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10年国债活跃券和次活跃券利差走势
10年国债活跃券和次活跃券利差走势
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<table>
    <thead>
        <tr>
            ```html
<th>时间</th>
            <th>发行量（亿元）</th>
            <th>到期量（亿元）</th>
        </tr>
    </thead>
    <tbody>
        <tr>
            <td>第1周</td>
            <td>781.60</td>
            <td>264.60</td>
        </tr>
        <tr>
            <td>第2周</td>
            <td>4493.30</td>
            <td>3837.90</td>
        </tr>
        <tr>
            <td>第3周</td>
            <td>5933.70</td>
            <td>3514.20</td>
        </tr>
        <tr>
            <td>第4周</td>
            <td>3929.70</td>
            <td>6042.30</td>
        </tr>
        <tr>
            <td>第5周</td>
            <td>81.50</td>
            <td>325.60</td>
        </tr>
        <tr>
            <td>第6周</td>
            <td>5347.10</td>
            <td>3753.30</td>
        </tr>
        <tr>
            <td>第7周</td>
            <td>7903.40</td>
            <td>2175.30</td>
        </tr>
        <tr>
            <td>第8周</td>
            <td>7151.30</td>
            <td>5013.10</td>
        </tr>
        <tr>
            <td>第9周</td>
            <td>7205.00</td>
            <td>11201.50</td>
        </tr>
        <tr>
            <td>第10周</td>
            <td>9028.60</td>
            <td>5977.30</td>
        </tr>
        <tr>
            <td>第11周</td>
            <td>11530.20</td>
            <td>7583.80</td>
        </tr>
        <tr>
            <td>第12周</td>
            <td>11274.30</td>
            <td>7380.70</td>
        </tr>
        <tr>
            <td>第13周</td>
            <td>8296.00</td>
            <td>8291.80</td>
        </tr>
        <tr>
            <td>第14周</td>
            <td>2720.10</td>
            <td>1063.50</td>
        </tr>
        <tr>
            <td>第15周</td>
            <td>6821.30</td>
            <td>5573.90</td>
        </tr>
        <tr>
            <td>第16周</td>
            <td>7089.00</td>
            <td>7131.30</td>
        </tr>
        <tr>
            <td>第17周</td>
            <td>9677.80</td>
            <td>7906.40</td>
        </tr>
        <tr>
            <td>第18周</td>
            <td>2493.40</td>
            <td>3353.10</td>
        </tr>
        <tr>
            <td>第19周</td>
            <td>8577.20</td>
            <td>5235.60</td>
        </tr>
        <tr>
            <td>第20周</td>
            <td>5132.40</td>
            <td>5825.20</td>
        </tr>
        <tr>
            <td>第21周</td>
            <td>7134.40</td>
            <td>7383.40</td>
        </tr>
        <tr>
            <td>第22周</td>
            <td>6695.00</td>
            <td>6527.30</td>
        </tr>
        <tr>
            <td>第23周</td>
            <td>5854.90</td>
            <td>6665.50</td>
        </tr>
        <tr>
            <td>第24周</td>
            <td>10407.20</td>
            <td>12036.30</td>
        </tr>
        <tr>
            <td>第25周</td>
            <td>11018.60</td>
            <td>10216.40</td>
        </tr>
        <tr>
            <td>第26周</td>
            <td>7263.50</td>
            <td>11378.10</td>
        </tr>
        <tr>
            <td>第27周</td>
            <td>2432.10</td>
            <td>2458.20</td>
        </tr>
        <tr>
            <td>第28周</td>
            <td>4263.80</td>
            <td>5105.20</td>
        </tr>
        <tr>
            <td>第29周</td>
            <td>9464.80</td>
            <td>8028.10</td>
        </tr>
        <tr>
            <td>第30周</td>
            <td>5156.90</td>
            <td>10764.80</td>
        </tr>
        <tr>
            <td>第31周</td>
            <td>3867.30</td>
            <td>3767.40</td>
        </tr>
        <tr>
            <td>第32周</td>
            <td>7747.30</td>
            <td>5982.70</td>
        </tr>
        <tr>
            <td>第33周</td>
            <td>7746.80</td>
            <td>9071.40</td>
        </tr>
        <tr>
            <td>第34周</td>
            <td>5481.10</td>
            <td>7947.20</td>
        </tr>
        <tr>
            <td>第35周</td>
            <td>5571.20</td>
            <td>7517.80</td>
