>剩余期限(年)</td><td>估值价格偏离(%)</td><td>估值净价(元)</td><td>估值收益率偏离(bp)</td><td>当日估值收益(%)</td><td>票面利率(%)</td><td>隐含评级</td><td>主体评级</td><td>成交日期</td></tr><tr><td>25 农行二级资本债 04B(BC)</td><td>9.85</td><td>0.34</td><td>99.29</td><td>-3.87</td><td>2.48</td><td>2.40</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 03B(BC)</td><td>9.68</td><td>0.33</td><td>100.15</td><td>-3.86</td><td>2.48</td><td>2.50</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 交行二级资本债 02B</td><td>8.53</td><td>0.33</td><td>99.89</td><td>-4.25</td><td>2.38</td><td>2.37</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 工行二级资本债 01B(BC)</td><td>8.62</td><td>0.31</td><td>100.00</td><td>-4.06</td><td>2.40</td><td>2.40</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 中行二级资本债 02B</td><td>8.23</td><td>0.30</td><td>102.75</td><td>-4.08</td><td>2.34</td><td>2.71</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 02B(BC)</td><td>9.52</td><td>0.29</td><td>97.30</td><td>-3.35</td><td>2.44</td><td>2.12</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 01B(BC)</td><td>9.42</td><td>0.28</td><td>97.16</td><td>-3.35</td><td>2.44</td><td>2.10</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 浦发银行二级资本债 02B</td><td>8.90</td><td>0.28</td><td>98.77</td><td>-3.48</td><td>2.50</td><td>2.34</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 广发银行二级资本债 01B</td><td>8.56</td><td>0.27</td><td>98.52</td><td>-3.45</td><td>2.49</td><td>2.30</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 04B(BC)</td><td>9.85</td><td>0.26</td><td>98.96</td><td>-3.00</td><td>2.52</td><td>2.40</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24 平安银行二级资本债 01B</td><td>8.49</td><td>0.25</td><td>100.03</td><td>-3.31</td><td>2.49</td><td>2.50</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 03B(BC)</td><td>9.68</td><td>0.25</td><td>99.82</td><td>-2.90</td><td>2.52</td><td>2.50</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24 农行二级资本债 01B</td><td>8.06</td><td>0.22</td><td>103.45</td><td>-3.09</td><td>2.33</td><td>2.80</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>24 中行二级资本债 01B</td><td>8.05</td><td>0.21</td><td>103.81</td><td>-2.97</td><td>2.32</td><td>2.85</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 工行二级资本债 05B</td><td>6.94</td><td>0.21</td><td>109.89</td><td>-3.45</td><td>2.29</td><td>3.85</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 02B(BC)</td><td>9.53</td><td>0.20</td><td>96.72</td><td>-2.38</td><td>2.51</td><td>2.12</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 中行二级资本债 04B</td><td>7.90</td><td>0.20</td><td>107.12</td><td>-2.95</td><td>2.37</td><td>3.37</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 交行二级资本债 01B</td><td>7.85</td><td>0.20</td><td>107.29</td><td>-2.94</td><td>2.37</td><td>3.40</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 中行二级资本债 01B</td><td>7.18</td><td>0.20</td><td>108.57</td><td>-3.16</td><td>2.30</td><td>3.61</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 01B(BC)</td><td>9.43</td><td>0.20</td><td>96.59</td><td>-2.33</td><td>2.51</td><td>2.10</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 农行二级资本债 01B</td><td>7.19</td><td>0.20</td><td>108.57</td><td>-3.16</td><td>2.30</td><td>3.61</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 建行二级资本债 02B</td><td>6.81</td><td>0.19</td><td>106.56</td><td>-3.23</td><td>2.29</td><td>3.34</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>23 中行二级资本债 02B</td><td>7.69</td><td>0.19</td><td>106.94</td><td>-2.90</td><td>2.37</td><td>3.37</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 农行二级资本债 02B</td><td>7.67</td><td>0.19</td><td>106.79</td><td>-2.89</td><td>2.37</td><td>3.35</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 工行二级资本债 02B</td><td>7.63</td><td>0.19</td><td>105.58</td><td>-2.87</td><td>2.37</td><td>3.18</td><td>AAA-</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 中信银行二级资本债 01B</td><td>7.93</td><td>0.19</td><td>106.11</td><td>-2.72</td><td>2.39</td><td>3.25</td><td>AA+</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>22 