> **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 # 2.3%还剩多少债？ 截至2026年3月2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，广西、云南、甘肃等地的利差也较高。与前一周相比，公募城投债收益率多下行，中长端品种表现占优。具体来看，下行幅度较大的品种的包括1-2年河北省级非永续、1-2年山西省级非永续、3-5年甘肃地级市非永续、3-5年云南省级非永续城投债等。 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在下；收益率超过 $3.8\%$ 的城投债出现在贵州地级市；其余区域中，广西、云南、甘肃等地的利差也较高。与前一周相比上私募城投债收益率降幅均值大于4BP。具体来看，收益率下行幅度较大的有2-3年青海地级市非永续、3-5年青海区县级非永续、1年内贵州省县级非永续、3-5年新疆区县级非永续城投债，分别对应下行10.8BP、10.3BP、9.5BP和8.9BP。 # 产业债： 民企产业债和地产债估值收益率及利差整体高于其他品种。与前一周（取值2月9日，下同）相比，非金融非地产类产业债收益率多下行，其中1年内民企私募非永续债收益率下行13.4BP；地产债中，国企私募债和民企公募债收益率以调整为主，2-3年民企公募非永续品种收益率上行超131.6BP。 # 金融债： 估值收益率和利差较高的品种有租赁公司债、城农商行资本补充工具、证券次级债。与前一周相比，金融债中各品种收益率基本下行。具体来看，租赁债中1年内永续债收益率下行超5BP；一般商金债各品种收益率全线下行，除农商行品种外，其余品种收益率下行幅度均低于3BP；二永债中各品种收益率同样均下行，股份行、城商行3-5年永续债下行幅度大于4BP；此外，证券公司债及次级债中，3-5年次级债品种表现更优。 # 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3月2日，单位：%） 3 图表2：存量信用债加权平均利差（取值时间为3月2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 3 月 2 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3月2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3月2日，单位：%） 7 图表6：公募城投债加权平均利差（取值时间为3月2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（取值时间为3月2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3月2日，单位：%） 13 图表9：私募城投债加权平均利差（取值时间为3月2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 3 月 2 日,单位：BP)............ 17 截至2026年3月2日，存量信用债中，民企产业债和地产债估值收益率及利差整体高于其他品种。与前一周（取值2月9日，下同）相比，非金融非地产类产业债收益率多下行，其中1年内民企私募非永续债收益率下行13.4BP；地产债中，国企私募债和民企公募债收益率以调整为主，2-3年民企公募非永续品种收益率上行超131.6BP。 金融债中，估值收益率和利差较高的品种有租赁公司债、城农商行资本补充工具、证券次级债。与前一周相比，金融债中各品种收益率基本下行。具体来看，租赁债中1年内永续债收益率下行超5BP；一般商金债各品种收益率全线下行，除农商行品种外，其余品种收益率下行幅度均低于3BP；二永债中各品种收益率同样均下行，股份行、城商行3-5年永续债下行幅度大于4BP；此外，证券公司债及次级债中，3-5年次级债品种表现更优。 图表1：存量信用债加权平均估值收益率（取值时间为3月2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>65060</td><td>1.89</td><td>2.06</td><td>2.18</td><td>2.42</td><td>1.86</td><td>2.00</td><td>2.16</td><td>2.48</td></tr><tr><td>公募债</td><td>79487</td><td>1.77</td><td>1.91</td><td>2.08</td><td>2.19</td><td>1.75</td><td>1.86</td><td>1.97</td><td>2.16</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>14700</td><td>2.09</td><td>2.31</td><td>2.39</td><td>2.48</td><td>1.85</td><td>2.09</td><td>2.21</td><td>2.51</td></tr><tr><td>公募债</td><td>107486</td><td>1.79</td><td>1.93</td><td>2.03</td><td>2.13</td><td>1.72</td><td>1.83</td><td>1.92</td><td>2.01</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.04</td><td>2.77</td><td>2.66</td><td>2.37</td></tr><tr><td>公募债</td><td>3947</td><td>4.62</td><td>2.17</td><td>3.93</td><td>-</td><td>2.06</td><td>2.43</td><td>2.15</td><td>2.22</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>1508</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.37</td><td>2.84</td><td>2.56</td><td>2.49</td></tr><tr><td>公募债</td><td>8370</td><td>1.67</td><td>2.25</td><td>-</td><td>-</td><td>2.21</td><td>2.56</td><td>2.53</td><td>2.55</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>455</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.96</td><td>3.15</td><td>4.29</td><td>3.12</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>416</td><td>2.09</td><td>2.19</td><td>2.53</td><td>-</td><td>2.02</td><td>2.33</td><td>2.43</td><td>2.68</td></tr><tr><td>公募债</td><td>6811</td><td>2.04</td><td>2.07</td><td>2.11</td><td>-</td><td>1.72</td><td>1.83</td><td>1.95</td><td>2.21</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>1.55</td><td>1.63</td><td>1.68</td><td>1.75</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>1.64</td><td>1.71</td><td>1.78</td></tr><tr><td>城市商业银行</td><td>12980</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.62</td><td>1.68</td><td>1.76</td><td>1.88</td></tr><tr><td>农商行</td><td>2077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.63</td><td>1.70</td><td>1.81</td><td>1.90</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>1.62</td><td>1.69</td><td>1.81</td><td>1.97</td><td>1.63</td><td>1.70</td><td>1.79</td><td>1.96</td></tr><tr><td>股份制商业银行</td><td>14675</td><td>1.65</td><td>1.77</td><td>1.87</td><td>2.08</td><td>1.65</td><td>1.71</td><td>1.83</td><td>2.01</td></tr><tr><td>城市商业银行</td><td>10510</td><td>1.86</td><td>2.09</td><td>2.10</td><td>2.29</td><td>1.86</td><td>1.98</td><td>2.39</td><td>2.27</td></tr><tr><td>农商行</td><td>2399</td><td>1.82</td><td>1.84</td><td>1.97</td><td>2.21</td><td>2.71</td><td>2.42</td><td>2.52</td><td>2.59</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>3617</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.66</td><td>1.78</td><td>2.01</td><td>2.19</td></tr><tr><td>公募债</td><td>23774</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.62</td><td>1.71</td><td>1.80</td><td>1.91</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>416</td><td>1.65</td><td>-</td><td>-</td><td>-</td><td>1.78</td><td>1.97</td><td>2.25</td><td>2.57</td></tr><tr><td>公募债</td><td>6346</td><td>1.66</td><td>1.72</td><td>1.89</td><td>2.16</td><td>1.62</td><td>1.76</td><td>1.93</td><td>1.99</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3月2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>65060</td><td>38.33</td><td>45.60</td><td>53.48</td><td>72.69</td><td></td><td>40.00</td><td>51.71</td><td>78.43</td></tr><tr><td>公募债</td><td>79487</td><td>28.22</td><td>31.07</td><td>43.31</td><td>49.67</td><td>26.10</td><td>26.84</td><td>33.05</td><td>46.61</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>14700</td><td>57.80</td><td>71.12</td><td>74.93</td><td>78.20</td><td>35.93</td><td>49.44</td><td>56.58</td><td>81.04</td></tr><tr><td>公募债</td><td>107486</td><td>29.47</td><td>33.03</td><td>39.15</td><td>43.67</td><td>23.82</td><td>23.61</td><td>27.63</td><td>31.58</td></tr><tr><td