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“23附息国债23”新老券利差回升后重新下行
“23附息国债23”新老券利差回升后重新下行
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所属报告:
【东方证券】固定收益市场周观察:切券后利差压缩空间有限-251112(16页).pdf
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相关数据
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行业数据
2026-01-20
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10年国债活跃券和次活跃券利差走势
55Sx5LqO5Zu+54mH5Lit5LuF5bGV56S65LqGMTDlubTlm73lgLrmtLvot4PliLjkuI7mrKHmtLvot4PliLjliKnlt67otbDlir/nmoTmipjnur/lm77vvIzmnKrmj5DkvpvlkITml7bpl7ToioLngrnnmoTlhbfkvZPmlbDlgLzvvIzlm6DmraTml6Dms5XnlJ/miJDljIXlkKvnsr7noa7mlbDmja7nmoTooajmoLzjgIIgIAoK5pWw5o2u5p2l5rqQ77yaaWZpbmTvvIzopb/ljZfor4HliLjmlbTnkIY=
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行业数据
2026-01-20
原图定位
查看详情
10年国开债活跃券和次活跃券利差走势
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行业数据
2026-01-07
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10年国债活跃券和次活跃券利差走势
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行业数据
2026-01-07
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TL合约隐含利差指标回测绩效表(30年国债活跃券)
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行业数据
2025-12-23
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TL合约隐含利差指标回测净值曲线(30年国债活跃券)
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行业数据
2025-12-23
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10Y国开新老券利差
fCDml7bpl7QgICAgICAgfCAxMFnlm73lvIDogIHliLgt5paw5Yi477yIN0QgTUEsIGJw77yJIHwgMTBZ5Zu95byA5YC677yIJe+8iSB8CnwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjItMDEgICAgfCDnuqY0ICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYzLjAgICAgICAgICAgfAp8IDIwMjItMDYgICAgfCDnuqY4ICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYyLjkgICAgICAgICAgfAp8IDIwMjMtMDEgICAgfCDnuqYxICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYyLjggICAgICAgICAgfAp8IDIwMjMtMDYgICAgfCDnuqYzICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYyLjcgICAgICAgICAgfAp8IDIwMjQtMDEgICAgfCDnuqY1ICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYyLjYgICAgICAgICAgfAp8IDIwMjQtMDYgICAgfCDnuqYtMSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYyLjMgICAgICAgICAgfAp8IDIwMjUtMDEgICAgfCDnuqYtNCAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCDnuqYyLjAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaV2luZO+8jOaLm+WVhuivgeWIuA==
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行业数据
2025-12-15
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图表23国开老券-新券利差走扩(%,BP)
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行业数据
2025-12-15
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10年国开债活跃券和次活跃券利差走势
PHxiZWdpbl9vZl9ib3h8PuaVsOaNruihqOagvO+8iOWboOWbvuihqOS4uui/nue7rei1sOWKv+acquagh+azqOWFt+S9k+aVsOWAvO+8jOS7peS4i+S4uuaXtumXtOiMg+WbtOS4juWPmOmHj+ivtOaYju+8ie+8mgp8IOaXtumXtOiMg+WbtCAgICAgICB8IOa0u+i3g+WIuCAtIOasoea0u+i3g+WIuOWIqeW3ru+8iEJQ77yJIHwKfC0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjQgLSAwOCDoh7MgMjAyNSAtIDEwIHwg6L+e57ut5rOi5Yqo77yM5peg5Zu65a6a57K+56Gu5pWw5YC8ICAgICB8CgrotYTmlpnmnaXmupDvvJppZmluZO+8jOilv+WNl+ivgeWIuOaVtOeQhjx8ZW5kX29mX2JveHw+
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行业数据
2025-11-25
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10年国债活跃券和次活跃券利差走势
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行业数据
2025-11-25
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图15、30Y国债老券-新券利差并不低
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行业数据
2025-11-19
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图14、10Y国债老券-新券利差并不低
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2025-11-19
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10年国开债活跃券和次活跃券利差走势
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2025-11-18
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10年国债活跃券和次活跃券利差走势
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2025-11-18
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30年国开债次新券-新券利差(左轴单位:bp,右轴单位:%)
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2025-11-17
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切券后,新券与老券利差并非一路下行,大多在切券后回升,而后再逐步收窄至新低,最终新券与老券利差最低时点与切券时点平均间隔 107 个交易日。在此期间,即使新券逐步续发,但并未带来新老券利差的持续下行,规模增长对新老券利差影响偏弱。新券切换成活跃券后,由于一轮切券交易行情结束,新老券利差往往从阶段性低位回升,而后再逐步修复并下探至最低点,如“25 超长特别国债 02” 、“23 附息国债 23”,前者切券时新老券利差在-5bp,最高走扩至-3bp后回归下行;后者切券后从低点-4.5bp 回升至-0.25bp 后重新下行。
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【东方证券】固定收益市场周观察:切券后利差压缩空间有限-251112(16页).pdf
地方债发行规模在2851亿左右
利率债发行规模相对往年同期处于偏高水平
本周公布国内经济数据
22年以来各30Y国债活跃券新老券利差最低值均值在-6.4bp左右
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