计时中
中国央行今日开展3040亿元7天逆回购操作，投标量3040亿元，中标量3040亿元，操作利率为1.40%。DM数据显示，今日有2291亿元逆回购到期，当日实现净投放749亿元人民币。4.38Y 250003 1.6025-1.6200 4.79Y 230014 1.6275-1.6325 6.54Y 250007 1.7300-1.7675 8.7Y 240011 1.8300-1.8500 8.96Y 240017 1.8350-1.8500 9.7Y 250011 1.7875-1.8290 9.96Y 250016 1.8550-1.8925 18.7Y 2400002 2.1650-2.1700 28.1Y 230023 2.1250-2.1600 29.62Y 2500002 2.0625-2.1100 29.84Y 2500005 2.1150-2.1625 29.96Y 2500006 2.1660-2.2120 49.7Y 2500003 2.2000-2.2400204D 250206 1.5350-1.5500 362D 230413 1.5650-1.5850 1.32Y 240202 1.6200-1.6400 1.46Y 220203 1.6550-1.6600 1.5Y 240403 1.6600-1.6800 2.34Y 230203 1.6925-1.7100 2.91Y 250423 1.7200-1.7300 3.45Y 240203 1.7700-1.7800 3.98Y 240415 1.8200-1.8500 4.32Y 250203 1.7900-1.7950 4.76Y 250208 1.7900-1.8300 6.85Y 220215 1.9125-1.9475 8.33Y 240205 1.9625-2.0000 8.65Y 240210 1.9600-2.0025 9.32Y 250205 1.9600-1.9925 9.33Y 250410 1.9600-1.9625 9.56Y 250210 1.9300-1.9725 9.68Y 250420 1.9600-2.0025 9.77Y 250215 1.9150-1.9650国债期货收盘集体下跌，30年期主力合约跌0.86%，10年期主力合约跌0.27%，5年期主力合约跌0.15%，2年期主力合约跌0.04%。今日市场短融交投情绪一般，成交主要集中在AAA和AA+的短融产品。6D 012483997.IB 24天津轨交SCP014 1.6 AAA 偏离估值-2.93bp20D 012580122.IB 25西安高新SCP001 1.7 AAA 偏离估值-0.73bp92D 072410256.IB 24江海证券CP001 1.86 AA+ 偏离估值2.19bp181D 012581458.IB 25电网SCP017 1.65 AAA 偏离估值1.22bp261D 012582148.IB 25华数传媒SCP003 1.77 AAA 偏离估值2.09bp324D 042580377.IB 25津南城投CP006 1.96 AA+ 偏离估值3.31bp总体来说，今日短融&超短融成交收益率震荡上行，围绕估值-3至估值+4区间成交较多，一些年末到期的短券较活跃。今日中票交投活跃，成交主要集中AA+以上评级产品，部分成交如下：22粤环保MTN002 (AAA, 6D),成交在1.6%,高于中债估值0.71BP；22北电MTN001 (AAA, 44D+N),成交在1.81%,低于中债估值0.72BP；22晋能电力MTN006 (AAA, 76D),成交在1.69%,低于中债估值0.91BP；22漳州交通MTN006 (AAA, 76D),成交在1.73%,高于中债估值1.26BP；23铁建房产MTN001 (AAA, 121D+2Y),成交在1.74%,低于中债估值3.38BP；24鲁宏桥MTN001 (AAA, 131D),成交在1.84%,高于中债估值3.93BP；23贵州交通MTN001 (AAA, 172D(休1)),成交在1.81%,高于中债估值1.78BP；23泰兴城投MTN001 (AA+, 213D(休2)),成交在1.83%,高于中债估值2.67BP；24京科技园MTN005 (AA+, 221D(休1)),成交在2.23%,低于中债估值0.3BP；23孝感城投MTN001 (AA, 241D+2Y(休2)),成交在1.85%,高于中债估值4.34BP；23滁州城投MTN001 (AAA, 242D(休1)),成交在1.8%,高于中债估值3.61BP；25溧水经开MTN004 (AA+, 