> **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 # 2.1%短端如何下沉？ 截至2026年1月12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 $2.55\%$ 以下；收益率超过 $4.5\%$ 的城投债出现在黑龙江省级、贵州地级市及区县级；其余区域中，广西、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上行，其中，1-2年品种收益率平均下行约0.7BP，而3-5年品种平均下行幅度达到0.9BP。具体来看，收益下行幅度较大的品种包括1-2年陕西区县级永续、2-3年新疆区县级非永续、1年内甘肃地级市非永续及1-2年辽宁地级市永续债。 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 $2.95\%$ 以下；收益率高于 $4\%$ 的品种出现在贵州地级市；其余的云南、甘肃等地的利差也较高。与上周相比，超过半数私募城投债收益率下行，1-2年品种平均下行1.5BP，而3-5年品种收益出现调整。具体来看，收益下行幅度较大的有1-2年辽宁区县级非永续、1年内、1-2年及2-3年陕西区县级永续债，分别对应下行7.4BP、8.1BP、7.3BP和6.1BP。 # 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多数上行，不过除1年内民企私募外，其余品种调整均不足3BP；地产债收益基本上行，1年内、1-2年国企公募非永续债分别回调6.4BP、4.7BP。 # 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，超过半数金融债收益率下行。具体来看，公募租赁债收益普遍下行，其中，2-3年永续、3-5年非永续债下行幅度均达到2.7BP附近；商金债整体表现相对低迷，1-2年股份行、城商行品种调整幅度升至2BP以上；银行次级债成为金融债中最受青睐的券种，尤其是2-3年大行、农商行二级资本债、及同期限国股行永续债收益下行超过2BP；此外，证券公司次级永续债收益悉数下行，1-2年、2-3年品种压降4.4BP、2.3BP，而非永续品种以调整为主。 # 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1月12日，单位：%） 3 图表2：存量信用债加权平均利差（取值时间为1月12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1月12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1月12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1月12日，单位：%） 7 图表6：公募城投债加权平均利差（取值时间为1月12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1月12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1月12日，单位：%） 13 图表9：私募城投债加权平均利差（取值时间为1月12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 1 月 12 日,单位：BP)............ 17 截至2026年1月12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多数上行，不过除1年内民企私募外，其余品种调整均不足3BP；地产债收益基本上行，1年内、1-2年国企公募非永续债分别回调6.4BP、4.7BP。 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，超过半数金融债收益率下行。具体来看，公募租赁债收益普遍下行，其中，2-3年永续、3-5年非永续债下行幅度均达到2.7BP附近；商金债整体表现相对低迷，1-2年股份行、城商行品种调整幅度升至2BP以上；银行次级债成为金融债中最受青睐的券种，尤其是2-3年大行、农商行二级资本债、及同期限国股行永续债收益下行超过2BP；此外，证券公司次级永续债收益悉数下行，1-2年、2-3年品种压降4.4BP、2.3BP，而非永续品种以调整为主。 图表1：存量信用债加权平均估值收益率（取值时间为1月12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>64722</td><td>1.95</td><td>2.14</td><td>2.33</td><td>2.62</td><td>1.93</td><td>2.09</td><td>2.31</td><td>2.67</td></tr><tr><td>公募债</td><td>79479</td><td>1.81</td><td>1.98</td><td>2.20</td><td>2.35</td><td>1.78</td><td>1.93</td><td>2.07</td><td>2.33</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>13752</td><td>2.12</td><td>2.44</td><td>2.50</td><td>2.67</td><td>1.90</td><td>2.16</td><td>2.33</td><td>2.65</td></tr><tr><td>公募债</td><td>104080</td><td>1.82</td><td>2.02</td><td>2.15</td><td>2.28</td><td>1.72</td><td>1.88</td><td>1.98</td><td>2.11</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.93</td><td>2.64</td><td>2.97</td><td>2.41</td></tr><tr><td>公募债</td><td>3676</td><td>4.68</td><td>2.26</td><td>5.61</td><td>-</td><td>2.07</td><td>2.53</td><td>2.23</td><td>2.36</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>1361</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.23</td><td>2.61</td><td>2.54</td><td>2.59</td></tr><tr><td>公募债</td><td>8466</td><td>1.73</td><td>2.37</td><td>-</td><td>-</td><td>2.11</td><td>2.42</td><td>2.50</td><td>2.47</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>510</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.80</td><td>3.31</td><td>3.18</td><td>3.24</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>405</td><td>2.16</td><td>2.24</td><td>2.58</td><td>-</td><td>2.06</td><td>2.36</td><td>2.48</td><td>2.73</td></tr><tr><td>公募债</td><td>6728</td><td>2.04</td><td>2.06</td><td>2.18</td><td>-</td><td>1.75</td><td>1.89</td><td>2.00</td><td>2.29</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>1.53</td><td>1.68</td><td>1.74</td><td>1.82</td></tr><tr><td>股份制商业银行</td><td>14145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.59</td><td>1.71</td><td>1.78</td><td>1.86</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>1.76</td><td>1.85</td><td>1.99</td></tr><tr><td>农商行</td><td>2118</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.66</td><td>1.80</td><td>1.91</td><td>2.02</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>42875</td><td>1.66</td><td>1.75</td><td>1.92</td><td>2.12</td><td>1.68</td><td>1.75</td><td>1.86</td><td>2.07</td></tr><tr><td>股份制商业银行</td><td>14765</td><td>1.71</td><td>1.88</td><td>1.99</td><td>2.23</td><td>1.71</td><td>1.75</td><td>1.91</td><td>2.15</td></tr><tr><td>城市商业银行</td><td>10588</td><td>1.93</td><td>2.11</td><td>2.25</td><td>2.44</td><td>1.93</td><td>2.03</td><td>2.47</td><td>2.39</td></tr><tr><td>农商行</td><td>2407</td><td>1.89</td><td>1.92</td><td>2.08</td><td>2.35</td><td>2.76</td><td>2.52</td><td>2.61</td><td>2.72</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>3117</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.68</td><td>1.88</td><td>2.06</td><td>2.23</td></tr><tr><td>公募债</td><td>22292</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.64</td><td>1.75</td><td>1.85</td><td>1.96</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>406</td><td>1.70</td><td>-</td><td>-</td><td>-</td><td>1.78</td><td>1.98</td><td>2.35</td><td>2.74</td></tr><tr><td>公募债</td><td>6083</td><td>1.71</td><td>1.82</td><td>2.04</td><td>2.26</td><td>1.65</td><td>1.84</td><td>2.03</td><td>2.12</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1月12