rowspan="2">非金融非地产产业债(民企)</td><td>私募债</td><td>91</td><td>-</td><td>-</td><td>-</td><td>-</td><td>354.95</td><td>116.61</td><td>101.24</td><td>65.19</td></tr><tr><td>公募债</td><td>3947</td><td>317.42</td><td>56.88</td><td>227.94</td><td>-</td><td>60.42</td><td>83.21</td><td>50.45</td><td>52.23</td></tr><tr><td rowspan="2">地产债(国企)</td><td>私募债</td><td>1508</td><td>-</td><td>-</td><td>-</td><td>-</td><td>87.97</td><td>124.34</td><td>91.86</td><td>80.90</td></tr><tr><td>公募债</td><td>8370</td><td>19.96</td><td>63.92</td><td>-</td><td>-</td><td>72.36</td><td>96.09</td><td>88.82</td><td>85.77</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>455</td><td>-</td><td>-</td><td>-</td><td>-</td><td>146.41</td><td>155.61</td><td>265.25</td><td>141.89</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>416</td><td>56.03</td><td>58.89</td><td>89.25</td><td>-</td><td>51.01</td><td>73.15</td><td>78.11</td><td>96.35</td></tr><tr><td>公募债</td><td>6811</td><td>54.45</td><td>47.68</td><td>46.52</td><td>-</td><td>23.27</td><td>23.08</td><td>31.24</td><td>53.57</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>5.51</td><td>2.07</td><td>3.99</td><td>5.52</td></tr><tr><td>股份制商业银行</td><td>14145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.49</td><td>4.97</td><td>7.02</td><td>8.23</td></tr><tr><td>城市商业银行</td><td>12980</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11.98</td><td>8.44</td><td>11.76</td><td>16.15</td></tr><tr><td>农商行</td><td>2077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12.66</td><td>10.27</td><td>16.56</td><td>18.05</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>11.54</td><td>10.07</td><td>16.78</td><td>28.33</td><td>11.32</td><td>9.74</td><td>14.52</td><td>26.23</td></tr><tr><td>股份制商业银行</td><td>14675</td><td>15.16</td><td>18.78</td><td>22.11</td><td>38.30</td><td>12.51</td><td>10.50</td><td>18.73</td><td>32.05</td></tr><tr><td>城市商业银行</td><td>10510</td><td>34.40</td><td>48.71</td><td>45.14</td><td>58.68</td><td>37.61</td><td>38.21</td><td>74.74</td><td>58.17</td></tr><tr><td>农商行</td><td>2399</td><td>32.03</td><td>24.66</td><td>32.47</td><td>51.97</td><td>119.03</td><td>83.40</td><td>88.72</td><td>89.24</td></tr><tr><td rowspan="2">证券公司债</td><td>私募债</td><td>3617</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15.04</td><td>17.89</td><td>36.75</td><td>52.99</td></tr><tr><td>公募债</td><td>23774</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13.31</td><td>11.24</td><td>15.77</td><td>20.67</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>416</td><td>17.42</td><td>-</td><td>-</td><td>-</td><td>29.11</td><td>37.54</td><td>60.23</td><td>88.38</td></tr><tr><td>公募债</td><td>6346</td><td>15.61</td><td>13.19</td><td>24.57</td><td>44.99</td><td>12.43</td><td>15.80</td><td>28.33</td><td>29.44</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 3 月 2 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>-1.47</td><td>-2.59</td><td>-3.53</td><td>-5.77</td><td>-2.50</td><td>-2.73</td><td>-3.83</td><td>-5.54</td></tr><tr><td>公募债</td><td>-1.53</td><td>-1.50</td><td>-3.38</td><td>-4.49</td><td>-1.92</td><td>-2.31</td><td>-2.68</td><td>-4.22</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>-1.82</td><td>-5.37</td><td>-2.03</td><td>-4.82</td><td>-1.95</td><td>-0.72</td><td>-3.24</td><td>-3.27</td></tr><tr><td>公募债</td><td>-1.20</td><td>-2.00</td><td>-2.31</td><td>-2.67</td><td>-1.54</td><td>-2.04</td><td>-1.41</td><td>-1.39</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>-13.40</td><td>0.93</td><td>-3.60</td><td>0.84</td></tr><tr><td>公募债</td><td>-3.30</td><td>-2.02</td><td>-2.27</td><td>-</td><td>-2.70</td><td>-6.90</td><td>-4.82</td><td>-3.77</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>5.28</td><td>11.46</td><td>2.35</td><td>-2.43</td></tr><tr><td>公募债</td><td>-2.63</td><td>-4.70</td><td>-</td><td>-</td><td>-0.67</td><td>-0.76</td><td>-0.79</td><td>-0.24</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>3.61</td><td>-2.83</td><td>131.58</td><td>-2.55</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>-5.03</td><td>-1.09</td><td>1.01</td><td>-</td><td>-3.51</td><td>-1.83</td><td>-0.98</td><td>0.34</td></tr><tr><td>公募债</td><td>-5.93</td><td>-3.54</td><td>-0.96</td><td>-</td><td>-2.58</td><td>-2.43</td><td>-0.24</td><td>-1.66</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>-2.47</td><td>-1.82</td><td>-1.35</td><td>-0.64</td></tr><tr><td>股份制商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.16</td><td>-1.62</td><td>-1.93</td><td>-1.56</td></tr><tr><td>城市商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.81</td><td>-2.73</td><td>-2.37</td><td>-1.79</td></tr><tr><td>农商行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.47</td><td>-3.50</td><td>-3.16</td><td>-1.70</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>-3.76</td><td>-0.75</td><td>-1.40</td><