Key points of this period
According to the analysis of industry interest rate spread in this period, there are 2550 medium-term notes that meet the sample conditions of China integrity international and include the valuation of China bond yield. In terms of levels, the debt levels of the sample are distributed between AAA and AA - levels, and the proportion of samples at all levels has basically remained unchanged in this period. By industry, the number of samples in infrastructure investment and financing, comprehensive, power production and supply and other industries is large, while the number of samples in light industry manufacturing, agriculture, forestry, animal husbandry and fishery and other industries is relatively small.
The coal price formation mechanism should be further improved. It is suggested to pay attention to the allocation opportunities after the industry's credit status is repaired. In order to achieve better coordinated development between upstream and downstream, on February 24, the national development and Reform Commission issued the notice on further improving the coal market price formation mechanism. The notice proposes that at this stage, the medium and long-term transaction price of 5500kcal underground coal in Qinhuangdao port is more reasonable at 570770 yuan per ton. The national development and Reform Commission and relevant parties take comprehensive measures to guide the coal price to operate within a reasonable range. In addition to the improvement of the price formation mechanism, the continuous correction of the current "double carbon" policy and the improvement of enterprise financing capacity also promote the gradual repair of the credit status of the coal industry. In the future, with the continuous repair of the credit status of the coal industry, it is expected that the industry interest margin will continue to narrow. It is suggested that investors can choose to increase the allocation proportion of coal bonds in the asset portfolio.
From the ranking of the median industrial interest margin, the interest margin of agriculture, forestry, animal husbandry and fishery industry, automobile, medicine, wholesale and retail, real estate and other industries in this period is at a high level; The risk premium of construction, coal, steel, finance and other industries is at the middle level; Low interest margin in light industry manufacturing, building materials, power production and supply and other industries. From the perspective of change overshoot, the interest margin of various industries rose and fell with each other. Among them, the interest margin of agriculture, forestry, animal husbandry, fishery and pharmaceutical industries narrowed by more than 38bp
AAA grade industry spreads rose and fell. Specifically, the interest margin of agriculture, forestry, animal husbandry and fishery industry is still the highest, 473bp, expanding by 54bp compared with the previous period; The interest margin between power production and supply industry is 41p, which is relatively low. In terms of the differentiation degree of interest margin, the standard deviation of the real estate industry is as high as 1283bp, and the interest margin distribution of individual bonds is relatively scattered.
The interest rate spread of AA + industry generally narrowed. The non-ferrous metal industry has narrowed the interest margin by 3bp to 335bp, which is still the industry with the highest interest margin within the grade; Chemical industry followed closely, with an industry interest margin of 273bp; The interest margin of equipment manufacturing, infrastructure investment and financing, light industry manufacturing and other industries is relatively low. From the perspective of the differentiation degree of interest margin, the interest margin difference of individual bonds in the comprehensive industry is the most significant, and the interest margin distribution in the public utility industry is relatively concentrated.
The interest rate spread of AA industry narrowed in an all-round way. The median interest margin of infrastructure investment and financing industry narrowed by 10bp to 164bp compared with the previous period, with the highest risk premium among the grades. Compared with the previous month, the interest margin of comprehensive and public utilities industries expanded by 5bp and 4bp respectively to 154bp and 120bpc respectively
