计时中
中国央行今日开展1827亿元7天逆回购操作，投标量1827亿元，中标量1827亿元，操作利率为1.40%，今日2884亿元逆回购到期，公开市场净回笼1057亿元人民币。4.4Y 250003 1.5875-1.60754.9Y 250014 1.6150-1.61605.81Y 240013 1.7100-1.71506.56Y 250007 1.7050-1.72508.48Y 240004 1.7950-1.80509.46Y 250004 1.8000-1.81509.73Y 250011 1.7685-1.79009.98Y 250016 1.8250-1.827618.95Y 2400005 2.0950-2.105019.65Y 2500001 2.0850-2.105019.87Y 2500004 2.0900-2.100028.12Y 230023 2.0700-2.080028.72Y 2400001 2.1070-2.110029.07Y 2400006 2.1080-2.110029.65Y 2500002 2.0130-2.037529.87Y 2500005 2.0625-2.085029.98Y 2500006 2.1300-2.147549.73Y 2500003 2.1300-2.13502.84Y 180210 1.6850 - 1.70003.48Y 240203 1.7350 - 1.74004.78Y 250208 1.7600 - 1.77505.49Y 240307 1.8500 - 1.85508.68Y 240210 1.9300 - 1.93309.34Y 250205 1.9150 - 1.92009.58Y 250210 1.8825 - 1.89259.79Y 250215 1.8625 - 1.8890国债期货收盘，30年期国债主连涨0.30%报116.91，10年期国债主连涨0.17%，5年期国债主连涨0.08%，2年期国债主连涨0.02%。今日市场短融交投情绪较为清淡，成交主要集中在AAA和AA+的短融产品。11D 072510032.IB 25银河证券CP005 1.45 AAA 偏离估值-0.28bp29D 012581824.IB 25中建二局SCP005 1.55 AAA 偏离估值-2.32bp98D 012580641.IB 25甘公投SCP001 1.68 AAA 偏离估值-1.3bp190D 012500444.IB 25莆田国资SCP002 1.8 AA+ 偏离估值-0.01bp266D 012582098.IB 25湘建工SCP003(科创债) 1.79 AAA 偏离估值0.01bp344D 042580402.IB 25平安租赁CP006 1.78 AAA 偏离估值-1.99bp总体来说，今日短融交投情绪清淡，成交收益率震荡下行，围绕估值至估值-3区间成交较多，一些年末到期的短券较活跃。今日中票交投较为清淡，成交主要集中AA+以上评级产品，部分成交如下：20浙能源MTN003 (AAA, 2D),成交在1.53%,高于中债估值2BP；22徐新国资MTN001 (AAA, 22D),成交在1.6%,高于中债估值0.07BP；22青岛海控MTN001 (AAA, 53D+2Y),成交在1.64%,低于中债估值2.35BP；23云能投MTN004 (AAA, 83D(休1)),成交在1.7%,低于中债估值0.35BP；23招商公路MTN002 (AAA, 101D+N),成交在1.7%,低于中债估值2.38BP；23华能MTN002(能源保供特别债) (AAA, 161D+N),成交在1.71%,高于中债估值2.9BP；24南昌建投MTN001 (AAA, 192D+N),成交在1.8%,高于中债估值0.13BP；23武汉车都MTN002 (AAA, 194D(休2)),成交在1.78%,高于中债估值1.94BP；23河南资源MTN001 (AA+, 207D),成交在1.84%,低于中债估值1.55BP；16国开投MTN001 (AAA, 313D(休2)),成交在1.67%,高于中债估值1.24BP；23灵山MTN002 (AA+, 351D),成交在1.8%,低于中债估值0.48BP；23晋能装备MTN004(科创票据) (AAA, 356D(休1)),成交在1.8%,低于中债估值1BP；24国新保理MTN004 (AAA, 356D(休1)),成交在1.83%,低于中债估值3.56BP；23晋能电力MTN009 (AAA, 357D),成交在1.8%,低于中债估值1BP；23赣州城投MTN002 (AA+, 358D+2Y),成交在1.8%,低于中债估值0.78BP；21峨乐旅集MTN001 (AA+, 364D),成交在1.95%,低于中债估值1.57BP；23中建新疆MTN001(科创票据) (AAA, 1.03Y+N(休2)),成交在1.93%,低于中债估值2.15BP；23晋陵投资MTN002 (AA+, 