中国央行公开市场开展4015亿元7天期逆回购操作，操作利率1.40%。今日4185亿元逆回购到期。1.98Y 250017 1.5125-1.5150 4.34Y 250003 1.6050-1.6100 4.83Y 250014 1.6175-1.6400 6.5Y 250007 1.7470-1.7600 6.98Y 250018 1.7910-1.8200 9.67Y 250011 1.7950-1.8200 9.92Y 250016 1.8725-1.9000 19.81Y 2500004 2.2000-2.2200 23.82Y 190010 2.2100-2.2150 24.97Y 200012 2.2150-2.2170 28.06Y 230023 2.1950-2.2250 28.65Y 2400001 2.2300-2.2500 29.58Y 2500002 2.0910-2.1199 29.81Y 2500005 2.1900-2.2300 29.92Y 2500006 2.2105-2.2525 49.67Y 2500003 2.2725-2.29501.39Y 09250402 1.6900-1.7000 1.55Y 09240202 1.7000-1.7050 1.83Y 240413 1.6807-1.7000 2.56Y 250413 1.7150-1.7200 2.97Y 09250207 1.7800-1.7925 2.97Y 230415 1.7200-1.7250 3.41Y 240203 1.7600-1.7650 3.83Y 240208 1.8000-1.8025 4.28Y 250203 1.7900-1.8200 4.72Y 250208 1.7890-1.8200 5.43Y 210205 1.8650-1.8750 6.46Y 220310 1.9375-1.9500 6.58Y 220210 1.9325-1.9550 6.81Y 220215 1.9300-1.9550 7.08Y 220220 1.9450-1.9700 8.61Y 240210 1.9800-1.9950 8.82Y 240215 1.9820-1.9850 9.52Y 250210 1.9500-1.9700 9.73Y 250215 1.9375-1.9640 9.95Y 250220 2.0200-2.0400国债期货收盘集体下跌，30年期主力合约跌0.41%，10年期主力合约跌0.10%，5年期主力合约跌0.08%，2年期主力合约跌0.03%。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。2D 012580753.IB 25招商局SCP004 1.6 AAA 偏离估值-2.45bp18D(休1) 012580888.IB 25申能集SCP001 1.7 AAA 偏离估值4bp86D 012580741.IB 25杭州钢铁SCP003 1.73 AAA 偏离估值2.9bp184D 012582141.IB 25北新建材SCP005 1.82 AAA 偏离估值2.51bp241D(休2) 012582076.IB 25中建材集SCP007(科创债) 1.8 AAA 偏离估值6.31bp总体来说，今日短融&超短融成交收益率上行，围绕估值-2至估值+6区间成交较多，一些明年一季度到期的短券较活跃。今日中票交投较为活跃，成交主要集中AA以上评级产品，部分成交如下：23津城建MTN011 (AAA, 50D),成交在1.88%,高于中债估值3.06BP；22京能源MTN004 (AAA, 54D+N),成交在1.73%,低于中债估值0.87BP；22晋能电力MTN006 (AAA, 62D),成交在1.745%,低于中债估值0.45BP；23华发实业MTN005 (AAA, 78D+1Y),成交在2.03%,高于中债估值3.66BP；20赣州城投MTN001 (AA+, 84D),成交在1.78%,低于中债估值0.56BP；20达州投资MTN002 (AA+, 96D),成交在1.9%,高于中债估值2.26BP；21合川投资MTN001 (AA/AAA, 124D),成交在1.88%,低于中债估值0.13BP；23川高速MTN003 (AAA, 137D(休1)),成交在1.78%,高于中债估值2.64BP；21青岛城投MTN002 (AAA, 