20170623-光大证券-行业信用利差_77页_3mb

光大证券·行业信用利差总结

核心内容

本报告由光大证券研究所发布，提供截至2017年6月23日的行业信用利差数据。报告分析了不同信用等级（AAA、AA+、AA）下的行业信用利差分布情况，数据窗口为2014年初至今。报告通过分位数展示各行业的信用利差水平，并以“A”标记当前水平，颜色越深表示分布越集中。

主要观点

• 信用利差反映了行业债券与无风险收益率（如国债）之间的利差，是衡量行业信用风险的重要指标。
• 数据表明，不同行业在不同信用等级下的信用利差分布存在显著差异。
• 信用利差分布越集中，意味着该行业在当前信用等级下的债券收益率波动较小，风险相对较低。

关键信息

AAA级信用利差分布

| 行业 | 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 |
|--------------|--------|-----|-----|-----|-----|-----|-----|---|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|---|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|----|-----|-----|
| 商业贸易 | 54 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 47 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 55 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 33 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 48 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 73 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 46 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 36 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 52 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 46 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 43 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 46 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 29 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 城投 | 34 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 45 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 44 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 36 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 66 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

AA+级信用利差分布

| 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 | 54 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 33 | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 68 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 35 | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 93 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 37 | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 0 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 51 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 汽车 | 41 | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 43 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 9 | | | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 54 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 41 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 67 | | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 43 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 31 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 44 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 52 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 港口 | 50 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 高速公路 | 39 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 城投 | 33 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 非城投 | 61 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 中央国企 | 51 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 地方国企 | 34 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 民营企业 | 56 | | | | | | | | | | | | A | | | | | | | | | | | | | | | | | |

AA级信用利差分布

| 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 | 52 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 35 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 76 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 45 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 64 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 97 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 86 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 38 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 54 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 32 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 31 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 34 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 49 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 89 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 51 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 32 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 城投 | 33 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 36 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 29 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 34 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

总结

• 信用利差是衡量行业信用风险的重要指标，反映债券与无风险收益率之间的差额。
• 数据覆盖多个行业，包括商业贸易、建筑装饰、食品饮料、公用事业、有色金属、交通运输、钢铁、采掘、汽车、机械设备、化工、休闲服务、房地产、非银金融、医药生物、基础建设、电力、煤炭开采、港口、高速公路、城投、非城投、中央国企、地方国企、民营企业。
• 信用利差分布越集中，表示该行业信用风险相对较低。
• 信用利差水平较高可能意味着行业风险较大，投资者需谨慎评估。
• 本报告有助于投资者了解不同行业在不同信用等级下的信用利差情况，从而做出更合理的投资决策。