265D),成交在1.86%,高于中债估值5.09BP；23新海连MTN001 (AA+, 272D),成交在1.87%,高于中债估值5.99BP；23湖北宏泰MTN003 (AAA, 277D+2Y(休1)),成交在1.77%,低于中债估值2.31BP；23苏州高新MTN004 (AAA, 282D(休3)),成交在1.77%,高于中债估值4.27BP；24云建投MTN010 (AAA, 310D),成交在1.94%,高于中债估值2.55BP；21中石化MTN001 (AAA, 320D),成交在1.665%,高于中债估值0.1BP；23光大控股MTN001 (AAA, 340D(休1)),成交在1.82%,高于中债估值1.26BP；23晋能装备MTN004(科创票据) (AAA, 347D(休1)),成交在1.82%,高于中债估值1.11BP；23信阳建投MTN005 (AA+, 349D),成交在2.04%,低于中债估值0.18BP；23中化岩土MTN001 (AA, 352D+2Y),成交在2%,低于中债估值0.97BP；23越秀租赁MTN003 (AAA, 1.03Y(休1)),成交在1.95%,高于中债估值5.32BP；23安琪生物MTN001 (AAA, 1.04Y+2Y(休1/2)),成交在1.85%,高于中债估值2.36BP；23晋能煤业MTN007 (AAA, 1.05Y(休1)),成交在1.81%,高于中债估值0.92BP；23华远陆港MTN003 (AAA, 1.12Y+2Y(休1)),成交在1.9%,低于中债估值0.71BP；24江阴高新MTN001 (AA, 1.33Y(休1)),成交在1.91%,高于中债估值5.46BP；24金融城建GN001 (AA/AAA, 1.53Y),成交在1.93%,高于中债估值4.25BP；24中盐MTN001 (AAA, 1.54Y),成交在1.9%,高于中债估值1.1BP；24江苏广电MTN001(科创票据) (AAA, 1.61Y),成交在1.83%,高于中债估值1.92BP；25国网租赁MTN005(绿色) (AAA, 1.87Y),成交在1.97%,高于中债估值0.28BP；24甘肃农垦MTN002(乡村振兴) (AA/AAA, 1.87Y(休1)),成交在2.14%,低于中债估值0.93BP；25国网租赁MTN004 (AAA, 1.88Y),成交在1.97%,平中债估值；24汇金MTN006 (AAA, 1.99Y(休1)),成交在1.82%,高于中债估值1.6BP；22海宁城投MTN002B (AA+, 2.05Y),成交在1.98%,高于中债估值2.92BP；24淮南矿MTN003 (AAA, 2.21Y),成交在2%,低于中债估值0.14BP；24诸暨产投MTN001 (AA+, 2.23Y+2Y),成交在2.08%,高于中债估值1BP；22福州城投MTN004 (AAA, 2.24Y),成交在1.9%,低于中债估值0.53BP；25开滦MTN001(科创票据) (AAA, 2.35Y+2Y(休2)),成交在2.27%,高于中债估值4.98BP；25华能集MTN003 (AAA, 2.46Y(休2)),成交在1.88%,高于中债估值0.91BP；25寿光金旭MTN002 (AA+, 2.58Y(休2)),成交在2.88%,低于中债估值4.49BP；25柯桥开发MTN001 (AAA, 2.6Y),成交在2.05%,高于中债估值0.63BP；25汇金MTN004 (AAA, 2.74Y),成交在1.9%,高于中债估值2.63BP；25北部湾MTN004A (AAA, 2.76Y+N),成交在2.51%,高于中债估值1.67BP；25中核汇能MTN001A (AAA, 2.8Y+N),成交在2.2%,高于中债估值1.51BP；25紫金矿业MTN006(科创债) (AAA, 2.81Y+2Y),成交在1.96%,高于中债估值0.89BP；25义乌国资MTN004 (AAA, 2.83Y(休1)),成交在2.08%,高于中债估值9.43BP；25苏交通MTN007 (AAA, 2.84Y(休2)),成交在1.93%,高于中债估值1.58BP；25锦江国际MTN002 (AAA, 2.88Y+N(休2)),成交在2.165%,高于中债估值1.63BP；25南京交建MTN001 (AAA, 2.89Y),成交在2.01%,高于中债估值1.57BP；25百联集MTN003 (AAA, 2.9Y+N(休1)),成交在2.12%,高于中债估值2.93BP；25知识城MTN005 (AAA, 2.96Y+N),成交在2.47%,高于中债估值1.72BP；23陕延油MTN002 (AAA, 