159D),成交在1.78%,高于中债估值2.02BP；25长寿投资MTN002 (AA+, 164D(休2)),成交在1.9%,低于中债估值0.04BP；23淮南建发MTN001 (AA+, 166D),成交在1.86%,高于中债估值1.8BP；25荆州开发MTN002 (AA, 167D),成交在2.07%,高于中债估值0.77BP；21南部新城MTN001 (AA+, 168D),成交在1.84%,低于中债估值0.25BP；24平安租赁MTN002 (AAA, 177D),成交在1.82%,低于中债估值0.02BP；23北京保险MTN001 (AA+, 178D+2Y(休2)),成交在1.9%,高于中债估值5.74BP；23贵州交通MTN002 (AAA, 186D(休1)),成交在1.87%,高于中债估值2.32BP；23越秀集团MTN002 (AAA, 188D),成交在1.76%,高于中债估值1.36BP；21广州城投MTN001 (AAA, 210D),成交在1.8%,高于中债估值7.46BP；23贵州交通MTN003 (AAA, 256D(休1)),成交在1.88%,高于中债估值1.16BP；23四川发电MTN001B(可持续挂钩) (AA+, 325D+N(休2)),成交在1.98%,高于中债估值2.38BP；21宜春城投MTN002 (AA, 333D(休1)),成交在1.87%,高于中债估值2.43BP；21荆门城投MTN003 (AA, 340D(休1)),成交在1.96%,高于中债估值0.32BP；23达州高科MTN001 (AA/AA+, 348D+2Y),成交在2.15%,高于中债估值0.32BP；23中船租MTN002 (AAA, 356D),成交在1.91%,低于中债估值6.07BP；23晋能电力MTN012 (AAA, 1.01Y(休1/2)),成交在1.86%,低于中债估值0.58BP；23株国投MTN001 (AA+, 1.18Y(休1)),成交在1.92%,高于中债估值2.86BP；24徐州新盛MTN002 (AAA, 1.29Y+N),成交在2.03%,高于中债估值5.22BP；24宜春城投MTN001 (AA, 1.3Y+2Y),成交在1.9%,高于中债估值0.98BP；22蜀道投资MTN001 (AAA, 1.32Y),成交在1.87%,高于中债估值2.97BP；25漯河投资MTN001 (AA+, 1.41Y(休1)),成交在2.22%,高于中债估值7.91BP；25云投MTN002 (AAA, 1.57Y),成交在2.12%,高于中债估值0.38BP；22电建地产MTN003 (AAA, 1.92Y),成交在2.6%,高于中债估值10.77BP；24华侨城MTN003 (AAA, 1.97Y(休1)),成交在4.3%,低于中债估值4.98BP；24宁乡国资MTN003 (AA, 2.1Y+2Y(休1)),成交在2.28%,高于中债估值2.45BP；24保利发展MTN007 (AAA, 2.2Y),成交在2.2%,高于中债估值3.39BP；25腾海投资MTN001 (AA, 2.28Y(休1)),成交在2.38%,高于中债估值0.56BP；25兴城投资MTN003A (AAA, 2.42Y),成交在2.03%,高于中债估值4.17BP；25水发集团MTN005 (AAA, 2.5Y+2Y),成交在2.65%,高于中债估值2.04BP；25越秀房托MTN001 (AAA, 2.82Y),成交在2.85%,高于中债估值3.24BP；25川投能源MTN004 (AAA, 2.99Y),成交在2.03%,高于中债估值3.86BP；24嘉公路MTN001 (AA+, 3.51Y),成交在2.27%,高于中债估值3.6BP；24武清国资MTN002B (AA+, 3.58Y(休1)),成交在2.68%,高于中债估值1.97BP；24国新控股MTN003(稳增长扩投资专项债) (AAA, 4.18Y),成交在2.105%,高于中债估值1.45BP；24诚通控股MTN014(稳增长扩投资专项债) (AAA, 4.18Y),成交在2.14%,高于中债估值2.95BP；24泉州台集MTN002 (AA+, 4.23Y),成交在2.51%,高于中债估值2.67BP；25汇金MTN001 (AAA, 4.42Y(休1)),成交在2.095%,高于中债估值1.26BP；20闽高速MTN001 (AAA, 