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>64722</td><td>42.74</td><td>50.09</td><td>61.93</td><td>83.02</td><td>42.80</td><td>45.75</td><td>60.44</td><td>88.67</td></tr><tr><td>公募债</td><td>79479</td><td>30.00</td><td>33.40</td><td>49.66</td><td>56.69</td><td>28.64</td><td>28.77</td><td>36.41</td><td>54.98</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>13752</td><td>57.66</td><td>78.98</td><td>78.83</td><td>88.48</td><td>39.11</td><td>52.04</td><td>62.33</td><td>85.23</td></tr><tr><td>公募债</td><td>104080</td><td>30.79</td><td>36.83</td><td>44.27</td><td>48.86</td><td>23.56</td><td>23.83</td><td>27.49</td><td>32.82</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td><td>443.91</td><td>99.51</td><td>126.03</td><td>58.70</td></tr><tr><td>公募债</td><td>3676</td><td>316.85</td><td>60.85</td><td>390.05</td><td>-</td><td>61.04</td><td>89.56</td><td>52.95</td><td>58.00</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>1361</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72.40</td><td>97.44</td><td>83.40</td><td>81.73</td></tr><tr><td>公募债</td><td>8466</td><td>23.62</td><td>69.00</td><td>-</td><td>-</td><td>61.47</td><td>77.71</td><td>79.38</td><td>68.68</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>510</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131.16</td><td>168.33</td><td>149.16</td><td>144.08</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>405</td><td>59.50</td><td>60.01</td><td>87.94</td><td>-</td><td>56.24</td><td>71.40</td><td>77.46</td><td>91.35</td></tr><tr><td>公募债</td><td>6728</td><td>53.15</td><td>42.60</td><td>46.91</td><td>-</td><td>27.30</td><td>25.22</td><td>29.70</td><td>52.51</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>1.03</td><td>2.45</td><td>3.24</td><td>4.07</td></tr><tr><td>股份制商业银行</td><td>14145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.95</td><td>7.61</td><td>7.93</td><td>7.12</td></tr><tr><td>城市商业银行</td><td>13190</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12.12</td><td>11.85</td><td>14.23</td><td>16.71</td></tr><tr><td>农商行</td><td>2118</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13.83</td><td>14.91</td><td>19.85</td><td>19.34</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>42875</td><td>13.90</td><td>12.48</td><td>20.69</td><td>34.07</td><td>16.45</td><td>11.00</td><td>15.16</td><td>28.21</td></tr><tr><td>股份制商业银行</td><td>14765</td><td>17.29</td><td>24.14</td><td>27.46</td><td>44.58</td><td>18.41</td><td>11.78</td><td>19.63</td><td>37.57</td></tr><tr><td>城市商业银行</td><td>10588</td><td>39.55</td><td>46.12</td><td>54.12</td><td>64.42</td><td>41.29</td><td>38.14</td><td>76.30</td><td>61.09</td></tr><tr><td>农商行</td><td>2407</td><td>36.80</td><td>29.34</td><td>36.08</td><td>57.07</td><td>120.98</td><td>87.78</td><td>91.14</td><td>93.25</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>3117</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17.32</td><td>23.47</td><td>35.47</td><td>48.93</td></tr><tr><td>公募债</td><td>22292</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14.15</td><td>10.94</td><td>14.27</td><td>17.90</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>406</td><td>19.07</td><td>-</td><td>-</td><td>-</td><td>29.17</td><td>35.14</td><td>65.36</td><td>96.27</td></tr><tr><td>公募债</td><td>6083</td><td>18.44</td><td>18.96</td><td>33.29</td><td>47.24</td><td>16.38</td><td>20.35</td><td>31.93</td><td>34.87</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 1 月 12 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>-0.16</td><td>-0.92</td><td>0.26</td><td>0.85</td><td>0.35</td><td>-1.44</td><td>-0.30</td><td>0.77</td></tr><tr><td>公募债</td><td>1.14</td><td>0.03</td><td>0.58</td><td>0.37</td><td>0.94</td><td>-0.54</td><td>0.90</td><td>1.14</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>1.80</td><td>2.59</td><td>0.70</td><td>0.16</td><td>0.84</td><td>-0.02</td><td>-1.08</td><td>0.37</td></tr><tr><td>公募债</td><td>1.46</td><td>0.46</td><td>0.01</td><td>-0.27</td><td>2.80</td><td>1.66</td><td>1.84</td><td>1.40</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>25.04</td><td>-0.73</td><td>-1.44</td><td>2.29</td></tr><tr><td>公募债</td><td>1.93</td><td>0.54</td><td>-0.79</td><td>-</td><td>-8.48</td><td>0.49</td><td>0.81</td><td>1.07</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>3.86</td><td>3.40</td><td>3.51</td><td>0.51</td></tr><tr><td>公募债</td><td>3.24</td><td>0.26</td><td>-</td><td>-</td><td>6.35</td><td>4.65</td><td>2.47</td><td>4.19</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>-1.48</td><td>0.55</td><td>-1.10</td><td>3.45</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>-0.45</td><td>-1.00</td><td>1.43</td><td>-</td><td>-0.33</td><td>0.99</td><td>1.06</td><td>0.63</td></tr><tr><td>公募债</td><td>-0.81</td><td>-1.73</td><td>-2.82</td><td>-</td><td>-0.76</td><td>-0.74</td><td>0.35</td><td>-2.67</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>0.93</td><td>1.75</td><td>1.82</td><td>2.31</td></tr><tr><td>股份制商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.06</td><td>2.29</td><td>1.52</td><td>1.59</td></tr><tr><td>城市商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.12</td><td>2.02</td><td>0.87</td><td>1.09</td></tr><tr><td>农商行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.74</td><td>1.