td>-3.35</td><td>-3.49</td><td>-1.63</td><td>-2.39</td><td>-2.31</td></tr><tr><td>股份制商业银行</td><td>-3.28</td><td>-0.39</td><td>-2.26</td><td>-4.20</td><td>-3.16</td><td>-1.42</td><td>-1.96</td><td>-2.87</td></tr><tr><td>城市商业银行</td><td>-3.73</td><td>-1.06</td><td>-1.62</td><td>-4.68</td><td>-4.94</td><td>-1.49</td><td>-1.99</td><td>-2.36</td></tr><tr><td>农商行</td><td>-4.90</td><td>-1.21</td><td>-1.29</td><td>-3.66</td><td>-3.25</td><td>-1.84</td><td>-1.78</td><td>-2.41</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>-4.02</td><td>-4.48</td><td>-2.78</td><td>0.54</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.70</td><td>-0.93</td><td>-1.56</td><td>-2.46</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>-4.84</td><td>-</td><td>-</td><td>-</td><td>-0.04</td><td>0.57</td><td>-0.87</td><td>-5.49</td></tr><tr><td>公募债</td><td>-4.74</td><td>-4.06</td><td>-2.96</td><td>-1.21</td><td>-4.66</td><td>-1.13</td><td>-1.08</td><td>-4.12</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：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3月2日、26年2月9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 3 月 2 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>1.36</td><td>-1.81</td><td>-3.07</td><td>-5.21</td><td>0.79</td><td>-1.90</td><td>-3.43</td><td>-5.05</td></tr><tr><td>公募债</td><td>1.69</td><td>-0.81</td><td>-2.98</td><td>-3.89</td><td>0.98</td><td>-1.50</td><td>-2.26</td><td>-3.71</td></tr><tr><td rowspan="2">非金融非地产产业债(国企)</td><td>私募债</td><td>0.70</td><td>-4.59</td><td>-1.59</td><td>-4.50</td><td>0.88</td><td>0.09</td><td>-2.80</td><td>-2.80</td></tr><tr><td>公募债</td><td>1.41</td><td>-1.21</td><td>-1.86</td><td>-2.16</td><td>1.80</td><td>-1.34</td><td>-1.03</td><td>-0.86</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>-8.73</td><td>1.74</td><td>-2.98</td><td>1.40</td></tr><tr><td>公募债</td><td>4.01</td><td>-1.03</td><td>-1.70</td><td>-</td><td>2.21</td><td>-6.11</td><td>-4.61</td><td>-3.18</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>8.87</td><td>12.18</td><td>2.78</td><td>-1.76</td></tr><tr><td>公募债</td><td>1.20</td><td>-4.01</td><td>-</td><td>-</td><td>1.98</td><td>0.09</td><td>-0.35</td><td>0.33</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>7.41</td><td>-2.77</td><td>130.74</td><td>-1.94</td></tr><tr><td rowspan="2">租赁公司债</td><td>私募债</td><td>-2.73</td><td>-0.21</td><td>1.51</td><td>-</td><td>-5.62</td><td>-1.12</td><td>-0.67</td><td>0.91</td></tr><tr><td>公募债</td><td>-1.77</td><td>-2.39</td><td>-0.47</td><td>-</td><td>-0.47</td><td>-1.67</td><td>0.08</td><td>-0.98</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>0.73</td><td>-1.78</td><td>-1.13</td><td>-1.05</td></tr><tr><td>股份制商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.32</td><td>-0.90</td><td>-1.57</td><td>-1.00</td></tr><tr><td>城市商业银行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.11</td><td>-1.77</td><td>-1.94</td><td>-1.26</td></tr><tr><td>农商行</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.35</td><td>-2.54</td><td>-2.65</td><td>-1.13</td></tr><tr><td rowspan="4">银行资本补充债</td><td>国有商业银行</td><td>-0.78</td><td>-0.46</td><td>-0.95</td><td>-2.73</td><td>-1.05</td><td>-0.87</td><td>-1.82</td><td>-1.71</td></tr><tr><td>股份制商业银行</td><td>-0.38</td><td>0.77</td><td>-1.66</td><td>-3.58</td><td>-1.20</td><td>-0.59</td><td>-1.39</td><td>-2.21</td></tr><tr><td>城市商业银行</td><td>-1.20</td><td>-0.28</td><td>-1.16</td><td>-4.10</td><td>-1.38</td><td>-0.51</td><td>-1.50</td><td>-1.71</td></tr><tr><td>农商行</td><td>-2.00</td><td>-0.64</td><td>-0.79</td><td>-2.96</td><td>-0.72</td><td>-0.69</td><td>-1.27</td><td>-1.75</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>-3.08</td><td>-3.81</td><td>-2.43</td><td>1.32</td></tr><tr><td>公募债</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.64</td><td>-0.40</td><td>-1.15</td><td>-2.20</td></tr><tr><td rowspan="2">证券公司次级债</td><td>私募债</td><td>-1.30</td><td>-</td><td>-</td><td>-</td><td>3.77</td><td>0.84</td><td>-0.70</td><td>-4.85</td></tr><tr><td>公募债</td><td>-2.00</td><td>-3.02</td><td>-2.44</td><td>-0.79</td><td>-2.66</td><td>-0.47</td><td>-0.64</td><td>-3.47</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3月2日、26年2月9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，广西、云南、甘肃等地的利差也较高。与前一周相比，公募城投债收益率多下行，中长端品种表现占优。具体来看，下行幅度较大的品种的包括1-2年河北省级非永续、1-2年山西省级非永续、3-5年甘肃地级市非永续、3-5年云南省 级非永续城投债等。 图表5：公募城投债加权平均估值收益率（取值时间为3月2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>1.68</td><td>-</td><td>1.82</td><td>-</td></tr><tr><td>地级市</td><td>1.77</td><td>1.88</td><td>1.99</td><td>2.19</td><td>1.70</td><td>1.78</td><td>1.87</td><td>2.03</td></tr><tr><td>区县级</td><td>1.81</td><td>1.92</td><td>2.05</td><td>2.32</td><td>1.74</td><td>1.83</td><td>1.93</td><td>2.13</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>1.95</td><td>1.98</td><td>2.21</td><td>-</td><td>1.63</td><td>1.81</td><td>1.79</td><td>2.06</td></tr><tr><td>地级市</td><td>1.76</td><td>1.83</td><td>1.96</td><td>2.16</td><td>1.70</td><td>1.79</td><td>1.86</td><td>2.00</td></tr><tr><td>区县级</td><td>1.83</td><td>1.92</td><td>2.14</td><td>2.32</td><td>1.73</td><td>1.82</td><td>1.90</td><td>2.08</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>1.73</td><td>1.85</td><td>2.01</td><td>-</td><td>1.69</td><td>2.02</td><td>2.08</td><td