4.59Y(休1)),成交在2.2%,高于中债估值5.1BP；25东方新城MTN001 (AA+, 4.59Y),成交在2.46%,低于中债估值0.05BP；25晋能电力MTN008 (AAA, 4.74Y),成交在2.45%,高于中债估值2.27BP；25金融街投MTN001 (AAA, 4.84Y(休1)),成交在2.5%,高于中债估值2.45BP；25胶州湾MTN002B (AA+, 4.87Y),成交在2.66%,高于中债估值3.35BP；25中化股MTN002 (AAA, 9.41Y),成交在2.62%,高于中债估值5.45BP；25国新控股MTN001(稳增长扩投资专项债) (AAA, 9.71Y(休2)),成交在2.5%,高于中债估值5.35BP；总体来说，今日信用债中期票据交投较为活跃，市场情绪较弱，整体收益上行明显，成交估值+3BP~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：33D 114840.SZ 20灞桥债 2.42 AA 偏离估值10.61bp90D+N 138773.SH 华电YK02 1.82 AAA 偏离估值15.68bp179D(休1) 178173.SH 21柳投02 2.41 AA/AA+ 偏离估值-5.08bp267D 178809.SH 21沧交01 1.91 AA+ 偏离估值0.33bp1.06Y+2Y(休2) 252705.SH 23涪交01 2.11 AA 偏离估值-0.96bp1.83Y+2Y(休2) 241328.SH 24吉高02 2.07 AAA 偏离估值1.03bp2.98Y 243759.SH 25国联01 2.04 AAA 偏离估值5.53bp3.81Y+2Y 255175.SH 24郑新04 2.65 AA+ 偏离估值7.11bp4.9Y 243561.SH 25淮安01 2.74 AA+ 偏离估值1.1bp7.09Y 138504.SH 22国投K4 2.26 AAA 偏离估值8.25bp9.71Y(休2) 243125.SH 25京资K8 2.43 AAA 偏离估值7.67bp29.48Y 2580024.IB 25铁道06 2.45 AAA 偏离估值2.23bp总体而言，今日公司债&企业债平均成交收益率上，围绕估值-2至估值+7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:26D 2220069 22浙商银行小微债03 1.65 AAA48D 2228057 22浦发银行04 1.62 AAA48D 2228057 22浦发银行04 1.6 AAA53D+5Y(休1) 2028049 20工商银行二级02 1.73 AAA63D+N 2020078 20成都银行永续债 1.77 AAA81D+N(休1) 2020082 20华润银行永续债 1.85 AAA/AA+176D+5Y 2128008 21中国银行二级01 1.685 AAA187D 212380003 23华夏银行债01 1.64 AAA307D 2320034 23北京银行02 1.72 AAA311D(休2) 212380010 23华夏银行债03 1.72 AAA338D 2321026 23上海农商01 1.75 AAA1.07Y+N 2120089 21北京银行永续债01 1.86 AAA1.08Y(休2) 2328022 23兴业银行小微债02 1.75 AAA1.13Y+5Y 2128033 21建设银行二级03 1.86 AAA1.13Y+5Y 2128033 21建设银行二级03 1.865 AAA1.15Y+N 2120100 21郑州银行永续债 2.08 AAA/AA+1.17Y+5Y 2128042 21兴业银行二级02 1.88 AAA1.17Y+5Y 2128042 21兴业银行二级02 1.85 AAA1.22Y+N(休1) 2120110 21北京银行永续债02 1.9 AAA1.22Y+5Y 2128051 21工商银行二级02 1.86 AAA1.26Y+N 2120118 21广州银行永续债 1.91 AAA/AA+1.32Y+N 2228001 22邮储银行永续债01 1.89 AAA1.32Y+N 2228001 22邮储银行永续债01 1.9 AAA1.33Y+5Y(休1) 2228006 22中国银行二级01 1.87 AAA1.41Y+N 