68</td><td>0.32</td><td>1.04</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>-0.82</td><td>-0.95</td><td>-2.15</td><td>-1.08</td><td>-0.42</td><td>0.04</td><td>-2.14</td><td>-0.81</td></tr><tr><td>股份制商业银行</td><td>-0.96</td><td>-1.11</td><td>-2.13</td><td>-0.87</td><td>-0.30</td><td>0.05</td><td>-1.88</td><td>-1.97</td></tr><tr><td>城市商业银行</td><td>-0.98</td><td>-1.06</td><td>-1.84</td><td>-0.51</td><td>-1.00</td><td>0.47</td><td>-0.53</td><td>-1.63</td></tr><tr><td>农商行</td><td>-0.91</td><td>-1.44</td><td>-1.78</td><td>-0.86</td><td>0.67</td><td>-0.00</td><td>-2.49</td><td>-1.53</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>-0.90</td><td>0.97</td><td>1.94</td><td>1.97</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.20</td><td>0.63</td><td>2.48</td><td>1.72</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>-1.21</td><td>-</td><td>-</td><td>-</td><td>0.70</td><td>3.66</td><td>3.24</td><td>-1.06</td></tr><tr><td>公募债</td><td>-1.73</td><td>-4.41</td><td>-2.25</td><td>-1.68</td><td>0.45</td><td>2.57</td><td>-2.06</td><td>-1.91</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1月12日、26年1月5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1月12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>-1.38</td><td>-2.83</td><td>-2.33</td><td>0.13</td><td>-0.61</td><td>-3.25</td><td>-2.93</td><td>-0.30</td></tr><tr><td>公募债</td><td>0.88</td><td>-1.82</td><td>-1.98</td><td>-0.72</td><td>-0.32</td><td>-2.36</td><td>-1.72</td><td>-0.04</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>1.49</td><td>0.67</td><td>-1.81</td><td>-0.69</td><td>0.31</td><td>-1.95</td><td>-3.73</td><td>-0.71</td></tr><tr><td>公募债</td><td>1.03</td><td>-1.44</td><td>-2.52</td><td>-1.33</td><td>2.23</td><td>-0.19</td><td>-0.79</td><td>0.31</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>25.11</td><td>-2.46</td><td>-3.74</td><td>0.75</td></tr><tr><td>公募债</td><td>2.61</td><td>-1.29</td><td>-3.43</td><td>-</td><td>-9.42</td><td>-1.21</td><td>-1.84</td><td>0.26</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>2.24</td><td>1.39</td><td>0.89</td><td>-0.65</td></tr><tr><td>公募债</td><td>3.52</td><td>-2.15</td><td>-</td><td>-</td><td>5.44</td><td>2.89</td><td>-0.14</td><td>2.99</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>-2.65</td><td>-0.93</td><td>-3.74</td><td>2.03</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>-0.64</td><td>-2.61</td><td>-1.30</td><td>-</td><td>-2.47</td><td>-1.02</td><td>-1.55</td><td>-0.55</td></tr><tr><td>公募债</td><td>-0.97</td><td>-3.34</td><td>-5.28</td><td>-</td><td>-1.29</td><td>-2.38</td><td>-2.27</td><td>-3.69</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>0.82</td><td>-0.17</td><td>-0.75</td><td>1.67</td></tr><tr><td>股份制商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.94</td><td>0.80</td><td>-1.07</td><td>0.70</td></tr><tr><td>城市商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.72</td><td>0.31</td><td>-1.69</td><td>-0.12</td></tr><tr><td>农商行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.35</td><td>-0.16</td><td>-2.11</td><td>-0.51</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>-1.00</td><td>-2.30</td><td>-4.67</td><td>-2.17</td><td>-0.36</td><td>-1.63</td><td>-4.62</td><td>-2.02</td></tr><tr><td>股份制商业银行</td><td>-1.08</td><td>-2.66</td><td>-4.38</td><td>-1.90</td><td>-0.09</td><td>-1.56</td><td>-4.34</td><td>-3.18</td></tr><tr><td>城市商业银行</td><td>-1.19</td><td>-2.96</td><td>-4.34</td><td>-1.52</td><td>-1.05</td><td>-1.36</td><td>-3.06</td><td>-2.72</td></tr><tr><td>农商行</td><td>-1.22</td><td>-2.93</td><td>-4.22</td><td>-2.24</td><td>0.40</td><td>-1.66</td><td>-5.13</td><td>-2.90</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>-2.11</td><td>-1.09</td><td>-0.99</td><td>0.51</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.45</td><td>-1.21</td><td>-0.07</td><td>0.49</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>-1.17</td><td>-</td><td>-</td><td>-</td><td>0.76</td><td>2.30</td><td>0.73</td><td>-1.87</td></tr><tr><td>公募债</td><td>-1.89</td><td>-5.95</td><td>-4.81</td><td>-2.80</td><td>0.24</td><td>0.73</td><td>-4.51</td><td>-3.08</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1月12日、26年1月5日。 公募城投债中，江浙两省加权平均估值收益率均在 $2.55\%$ 以下；收益率超过 $4.5\%$ 的城投债出现在黑龙江省级、贵州地级市及区县级；其余区域中，广西、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上行，其中，1-2年品种收益率平均下行约0.7BP，而3-5年品种平均下行幅度达到0.9BP。具体来看，收益下行幅度较大的品种包括1-2年陕西区县级永续、2-3年新疆区县级非永续、1年内甘肃地级市非永续及1-2年辽宁地级市永续债。 图表5：公募城投债加权平均估值收益率(取值时间为1月12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>1.65</td><td>-</td><td>1.89</td><td>-</td></tr><tr><td>地级市</td><td>1.81</td><td>1.95</td><td>2.12</td><td>2.33</td><td>1.73</td><td>1.83</td><td>1.94</td><td>2.17</td></tr><tr><td>区县级</td><td>1.88</td><td>2.03</td><td>2.18</td><td>2.54</td><td>1.78</td><td>1.89</td><td>2.03</td><td>2.31</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>2.02</td><td>2.08</td><td>2.37</td><td>-</td><td>1.63</td><td>1.83</td><td>1.87</td><td>2.16</td></tr><tr><td>地级市</td><td>1.82</td><td>1.93</td><td>2.13</td><td>2.31</td><td>1.73</td><td>1.84</td><td>1.94</td><td>2.14</td></tr><tr><td>区县级</td><td>1.88</td><td>2.05</td><td>2.30</td><td>2.54</td><td>1.76</td><td>1.89</td><td>2.00</td><td>2.26</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>1.76</td><td>1