20181221-光大证券-行业信用利差_93页_3mb

报告摘要

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12月21日的行业信用利差数据，涵盖AAA级、AA+级和AA级信用利差分布，涉及多个行业及地区。数据窗口为2014年初至今，用于分析不同行业和地区的信用利差水平及分布情况。

主要观点

信用利差分布：信用利差的分布显示了行业或地区信用风险的相对高低，颜色越深表示分布越集中。
当前水平标记：当前信用利差水平用“A”标出，表示该行业或地区的当前信用利差位置。
数据范围：数据覆盖了从2014年初至今的信用利差变化，有助于评估长期趋势和市场表现。

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 | 40 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 56 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 42 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 29 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 35 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 5 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 采掘 | 9 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 汽车 | 34 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 机械设备 | 48 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 化工 | 28 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 38 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 房地产 | 29 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 非银金融 | 29 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 医药生物 | 45 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 基础建设 | 39 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 电力 | 43 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 7 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 港口 | 42 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 高速公路 | 35 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 城投 | 33 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 非城投 | 41 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 中央国企 | 41 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 地方国企 | 34 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 民营企业 | 39 | | | | | | | | | 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 | 62 | | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 38 | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 51 | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 51 | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 80 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 39 | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 35 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 10 | | | | | | | | | | | | | | | | | A | | | | | | | | | |
| 汽车 | 56 | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 52 | | | | | | | | | | | A | | | | | | | | | | | | | | | |
| 化工 | 89 | | | | | | | | | | | A | | | | | | | | | | | | | | |
| 休闲服务 | 51 | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 房地产 | 42 | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 60 | | | | | | | | | | | A | | | | | | | | | | | | | | |
| 医药生物 | 80 | | | | | | | | | | | A | | | | | | | | | | | | | | |
| 基础建设 | 40 | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 电力 | 84 | | | | | | | | | | | A | | | | | | | | | | | | | |
| 煤炭开采 | 3 | | | | | | | | | | | A | | | | | | | | | | |
| 港口 | 56 | | | | | | A | | | | | | | | | | | | | | | |
| 高速公路 | 27 | | | | | | A | | | | | | | | | | | | | | | |
| 城投 | 38 | | | | | | A | | | | | | | | | | | | | | |
| 非城投 | 63 | | | | | | | | | | | A | | | | | | | | | |
| 中央国企 | 61 | | | | | | | | | | | A | | | | | | | | |
| 地方国企 | 42 | | | | | | A | | | | | | | | | | | | | |
| 民营企业 | 98 | | | | | | | | | | | 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 | 92 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 建筑装饰 | 75 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 40 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 60 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 13 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 采掘 | 80 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 86 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 化工 | 80 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 61 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 房地产 | 89 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 80 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 医药生物 | 95 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 62 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 电力 | 73 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 港口 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 城投 | 56 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 89 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 中央国企 | 61 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 地方国企 | 42 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 民营企业 | 97 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |