您的当前位置：首页 > 行业数据 > 图表182.2025年1一12月中资美元债上涨行情（点）

图表182.2025年1一12月中资美元债上涨行情（点）

行业数据

下载图片

原图定位

同报告图片

/ 4

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

所属报告：

中国银行：2026中国银行个人金融全球资产配置白皮书（162页）.pdf

打包全文图表

债券篇：美债配置价值延续，中债收敛转向震荡 4.2.3.3转债投资波动加大，考验投资者交易能力值水平和溢价率不断抬升，波动或将进一步加大，收益预期需下调，可关注结构性的交易机会。短期内高估值是最大风险点，一旦正股调整，可能面临“股债双杀”，且跌幅可能超过正股。也需警惕供给政策变化打破平衡、市场风险偏好变化以及资金季节性波动带来的调整风险。此外，2026年转债市场或将呈现轮动的格局，科技成长仍为核心，还需兼顾景气行业与复苏行业可能存在的投资机会。关于转债投资方向，考虑到转债估值以及未来一段时间内权益市场的变化，一是做好仓位管理，鉴于高波动预期，建议根据权益市场趋势动态调整仓位，高卖低买，注意高低切换；二是尽量规避“高价高溢”的“双高”个券，把握新发行转债的申购机会，并密切关注临近到期或回售期个券的下修博弈机会。中资美元债：配置价值延续，品种或有分化回顾2025年，在中美央行陆续降息或降准的宽松货币环境中，无风险利率进一步下行，中资美元债稳步上涨。 2025年1一12月，Markitlb0xx亚洲中资美元债券指数上涨6.81%，其投资级别债券指数上涨6.80%，延续了 2024年以来的涨势；而高收益债券指数上涨6.72%，较2024年大幅上涨17.04%相比有所收敛。展望2026年，美联储仍处于降息周期中，中国“十五五”时期经济温和有序复苏，中资美元债发债主体的信用板块估值的分化或将持续。建议关注中资美元债中的金融债、城投债、央国企+TMT产业债，并需要关注汇兑风险及地产相关的信用风险。 4.3.1美联储仍处降息周期，收益率或将下行中资美元债走势与无风险利率（美国国债收益率）走势高度相关，尤其是投资级品种。综合美国劳动力市场和通胀状况分析，2026年降息仍将是美联储的主基调，美国国债收益率全年的波动中枢大概率下移。虽然可能存在关

行业数据原图定位