.93</td><td>2.18</td><td>-</td><td>1.70</td><td>2.15</td><td>2.20</td><td>2.27</td></tr><tr><td>地级市</td><td>1.83</td><td>1.95</td><td>2.16</td><td>2.44</td><td>1.75</td><td>1.91</td><td>2.04</td><td>2.33</td></tr><tr><td>区县级</td><td>1.93</td><td>2.10</td><td>2.19</td><td>2.55</td><td>1.90</td><td>2.12</td><td>2.25</td><td>2.68</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>1.77</td><td>1.89</td><td>2.05</td><td>2.19</td><td>1.70</td><td>1.79</td><td>1.93</td><td>2.04</td></tr><tr><td>地级市</td><td>1.80</td><td>1.88</td><td>1.99</td><td>2.18</td><td>1.76</td><td>1.91</td><td>1.95</td><td>2.25</td></tr><tr><td>区县级</td><td>1.77</td><td>-</td><td>2.02</td><td>2.17</td><td>1.82</td><td>1.94</td><td>2.14</td><td>2.49</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>1.72</td><td>2.01</td><td>-</td><td>-</td><td>1.72</td><td>1.82</td><td>1.96</td><td>2.12</td></tr><tr><td>地级市</td><td>1.90</td><td>-</td><td>2.05</td><td>-</td><td>1.80</td><td>1.89</td><td>2.09</td><td>2.42</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.82</td><td>1.97</td><td>2.16</td><td>2.47</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>1.75</td><td>1.89</td><td>2.13</td><td>2.29</td><td>1.69</td><td>1.84</td><td>1.90</td><td>2.27</td></tr><tr><td>地级市</td><td>1.79</td><td>1.94</td><td>2.40</td><td>2.30</td><td>1.78</td><td>1.89</td><td>1.99</td><td>2.27</td></tr><tr><td>区县级</td><td>1.99</td><td>-</td><td>-</td><td>-</td><td>1.83</td><td>1.97</td><td>2.13</td><td>2.33</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>1.84</td><td>-</td><td>-</td><td>-</td><td>1.72</td><td>1.79</td><td>1.91</td><td>2.04</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>2.17</td><td>-</td><td>-</td><td>-</td><td>1.84</td><td>2.05</td><td>2.21</td><td>2.56</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>1.71</td><td>1.87</td><td>1.99</td><td>2.04</td><td>1.66</td><td>1.76</td><td>1.85</td><td>1.98</td></tr><tr><td>地级市</td><td>1.75</td><td>-</td><td>2.28</td><td>2.45</td><td>1.78</td><td>1.90</td><td>2.04</td><td>2.27</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.92</td><td>2.06</td><td>2.32</td><td>2.51</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>1.88</td><td>2.40</td><td>2.72</td><td>-</td><td>1.73</td><td>1.80</td><td>2.00</td><td>2.12</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.93</td><td>2.08</td><td>2.33</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.83</td><td>1.95</td><td>2.13</td><td>2.27</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>1.76</td><td>1.89</td><td>2.10</td><td>2.17</td><td>1.70</td><td>1.81</td><td>1.93</td><td>2.12</td></tr><tr><td>地级市</td><td>-</td><td>2.28</td><td>-</td><td>-</td><td>1.88</td><td>2.00</td><td>2.31</td><td>2.55</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>2.26</td><td>-</td><td>1.85</td><td>1.98</td><td>2.14</td><td>2.54</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>1.70</td><td>1.73</td><td>1.86</td><td>2.03</td></tr><tr><td>地级市</td><td>1.70</td><td>1.89</td><td>2.06</td><td>2.24</td><td>1.72</td><td>2.01</td><td>2.04</td><td>2.11</td></tr><tr><td>区县级</td><td>1.90</td><td>1.99</td><td>2.19</td><td>2.23</td><td>1.75</td><td>1.89</td><td>2.02</td><td>2.11</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.93</td><td>2.13</td><td>2.38</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>1.84</td><td>2.03</td><td>2.31</td><td>2.64</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.68</td><td>1.77</td><td>1.87</td><td>1.99</td></tr><tr><td>地级市</td><td>1.91</td><td>2.07</td><td>2.55</td><td>2.35</td><td>1.73</td><td>1.86</td><td>1.95</td><td>2.16</td></tr><tr><td>区县级</td><td>-</td><td>2.06</td><td>-</td><td>2.53</td><td>1.78</td><td>1.90</td><td>2.01</td><td>2.33</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.92</td><td>2.09</td><td>2.28</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>4.31</td><td>2.14</td><td>2.81</td><td>4.88</td><td>3.28</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.24</td><td>4.57</td><td>2.82</td><td>3.62</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>1.75</td><td>1.90</td><td>2.00</td><td>2.23</td><td>1.73</td><td>1.79</td><td>2.51</td><td>2.07</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.88</td><td>1.93</td><td>2.38</td><td>2.53</td></tr><tr><td>区县级</td><td>-</td><td>2.25</td><td>2.48</td><td>-</td><td>1.99</td><td>2.18</td><td>2.50</td><td>2.95</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>1.75</td><td>2.35</td><td>2.44</td><td>-</td><td>1.71</td><td>1.82</td><td>1.98</td><td>2.16</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>2.14</td><td>1.73</td><td>1.82</td><td>1.99</td><td>2.16</td></tr><tr><td rowspan="3">广西壮族自治区</td><td>省级</td><td>1.93</td><td>2.11</td><td>2.22</td><td>2.53</td><td>1.75</td><td>1.89</td><td>2.10</td><td>2.29</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.03</td><td>2.11</td><td>2.40</td><td>2.94</td></tr><tr><td>区县级</td><td>2.29</td><td>2.70</td><td>2.47</td><td>-</td><td>1.99</td><td>2.36</td><td>2.51</td><td>2.64</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>1.81</td><td>1.93</td><td>2.16</td><td>2.27</td><td>1.68</td><td>1.79</td><td>-</td><td>2.04</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>2.12</td><td>2.17</td><td>-</td><td>1.70</td><td>1.81</td><td>1.94</td><td>2.11</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.70</td><td>2.20</td><td>1.90</td><td>2.11</td></tr><tr><td>地级市</td><td>2.27</td><td>2.09</td><td>2.20</td><td>-</td><td>1.79</td><td>1.92</td><td>2.15</td><td