2025-02-19-中证指数-中证债券估值日报20250220_4页_527kb

报告摘要

中证债券估值日报总结（2025年02月20日）

核心内容概述

本日中证债券市场整体表现以收益率上行为主，市场情绪偏谨慎，债券估值普遍下跌。公开市场操作显示央行净回笼资金，货币市场利率整体下行，但债券市场收益率波动幅度较大，尤其是利率债和信用债。股票市场小幅震荡，部分指数微跌。整体来看，市场在政策面与资金面的双重影响下呈现分化趋势。

主要观点

公开市场操作：央行今日开展1250亿元7天逆回购操作，利率维持在1.50%，同时有1258亿元逆回购到期，导致公开市场净回笼8亿元。
货币市场：Shibor整体上行，隔夜Shibor报1.9190%，上行0.40BP；1个月Shibor报1.7780%，上行0.80BP。银行间市场隔夜回购加权利率下行10BP至1.81%，7天回购加权利率下行5BP至1.85%。交易所市场隔夜回购加权利率为1.77%。
债券市场：交易所债券成交规模较昨日增加151亿元至1298亿元，其中公司债成交规模增加63亿元至456亿元。
国债期货：10年期、5年期和2年期主力合约均下跌，跌幅分别为0.25%、0.21%和0.14%，反映市场对利率上行的担忧。
股票市场：上证综指微跌0.02%，深证成指微涨0.20%，创业板指微跌0.06%，沪深300和科创50均下跌，显示股市整体偏弱。
利率债市场：收益率整体上行，10年国债收益率下行1BP至1.68%，国开债收益率上行2BP至1.68%。利率债估值净价均值下跌0.02元。
信用债市场：收益率整体上行，中短票据、企业债和交易所公司债收益率波动0BP到3BP，信用债估值净价均值下跌0.04元。
中证债券指数：当日全线下跌，中证全债指数跌幅0.18%，跌幅最大的三条指数为中证10+债指数（-0.39%）、中证国债指数（-0.21%）和5年国债(全)指数（-0.187%）。

关键信息

利率债收益率波动

| 债券类型 | 0.25Y | 0.5Y | 0.75Y | 1Y | 2Y | 3Y | 5Y | 7Y | 10Y | 15Y | 20Y | 30Y |
|----------|-------|------|-------|----|----|----|----|----|-----|-----|-----|-----|-----|
| 国债 | 1.51 | 1.51 | 1.45 | 1.48 | 1.43 | 1.44 | 1.54 | 1.66 | 1.68 | 1.83 | 1.99 | 1.86 |
| 国开债 | 1.62 | 1.65 | 1.65 | 1.59 | 1.67 | 1.64 | 1.57 | 1.74 | 1.68 | 1.91 | 1.97 | 1.98 |

关键期限收益率变动（BP）

| 债券类型 | 0.25Y | 0.5Y | 0.75Y | 1Y | 2Y | 3Y | 5Y | 7Y | 10Y | 15Y | 20Y | 30Y |
|----------|-------|------|-------|----|----|----|----|----|-----|-----|-----|-----|-----|
| 国债 | +0.02 | +0.01 | +0.03 | +0.02 | +0.07 | +0.03 | +0.04 | +0.03 | -0.12 | -0.14 |
| 国开债 | +0.03 | +0.01 | +0.02 | +0.00 | +0.00 | -0.03 | -0.02 | +0.01 | -0.02 | -0.25 | -0.04 |
| 进出口债 | +0.00 | +0.00 | +0.00 | +0.01 | -0.00 | -0.00 | +0.01 | -0.03 | -0.05 | +0.01 |
| 农发债 | +0.00 | +0.00 | +0.00 | +0.00 | -0.02 | -0.03 | -0.01 | -0.13 | -0.02 |
| 地方政府债 | +0.07 | +0.07 | +0.08 | +0.05 | +0.06 | +0.04 | +0.03 | +0.03 | +0.00 | +0.01 |
| 铁道债 | +0.01 | +0.00 | +0.01 | +0.01 | +0.02 | +0.02 | +0.02 | +0.03 | +0.02 | +0.03 |
| 公司债AAA | +0.00 | -0.33 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债A+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债A | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债A- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债BBB | +0.00 | +0.02 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债CCC | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债A+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债A | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债A- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |

关键期限估值均价变动（元）

| 债券类型 | 0.25Y | 0.5Y | 0.75Y | 1Y | 2Y | 3Y | 5Y | 7Y | 10Y | 15Y | 20Y | 30Y |
|----------|-------|------|-------|----|----|----|----|----|-----|-----|-----|-----|-----|
| 国债 | +0.00 | +0.00 | +0.00 | -0.00 | -0.00 | +0.01 | -0.02 | -0.00 | -0.12 | -0.14 |
| 国开债 | +0.00 | -0.01 | -0.02 | +0.00 | +0.00 | -0.03 | -0.02 | +0.01 | -0.02 | -0.25 | -0.04 |
| 进出口债 | +0.00 | +0.00 | +0.00 | +0.01 | -0.00 | -0.00 | +0.01 | -0.03 | -0.05 | +0.01 |
| 农发债 | +0.00 | +0.00 | +0.00 | +0.00 | -0.02 | -0.03 | -0.01 | -0.13 | -0.02 |
| 地方政府债 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 铁道债 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债A+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债A | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债A- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债BBB | +0.00 | +0.02 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 公司债CCC | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债A+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债A | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 商业银行普通债A- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 城投债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AAA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AA+ | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AA | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |
| 产业债AA- | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 |