>2.15</td></tr><tr><td>地级市</td><td>1.83</td><td>1.88</td><td>2.04</td><td>2.30</td><td>1.72</td><td>1.86</td><td>1.95</td><td>2.18</td></tr><tr><td>区县级</td><td>1.86</td><td>2.05</td><td>2.12</td><td>2.43</td><td>1.85</td><td>2.02</td><td>2.16</td><td>2.47</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>1.74</td><td>1.84</td><td>1.94</td><td>2.03</td><td>1.69</td><td>1.77</td><td>1.87</td><td>1.94</td></tr><tr><td>地级市</td><td>1.77</td><td>1.83</td><td>1.93</td><td>2.07</td><td>1.73</td><td>1.83</td><td>1.87</td><td>2.11</td></tr><tr><td>区县级</td><td>1.75</td><td>-</td><td>1.92</td><td>2.03</td><td>1.76</td><td>1.88</td><td>2.06</td><td>2.29</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>1.74</td><td>1.95</td><td>-</td><td>-</td><td>1.71</td><td>1.77</td><td>1.88</td><td>2.00</td></tr><tr><td>地级市</td><td>1.81</td><td>-</td><td>1.92</td><td>-</td><td>1.75</td><td>1.82</td><td>1.96</td><td>2.23</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.91</td><td>2.06</td><td>2.29</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>1.74</td><td>1.83</td><td>2.01</td><td>2.11</td><td>1.68</td><td>1.78</td><td>1.84</td><td>2.10</td></tr><tr><td>地级市</td><td>1.77</td><td>1.90</td><td>2.22</td><td>2.21</td><td>1.74</td><td>1.82</td><td>1.92</td><td>2.13</td></tr><tr><td>区县级</td><td>1.94</td><td>-</td><td>-</td><td>-</td><td>1.76</td><td>1.91</td><td>2.03</td><td>2.15</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>1.70</td><td>1.75</td><td>1.85</td><td>1.94</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>2.07</td><td>-</td><td>-</td><td>-</td><td>1.79</td><td>1.95</td><td>2.13</td><td>2.35</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>1.71</td><td>1.83</td><td>1.91</td><td>1.96</td><td>1.66</td><td>1.73</td><td>1.82</td><td>1.90</td></tr><tr><td>地级市</td><td>1.74</td><td>-</td><td>2.13</td><td>2.29</td><td>1.74</td><td>1.84</td><td>1.93</td><td>2.09</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.85</td><td>1.97</td><td>2.16</td><td>2.30</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>1.80</td><td>2.30</td><td>2.68</td><td>-</td><td>1.71</td><td>1.77</td><td>1.92</td><td>2.00</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.74</td><td>1.86</td><td>1.97</td><td>2.13</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.78</td><td>1.89</td><td>2.01</td><td>2.11</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>1.72</td><td>1.83</td><td>1.95</td><td>2.05</td><td>1.70</td><td>1.77</td><td>1.86</td><td>1.96</td></tr><tr><td>地级市</td><td>-</td><td>2.13</td><td>-</td><td>-</td><td>1.82</td><td>2.06</td><td>2.05</td><td>2.31</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>2.06</td><td>-</td><td>1.81</td><td>1.90</td><td>2.03</td><td>2.28</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.68</td><td>1.70</td><td>1.81</td><td>1.92</td></tr><tr><td>地级市</td><td>1.74</td><td>1.91</td><td>2.01</td><td>2.11</td><td>1.75</td><td>2.01</td><td>2.00</td><td>2.02</td></tr><tr><td>区县级</td><td>1.82</td><td>1.96</td><td>2.08</td><td>2.12</td><td>1.73</td><td>1.86</td><td>1.92</td><td>2.01</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.73</td><td>1.86</td><td>2.02</td><td>2.17</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>1.79</td><td>1.94</td><td>2.15</td><td>2.39</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.65</td><td>1.72</td><td>1.82</td><td>1.90</td></tr><tr><td>地级市</td><td>1.81</td><td>1.97</td><td>2.40</td><td>2.18</td><td>1.71</td><td>1.84</td><td>1.88</td><td>2.04</td></tr><tr><td>区县级</td><td>-</td><td>1.94</td><td>2.26</td><td>2.31</td><td>1.74</td><td>1.84</td><td>1.92</td><td>2.14</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.73</td><td>1.86</td><td>1.99</td><td>2.12</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>4.08</td><td>2.17</td><td>2.51</td><td>4.69</td><td>3.01</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.02</td><td>4.20</td><td>2.65</td><td>3.39</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>1.74</td><td>1.82</td><td>1.90</td><td>2.06</td><td>1.70</td><td>1.75</td><td>2.38</td><td>1.94</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.94</td><td>2.22</td><td>2.30</td></tr><tr><td>区县级</td><td>-</td><td>2.22</td><td>2.30</td><td>-</td><td>1.92</td><td>2.16</td><td>2.35</td><td>2.68</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>1.75</td><td>2.42</td><td>2.47</td><td>-</td><td>1.69</td><td>1.83</td><td>1.98</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>-</td><td>-</td><td>2.01</td><td>1.72</td><td>1.79</td><td>1.93</td><td>2.04</td></tr><tr><td rowspan="3">广西壮族自治区</td><td>省级</td><td>1.88</td><td>2.01</td><td>2.06</td><td>2.35</td><td>1.70</td><td>1.84</td><td>1.99</td><td>2.16</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.03</td><td>1.97</td><td>2.28</td><td>2.66</td></tr><tr><td>区县级</td><td>2.22</td><td>2.57</td><td>2.29</td><td>-</td><td>1.84</td><td>2.23</td><td>2.35</td><td>2.76</td></tr><tr><td>上海市</td><td>省级</td><td>1.77</td><td>1.85</td><td>2.00</td><td>2.07</td><td>1.74</td><td>1.74</td><td>-</td><td>1.94</td></tr></table> <table><tr><td rowspan="2"></td><td>地级市</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>2.00</td><td>-</td><td>-</td><td>1.69</td><td>1.77</td><td>1.86</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.67</td><td>2.21</td><td>1.84</td></tr><tr><td>地级市</td><td>2.17</td><td>1.98</td><td>2.22</td><td>-</td><td>1.77</td><td>1.88</td><td>2.11</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.80</td><td>1.88</td><td>2.13</td></tr><tr><td rowspan="3">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>1.88</td><td>2.10</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.18</td><td>2.59</td><td>2.90</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.41</td><td>2.53</td><td>2.70</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>2.10</td><td>-</td><td>-</td></tr><tr><td>地级市</td><td>1.91</td><td>2.07</td><td>2.26</td><td>-</td><td>1.74</td><td>1.87</td><td>2.03</td></tr><tr><td>区县级</td><td>-</td><td>1.92</td><td>-</td><td>-</td><td>1.83</td><td>1.98</td><td>2.43</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.75</td><td>1.83</td><td>1.94</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>2.29</td><td>2.71</td><td>1.88</td><td>1.92</td><td>2.01</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.99</td><td>-</td><td>2.31</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>2.12</td><td>1.91</td><td>2.03</td><td>-</td><td>1.84</td><td>1.88</td><td>1.99</td></tr><tr><td>地级市</td><td>1.81</td><td>-</td><td>-</td><td>-</td><td>1.75</td><td>1.87</td><td>1.99</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.47</td><td>2.00</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>1.73</td><td>1.84</td><td>2.01</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.05</td><td>2.51</td><td>2.67</td></tr><tr><td>区县级</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></tr><tr><td>地级市</td><td>-</td><td>1.93</td><td>2.30</td><td>2.71</td><td>1.77</td><td>1.99</td><td>1.92</td></tr><tr><td>区县级</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>4.37</td><td>-</td><td>-</td><td>-</td><td>2.43</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.77</td><td>-</td><td>2.08</td></tr><tr><td>区县级</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></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.96</td><td>2.43</td></tr><tr><td>区县级</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>1.70</td><td>1.82</td><td>1.88</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.90</td><td>2.10</td><td>2.21</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.78</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></tr><tr><td>地级市</td><td>1.78</td><td>1.98</td><td>-</td><td>-</td><td>1.73</td><td>1.83</td><td>2.05</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.68</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></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.09</td><td>-</td></tr><tr><td>区县级</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>1.87</td><td>2.02</td><td>-</td><td>1.69</td><td>1.77</td><td>1.88</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.75</td><td>1.91</td><td>2.08</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.76</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3月2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>20.17</td><td>-</td><td>18.28</td><td>-</td></tr><tr><td>地级市</td><td>25.38</td><td>27.49</td><td>35.08</td><td>50.03</td><td>21.73</td><td>18.06</td><td>22.39</td><td>34.00</td></tr><tr><td>区县级</td><td>28.72</td><td>32.36</td><td>40.56</td><td>61.40</td><td>24.91</td><td>23.69</td><td>28.74</td><td>44.17</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>42.49</td><td>39.44</td><td>56.41</td><td>-</td><td>18.08</td><td>20.37</td><td>14.85</td><td>37.86</td></tr><tr><td>地级市</td><td>29.28</td><td>24.00</td><td>31.86</td><td>46.05</td><td>21.62</td><td>19.49</td><td>22.13</td><td>30.62</td></tr><tr><td>区县级</td><td>32.96</td><td>31.88</td><td>49.92</td><td>63.14</td><td>25.50</td><td>21.61</td><td>26.13</td><td>38.50</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>23.72</td><td>24.64</td><td>37.13</td><td>-</td><td>22.44</td><td>42.66</td><td>43.92</td><td>46.95</td></tr><tr><td>地级市</td><td>33.72</td><td>27.33</td><td>39.49</td><td>59.18</td><td>22.80</td><td>26.25</td><td>30.75</td><td>49.44</td></tr><tr><td>区县级</td><td>43.03</td><td>44.34</td><td>48.14</td><td>69.31</td><td>36.90</td><td>41.63</td><td>51.69</td><td>78.25</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>25.61</td><td>22.68</td><td>28.93</td><td>35.21</td><td>19.39</td><td>17.73</td><td>22.47</td><td>23.70</td></tr><tr><td>地级市</td><td>25.10</td><td>22.52</td><td>28.47</td><td>37.63</td><td>24.70</td><td>23.68</td><td>21.93</td><td>40.84</td></tr><tr><td>区县级</td><td>24.13</td><td>-</td><td>27.33</td><td>35.24</td><td>28.81</td><td>28.80</td><td>41.65</td><td>59.97</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>24.17</td><td>35.59</td><td>-</td><td>-</td><td>20.30</td><td>18.43</td><td>23.95</td><td>31.08</td></tr><tr><td>地级市</td><td>28.72</td><td>-</td><td>29.31</td><td>-</td><td>25.16</td><td>22.82</td><td>32.00</td><td>54.51</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.73</td><td>31.55</td><td>41.68</td><td>59.52</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>24.18</td><td>22.87</td><td>35.80</td><td>41.29</td><td>20.04</td><td>18.17</td><td>19.91</td><td>40.75</td></tr><tr><