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10年国开债活跃券和次活跃券利差走势
10年国开债活跃券和次活跃券利差走势
行业数据
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所属报告:
【西南证券】债券市场跟踪周报:多空因素交织,农商行再入场-251110(19页).pdf
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图表42024年以来,十年期国债和DR007的利差大多数时间较为稳定
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行业数据
2026-07-20
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一线城市租金回报率为1.81%,与30年国债利差为-41bps(单位:%)
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行业数据
2026-07-02
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2025年银行存贷利差为2.56%
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行业数据
2026-07-01
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长短期美债收益率及其利差(%)
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行业数据
2026-06-26
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国有五大行加权平均股息率对比无风险收益率、人身险预定利率利差
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行业数据
2026-06-12
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2025年银行存贷利差为2.39%
fCDlubTku70gfCDlrZjotLfliKnlt67vvIgl77yJIHwg6LS35qy+5pS255uK546H77yIJe+8iSB8IOWtmOasvuaIkOacrOeOh++8iCXvvIkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjAgfCAzLjMwICAgICAgICAgIHwgNS40MCAgICAgICAgICAgICB8IDIuMTAgICAgICAgICAgICAgfAp8IDIwMjEgfCAzLjAwICAgICAgICAgIHwgNS4xMCAgICAgICAgICAgICB8IDIuMTAgICAgICAgICAgICAgfAp8IDIwMjIgfCAyLjgwICAgICAgICAgIHwgNC45MCAgICAgICAgICAgICB8IDIuMjAgICAgICAgICAgICAgfAp8IDIwMjMgfCAyLjcwICAgICAgICAgIHwgNC44MCAgICAgICAgICAgICB8IDIuMjAgICAgICAgICAgICAgfAp8IDIwMjQgfCAyLjYwICAgICAgICAgIHwgNC42MCAgICAgICAgICAgICB8IDIuMTAgICAgICAgICAgICAgfAp8IDIwMjUgfCAyLjM5ICAgICAgICAgIHwgNC4yMCAgICAgICAgICAgICB8IDEuODAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yad2luZCwg5Lic5YyX6K+B5Yi4
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行业数据
2026-05-19
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受消费券等刺激政策拉动,2025年韩国耐用品和非耐用品零售
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政策法规
2026-05-15
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日本国债-美国国债10年期利差与美元日元(3个
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行业数据
2026-04-27
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资本化率与10年期国债利差
| 时间       | Seniors Housing Quarterly Spread (bps) | Seniors Housing Average Spread (bps) | Multifamily Quarterly Spread (bps) | Multifamily Average Spread (bps) |
|------------|----------------------------------------|--------------------------------------|------------------------------------|----------------------------------|
| 1Q2008     | ~490                                   | ~420                                 | ~210                               | ~260                             |
| 2Q2008     | ~415                                   | ~420                                 | ~215                               | ~260                             |
| 3Q2008     | ~585                                   | ~420                                 | ~505                               | ~260                             |
| 4Q2008     | ~645                                   | ~420                                 | ~500                               | ~260                             |
| 1Q2009     | ~700                                   | ~420                                 | ~505                               | ~260                             |
| 2Q2009     | ~525                                   | ~420                                 | ~295                               | ~260                             |
| 3Q2009     | ~585                                   | ~420                                 | ~290                               | ~260                             |
| 4Q2009     | ~570                                   | ~420                                 | ~300                               | ~260                             |
| 1Q2010     | ~530                                   | ~420                                 | ~305                               | ~260                             |
| 2Q2010     | ~520                                   | ~420                                 | ~300                               | ~260                             |
| 3Q2010     | ~600                                   | ~420                                 | ~235                               | ~260                             |
| 4Q2010     | ~465                                   | ~420                                 | ~230                               | ~260                             |
| 1Q2011     | ~470                                   | ~420                                 | ~250                               | ~260                             |
| 2Q2011     | ~550                                   | ~420                                 | ~340                               | ~260                             |
| 3Q2011     | ~605                                   | ~420                                 | ~355                               | ~260                             |
| 4Q2011     | ~535                                   | ~420                                 | ~380                               | ~260                             |
| 1Q2012     | ~530                                   | ~420                                 | ~385                               | ~260                             |
| 2Q2012     | ~640                                   | ~420                                 | ~385                               | ~260                             |
| 3Q2012     | ~535                                   | ~420                                 | ~350                               | ~260                             |
| 4Q2012     | ~530                                   | ~420                                 | ~330                               | ~260                             |
| 1Q2013     | ~480                                   | ~420                                 | ~285                               | ~260                             |
| 2Q2013     | ~485                                   | ~420                                 | ~280                               | ~260                             |
| 3Q2013     | ~450                                   | ~420                                 | ~285                               | ~260                             |
| 4Q2013     | ~430                                   | ~420                                 | ~285                               | ~260                             |
| 1Q2014     | ~415                                   | ~420                                 | ~285                               | ~260                             |
| 2Q2014     | ~430                                   | ~420                                 | ~290                               | ~260                             |
| 3Q2014     | ~440                                   | ~420                                 | ~295                               | ~260                             |
| 4Q2014     | ~440                                   | ~420                                 | ~310                               | ~260                             |
| 1Q2015     | ~440                                   | ~420                                 | ~315                               | ~260                             |
| 2Q2015     | ~440                                   | ~420                                 | ~305                               | ~260                             |
| 3Q2015     | ~440                                   | ~420                                 | ~275                               | ~260                             |
