20181130-光大证券-行业信用利差_93页_3mb

光大证券·行业信用利差总结

核心内容

本报告提供了截至2018年11月30日的行业信用利差数据，涵盖AAA级、AA+级和AA级三个信用等级，涉及多个行业及不同企业类型（如城投、非城投、中央国企、地方国企、民营企业等）。数据窗口为2014年初至今，单位为百分比（%），当前水平用“A”标出。

主要观点

• 信用利差分布：不同行业的信用利差分布情况存在显著差异，部分行业信用利差较高，而另一些则相对较低。
• 行业差异：信用利差水平受行业特性、企业性质及市场环境影响较大。
• 集中度：颜色越深表示信用利差分布越集中，可能反映行业风险或市场预期较为一致。
• 数据时间范围：所有数据均基于2014年1月1日至2018年11月30日。

关键信息

AAA级信用利差分布

| 分位数 | 0.4 | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1.0 | 1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6 | 1.7 | 1.8 | 1.9 | 2.0 | 2.1 | 2.2 | 2.3 | 2.4 | 2.5 | 2.6 | 2.7 | 2.8 | 2.9 | 3.0 | 3.1 | 3.2 |
|--------|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|
| 商业贸易 | 45 | | | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 38 | | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 63 | | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 48 | | | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 40 | | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 34 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 9 | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 采掘 | 12 | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 汽车 | 33 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 54 | | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 化工 | 35 | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 休闲服务 | 48 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 房地产 | 34 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 27 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 50 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 38 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 电力 | 46 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 8 | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 港口 | 31 | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 高速公路 | 43 | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 城投 | 34 | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 非城投 | 44 | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 中央国企 | 44 | | | | | | | | | | A | | | | | | | | | | | | | | | | |
| 地方国企 | 33 | | | | | | | | | | A | | | | | | | | | | | | | | | | |
| 民营企业 | 46 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A | |

AA+级信用利差分布

| 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 | 67 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 34 | | | | | A | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 52 | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 46 | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 91 | | | | | | | | | | | | | | | | | | | | | | | A | | | | |
| 交通运输 | 42 | | | | | A | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 13 | | | | | | | | | | | | | | | | | | | | | A | | | | | |
| 汽车 | 52 | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 64 | | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 化工 | 78 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 46 | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 42 | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 71 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 71 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 32 | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 90 | | | | | | | | | | | | A | | | | | | | | | |
| 煤炭开采 | 13 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 63 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 39 | | | | | A | | | | | | | | | | | | | | | | |
| 城投 | 35 | | | | | A | | | | | | | | | | | | | | | | |
| 非城投 | 69 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 78 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 39 | | | | | A | | | | | | | | | | | | | | | | |
| 民营企业 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

AA级信用利差分布

| 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 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 74 | | | | | | | | | | | A | | | | | | | | | | | | | | | | |
| 食品饮料 | 44 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 公用事业 | 59 | | | | | | | | | A | | | | | | | | | | | | |
| 有色金属 | 59 | | | | | | | | | | | A | | | | | | | | | | |
| 交通运输 | 45 | | | | | | | | | A | | | | | | | | | | | | |
| 钢铁 | 3 | | | | | | | | | | | A | | | | | | | | | | |
| 采掘 | 83 | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 汽车 | 87 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 87 | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 休闲服务 | 74 | | | | | | | | | | | A | | | | | | | | | | |
| 房地产 | 70 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 85 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 68 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 71 | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 煤炭开采 | 11 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 95 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 32 | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 城投 | 60 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 93 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 中央国企 | 78 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 39 | | | | | | A | | | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |

行业与企业类型对比

• 城投与非城投：城投行业信用利差普遍较低，非城投则相对较高。
• 中央国企与地方国企：中央国企信用利差较高，地方国企则较低。
• 民营企业：信用利差普遍较高，显示其较高的违约风险。
• 部分行业集中度高：如商业贸易、医药生物等在某些信用等级下表现出极高的集中度。

总结

• 信用利差是衡量行业或企业信用风险的重要指标，其分布情况显示了不同行业和企业类型的风险差异。
• 行业差异显著，如采掘、有色金属、化工等行业的信用利差较高，而交通运输、钢铁等则相对较低。
• 企业类型影响信用利差，城投和地方国企通常信用利差较低，而民营企业信用利差较高。
• 数据时间跨度为2014年初至2018年11月30日，覆盖了多个经济周期和政策变化。