td>地级市</td><td>42.15</td><td>31.37</td><td>58.77</td><td>51.08</td><td>25.19</td><td>22.27</td><td>27.97</td><td>43.10</td></tr><tr><td>区县级</td><td>42.02</td><td>-</td><td>-</td><td>-</td><td>26.73</td><td>31.46</td><td>39.05</td><td>46.34</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>29.58</td><td>-</td><td>-</td><td>-</td><td>19.30</td><td>15.09</td><td>20.42</td><td>25.69</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>54.79</td><td>-</td><td>-</td><td>-</td><td>30.59</td><td>35.13</td><td>48.02</td><td>65.79</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>20.12</td><td>23.32</td><td>27.11</td><td>29.72</td><td>18.20</td><td>11.92</td><td>17.16</td><td>21.48</td></tr><tr><td>地级市</td><td>34.11</td><td>-</td><td>47.99</td><td>57.32</td><td>23.86</td><td>24.44</td><td>28.63</td><td>39.75</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39.03</td><td>37.48</td><td>51.99</td><td>62.61</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>31.01</td><td>69.51</td><td>103.54</td><td>-</td><td>19.62</td><td>16.59</td><td>27.87</td><td>31.38</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25.30</td><td>26.05</td><td>33.41</td><td>43.83</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.06</td><td>29.69</td><td>36.50</td><td>41.95</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>25.61</td><td>23.50</td><td>30.73</td><td>38.05</td><td>23.26</td><td>17.25</td><td>21.72</td><td>28.09</td></tr><tr><td>地级市</td><td>-</td><td>51.84</td><td>-</td><td>-</td><td>31.79</td><td>46.43</td><td>41.32</td><td>62.15</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>43.17</td><td>-</td><td>31.19</td><td>30.31</td><td>38.88</td><td>60.52</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.13</td><td>10.64</td><td>15.90</td><td>22.20</td></tr><tr><td>地级市</td><td>24.42</td><td>31.06</td><td>36.60</td><td>40.81</td><td>25.61</td><td>42.03</td><td>35.20</td><td>31.46</td></tr><tr><td>区县级</td><td>33.32</td><td>34.97</td><td>43.43</td><td>43.58</td><td>24.53</td><td>26.12</td><td>28.36</td><td>32.49</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.05</td><td>26.31</td><td>38.18</td><td>49.94</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>28.29</td><td>34.47</td><td>50.82</td><td>71.98</td></tr><tr><td rowspan="3">福建省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16.52</td><td>12.74</td><td>17.86</td><td>21.38</td></tr><tr><td>地级市</td><td>32.20</td><td>37.48</td><td>75.19</td><td>50.47</td><td>24.73</td><td>24.17</td><td>24.13</td><td>34.80</td></tr><tr><td>区县级</td><td>-</td><td>32.40</td><td>60.84</td><td>61.25</td><td>24.96</td><td>23.78</td><td>27.97</td><td>43.57</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.29</td><td>25.74</td><td>35.00</td><td>44.36</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>235.56</td><td>70.98</td><td>91.33</td><td>304.35</td><td>131.62</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>157.32</td><td>260.97</td><td>99.83</td><td>169.77</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>22.84</td><td>21.81</td><td>25.92</td><td>36.81</td><td>17.35</td><td>15.50</td><td>74.36</td><td>25.03</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29.46</td><td>34.22</td><td>57.95</td><td>62.35</td></tr><tr><td>区县级</td><td>-</td><td>63.02</td><td>67.07</td><td>-</td><td>41.16</td><td>57.87</td><td>70.84</td><td>98.49</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>23.12</td><td>82.29</td><td>84.19</td><td>-</td><td>20.35</td><td>22.37</td><td>33.71</td><td>33.87</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>34.01</td><td>23.37</td><td>20.52</td><td>28.69</td><td>34.55</td></tr><tr><td rowspan="3">广西壮族自治区</td><td>省级</td><td>43.91</td><td>41.62</td><td>42.24</td><td>65.73</td><td>20.90</td><td>23.55</td><td>34.72</td><td>48.05</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>54.09</td><td>36.80</td><td>62.79</td><td>98.90</td></tr><tr><td>区县级</td><td>78.95</td><td>96.37</td><td>65.82</td><td>-</td><td>34.78</td><td>62.48</td><td>70.32</td><td>104.08</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>24.98</td><td>24.95</td><td>34.77</td><td>39.87</td><td>29.97</td><td>14.96</td><td>-</td><td>23.99</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>38.20</td><td>-</td><td>-</td><td>21.49</td><td>17.40</td><td>22.19</td><td>30.06</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17.03</td><td>59.56</td><td>19.37</td><td>26.55</td></tr><tr><td>地级市</td><td>64.77</td><td>36.94</td><td>58.46</td><td>-</td><td>29.41</td><td>27.58</td><td>47.14</td><td>56.42</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31.57</td><td>28.49</td><td>48.94</td><td>68.16</td></tr><tr><td