20181109-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9日的行业信用利差分布数据，涵盖AAA级、AA+级、AA级三个信用等级，以及不同行业和企业类型（如城投、中央国企、地方国企、民营企业）的信用利差情况。数据窗口为2014年初至今，用于分析信用利差在不同行业和企业类型中的分布特征。

主要观点

• 信用利差分布集中度：颜色越深表示行业信用利差分布越集中，表明该行业在不同信用等级中的利差波动较小。
• 信用利差单位：在表格的第一行，单位为百分比（%）。
• 当前水平标识：当前信用利差水平用字母“A”标出，表示当前处于某个分位数的水平。

关键信息

信用利差分布（AAA级）

| 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 | 40 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 32 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 54 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 34 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 25 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 27 | | | | | | | | | A | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 5 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 采掘 | 7 | | | | | | | | | A | | | | | | | | | | | | | | | | | | |
| 汽车 | 26 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 机械设备 | 37 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 20 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 休闲服务 | 35 | | | | | | | | | A | | | | | | | | | | | | | | | | | |
| 房地产 | 24 | | | | | | | | | A | | | | | | | | | | | | | |
| 非银金融 | 24 | | | | | | | | | A | | | | | | | | | | | | | |
| 医药生物 | 41 | | | | | | | | | A | | | | | | | | | | | | | |
| 基础建设 | 32 | | | | | | | | | A | | | | | | | | | | | | |
| 电力 | 34 | | | | | | | | | A | | | | | | | | | | | | |
| 煤炭开采 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 24 | | | | | | | | | A | | | | | | | | | | | | |
| 高速公路 | 32 | | | | | | | | | A | | | | | | | | | | | | |
| 城投 | 25 | | | | | | | | | A | | | | | | | | | | | | |
| 非城投 | 34 | | | | | | | | | A | | | | | | | | | | | | |
| 中央国企 | 33 | | | | | | | | | A | | | | | | | | | | | | |
| 地方国企 | 26 | | | | | | | | | A | | | | | | | | | | | | |
| 民营企业 | 54 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

信用利差分布 (AA+级)

| 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 | 55 | | | | | | | A | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 37 | | | | | | | A | | | | | | | | | | | | | | | |
| 食品饮料 | 53 | | | | | | | A | | | | | | | | | | | | | | |
| 公用事业 | 57 | | | | | | | A | | | | | | | | | | | | | | |
| 有色金属 | 99 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 44 | | | | | | | A | | | | | | | | | | | | | | |
| 钢铁 | 11 | | | | | | | | A | | | | | | | | | | | | | |
| 采掘 | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 49 | | | | | A | | | | | | | | | | | | | | | | |
| 机械设备 | 65 | | | | | | | | | A | | | | | | | | | | | | |
| 化工 | 90 | | | | | | | | | | | A | | | | | | | | | | |
| 休闲服务 | 56 | | | | | | | | | A | | | | | | | | | | | | |
| 房地产 | 43 | | | | | | | | | A | | | | | | | | | | | | |
| 非银金融 | 69 | | | | | | | | | A | | | | | | | | | | | | |
| 医药生物 | 82 | | | | | | | | | A | | | | | | | | | | | | |
| 基础建设 | 36 | | | | | | | | | A | | | | | | | | | | | | |
| 电力 | 99 | | | | | | | | | A | | | | | | | | | | | | |
| 煤炭开采 | 26 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 75 | | | | | | | | | A | | | | | | | | | | | | |
| 高速公路 | 51 | | | | | | | | | A | | | | | | | | | | | | |
| 城投 | 35 | | | | | | | | | A | | | | | | | | | | | | |
| 非城投 | 74 | | | | | | | | | A | | | | | | | | | | | | |
| 中央国企 | 76 | | | | | | | | | A | | | | | | | | | | | | |
| 地方国企 | 41 | | | | | | | | | A | | | | | | | | | | | | |
| 民营企业 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

信用利差分布（AA级）

| 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 | 99 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A |
| 建筑装饰 | 90 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 43 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 70 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 58 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 6 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 98 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 93 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 94 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 72 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 83 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 68 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 89 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 76 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 63 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 91 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 32 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 城投 | 71 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 96 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 76 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 41 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 100 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

行业与企业类型分析

• 行业信用利差分布：不同行业在信用利差分布上存在显著差异，例如，医药生物和煤炭开采在AA级信用利差中分别达到了100%和63%，表明其信用利差较高。
• 企业类型信用利差分布：城投、非城投、中央国企、地方国企、民营企业等不同类型的信用利差分布也有所不同，其中民营企业在AA级信用利差中达到100%。
• 分布集中度：某些行业如机械设备在AA级信用利差中显示为0，表明其分布较为集中，信用利差波动较小。

结论

该报告提供了详细的行业信用利差分布数据，有助于投资者和分析师了解不同行业和企业类型的信用状况。数据窗口为2014年初至今，覆盖了多个信用等级和行业，为信用分析提供了重要参考。