colspan="1">2.46</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.89</td><td>1.92</td><td>2.29</td><td colspan="1">2.62</td></tr><tr><td rowspan="3">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.83</td><td>1.96</td><td>2.27</td><td>2.72</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.28</td><td>2.72</td><td>3.06</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.48</td><td>2.70</td><td>2.73</td><td colspan="1">3.03</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>1.90</td><td>-</td><td>-</td><td>2.07</td></tr><tr><td>地级市</td><td>1.87</td><td>2.20</td><td>2.44</td><td>-</td><td>1.82</td><td>1.92</td><td>2.18</td><td colspan="1">2.26</td></tr><tr><td>区县级</td><td>1.82</td><td>2.01</td><td>-</td><td>-</td><td>1.88</td><td>2.03</td><td>2.56</td><td colspan="1">2.49</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.81</td><td>1.91</td><td>2.08</td><td>2.46</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>2.48</td><td>2.98</td><td>1.96</td><td>1.99</td><td>2.11</td><td colspan="1">2.55</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.97</td><td>-</td><td>2.51</td><td colspan="1">-</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>2.17</td><td>2.06</td><td>2.14</td><td>-</td><td>1.84</td><td>2.10</td><td>1.95</td><td>2.39</td></tr><tr><td>地级市</td><td>1.91</td><td>-</td><td>-</td><td>-</td><td>1.79</td><td>1.94</td><td>2.12</td><td colspan="1">2.26</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.55</td><td>2.07</td><td>-</td><td colspan="1">-</td></tr><tr><td rowspan="3">甘肃省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.75</td><td>1.93</td><td>2.14</td><td>2.32</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.13</td><td>2.59</td><td>2.77</td><td colspan="1">3.42</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</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>2.03</td><td>2.47</td><td>3.00</td><td>-</td><td>1.98</td><td>2.04</td><td colspan="1">2.54</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</td></tr><tr><td rowspan="3">黑龙江省</td><td>省级</td><td>-</td><td>-</td><td>4.52</td><td>-</td><td>-</td><td>-</td><td>2.57</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.86</td><td>-</td><td>2.26</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</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>2.14</td><td>2.63</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</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>1.77</td><td>1.96</td><td>2.03</td><td>2.29</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.97</td><td>2.17</td><td>2.39</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.89</td><td>-</td><td>-</td><td colspan="1">-</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>1.84</td><td>2.11</td><td>-</td><td>-</td><td>1.79</td><td>1.92</td><td>2.14</td><td colspan="1">2.19</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.70</td><td>-</td><td>-</td><td colspan="1">-</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>2.31</td><td>-</td><td colspan="1">2.77</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</td></tr><tr><td rowspan="3">海南省</td><td>省级</td><td>-</td><td>1.96</td><td>2.19</td><td>-</td><td>1.74</td><td>1.83</td><td>2.00</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.75</td><td>1.99</td><td>2.15</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.85</td><td>-</td><td colspan="1">-</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1月12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>37.55</td><td>-</td><td>18.57</td><td>-</td></tr><tr><td>地级市</td><td>26.59</td><td>30.34</td><td>40.91</td><td>54.90</td><td>22.56</td><td>18.97</td><td>23.68</td><td>39.49</td></tr><tr><td>区县级</td><td>33.48</td><td>38.40</td><td>46.77</td><td>74.04</td><td>28.83</td><td>26.16</td><td>32.85</td><td>53.49</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>46.42</td><td>44.98</td><td>65.62</td><td>-</td><td>14.80</td><td>16.77</td><td>16.56</td><td>39.23</td></tr><tr><td>地级市</td><td>30.90</td><td>28.33</td><td>42.00</td><td>51.07</td><td>22.80</td><td>20.63</td><td>23.24</td><td>35.88</td></tr><tr><td>区县级</td><td>36.37</td><td>39.09</td><td>59.47</td><td>75.82</td><td>26.89</td><td>24.35</td><td>28.99</td><td>48.21</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>24.60</td><td>29.18</td><td>47.75</td><td>-</td><td>22.44</td><td>49.87</td><td>48.94</td><td>50.04</td></tr><tr><td>地级市</td><td>35.23</td><td>30.17</td><td>45.04</td><td>64.13</td><td>26.08</td><td>26.86</td><td>33.52</td><td>56.16</td></tr><tr><td>区县级</td><td>44.44</td><td>45.51</td><td>49.61</td><td>72.80</td><td>41.33</td><td>47.28</td><td>54.48</td><td>90.57</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>23.47</td><td>24.32</td><td>33.23</td><td>42.91</td><td>19.83</td><td>16.39</td><td>21.96</td><td>25.62</td></tr><tr><td>地级市</td><td>25.70</td><td>24.04</td><td>28.77</td><td>41.42</td><td>25.70</td><td>26.42</td><td>23.65</td><td>47.78</td></tr><tr><td>区县级</td><td>24.20</td><