固收专题报告：资产荒驱动下的债牛通道

       3YAAA城投信用利差 BP 3YAAA企业债信用利差 BP 3YAAA中短票信用利差 BP 3YAAA商行普通债信用利差 BP 2024-05 23.75 22.36 21.46 15.13 2024-04 30.12 26.51 24.38 17.55 2024-03 35.58 27.76 28.01 17.10 2024-02 32.06 27.87 26.78 18.68 2024-01 33.83 32.40 30.16 21.68 2023-12 42.06 39.00 38.43 25.69 2023-11 40.76 35.78 36.35 27.06 2023-10 44.02 41.72 40.46 26.77 2023-09 40.71 42.41 39.79 25.55 2021-06 36.51 30.60 35.33 13.47 2021-05 36.25 31.22 34.60 14.94 2021-04 39.62 33.65 37.16 21.65 2021-03 42.14 36.03 41.18 19.39 2021-02 46.61 43.29 45.80 21.24 2021-01 53.16 45.39 49.52 31.03 2020-12 53.04 50.72 56.24 31.10 2020-11 48.67 46.13 47.19 23.80 2020-10 41.45 38.68 40.23 17.83 1Y国开收益率% 7Y国开收益率% 10Y国开收益率% 30Y国开收益率% 1Y国收益率% 3Y国收益率% 10Y国收益率% 30Y国收益率% 1YAAA城 投债收益率% 3YAAA城 投债收益率% 10YAAA 城投债收益率% 30YAAA 城投债收益率% 1YAAA- 商行二级 资本债收益率% 5YAAA- 商行二级资本债收益率% 10YAAA- 商行二级资本债收益率% 2022-11-30 2.3104 2.9761 3.0103 3.3833 2.1341 2.4717 2.8850 3.2544 2.6857 3.0395 3.5899 3.9972 2.8587 3.6000 3.6282 2022-11-29 2.3066 2.9756 2.9803 3.3683 2.1139 2.4715 2.8800 3.2518 2.6581 2.9901 3.5807 3.9880 2.8253 3.5622 3.5904 2022-11-28 2.2722 2.9441 2.9577 3.3383 2.0699 2.4304 2.8600 3.2416 2.6000 2.9160 3.5605 3.9678 2.6628 3.4722 3.5801 2022-11-25 2.2324 2.9348 2.9302 3.3183 2.0685 2.4154 2.8300 3.2243 2.5936 2.8873 3.5500 3.9678 2.6561 3.4149 3.5696 2022-11-24 2.2021 2.8993 2.8962 3.2980 2.0581 2.3604 2.7950 3.1922 2.6023 2.9048 3.5447 3.9780 2.6614 3.3781 3.5643 2022-11-23 2.2520 2.9229 2.9002 3.3081 2.1024 2.3857 2.7975 3.1734 2.6800 2.9717 3.5447 3.9780 2.7379 3.4319 3.5690 2022-11-22 2.3027 2.9419 2.9302 3.3329 2.1431 2.4253 2.8276 3.2009 2.7000 2.9789 3.5497 3.9807 2.8189 3.4605 3.5717 2022-11-21 2.3041 2.9346 2.9302 3.3231 2.1504 2.4526 2.8180 3.2034 2.7025 2.9850 3.5445 3.9807 2.8322 3.4536 3.5516 2022-11-18 2.3314 2.9512 2.9451 3.3255 2.1718 2.4793 2.8250 3.2109 2.7273 3.0097 3.5401 3.9807 2.8609 3.4869 3.5752 2022-11-17 2.4112 2.9512 2.9351 3.3155 2.1715 2.4831 2.8026 3.2010 2.7470 3.0056 3.5401 3.9807 2.8649 3.4852 3.5306 2022-11-16 2.4207 2.9787 2.9751 3.3345 2.2014 2.5405 2.8329 3.2287 2.6693 2.9863 3.5303 3.9795 2.8794 3.5000 3.5109 2022-11-15 2.3010 2.9578 2.9501 3.3194 2.1342 2.4978 2.8155 3.2059 2.5990 2.9415 3.5103 3.9652 2.7159 3.3903 3.4701 2022-11-14 2.2213 2.9722 2.9676 3.3136 2.0663 2.4939 2.8354 