rowspan="2">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.86</td><td>28.71</td><td>45.48</td><td>74.33</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69.13</td><td>99.18</td><td>125.77</td><td>-</td></tr><tr><td></td><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>91.91</td><td>93.04</td><td>106.08</td><td>108.28</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>59.53</td><td>-</td><td>-</td><td>24.91</td></tr><tr><td>地级市</td><td>34.72</td><td>46.05</td><td>61.62</td><td>-</td><td>24.01</td><td>27.17</td><td>38.48</td><td>40.77</td></tr><tr><td>区县级</td><td>-</td><td>34.42</td><td>-</td><td>-</td><td>30.38</td><td>37.70</td><td>79.22</td><td>55.43</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.48</td><td>23.27</td><td>30.02</td><td>50.47</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>64.45</td><td>99.38</td><td>39.07</td><td>31.69</td><td>36.83</td><td>63.30</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>46.81</td><td>-</td><td>66.87</td><td>-</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>58.56</td><td>30.80</td><td>38.94</td><td>-</td><td>34.53</td><td>26.93</td><td>35.11</td><td>61.90</td></tr><tr><td>地级市</td><td>29.12</td><td>-</td><td>-</td><td>-</td><td>25.91</td><td>27.34</td><td>33.69</td><td>40.72</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>97.38</td><td>40.94</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>25.37</td><td>24.70</td><td>37.21</td><td>47.83</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53.03</td><td>90.95</td><td>104.22</td><td>138.59</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>36.03</td><td>65.41</td><td>99.63</td><td>22.78</td><td>39.40</td><td>28.10</td><td>58.28</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>272.45</td><td>-</td><td>-</td><td>-</td><td>78.71</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29.53</td><td>-</td><td>44.44</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>34.89</td><td>78.47</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>28.51</td><td>20.46</td><td>23.57</td><td>34.16</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41.19</td><td>48.82</td><td>57.06</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.54</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>30.25</td><td>38.63</td><td>-</td><td>-</td><td>20.25</td><td>21.73</td><td>40.67</td><td>37.52</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20.20</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>48.56</td><td>-</td><td>87.48</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>27.39</td><td>38.15</td><td>-</td><td>19.30</td><td>18.81</td><td>23.44</td><td>-</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.97</td><td>32.33</td><td>43.62</td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.83</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 (取值时间为 3 月 2 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>-1.62</td><td>-</td><td>-2.47</td><td>-</td></tr><tr><td>地级市</td><td>-1.40</td><td>-1.44</td><td>-3.30</td><td>-4.88</td><td>-1.97</td><td>-2.17</td><td>-2.45</td><td>-2.92</td></tr><tr><td>区县级</td><td>-1.89</td><td>-2.54</td><td>-2.29</td><td>-6.11</td><td></td><td>-2.24</td><td>-3.15</td><td>-4.59</td></tr><tr><td rowspan="3">浙江省</td><td>省级</td><td>-2.31</td><td>-2.09</td><td>-5.40</td><td>-</td><td>-1.50</td><td>-2.41</td><td>-1.74</td><td>-0.85</td></tr><tr><td>地级市</td><td>-1.22</td><td>-1.65</td><td>-2.36</td><td>-4.78</td><td>-1.66</td><td>-2.50</td><td>-2.58</td><td>-2.32</td></tr><tr><td>区县级</td><td>-1.96</td><td>-1.81</td><td>-2.27</td><td>-6.54</td><td>-1.63</td><td>-2.82</td><td>-2.99</td><td>-4.39</td></tr><tr><td rowspan="3">山东省</td><td>省级</td><td>-1.01</td><td>-4.33</td><td>-4.09</td><td>-</td><td>-2.97</td><td>-5.87</td><td>-4.59</td><td>-3.37</td></tr><tr><td>地级市</td><td>-2.01</td><td>0.07</td><td>-3.50</td><td>-5.74</td><td>-2.08</td><td>-1.55</td><td>-2.99</td><td>-2.78</td></tr><tr><td>区县级</td><td>-2.06</td><td>-2.70</td><td>-1.10</td><td>-4.85</td><td>-1.62</td><td>-2.52</td><td>-1.79</td><td>-5.90</td></tr><tr><td rowspan="3">四川省</td><td>省级</td><td>-1.62</td><td>-2.46</td><td>-2.74</td><td>-3.81</td><td>-1.20</td><td>-2.00</td><td>-1.11</td><td>-2.67</td></tr><tr><td>地级市</td><td>-1.19</td><td>-1.58</td><td>0.83</td><td>-2.86</td><td>-2.37</td><td>-2.71</td><td>-1.68</td><td>-4.02</td></tr><tr><td>区县级</td><td>-1.57</td><td>-</td><td>-2.76</td><td>-3.46</td><td>-2.04</td><td>-2.79</td><td>-2.09</td><td>-4.52</td></tr><tr><td rowspan="3">湖南省</td><td>省级</td><td>-1.74</td><td>-3.02</td><td>-</td><td>-</td><td>-0.92</td><td>-2.04</td><td>-1.53</td><td>-2.07</td></tr><tr><td>地级市</td><td>-2.44</td><td>-</td><td>-4.80</td><td>-</td><td>-2.39</td><td>-2.81</td><td>-2.57</td><td>-2.92</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.43</td><td>-2.75</td><td>-2.06</td><td>-5.81</td></tr><tr><td rowspan="3">湖北省</td><td>省级</td><td>-1.26</td><td>-0.14</td><td>-3.47</td><td>-5.70</td><td>-0.58</td><td>-2.50</td><td>-2.33</td><td>-3.10</td></tr><tr><td>地级市</td><td>-1.67</td><td>-1.48</td><td>-4.98</td><td>-4.76</td><td>-2.30</td><td>-2.62</td><td>-1.68</td><td>-3.84</td></tr><tr><td>区县级</td><td>-1.54</td><td>-</td><td>-</td><td>-</td><td>-3.57</td><td>-1.58</td><td>-4.69</td><td>-4.87</td></tr><tr><td rowspan="3">重庆市</td><td>省级</td><td>-0.22</td><td>-</td><td>-</td><td>-</td><td>-1.57</td><td>-2.17</td><td>-1.34</td><td>-1.70</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>-2.56</td><td>-</td><td>-</td><td>-</td><td>-2.73</td><td>-3.29</td><td>-2.74</td><td>-4.72</td></tr><tr><td rowspan="3">江西省</td><td>省级</td><td>-1.20</td><td>-1.89</td><td>-2.78</td><td>-1.37</td><td>-0.73</td><td>-2.27</td><td>-1.08</td><td>-2.40</td></tr><tr><td>地级市</td><td>-1.53</td><td>-</td><td>-2.64</td><td>-4.68</td><td>-1.83</td><td>-2.64</td><td>-3.41</td><td>-4.12</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.65</td><td>-2.98</td><td>-3.78</td><td>-4.46</td></tr><tr><td