td>-</td><td>30.76</td><td>40.71</td><td>32.88</td><td>30.75</td><td>43.08</td><td>70.89</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>31.47</td><td>37.42</td><td>-</td><td>-</td><td>19.98</td><td>18.11</td><td>25.62</td><td>34.89</td></tr><tr><td>地级市</td><td>36.67</td><td>-</td><td>35.16</td><td>-</td><td>29.90</td><td>25.61</td><td>37.53</td><td>64.55</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33.75</td><td>34.23</td><td>45.65</td><td>69.90</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>24.83</td><td>24.51</td><td>41.03</td><td>50.19</td><td>19.00</td><td>19.24</td><td>19.41</td><td>49.09</td></tr><tr><td>地级市</td><td>40.68</td><td>30.16</td><td>69.54</td><td>49.90</td><td>28.26</td><td>23.93</td><td>28.12</td><td>48.35</td></tr><tr><td>区县级</td><td>46.34</td><td>-</td><td>-</td><td>-</td><td>33.21</td><td>33.75</td><td>43.03</td><td>56.72</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>27.13</td><td>-</td><td>-</td><td>-</td><td>17.74</td><td>14.69</td><td>19.54</td><td>27.01</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>60.26</td><td>-</td><td>-</td><td>-</td><td>35.56</td><td>41.50</td><td>50.39</td><td>77.94</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>18.83</td><td>23.99</td><td>28.26</td><td>29.98</td><td>19.97</td><td>9.91</td><td>14.26</td><td>21.29</td></tr><tr><td>地级市</td><td>26.49</td><td>-</td><td>55.92</td><td>63.20</td><td>27.93</td><td>26.73</td><td>33.78</td><td>48.87</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>42.13</td><td>41.49</td><td>62.44</td><td>75.06</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>36.37</td><td>73.94</td><td>101.63</td><td>-</td><td>21.16</td><td>16.31</td><td>28.79</td><td>33.91</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.95</td><td>28.92</td><td>37.39</td><td>55.88</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32.14</td><td>31.14</td><td>42.20</td><td>48.76</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>25.22</td><td>25.73</td><td>38.63</td><td>42.49</td><td>19.21</td><td>17.96</td><td>21.57</td><td>34.80</td></tr><tr><td>地级市</td><td>-</td><td>60.66</td><td>-</td><td>-</td><td>35.82</td><td>37.31</td><td>60.50</td><td>77.33</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>55.70</td><td>-</td><td>37.88</td><td>34.50</td><td>43.66</td><td>77.14</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>36.05</td><td>-</td><td>-</td><td>-</td><td>17.74</td><td>8.60</td><td>14.18</td><td>23.51</td></tr><tr><td>地级市</td><td>18.12</td><td>25.53</td><td>35.68</td><td>44.38</td><td>25.25</td><td>38.59</td><td>32.58</td><td>31.81</td></tr><tr><td>区县级</td><td>43.15</td><td>35.21</td><td>48.93</td><td>46.72</td><td>27.76</td><td>25.12</td><td>32.28</td><td>33.88</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.70</td><td>29.93</td><td>42.65</td><td>62.09</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>36.51</td><td>39.82</td><td>60.78</td><td>87.94</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15.55</td><td>12.72</td><td>16.24</td><td>22.21</td></tr><tr><td>地级市</td><td>41.52</td><td>42.28</td><td>83.36</td><td>58.67</td><td>23.42</td><td>21.45</td><td>24.19</td><td>38.50</td></tr><tr><td>区县级</td><td>-</td><td>38.56</td><td>-</td><td>73.76</td><td>29.47</td><td>25.97</td><td>30.99</td><td>53.97</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.71</td><td>27.27</td><td>38.87</td><td>52.74</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>246.82</td><td>63.27</td><td>117.54</td><td>316.03</td><td>152.41</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>179.97</td><td>293.22</td><td>109.98</td><td>183.73</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>22.42</td><td>24.53</td><td>29.03</td><td>44.76</td><td>16.32</td><td>15.29</td><td>80.65</td><td>27.88</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35.00</td><td>29.78</td><td>67.19</td><td>75.78</td></tr><tr><td>区县级</td><td>-</td><td>64.23</td><td>78.71</td><td>-</td><td>47.52</td><td>56.12</td><td>79.26</td><td>116.99</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>21.52</td><td>70.76</td><td>74.81</td><td>-</td><td>19.08</td><td>16.54</td><td>27.34</td><td>37.41</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>39.42</td><td>23.22</td><td>20.25</td><td>28.15</td><td>38.19</td></tr><tr><td rowspan="3">广西壮族自治区</td><td>省级</td><td>41.55</td><td>47.37</td><td>51.06</td><td>73.60</td><td>23.53</td><td>24.75</td><td>38.63</td><td>53.07</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>57.29</td><td>46.81</td><td>68.86</td><td>118.11</td></tr><tr><td>区县级</td><td>81.11</td><td>105.05</td><td>77.23</td><td>-</td><td>49.43</td><td>70.22</td><td>79.85</td><td>84.37</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>26.31</td><td>28.44</td><td>44.34</td><td>52.09</td><td>19.28</td><td>15.13</td><td>-</td><td>24.18</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>45.43</td><td>48.56</td><td>-</td><td>19.49</td><td>16.71</td><td>23.47</td><td>32.43</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.06</td><td>58.36</td><td>20.19</td><td>28.03</td></tr><tr><td>地级市</td><td>70.04</td><td>42.22</td><td>50.86</td><td>-</td><td>32.13</td><td>29.04</td><td>44.76</td><td>69.23</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.63</td><td>28.15</td><td>59.12</td><td>82.90</td></tr><tr><td