3.19Y),成交在2%,高于中债估值0.83BP；24大唐集MTN002 (AAA, 3.41Y+N),成交在2.15%,高于中债估值1.53BP；24广州地铁MTN003 (AAA, 3.49Y),成交在2.02%,高于中债估值0.75BP；24汇金MTN001 (AAA, 3.55Y),成交在1.98%,高于中债估值3.32BP；22合建投MTN001 (AAA, 3.7Y),成交在2.09%,高于中债估值1.49BP；24江东控股MTN001 (AA+, 3.73Y),成交在2.22%,高于中债估值1.21BP；24汇金MTN005 (AAA, 3.88Y),成交在1.99%,高于中债估值1.19BP；19吉林高速MTN003 (AAA, 4.22Y),成交在2.44%,低于中债估值5.04BP；24豫交投MTN011 (AAA, 4.26Y),成交在2.15%,高于中债估值2.1BP；25常德城投MTN001 (AA+, 4.34Y(休1)),成交在2.45%,高于中债估值1.47BP；25克拉玛依MTN001B (AA+, 4.46Y),成交在2.44%,低于中债估值7.78BP；25保利发展MTN001 (AAA, 4.46Y),成交在2.55%,高于中债估值1.36BP；25华润MTN002A (AAA, 4.61Y),成交在2.05%,高于中债估值1.15BP；25汇金MTN003 (AAA, 4.74Y),成交在2.025%,高于中债估值0.25BP；25苏交通MTN005 (AAA, 4.76Y),成交在2.04%,高于中债估值0.01BP；25电网MTN012 (AAA, 4.86Y(休1)),成交在2.03%,高于中债估值0.39BP；25河钢集MTN018 (AAA, 4.93Y),成交在2.45%,低于中债估值5.81BP；24津城建MTN027 (AAA, 5.84Y(休2)),成交在3.02%,高于中债估值6.03BP；24铁道MTN008A (AAA, 9.18Y),成交在2.11%,高于中债估值3.06BP；24川高速MTN004B (AAA, 13.52Y),成交在2.57%,高于中债估值2.68BP；总体来说，今日信用债中期票据交投情绪活跃，整体收益有所上行，成交估值+4BP~估值+1BP区间，成交主体评级AA+以上为主。今日公司债&企业债交投情绪一般，市场成交集中在AAA、AA+中短债，部分成交如下：19D 167824.SH 20株高F1 1.89 AA+ 偏离估值-10.36bp74D+N(休1) 240317.SH 23中化Y9 1.72 AAA 偏离估值-1.17bp178D(休2) 250033.SH 23惠民02 2 AA 偏离估值16.98bp272D+2Y 251284.SH 23嘉州01 1.9 AA+ 偏离估值5.49bp358D 188706.SH 21两江03 1.79 AAA 偏离估值-0.98bp1.96Y+3Y+1Y 2180340.IB 21长轨债01 2.14 AAA 偏离估值3.47bp2.98Y 243700.SH 25江铜K1 1.85 AAA 偏离估值-1.23bp4.43Y+N 242392.SH 25中化Y2 2.25 AAA 偏离估值5.55bp4.91Y 524388.SZ 25粤环K1 2.03 AAA 偏离估值1.97bp9.43Y 242389.SH 25广越03 2.53 AAA 偏离估值2.29bp13.28Y 240411.SH 23渝富04 2.51 AAA 偏离估值2.41bp总体而言，今日公司债&企业债平均成交收益率震荡上行，围绕估值-1至估值+5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，基金和理财为市场主力交投方。部分热门成交展示如下:11D+5Y(休1) 2028038 20中国银行二级01 1.79 AAA14D+5Y 2028041 20工商银行二级01 1.58 AAA19D 2220067 22杭州银行债01 1.47 AAA40D 2220069 22浙商银行小微债03 1.55 AAA62D 2220075 22三峡银行绿色债01 1.65 AA+77D+N 2020078 20成都银行永续债 1.75 AAA86D 2228059 22渤海银行01 1.6 AAA195D 2320009 23昆仑银行绿色债01 1.71 AAA215D 2328009 23中信银行01 1.67 AAA216D 2320014 23苏州银行绿色债 1.7 AAA223D+N 2128016 21民生银行永续债01 1.81 AAA270D+5Y(休1) 2120047 21宁波银行二级01 