1.04Y),成交在1.83%,低于中债估值2.04BP；21西湖文旅MTN001 (AA+, 1.27Y),成交在1.86%,低于中债估值1.26BP；24江北建投MTN003 (AAA, 1.49Y(休2)),成交在1.87%,低于中债估值1.16BP；24鸿商产业MTN001 (AA+/AAA, 1.52Y),成交在2.01%,高于中债估值0.06BP；24皖铁基金MTN002 (AAA, 1.53Y+2Y),成交在1.9%,低于中债估值1.15BP；24溧水经开MTN002 (AA+, 1.56Y),成交在1.93%,低于中债估值1.88BP；22青岛经开MTN001 (AA+, 1.82Y),成交在2.19%,低于中债估值1.89BP；22河南资源MTN001 (AA+, 1.99Y(休1)),成交在2.09%,低于中债估值0.5BP；24太仓城投MTN003 (AA+, 2.21Y),成交在1.97%,低于中债估值1.95BP；22招商蛇口GN004 (AAA, 2.33Y),成交在2.03%,高于中债估值0.8BP；25西安高新MTN010A (AAA, 2.78Y),成交在2.46%,低于中债估值2.8BP；25义乌国资MTN004 (AAA, 2.85Y(休1)),成交在1.97%,低于中债估值0.17BP；25长春轨交MTN001A (AAA, 2.87Y+N(休1)),成交在2.53%,高于中债估值1.69BP；25兴泰金融MTN002 (AAA, 2.89Y(休2)),成交在2.12%,高于中债估值3.6BP；25赣水投MTN004A (AAA, 2.94Y),成交在1.98%,低于中债估值0.11BP；25嵊州交通MTN002 (AA, 2.94Y+2Y),成交在2.22%,高于中债估值0.35BP；25中电投MTN020 (AAA, 2.95Y),成交在1.92%,平中债估值；25浙商资产MTN001 (AAA, 2.95Y+N),成交在2.3%,低于中债估值0.92BP；25南航股MTN005 (AAA, 2.97Y(休1)),成交在1.95%,低于中债估值0.16BP；25河钢集MTN019A (AAA, 2.99Y),成交在2.3%,低于中债估值2.38BP；23川发展MTN003 (AAA, 3.15Y),成交在1.95%,低于中债估值0.06BP；24汇金MTN003 (AAA, 3.72Y(休1)),成交在1.955%,高于中债估值0.16BP；24川投资MTN003 (AAA, 3.86Y),成交在2.08%,高于中债估值0.52BP；24汇金MTN005 (AAA, 3.91Y),成交在1.97%,低于中债估值0.27BP；24中航租赁MTN006 (AAA, 3.99Y),成交在2.55%,低于中债估值1.8BP；24中油股MTN002 (AAA, 4.04Y),成交在1.99%,高于中债估值0.82BP；25松江国投MTN001 (AAA, 4.49Y+2Y),成交在2.13%,高于中债估值0.81BP；25沧州建投MTN001 (AA+, 4.52Y),成交在2.43%,高于中债估值3.25BP；25南京铁建MTN001 (AAA, 4.87Y(休1)),成交在2.16%,低于中债估值0.47BP；25电网MTN006 (AAA, 4.87Y),成交在2%,低于中债估值0.09BP；25国机MTN001(科创债) (AAA, 4.93Y),成交在2.05%,高于中债估值0.86BP；24徐州新盛MTN010 (AAA, 9.32Y),成交在2.57%,低于中债估值2.94BP；25中石化MTN002 (AAA, 9.37Y(休1)),成交在2.24%,低于中债估值0.27BP；25南电MTN009 (AAA, 9.73Y(休1)),成交在2.24%,低于中债估值0.6BP；24诚通控股MTN006B (AAA, 13.49Y(休1)),成交在2.5%,高于中债估值1.78BP；24诚通控股MTN009A (AAA, 13.55Y(休2)),成交在2.5%,高于中债估值1.78BP；总体来说，今日信用债中期票据交投情绪较为清淡，成交估值+2BP~估值-2BP区间，成交主体评级AA+以上为主。今日公司债&企业债交投情绪清淡，市场成交集中在AAA、AA+中短债，部分成交如下：2D 102001719.IB 20浙能源MTN003 1.53 AAA 偏离估值2bp88D 102282592.IB 22湛江交投MTN002 1.71 AA+ 偏离估值-0.34bp191D+2Y 152773.SH 21江北01 1.73 AAA 偏离估值-2.9bp291D(休3) 102482364.IB 24平安租赁MTN007 1.79 AAA 偏离估值-0.09bp364D 102101742.IB 21峨乐旅集MTN001 1.95 AA+ 偏离估值-1.57bp1.99Y(休1) 102281964.IB 22河南资源MTN001 2.09 AA+ 偏离估值-0.5bp2.99Y 102583680.IB 25河钢集MTN019A 2.3 AAA 偏离估值-2.38bp4.93Y 102583286.IB 25国机MTN001(科创债) 2.05 AAA 偏离估值0.86bp9.73Y(休1) 102582164.IB 25南电MTN009 2.24 AAA 偏离估值-0.6bp13.55Y(休2) 102480955.IB 24诚通控股MTN009A 2.5 AAA 偏离估值1.78bp总体而言，今日公司债&企业债平均成交收益率震荡下行，围绕估值+1至估值-2附近成交较多。