| 4Q2015     | ~340                                   | ~420                                 | ~270                               | ~260                             |
| 1Q2016     | ~555                                   | ~420                                 | ~275                               | ~260                             |
| 2Q2016     | ~470                                   | ~420                                 | ~330                               | ~260                             |
| 3Q2016     | ~395                                   | ~420                                 | ~265                               | ~260                             |
| 4Q2016     | ~365                                   | ~420                                 | ~265                               | ~260                             |
| 1Q2017     | ~390                                   | ~420                                 | ~275                               | ~260                             |
| 2Q2017     | ~385                                   | ~420                                 | ~275                               | ~260                             |
| 3Q2017     | ~370                                   | ~420                                 | ~255                               | ~260                             |
| 4Q2017     | ~320                                   | ~420                                 | ~205                               | ~260                             |
| 1Q2018     | ~315                                   | ~420                                 | ~195                               | ~260                             |
| 2Q2018     | ~320                                   | ~420                                 | ~190                               | ~260                             |
| 3Q2018     | ~325                                   | ~420                                 | ~195                               | ~260                             |
| 4Q2018     | ~330                                   | ~420                                 | ~300                               | ~260                             |
| 1Q2019     | ~375                                   | ~420                                 | ~300                               | ~260                             |
| 2Q2019     | ~400                                   | ~420                                 | ~325                               | ~260                             |
| 3Q2019     | ~400                                   | ~420                                 | ~325                               | ~260                             |
| 4Q2019     | ~425                                   | ~420                                 | ~425                               | ~260                             |
| 1Q2020     | ~455                                   | ~420                                 | ~360                               | ~260                             |
| 2Q2020     | ~460                                   | ~420                                 | ~325                               | ~260                             |
| 3Q2020     | ~440                                   | ~420                                 | ~255                               | ~260                             |
| 4Q2020     | ~425                                   | ~420                                 | ~250                               | ~260                             |
| 1Q2021     | ~470                                   | ~420                                 | ~135                               | ~260                             |
| 2Q2021     | ~425                                   | ~420                                 | ~125                               | ~260                             |
| 3Q2021     | ~285                                   | ~420                                 | ~130                               | ~260                             |
| 4Q2021     | ~270                                   | ~420                                 | ~130                               | ~260                             |
| 1Q2022     | ~205                                   | ~420                                 | ~130                               | ~260                             |
| 2Q2022     | ~205                                   | ~420                                 | ~130                               | ~260                             |
| 3Q2022     | ~270                                   | ~420                                 | ~165                               | ~260                             |
| 4Q2022     | ~270                                   | ~420                                 | ~170                               | ~260                             |
| 1Q2023     | ~245                                   | ~420                                 | ~145                               | ~260                             |
| 2Q2023     | ~185                                   | ~420                                 | ~100                               | ~260                             |
| 3Q2023     | ~195                                   | ~420                                 | ~115                               | ~260                             |
| 4Q2023     | ~225                                   | ~420                                 | ~105                               | ~260                             |
| 1Q2024     | ~240                                   | ~420                                 | ~110                               | ~260                             |
| 2Q2024     | ~220                                   | ~420                                 | ~105                               | ~260                             |
| 3Q2024     | ~215                                   | ~420                                 | ~100                               | ~260                             |
| 4Q2024     | ~225                                   | ~420                                 | ~105                               | ~260                             |
| 1Q2025     | ~235                                   | ~420                                 | ~110                               | ~260                             |
| 2Q2025     | ~235                                   | ~420                                 | ~110                               | ~260                             |
| 3Q2025     | ~225                                   | ~420                                 | ~105                               | ~260                             |
| 4Q2025     | ~220                                   | ~420                                 | ~105                               | ~260                             |

资料来源：JLL Research, Real Capital Analytics, Federal Reserve
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净息差、净利差、生息资产收益率、计息负债成本率
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净息差、净利差、生息资产收益率、计息负债成本率
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上周活跃券的流动性溢价整体有所提升,10 年国开债活跃券与次活跃券(均为征税新券)的平均利差约为-6BP。上周 10 年国债活跃券(250016)和次活跃券(250011)的平均利差为 5.35BP,较前一周变化约 7.07BP;10 年国开债活跃券(250215)和次活跃券(250220)的平均利差为-5.95BP,较前一周变化约 2.34BP。
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【西南证券】债券市场跟踪周报:多空因素交织,农商行再入场-251110(19页).pdf
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上周主要机构利率债现券净买入情况(亿元)
同业存单一级市场上周发行和到期情况(亿元)
2025年同业存单发行到期情况(亿元)
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