1.73 AAA289D 2320025 23北京银行01 1.69 AAA306D+N 2120064 21恒丰银行永续债 1.935 AAA347D+5Y(休1) 2128028 21邮储银行二级01 1.7125 AAA349D+N 2120072 21江西银行永续债01 1.92 AAA/AA+349D 2320041 23南京银行01 1.71 AAA352D 2320043 23杭州银行02 1.72 AAA354D(休1) 2320044 23湖南银行01 1.79 AAA1.01Y+5Y(休1) 2121039 21成都农商二级01 1.8 AAA1.13Y+5Y 2120092 21徽商银行二级01 1.82 AAA1.16Y 212380023 23光大银行债03 1.72 AAA1.26Y+N(休1) 2120110 21北京银行永续债02 1.86 AAA1.46Y+5Y 2228014 22交通银行二级01 1.825 AAA1.49Y+5Y 2228017 22邮储银行二级01 1.8 AAA1.59Y+5Y 2228024 22工商银行二级03 1.815 AAA1.72Y(休1) 2420024 24重庆银行绿色债01 1.83 AAA1.72Y(休1) 2420024 24重庆银行绿色债01 1.84 AAA1.78Y+5Y 2228041 22农业银行二级01 1.865 AAA1.78Y+5Y 2228041 22农业银行二级01 1.83 AAA1.84Y 212400007 24中信银行债01 1.805 AAA2.12Y 2420048 24柳州银行三农债03 2.14 AA+2.13Y 212400011 24南京银行债03BC 1.84 AAA2.16Y(休2) 2421017 24南海农商债 1.99 AAA2.16Y+5Y(休1) 92280131 22建行二级资本债02A 1.925 AAA2.16Y(休1) 212400014 24中信银行三农债01BC 1.825 AAA2.16Y+5Y(休1) 92280131 22建行二级资本债02A 1.925 AAA2.22Y(休1) 212480073 24上海银行小微债01 1.85 AAA2.22Y(休1) 212480073 24上海银行小微债01 1.88 AAA2.27Y(休2) 2420057 24海南银行小微债02 2.11 AA+2.28Y+N 242280004 22重庆银行永续债01 2.04 AAA2.45Y 2520001 25北京银行小微债01 1.88 AAA2.45Y 2520001 25北京银行小微债01 1.86 AAA2.6Y 212580008 25长沙银行小微债01 1.92 AAA2.6Y 212580008 25长沙银行小微债01 1.91 AAA2.63Y 2520006 25江苏银行01 1.88 AAA2.63Y(休6) 212580009 25渤海银行债01 1.96 AAA2.7Y 212580012 25恒丰银行债02 1.94 AAA2.7Y 212580012 25恒丰银行债02 1.95 AAA2.72Y(休1) 212580013 25宁波通商银行债01 2.02 AA+2.73Y(休2) 2520016 25徽商银行01 1.89 AAA2.73Y(休2) 2520016 25徽商银行01 1.9 AAA2.77Y 2520023 25北部湾银行02 2.02 AAA2.8Y 212580017 25江苏银行债02BC 1.88 AAA2.8Y 2520026 25苏州银行01 1.9 AAA2.8Y 2520026 25苏州银行01 1.91 AAA2.8Y 212580017 25江苏银行债02BC 1.89 AAA2.97Y+5Y 232380036 23工行二级资本债02A 2.01 AAA2.99Y 2520039 25杭州银行03 1.94 AAA3.82Y+5Y(休1) 232480033 24建行二级资本债02A 2.09 AAA3.91Y+5Y 232480051 24萧山农商行二级资本债01 2.42 AAA/AA+3.96Y+N 242400020 24交行永续债01BC 2.195 AAA3.96Y+N 242400020 24交行永续债01BC 2.155 AAA4.13Y+5Y(休1) 232480073 24工行二级资本债02BC 2.145 AAA4.25Y+5Y 232480098 24浦发银行二级资本债02A 2.2 AAA4.25Y+5Y 232480100 24嘉兴银行二级资本债01 2.5 AA+/AA4.25Y+5Y 