rowspan="3">安徽省</td><td>省级</td><td>0.13</td><td>-4.10</td><td>-3.07</td><td>-</td><td>-1.94</td><td>-2.35</td><td>-1.93</td><td>-2.83</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.05</td><td>-2.27</td><td>-2.43</td><td>-5.32</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.62</td><td>-2.41</td><td>-3.95</td><td>-2.98</td></tr><tr><td rowspan="3">河南省</td><td>省级</td><td>0.81</td><td>-0.35</td><td>-2.02</td><td>-1.00</td><td>0.74</td><td>-2.42</td><td>-1.26</td><td>-1.97</td></tr><tr><td>地级市</td><td>-</td><td>-1.77</td><td>-</td><td>-</td><td>-1.75</td><td>1.18</td><td>-8.49</td><td>-5.97</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-4.71</td><td>-</td><td>-2.18</td><td>-1.75</td><td>-2.19</td><td>-7.96</td></tr><tr><td rowspan="3">广东省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.76</td><td>-0.46</td><td>0.07</td><td>-0.98</td></tr><tr><td>地级市</td><td>-1.59</td><td>-1.23</td><td>-0.60</td><td>-3.03</td><td>-1.26</td><td>-2.44</td><td>-2.42</td><td>-4.18</td></tr><tr><td>区县级</td><td>-3.73</td><td>-0.70</td><td>-1.04</td><td>-3.70</td><td>-1.19</td><td>-1.06</td><td>-4.70</td><td>-1.99</td></tr><tr><td rowspan="3">天津市</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.77</td><td>-3.27</td><td>-1.75</td><td>-7.04</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>-</td><td>-</td><td>-</td><td>-2.19</td><td>-2.01</td><td>-3.79</td><td>-4.96</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>-1.72</td><td>-1.13</td><td>-0.75</td></tr><tr><td>地级市</td><td>-2.40</td><td>-3.16</td><td>-6.37</td><td>-3.87</td><td>-1.68</td><td>-2.41</td><td>-1.85</td><td>-2.92</td></tr><tr><td>区县级</td><td>-</td><td>-4.43</td><td>-1.76</td><td>-5.83</td><td>-2.04</td><td>-1.77</td><td>-2.83</td><td>-5.67</td></tr><tr><td rowspan="3">贵州省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.64</td><td>-1.05</td><td>-2.51</td><td>-2.91</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-6.54</td><td>-1.58</td><td>-3.44</td><td>-5.67</td><td>-6.00</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5.85</td><td>-5.62</td><td>-3.36</td><td>-5.41</td></tr><tr><td rowspan="3">陕西省</td><td>省级</td><td>-1.32</td><td>-2.45</td><td>-2.75</td><td>-4.32</td><td>-1.51</td><td>-2.44</td><td>-3.68</td><td>-2.68</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.36</td><td>1.23</td><td>-6.19</td><td>-4.26</td></tr><tr><td>区县级</td><td>-</td><td>3.46</td><td>-4.22</td><td>-</td><td>-3.17</td><td>-2.32</td><td>-3.64</td><td>-6.68</td></tr><tr><td rowspan="3">北京市</td><td>省级</td><td>-0.69</td><td>-3.25</td><td>-4.68</td><td>-</td><td>-1.47</td><td>-1.40</td><td>-1.50</td><td>-1.97</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>-3.04</td><td>-0.57</td><td>-1.84</td><td>-1.36</td><td>-2.18</td></tr><tr><td rowspan="2">广西壮族自治区</td><td>省级</td><td>-2.75</td><td>-4.85</td><td>-6.74</td><td>-4.69</td><td>-2.20</td><td>-1.86</td><td>-2.95</td><td>-2.54</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-3.48</td><td>-3.75</td><td>-2.22</td><td>-6.79</td></tr><tr><td></td><td>区县级</td><td>-3.10</td><td>-4.00</td><td>-6.04</td><td>-</td><td>-5.38</td><td>-3.20</td><td>-3.08</td><td>19.81</td></tr><tr><td rowspan="3">上海市</td><td>省级</td><td>-1.15</td><td>-1.81</td><td>-2.29</td><td>-4.94</td><td>-0.31</td><td>-3.39</td><td>-</td><td>-1.87</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>-1.95</td><td>-</td><td>-</td><td>-1.57</td><td>-2.07</td><td>-2.26</td><td>-1.25</td></tr><tr><td rowspan="3">河北省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.79</td><td>-84.83</td><td>-2.09</td><td>-3.50</td></tr><tr><td>地级市</td><td>-2.61</td><td>-2.79</td><td>-4.96</td><td>-</td><td>-1.70</td><td>0.29</td><td>-1.37</td><td>-4.85</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.29</td><td>1.15</td><td>-3.60</td><td>-6.97</td></tr><tr><td rowspan="3">云南省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.10</td><td>-2.15</td><td>-5.56</td><td>-10.67</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4.00</td><td>1.23</td><td></td><td>-</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-0.15</td><td>-3.89</td><td>-3.62</td><td>-6.53</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>-6.60</td><td>-</td><td>-</td><td>-1.07</td></tr><tr><td>地级市</td><td>-</td><td>-3.05</td><td>-3.11</td><td>-</td><td>-2.20</td><td>-1.96</td><td>-2.15</td><td>-4.09</td></tr><tr><td>区县级</td><td>-</td><td>-2.10</td><td>-</td><td>-</td><td>-0.51</td><td>-1.09</td><td>-3.32</td><td>-8.25</td></tr><tr><td rowspan="3">吉林省</td><td>省级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.11</td><td>-1.60</td><td>-3.57</td><td>-8.06</td></tr><tr><td>地级市</td><td>-</td><td>-</td><td>-6.02</td><td>-9.19</td><td>-2.66</td><td>-2.88</td><td>-3.53</td><td>-5.73</td></tr><tr><td>区县级</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.58</td><td>-</td><td>-4.52</td><td>-</td></tr><tr><td rowspan="3">山西省</td><td>省级</td><td>-3.13</td><td>-2.33</td><td>-3.04</td><td>-</td><td>-2.39</td><td>-14.47</td><td>9.39</td><td>-4.68</td></tr><tr><td>地级市</td><td>-2.24</td><td>-</td><td>-</td><td>-</td><td>-