rowspan="2">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32.45</td><td>32.81</td><td>56.24</td><td>94.31</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76.14</td><td>107.75</td><td>135.22</td><td>-</td></tr><tr><td></td><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>104.02</td><td>106.20</td><td>102.91</td><td>123.64</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>38.08</td><td>-</td><td>-</td><td>25.23</td></tr><tr><td>地级市</td><td>68.96</td><td>53.73</td><td>72.84</td><td>-</td><td>31.22</td><td>28.76</td><td>48.02</td><td colspan="1">49.42</td></tr><tr><td>区县级</td><td>60.07</td><td>39.26</td><td>-</td><td>-</td><td>36.10</td><td>39.35</td><td>85.48</td><td colspan="1">68.93</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29.56</td><td>26.73</td><td>36.60</td><td>67.47</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>76.76</td><td>116.81</td><td>43.54</td><td>33.36</td><td>40.29</td><td colspan="1">77.09</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.73</td><td>-</td><td>80.17</td><td colspan="1">-</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>60.75</td><td>41.47</td><td>42.93</td><td>-</td><td>31.70</td><td>46.48</td><td>24.92</td><td>62.01</td></tr><tr><td>地级市</td><td>36.40</td><td>-</td><td>-</td><td>-</td><td>27.90</td><td>30.43</td><td>40.45</td><td colspan="1">50.21</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>102.98</td><td>43.57</td><td>-</td><td colspan="1">-</td></tr><tr><td rowspan="3">甘肃省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.62</td><td>28.94</td><td>43.44</td><td>53.13</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>57.39</td><td>93.90</td><td>106.92</td><td colspan="1">162.38</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</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>41.13</td><td>75.79</td><td>118.64</td><td>-</td><td>35.48</td><td>33.69</td><td colspan="1">75.40</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</td></tr><tr><td rowspan="3">黑龙江省</td><td>省级</td><td>-</td><td>-</td><td>279.55</td><td>-</td><td>-</td><td>-</td><td>85.72</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.89</td><td>-</td><td>55.46</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</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>47.52</td><td>91.84</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</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>30.10</td><td>27.94</td><td>32.66</td><td>52.07</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>46.57</td><td>49.52</td><td>69.09</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35.89</td><td>-</td><td>-</td><td colspan="1">-</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>32.90</td><td>46.91</td><td>-</td><td>-</td><td>21.72</td><td>24.39</td><td>43.03</td><td colspan="1">45.49</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.83</td><td>-</td><td>-</td><td colspan="1">-</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>65.08</td><td>-</td><td colspan="1">102.97</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</td></tr><tr><td rowspan="3">海南省</td><td>省级</td><td>-</td><td>31.11</td><td>48.09</td><td>-</td><td>21.24</td><td>20.77</td><td>28.47</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39.00</td><td>35.82</td><td>44.52</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.63</td><td>25.69</td><td>-</td><td colspan="1">-</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 1 月 12 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>2.04</td><td>-</td><td>0.81</td><td>-</td></tr><tr><td>地级市</td><td>0.88</td><td>2.05</td><td>0.72</td><td>1.48</td><td>1.29</td><td>0.06</td><td>1.27</td><td>1.01</td></tr><tr><td>区县级</td><td>-0.62</td><td>-0.87</td><td>0.77</td><td>0.08</td><td>0.90</td><td>-1.20</td><td>0.95</td><td>2.09</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>2.23</td><td>-1.55</td><td>-1.11</td><td>-</td><td>3.50</td><td>1.66</td><td>1.53</td><td>0.43</td></tr><tr><td>地级市</td><td>1.22</td><td>0.67</td><td>1.49</td><td>1.55</td><td>1.05</td><td>-0.75</td><td>0.65</td><td>0.44</td></tr><tr><td>区县级</td><td>0.87</td><td>-1.65</td><td>1.04</td><td>1.44</td><td>1.03</td><td>-1.34</td><td>1.04</td><td>1.36</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>1.89</td><td>-0.21</td><td>-1.34</td><td>-</td><td>2.70</td><td>3.97</td><td>-1.17</td><td>1.77</td></tr><tr><td>地级市</td><td>0.76</td><td>0.32</td><td>-0.02</td><td>1.31</td><td>1.05</td><td>-0.57</td><td>1.63</td><td>1.49</td></tr><tr><td>区县级</td><td>0.22</td><td>-1.23</td><td>0.56</td><td>1.39</td><td>0.66</td><td>-1.11</td><td>1.29</td><td>1.16</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>1.32</td><td>1.09</td><td>-0.33</td><td>0.31</td><td>1.58</td><td>-0.12</td><td>1.14</td><td>1.43</td></tr><tr><td>地级市</td><td>1.25</td><td>1.48</td><td>2.11</td><td>0.44</td><td>0.80</td><td>-1.10</td><td>1.39</td><td>0.89</td></tr><tr><td>区县级</td><td>1.30</td><td>-</td><td>-0.26</td><td>-0.20</td><td>0.30</td><td>-0.85</td><td>-0.22</td><td>0.57</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>2.03</td><td>0.22</td><td>-</td><td>-</td><td>1.52</td><td>0.49</td><td>0.85</td><td>3.13</td