2228011 22农业银行永续债01 1.92 AAA1.42Y+5Y 2228014 22交通银行二级01 1.9 AAA1.44Y 2420004 24北部湾银行小微债02 1.95 AAA1.45Y+5Y 2228017 22邮储银行二级01 1.9 AAA1.48Y 212480004 24华夏银行债01 1.84 AAA1.55Y+N 2228023 22中国银行永续债01 1.93 AAA1.64Y 2420017 24杭州银行小微债 1.86 AAA1.78Y(休1) 2420030 24南京银行02 1.84 AAA1.86Y+5Y 92280033 22宁波银行二级资本债01 2 AAA1.92Y 2420039 24广州银行小微债01 1.85 AAA1.93Y+5Y(休1) 92280080 22光大银行二级资本债01A 1.955 AAA1.93Y+N 92280083 22建行永续债01 1.97 AAA1.95Y+N(休1) 92280086 22农行永续债02 1.98 AAA2Y 2420044 24广州银行01 1.88 AAA2Y+5Y 92200008 22农行二级资本债02A 1.93 AAA2Y 2420044 24广州银行01 1.9 AAA2Y 2420044 24广州银行01 1.88 AAA2Y+5Y 92200008 22农行二级资本债02A 1.93 AAA2.1Y(休2) 212400012 24交行债03BC 1.83 AAA2.18Y(休1) 212480073 24上海银行小微债01 1.9 AAA2.24Y+5Y 232280007 22工行二级资本债05A 1.98 AAA2.33Y(休1) 2528001 25农业银行三农债01 1.83 AAA2.5Y(休1) 2520004 25北京银行01 1.88 AAA2.5Y 212580006 25长沙银行债01 1.89 AAA2.5Y 212580006 25长沙银行债01 1.9 AAA2.63Y(休2) 332580002 25兴业银行科创债01 1.86 AAA2.64Y(休1) 2528009 25浦发银行科创债01 1.86 AAA2.66Y 2528015 25中国银行科创债01 1.8 AAA2.76Y 212580017 25江苏银行债02BC 1.88 AAA2.83Y(休1) 222580010 25华夏银行绿债01 1.77 AAA2.9Y+1Y(休2) 312510012 25中行TLAC非资本债02(BC) 2.12 AAA2.9Y+1Y(休2) 312510012 25中行TLAC非资本债02(BC) 2.11 AAA2.93Y+5Y 232380036 23工行二级资本债02A 2.075 AAA2.97Y+5Y 232380052 23农行二级资本债02A 2.08 AAA3.19Y+N 242380033 23招行永续债01 2.21 AAA3.19Y+N 242380033 23招行永续债01 2.2 AAA3.19Y+N 242380033 23招行永续债01 2.17 AAA3.22Y+5Y 232380088 23苏州银行二级01 2.25 AAA/AA+3.37Y+5Y 232480004 24农行二级资本债01A 2.14 AAA3.48Y+5Y 1928003 19农业银行二级01 2.18 AAA3.59Y+5Y(休5) 232480014 24交行二级资本债01A 2.14 AAA3.59Y+5Y(休5) 232480014 24交行二级资本债01A 2.135 AAA3.66Y+5Y 232480020 24兴业银行二级资本债01 2.21 AAA3.66Y+5Y 232480020 24兴业银行二级资本债01 2.22 AAA3.79Y+5Y 232480032 24兴业银行二级资本债02 2.28 AAA3.8Y+N 242480007 24工行永续债01 2.285 AAA3.8Y+N 242480007 24工行永续债01 2.29 AAA3.84Y+5Y 232480037 24交行二级资本债02A 2.18 AAA3.84Y+5Y 232480037 24交行二级资本债02A 2.175 AAA3.84Y+5Y 232480037 24交行二级资本债02A 2.185 AAA3.89Y+5Y 232480052 24浦发银行二级资本债01A 2.29 