行业信用利差-20211105-光大证券-94页_1mb

光大证券·行业信用利差总结

核心内容

本报告提供了截至2021年11月5日的行业信用利差分布数据，涵盖不同信用等级（AAA级、AA+级、AA级）及各类企业类型（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。信用利差数据用于分析各行业在不同分位数下的信用风险水平，颜色越深表示分布越集中。

主要观点

• 信用利差分布：信用利差分布反映了行业债券与无风险利率之间的利差，用于评估行业信用风险。
• 分位数表示：不同分位数对应不同的信用利差水平，数值越高，表示信用利差越大，信用风险越高。
• 企业类型差异：不同企业类型（如城投、非城投、中央国企、地方国企、民营企业）在信用利差分布上存在明显差异。

关键信息

信用利差分布（AAA级）

| 行业 | 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 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 80 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 城投 | 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

信用利差分布（AA+级）

| 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 | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | 99 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | 87 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 94 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 19 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 48 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 20 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 电力 | 27 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 0 | | | | | | | | | | | | | | | | | | | | | | | |
| 港口 | 22 | | | | | | | | | | | | | | | | | | | | | | |
| 高速公路 | 6 | | | | | | | | | | | | | | | | | | | | | |
| 城投 | 6 | | | | | | | | | | | | | | | | | | | | | |
| 非城投 | 6 | | | | | | | | | | | | | | | | | | | | | |
| 中央国企 | 1 | | | | | | | | | | | | | | | | | | | | | |
| 地方国企 | 25 | | | | | | | | | | | | | | | | | | | | | |
| 民营企业 | 73 | | | | | | | | | | | | | | | | | | | | | |

信用利差分布（AA级）

| 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 | 39 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 建筑装饰 | 20 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 食品饮料 | 7 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 公用事业 | 7 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 有色金属 | - | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 交通运输 | 47 | | | | | | | | | | | | | | | | | | | | | | | | | |
| 钢铁 | - | | | | | | | | | | | | | | | | | | | | | | |
| 采掘 | 30 | | | | | | | | | | | | | | | | | | | | | |
| 汽车 | - | | | | | | | | | | | | | | | | | | | | | |
| 机械设备 | - | | | | | | | | | | | | | | | | | | | | | |
| 化工 | 6 | | | | | | | | | | | | | | | | | | | | |
| 休闲服务 | 89 | | | | | | | | | | | | | | | | | | | | |
| 房地产 | 15 | | | | | | | | | | | | | | | | | | | | |
| 非银金融 | 26 | | | | | | | | | | | | | | | | | | | | |
| 医药生物 | 5 | | | | | | | | | | | | | | | | | | | | |
| 基础建设 | 24 | | | | | | | | | | | | | | | | | | | |
| 电力 | 4 | | | | | | | | | | | | | | | | | | | |
| 煤炭开采 | 35 | | | | | | | | | | | | | | | | | | |
| 港口 | 22 | | | | | | | | | | | | | | | | | | |
| 高速公路 | 1 | | | | | | | | | | | | | | | | | | |
| 城投 | 6 | | | | | | | | | | | | | | | | | |
| 非城投 | 6 | | | | | | | | | | | | | | | | | |
| 中央国企 | 1 | | | | | | | | | | | | | | | | | |
| 地方国企 | 6 | | | | | | | | | | | | | | | | | |
| 民营企业 | 35 | | | | | | | | | | | | | | | | | |

行业与企业类型对比

• 城投：在AAA级和AA+级中，信用利差分布较为集中，显示其信用风险较低。
• 非城投：信用利差分布较为分散，信用风险相对较高。
• 中央国企：信用利差分布集中在较低分位数，信用风险较低。
• 地方国企：信用利差分布较分散，信用风险略高于中央国企。
• 民营企业：信用利差分布较分散，信用风险较高。

总结

• 信用利差分布反映了各行业和企业类型的信用风险水平。
• 分位数越高，信用利差越大，信用风险越高。
• 城投和中央国企信用风险较低，而民营企业和非城投信用风险较高。
• 不同行业在信用利差分布上存在显著差异，部分行业如汽车、化工、休闲服务等信用利差较高，显示其信用风险较大。