今日商金债市场情绪活跃，市场主要关注中长期的银行永续和二级资本债，基金和银行为市场主力交投方。部分热门成交展示如下:23D+5Y 2028041 20工商银行二级01 1.56 AAA49D 2228050 22光大银行 1.51 AAA49D 2228050 22光大银行 1.5 AAA59D+5Y 2020071 20绍兴银行二级02 1.75 AAA/AA+61D(休2) 2220073 22上海银行 1.64 AAA76D+5Y(休1) 2028049 20工商银行二级02 1.6 AAA232D+N 2128016 21民生银行永续债01 1.77 AAA237D+N(休1) 2128017 21中信银行永续债 1.7 AAA314D(休1) 2320026 23徽商银行 1.69 AAA343D+5Y 2128025 21建设银行二级01 1.705 AAA343D+5Y 2128025 21建设银行二级01 1.71 AAA351D 2321023 23杭州联合农商小微债02 1.71 AAA358D 2320041 23南京银行01 1.69 AAA1.07Y(休2/3) 212380020 23光大银行债02 1.67 AAA1.07Y+5Y(休1) 2128030 21交通银行二级 1.735 AAA1.19Y+5Y 2128033 21建设银行二级03 1.755 AAA1.23Y+5Y 2128042 21兴业银行二级02 1.77 AAA1.28Y+N(休1) 2120110 21北京银行永续债02 1.81 AAA1.37Y+5Y 2228003 22兴业银行二级01 1.795 AAA1.37Y+5Y 2228003 22兴业银行二级01 1.8 AAA1.48Y+5Y 2228014 22交通银行二级01 1.785 AAA1.51Y+5Y(休1) 2221006 22上海农商二级01 1.84 AAA1.55Y 212480005 24光大银行债01 1.73 AAA2.57Y 212580006 25长沙银行债01 1.87 AAA3.04Y+5Y 232380052 23农行二级资本债02A 1.9375 AAA3.43Y+5Y 232480004 24农行二级资本债01A 2.01 AAA3.53Y+N 242400005 24农行永续债01 2.04 AAA3.54Y+N(休1) 242400004 24邮储永续债01 2.04 AAA3.63Y+5Y 232480010 24浙商银行二级资本债01 2.1 AAA3.66Y+5Y(休5) 232480014 24交行二级资本债01A 2.035 AAA3.75Y+N(休1) 242400008 24江苏银行永续债01 2.14 AAA3.85Y+5Y 232480032 24兴业银行二级资本债02 2.1 AAA3.95Y+5Y(休1) 232400034 24杭州银行二级资本债01 2.13 AAA3.98Y+5Y 232400036 24南京银行二级资本债02 2.135 AAA4.06Y+5Y(休1) 1928029 19中国银行二级02 2.055 AAA4.24Y+5Y 92403004 24进出口行二级资本债01A 2.06 4.57Y+5Y 232580002 25建行二级资本债01BC 2.06 AAA4.57Y+5Y 232580003 25宁波银行二级资本债01 2.15 AAA4.57Y+5Y 232580002 25建行二级资本债01BC 2.0625 AAA4.87Y+5Y(休1) 232580022 25工行二级资本债03BC 2.06 AAA4.98Y+N 242580035 25中行永续债02BC 2.175 AAA4.98Y+N 242580035 25中行永续债02BC 2.1775 AAA6.8Y+5Y 2228042 22农业银行二级02 2.23 AAA7.06Y+5Y 92200009 22农行二级资本债02B 2.23 AAA7.7Y+5Y(休1) 232300009 23邮储银行二级资本债01 2.235 AAA8.26Y+5Y 232380085 23中行二级资本债04B 2.235 AAA9.79Y+5Y(休1) 232580017 25农行二级资本债01B(BC) 2.26 AAA总体来看，商金债整体成交收益率较前日有所下行。截至收盘，二级多成交在估值-1.00bp附近，永续多成交在估值-1.25bp附近。
