行业信用利差-20170922-光大证券-77页-2mb

报告摘要

文档总结

核心内容

该文档为一份信用利差分布分析报告，由光大证券研究所发布，更新日期为2017年9月22日。报告主要分析了不同行业及企业类型（如城投、非城投、中央国企、地方国企、民营企业等）的信用利差分布情况，数据窗口为2014年初至今。信用利差是指高评级债券与低评级债券之间的收益率差，用于衡量市场对信用风险的定价。

主要观点

信用利差分布反映了不同行业及企业类型的信用风险状况，颜色越深表示分布越集中。
当前信用利差水平以字母“A”标出，表示报告中当前的信用利差值。
不同行业和企业类型的信用利差分布差异较大，部分行业信用利差较高，部分较低。
数据提供了多个分位数，用于分析信用利差在不同市场环境下的表现。

关键信息

信用利差分布（AAA级）

| 行业 |------------|------- | 商业贸易 | 60 | 建筑装饰 | 45 | 食品饮料 | 51 | 公用事业 | 46 | 有色金属 | 34 | 交通运输 | 37 | 钢铁 | 16 | 采掘 | 21 | 汽车 | 38 | 机械设备 | 50 | 化工 | 24 | 休闲服务 | 40 | 房地产 | 非银金融 | 37 | 医药生物 | 49 | 基础建设 | 47 | 电力 | 46 | 煤炭开采 | 11 | 港口 | 36 | 高速公路 | 36 | 城投 | 38 | 非城投 | 中央国企 | 48 | 地方国企 | 37 | 民营企业 | 66 | 分位数 | 0.4 | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1 | 1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6 | 1.7 | 1.8 | 1.9 | 2 | 2.1 | 2.2 | 2.3 | 2.4 | 2.5 | 2.6 | 2.7 | 2.8 | 2.9 | 3 | 3.1 | 3.2 |
-|----|----|----|----|----|----|---|----|----|----|----|----|----|----|----|----|----|---|----|----|----|----|----|----|----|----|----|----|----|----|----|----|
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信用利差分布（AA+级）

| 行业 | 分位数 | 0.7 | 0.9 | 1.1 | 1.3 | 1.5 | 1.7 | 1.9 | 2.1 | 2.3 | 2.5 | 2.7 | 2.9 | 3.1 | 3.3 | 3.5 | 3.7 | 3.9 | 4.1 | 4.3 | 4.5 | 4.7 | 4.9 | 5.1 | 5.3 | 5.5 | 5.7 | 5.9 | 6.1 | 6.3 |
|------------|--------|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|
| 商业贸易 | 53 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 35 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 51 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 38 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 68 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 38 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 6 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 47 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 42 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 49 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 11 | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 53 | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 40 | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 37 | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 45 | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 35 | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 44 | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 48 | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 50 | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 42 | | | | | | | | | | | | | | | | | | | | |
| 城投 | 35 | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 46 | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 37 | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 37 | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 40 | | | | | | | | | | | | | | | | | | | | |

信用利差分布（AA级）

| 行业 | 分位数 | 0.7 | 0.9 | 1.1 | 1.3 | 1.5 | 1.7 | 1.9 | 2.1 | 2.3 | 2.5 | 2.7 | 2.9 | 3.1 | 3.3 | 3.5 | 3.7 | 3.9 | 4.1 | 4.3 | 4.5 | 4.7 | 4.9 | 5.1 | 5.3 | 5.5 | 5.7 | 5.9 | 6.1 | 6.3 |
|------------|--------|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|----|
| 商业贸易 | 63 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 37 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 85 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 38 | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 12 | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 34 | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 8 | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 93 | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 53 | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 5 | | | | | | | | | | | | | | | | | | | | |
| 化工 | 78 | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 41 | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 38 | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 38 | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 67 | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 38 | | | | | | | | | | | | | | | | | | | | |
| 电力 | 45 | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 90 | | | | | | | | | | | | | | | | | | | | |
| 港口 | 41 | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 24 | | | | | | | | | | | | | | | | | | | | |
| 城投 | 38 | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 46 | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 37 | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 36 | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 11 | | | | | | | | | | | | | | | | | | | | |