></tr><tr><td>地级市</td><td>-0.61</td><td>-</td><td>-0.15</td><td>-</td><td>0.19</td><td>-1.01</td><td>3.55</td><td>1.88</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.15</td><td>-1.91</td><td>0.85</td><td>0.24</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>1.50</td><td>-0.75</td><td>0.73</td><td>0.10</td><td>1.73</td><td>-0.45</td><td>2.09</td><td>0.58</td></tr><tr><td>地级市</td><td>1.97</td><td>1.16</td><td>0.47</td><td>0.99</td><td>1.06</td><td>-0.88</td><td>1.83</td><td>1.10</td></tr><tr><td>区县级</td><td>0.29</td><td>-</td><td>-</td><td>-</td><td>-0.12</td><td>-1.92</td><td>0.05</td><td>0.93</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>2.03</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.68</td><td>1.81</td><td>0.98</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>-2.83</td><td>-</td><td>-</td><td>-</td><td>0.53</td><td>-1.02</td><td>0.02</td><td>1.65</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>1.20</td><td>1.59</td><td>0.30</td><td>1.18</td><td>0.30</td><td>1.69</td><td>2.97</td><td>1.95</td></tr><tr><td>地级市</td><td>1.60</td><td>-</td><td>0.74</td><td>1.19</td><td>0.81</td><td>-1.22</td><td>0.68</td><td>0.55</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.35</td><td>-1.52</td><td>-0.84</td><td>1.38</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>4.51</td><td>1.90</td><td>0.64</td><td>-</td><td>1.71</td><td>0.60</td><td>5.21</td><td>1.59</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.63</td><td>0.25</td><td>1.02</td><td>1.70</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.22</td><td>-1.52</td><td>-0.27</td><td>0.65</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>2.15</td><td>-0.13</td><td>0.61</td><td>-1.68</td><td>1.39</td><td>-0.03</td><td>-0.52</td><td>0.13</td></tr><tr><td>地级市</td><td>-</td><td>0.45</td><td>-</td><td>-</td><td>0.26</td><td>-1.15</td><td>-0.02</td><td>1.19</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-0.83</td><td>-</td><td>0.75</td><td>-1.79</td><td>0.84</td><td>1.13</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>0.95</td><td>-</td><td>-</td><td>-</td><td>1.28</td><td>-0.60</td><td>1.04</td><td>1.23</td></tr><tr><td>地级市</td><td>0.70</td><td>-1.48</td><td>1.70</td><td>0.33</td><td>1.35</td><td>4.15</td><td>2.91</td><td>2.02</td></tr><tr><td>区县级</td><td>0.73</td><td>-0.04</td><td>0.50</td><td>-0.08</td><td>1.31</td><td>-0.98</td><td>0.88</td><td>2.26</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.02</td><td>-0.61</td><td>-1.75</td><td>-0.55</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>-0.44</td><td>-2.08</td><td>-0.31</td><td>-0.01</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.27</td><td>1.63</td><td>1.35</td><td>0.58</td></tr><tr><td>地级市</td><td>-1.70</td><td>-1.53</td><td>1.49</td><td>0.45</td><td>0.73</td><td>-0.44</td><td>0.85</td><td>1.03</td></tr><tr><td>区县级</td><td>-</td><td>-0.52</td><td>-</td><td>-0.35</td><td>0.42</td><td>-1.11</td><td>0.55</td><td>0.98</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.07</td><td>-1.85</td><td>0.05</td><td>0.92</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>0.32</td><td>-0.11</td><td>-1.99</td><td>-1.93</td><td>-2.47</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.89</td><td>-1.31</td><td>-1.52</td><td>0.92</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>1.66</td><td>1.10</td><td>0.13</td><td>0.75</td><td>0.39</td><td>-0.80</td><td>0.51</td><td>1.25</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.23</td><td>-1.45</td><td>9.41</td><td>0.36</td></tr><tr><td>区县级</td><td>-</td><td>-4.96</td><td>-1.14</td><td>-</td><td>-0.59</td><td>-1.47</td><td>-0.08</td><td>1.35</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>1.38</td><td>-2.51</td><td>-0.21</td><td>-</td><td>2.84</td><td>1.31</td><td>1.65</td><td>0.49</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>-0.59</td><td>2.01</td><td>0.02</td><td>1.72</td><td>1.38</td></tr><tr><td rowspan="2">广西壮族自治区</td><td>省级</td><td>0.54</td><td>-0.37</td><td>-0.15</td><td>0.17</td><td>1.96</td><td>-0.92</td><td>2.40</td><td>1.30</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.20</td><td>-1.88</td><td>-0.40</td><td>-1.47</td></tr><tr><td></td><td>区县级</td><td>-0.38</td><td>-3.49</td><td>0.18</td><td>-</td><td>-0.54</td><td>-1.84</td><td>-0.19</td><td>-1.07</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>1.04</td><td>-2.00</td><td>0.15</td><td>0.78</td><td>2.95</td><td>0.36</td><td>-</td><td>-1.79</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-0.22</td><td>-0.57</td><td>-</td><td>1.58</td><td>-0.02</td><td>0.86</td><td colspan="1">0.93</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.13</td><td>-0.51</td><td>1.05</td><td>1.12</td></tr><tr><td>地级市</td><td>-2.86</td><td>0.71</td><td>0.81</td><td>-</td><td>0.65</td><td>-1.17</td><td>0.70</td><td colspan="1">0.70</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.11</td><td>-0.85</td><td>-1.33</td><td colspan="1">-0.02</td></tr><tr><td rowspan="3">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.27</td><td>-1.52</td><td>0.37</td><td>1.23</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.70</td><td>-2.58</td><td>-1.69</td><td colspan="1">-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.28</td><td>-