AAA3.9Y+N(休1) 242400016 24民生银行永续债01 2.54 AAA3.91Y+5Y 232400035 24南京银行二级资本债01 2.28 AAA4Y+5Y(休2) 232400037 24宁波银行二级资本债02 2.29 AAA4Y+5Y(休2) 232400037 24宁波银行二级资本债02 2.28 AAA4Y+5Y(休1) 1928029 19中国银行二级02 2.21 AAA4.09Y+5Y(休1) 232480073 24工行二级资本债02BC 2.2325 AAA4.1Y+N 242400029 24民生银行永续债02 2.54 AAA4.18Y+N 242480082 24农行永续债03BC 2.3 AAA4.5Y+5Y 232580003 25宁波银行二级资本债01 2.35 AAA4.55Y+N(休1) 242580004 25江苏银行永续债01BC 2.37 AAA4.58Y+5Y 232580006 25民生银行二级资本债01 2.5 AAA4.58Y+5Y 232580006 25民生银行二级资本债01 2.52 AAA4.58Y+5Y 232580006 25民生银行二级资本债01 2.4975 AAA4.58Y+5Y 232580006 25民生银行二级资本债01 2.53 AAA4.59Y+N 242580009 25湖南银行永续债01 2.52 AAA/AA+4.6Y+5Y 232580008 25工行二级资本债02BC 2.2425 AAA4.63Y+N 242580011 25工行永续债01BC 2.355 AAA4.63Y+N 242580011 25工行永续债01BC 2.34 AAA4.65Y+N(休1) 242580012 25建行永续债01BC 2.295 AAA4.65Y+5Y(休1) 232580009 25中信银行二级资本债01BC 2.33 AAA4.65Y+N(休1) 242580012 25建行永续债01BC 2.335 AAA4.65Y+N(休1) 242580012 25建行永续债01BC 2.36 AAA4.65Y+5Y(休1) 232580009 25中信银行二级资本债01BC 2.32 AAA4.65Y+N(休1) 242580012 25建行永续债01BC 2.355 AAA4.65Y+5Y(休1) 232580009 25中信银行二级资本债01BC 2.33 AAA4.68Y+N 242580017 25农行永续债01BC 2.36 AAA4.68Y+N 242580017 25农行永续债01BC 2.3475 AAA4.83Y+N 242580029 25中行永续债01BC 2.305 AAA4.83Y+N 242580029 25中行永续债01BC 2.345 AAA4.83Y+N 242580029 25中行永续债01BC 2.33 AAA4.83Y+5Y 232580026 25建行二级资本债02A(BC) 2.245 AAA4.98Y+N 242580041 25光大银行永续债01 2.47 AAA4.98Y+N 242580041 25光大银行永续债01 2.465 AAA7.09Y+5Y 92280109 22中行二级资本债02B 2.405 AAA7.14Y+5Y 92280140 22交行二级资本债02B 2.4 AAA7.49Y+5Y 232380007 23中行二级资本债01B 2.41 AAA7.64Y+5Y(休1) 232300009 23邮储银行二级资本债01 2.41 AAA7.64Y+5Y(休1) 232300009 23邮储银行二级资本债01 2.4 AAA8.08Y+5Y(休1) 232380067 23中行二级资本债03B 2.41 AAA8.84Y+5Y 232480038 24交行二级资本债02B 2.43 AAA9.83Y+5Y 232580027 25建行二级资本债02B(BC) 2.47 AAA9.99Y+5Y 232580036 25农行二级资本债03B(BC) 2.545 AAA9.99Y+5Y 232580036 25农行二级资本债03B(BC) 2.55 AAA9.99Y+5Y 232580036 25农行二级资本债03B(BC) 2.555 AAA总体来看，商金债整体成交收益率较前日上行明显。截至收盘，二级多成交在估值+6.00bp附近，永续多成交在估值+8.00bp附近。