中行二级资本债 02B</td><td>6.78</td><td>0.19</td><td>106.53</td><td>-3.13</td><td>2.29</td><td>3.34</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>23 工行二级资本债 02B</td><td>7.63</td><td>0.19</td><td>105.82</td><td>-2.78</td><td>2.34</td><td>3.18</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>22 农行二级资本债 02B</td><td>6.69</td><td>0.19</td><td>106.29</td><td>-3.14</td><td>2.31</td><td>3.34</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 农行二级资本债 02B</td><td>7.67</td><td>0.19</td><td>107.03</td><td>-2.78</td><td>2.34</td><td>3.35</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 中行二级资本债 02B</td><td>7.69</td><td>0.19</td><td>107.18</td><td>-2.76</td><td>2.34</td><td>3.37</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 邮储银行二级资本债 01</td><td>7.33</td><td>0.18</td><td>107.23</td><td>-2.87</td><td>2.31</td><td>3.39</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>23 中行二级资本债 03B</td><td>7.78</td><td>0.18</td><td>108.38</td><td>-2.71</td><td>2.34</td><td>3.53</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 建行二级资本债 02B</td><td>7.78</td><td>0.18</td><td>108.39</td><td>-2.71</td><td>2.34</td><td>3.53</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 农行二级资本债 03B</td><td>7.80</td><td>0.18</td><td>108.54</td><td>-2.69</td><td>2.34</td><td>3.55</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24 建行二级资本债 02B</td><td>8.48</td><td>0.18</td><td>99.62</td><td>-2.38</td><td>2.42</td><td>2.37</td><td>AAA-</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>23 中信银行二级资本债 01B</td><td>7.94</td><td>0.18</td><td>105.72</td><td>-2.60</td><td>2.45</td><td>3.25</td><td>AA+</td><td>AAA</td><td>2026/1/13</td></tr><tr><td>23 邮储银行二级资本债 01</td><td>7.33</td><td>0.18</td><td>107.03</td><td>-2.80</td><td>2.33</td><td>3.39</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24 交行二级资本债 02B</td><td>8.53</td><td>0.18</td><td>99.55</td><td>-2.31</td><td>2.43</td><td>2.37</td><td>AAA-</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>23 建行二级资本债 01B</td><td>7.20</td><td>0.18</td><td>108.37</td><td>-2.80</td><td>2.33</td><td>3.61</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 农行二级资本债 01B</td><td>7.19</td><td>0.18</td><td>108.36</td><td>-2.80</td><td>2.33</td><td>3.61</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>23 中行二级资本债 01B</td><td>7.19</td><td>0.18</td><td>108.35</td><td>-2.80</td><td>2.33</td><td>3.61</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24 农行二级资本债 02B</td><td>8.28</td><td>0.17</td><td>100.79</td><td>-2.35</td><td>2.38</td><td>2.49</td><td>AAA-</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>22 农业银行二级02</td><td>6.44</td><td>0.17</td><td>107.99</td><td>-2.92</td><td>2.30</td><td>3.65</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>22 农行二级资本债 02B</td><td>6.69</td><td>0.16</td><td>106.46</td><td>-2.79</td><td>2.29</td><td>3.34</td><td>AAA-</td><td>AAA</td><td>2026/1/16</td></tr><tr><td>25 农行二级资本债 02B(BC)</td><td>9.53</td><td>0.16</td><td>97.03</td><td>-1.92</td><td>2.47</td><td>2.12</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>22 建设银行二级02</td><td>6.42</td><td>0.16</td><td>107.99</td><td>-2.90</td><td>2.30</td><td>3.65</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>25 建行二级资本债 02B(BC)</td><td>9.53</td><td>0.16</td><td>97.11</td><td>-1.92</td><td>2.47</td><td>2.13</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr><tr><td>24 中行二级资本债 02B</td><td>8.24</td><td>0.16</td><td>102.46</td><td>-2.24</td><td>2.38</td><td>2.71</td><td>AAA-</td><td>AAA</td><td>2026/1/14</td></tr><tr><td>23 中行二级资本债 04B</td><td>7.89</td><td>0.16</td><td>107.33</td><td>-2.38</td><td>2.34</td><td>3.37</td><td>AAA-</td><td>AAA</td><td>2026/1/15</td></tr></table> 来源：Wind，国金证券研究所 # 风险提示 1、统计数据偏差或遗漏：报告基于CFETS、交易所债券成交数据进行统计，或与当日撮合成交结果存在一定偏差，也存在因统计时间造成数据遗漏的可能。 2、高估值个券出现信用风险：估值价格偏离较大的个券，需关注其主体资质变化。 # 特别声明： 国金证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 形式的复制、转发、转载、引用、修改、仿制、刊发，或以任何侵犯本公司版权的其他方式使用。经过书面授权的引用、刊发，需注明出处为“国金证券股份有限公司”，且不得对本报告进行任何有悖原意的删节和修改。 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