3.2071 2.5054 2.8662 3.4954 3.9503 2.6565 3.3300 3.4526 2022-11-11 2.0313 2.8636 2.8526 3.2493 1.9614 2.3641 2.7354 3.1316 2.3228 2.6891 3.4255 3.9253 2.4376 3.1304 3.3715 2022-11-10 2.0058 2.8380 2.8301 3.2325 1.8584 2.3229 2.7028 3.1083 2.2720 2.6524 3.4025 3.9023 2.3437 3.0586 3.3661 2022-11-09 1.9597 2.8231 2.8151 3.2233 1.8156 2.3222 2.6953 3.1011 2.2129 2.6271 3.3780 3.8998 2.2943 3.0586 3.3666 2022-11-08 1.9158 2.8231 2.8060 3.2234 1.7774 2.3097 2.6853 3.0981 2.2000 2.6062 3.3582 3.8987 2.2522 3.0516 3.3655 2022-11-07 1.8934 2.8178 2.8100 3.2157 1.7516 2.2956 2.7003 3.0984 2.1700 2.5862 3.3517 3.8922 2.2234 3.0353 3.3661 2022-11-04 1.8844 2.8204 2.8125 3.2156 1.7628 2.2848 2.7023 3.1012 2.1620 2.5865 3.3556 3.8961 2.1947 3.0391 3.3592 2022-11-03 1.8746 2.8146 2.7920 3.2062 1.7530 2.2663 2.6776 3.0964 2.1498 2.5662 3.3455 3.8959 2.1801 3.0339 3.3478 2022-11-02 1.8709 2.8250 2.7925 3.2061 1.7633 2.2650 2.6854 3.0996 2.1382 2.5657 3.3489 3.8993 2.1816 3.0382 3.3487 2022-11-01 1.8661 2.8085 2.7775 3.2000 1.7523 2.2451 2.6629 3.0898 2.1415 2.5681 3.3377 3.8881 2.1818 3.0202 3.3359 2022-10-31 1.8588 2.7946 2.7700 3.1995 1.7305 2.2263 2.6433 3.0825 2.1396 2.5710 3.3311 3.8880 2.1614 3.0022 3.3359 2022-10-28 1.8835 2.8028 2.7860 3.2119 1.7403 2.2416 2.6653 3.1001 2.1452 2.5898 3.3360 3.8780 2.1538 3.0217 3.3465 2022-10-27 1.8955 2.8114 2.7950 3.2485 1.7551 2.2573 2.6953 3.1133 2.1441 2.6000 3.3360 3.8774 2.1670 3.0254 3.3459 2022-10-26 1.9005 2.8259 2.8308 3.2737 1.8005 2.2611 2.7025 3.1450 2.1389 2.6015 3.3577 3.8779 2.1695 3.0585 3.3562 2022-10-25 1.9155 2.8359 2.8708 3.2830 1.7945 2.2899 2.7278 3.1510 2.1310 2.6013 3.3587 3.8779 2.1778 3.0627 3.3521 2022-10-24 1.8905 2.8258 2.8593 3.2760 1.7700 2.2794 2.7153 3.1428 2.1183 2.5891 3.3558 3.8750 2.1388 3.0503 3.3492 2022-10-21 1.8880 2.8365 2.8793 3.2835 1.7706 2.2802 2.7278 3.1482 2.1096 2.5944 3.3524 3.8716 2.1200 3.0503 3.3458 2022-10-20 1.8780 2.8350 2.8723 3.2786 1.7656 2.2676 2.7175 3.1407 2.1120 2.5946 3.3524 3.8716 2.1088 3.0424 3.3458 2022-10-19 1.8780 2.8260 2.8638 3.2691 1.7806 2.2622 2.7052 3.1294 2.0892 2.5886 3.3572 3.8764 2.1150 3.0300 3.3454 1YAAA-5YAAA 1Y国开收7Y国开收10Y国开收30Y国开收1Y国收益3Y国收益10Y国收益30Y国收益投债收益 1YAAA城3YAAA城10YAAA30YAAA 益率BP 益率BP益率BP益率BP率BP率BP率BP率BP 投债收益城投 T+1 T+5T+10 0.73 3.46 1.39 2.32 0.75 0.05 2