232480098 24浦发银行二级资本债02A 2.17 AAA4.25Y+5Y 232480100 24嘉兴银行二级资本债01 2.48 AA+/AA4.25Y+5Y 232480098 24浦发银行二级资本债02A 2.17 AAA4.3Y+5Y(休2) 232480106 24建行二级资本债03BC 2.155 AAA4.37Y 2528002 25农业银行三农债02 1.89 AAA4.48Y+5Y(休1) 232580001 25工行二级资本债01BC 2.155 AAA4.48Y+5Y(休1) 232580001 25工行二级资本债01BC 2.15 AAA4.48Y+5Y(休1) 232580001 25工行二级资本债01BC 2.1125 AAA4.54Y+5Y 232580002 25建行二级资本债01BC 2.155 AAA4.54Y+5Y 232580003 25宁波银行二级资本债01 2.25 AAA4.54Y+5Y 232580003 25宁波银行二级资本债01 2.24 AAA4.54Y+5Y 232580002 25建行二级资本债01BC 2.15 AAA4.54Y+5Y 232580002 25建行二级资本债01BC 2.155 AAA4.64Y+5Y 232580008 25工行二级资本债02BC 2.11 AAA4.64Y+5Y 232580008 25工行二级资本债02BC 2.1125 AAA4.64Y+5Y 232580008 25工行二级资本债02BC 2.12 AAA4.64Y+5Y 232580008 25工行二级资本债02BC 2.15 AAA4.64Y+5Y 232580008 25工行二级资本债02BC 2.135 AAA4.67Y+N 242580011 25工行永续债01BC 2.21 AAA4.69Y+N(休1) 242580012 25建行永续债01BC 2.19 AAA4.69Y+N(休1) 242580012 25建行永续债01BC 2.245 AAA4.71Y+5Y(休1) 232580012 25中行二级资本债01BC 2.15 AAA4.71Y+5Y(休1) 232580012 25中行二级资本债01BC 2.11 AAA4.72Y+N 242580017 25农行永续债01BC 2.1975 AAA4.72Y+N 242580017 25农行永续债01BC 2.245 AAA4.72Y+N 242580017 25农行永续债01BC 2.25 AAA4.72Y+N 242580017 25农行永续债01BC 2.185 AAA4.75Y+N 242580019 25浦发银行永续债01 2.24 AAA4.77Y+5Y 232580016 25农行二级资本债01A(BC) 2.12 AAA4.78Y+N(休1) 242580022 25民生银行永续债01 2.47 AAA4.78Y+N(休1) 242580022 25民生银行永续债01 2.5 AAA4.84Y+5Y(休1) 232580022 25工行二级资本债03BC 2.15 AAA4.87Y+N 242580029 25中行永续债01BC 2.19 AAA4.87Y+N 242580029 25中行永续债01BC 2.24 AAA4.87Y+N 242580029 25中行永续债01BC 2.1875 AAA4.87Y+5Y 232580026 25建行二级资本债02A(BC) 2.16 AAA4.96Y+N 242580035 25中行永续债02BC 2.245 AAA4.96Y+N 242580035 25中行永续债02BC 2.295 AAA5Y+N 242580038 25兴业银行永续债02BC 2.29 AAA6.78Y+5Y 2228042 22农业银行二级02 2.32 AAA6.78Y+5Y 2228042 22农业银行二级02 2.29 AAA7.18Y+5Y 92280140 22交行二级资本债02B 2.33 AAA7.68Y+5Y(休1) 232300009 23邮储银行二级资本债01 2.32 AAA9.77Y+5Y(休1) 232580017 25农行二级资本债01B(BC) 2.37 AAA9.87Y+5Y 232580025 25农行二级资本债02B(BC) 2.36 AAA9.87Y+5Y 232580027 25建行二级资本债02B(BC) 2.36 AAA9.87Y+5Y 232580027 25建行二级资本债02B(BC) 2.355 AAA总体来看，商金债整体成交收益率较前日有所上行。截至收盘，二级多成交在估值+4.00bp附近，永续多成交在估值+5.00bp附近。