        </tr>
        <tr>
            <td>第36周</td>
            <td>5815.00</td>
            <td>3300.50</td>
        </tr>
        <tr>
            <td>第37周</td>
            <td>7838.60</td>
            <td>12521.70</td>
        </tr>
        <tr>
            <td>第38周</td>
            <td>9795.10</td>
            <td>8500.50</td>
        </tr>
        <tr>
            <td>第39周</td>
            <td>7804.20</td>
            <td>9692.10</td>
        </tr>
        <tr>
            <td>第40周</td>
            <td>372.90</td>
            <td>1688.40</td>
        </tr>
        <tr>
            <td>第41周</td>
            <td>2159.70</td>
            <td>1349.50</td>
        </tr>
        <tr>
            <td>第42周</td>
            <td>7275.70</td>
            <td>5048.70</td>
        </tr>
        <tr>
            <td>第43周</td>
            <td>9623.40</td>
            <td>6178.90</td>
        </tr>
        <tr>
            <td>第44周</td>
            <td>7345.20</td>
            <td>5643.10</td>
        </tr>
        <tr>
            <td>第45周</td>
            <td>5269.60</td>
            <td>3768.70</td>
        </tr>
        <tr>
            <td>第46周</td>
            <td>7091.20</td>
            <td>7518.40</td>
        </tr>
        <tr>
            <td>第47周</td>
            <td>5330.30</td>
            <td>9070.30</td>
        </tr>
        <tr>
            <td>第48周</td>
            <td>5594.50</td>
            <td>8020.40</td>
        </tr>
        <tr>
            <td>第49周</td>
            <td>4951.10</td>
            <td>4488.10</td>
        </tr>
        <tr>
            <td>第50周</td>
            <td>9409.30</td>
            <td>10624.00</td>
        </tr>
        <tr>
            <td>第51周</td>
            <td>9931.90</td>
            <td>10628.50</td>
        </tr>
        <tr>
            <td>第52周</td>
            <td>5591.60</td>
            <td>8822.00</td>
        </tr>
        <tr>
            <td>第53周</td>
            <td>1406.70</td>
            <td>2503.50</td>
        </tr>
        <tr>
            <td>合计</td>
            <td>338177.80</td>
            <td>335667.50</td>
        </tr>
    </tbody>
</table>

数据来源: ifind，西南证券整理
```
所属报告:
【西南证券】债券市场跟踪周报:销售新规落地,监管显露呵护-260105(20页).pdf
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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
fCDnsbvliKsgICAgICAgfCAyMDI25bm05ZCM5q+U5aKe6YCfKCUpIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18Cnwg6Zu25ZSu5oC76aKdICAgfCA3LjQgICAgICAgICAgICAgIHwKfCDogJDnlKjlk4EgICAgIHwgMTcuMyAgICAgICAgICAgICB8Cnwg5Y2K6ICQ55So5ZOBICAgfCA0LjMgICAgICAgICAgICAgIHwKfCDpnZ7ogJDnlKjlk4EgICB8IDQuMCAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaaGF2ZXLvvIzljY7ms7DnoJTnqbY=
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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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行业数据
2026-04-23
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近三年中美10年期国债利差在-2%至-3%
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行业数据
2026-04-23
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电力和天然气监管回报改善:RegWACCBaseAllowances(名义税前)与本地10年期国债收益率利差(2025–2026)
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行业数据
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表19、2025年样本上市券商两融利差大幅收窄
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行业数据
2026-04-20
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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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竞争格局
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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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2026-04-01
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2026-07-30
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2026-07-30
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全球益生菌膳食补充剂市场规模及增速
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2026-07-30
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全球拥有AKK专利菌株的核心企业
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2026-07-30
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上周活跃券(250016)与次活跃券(250011)个券平均利差为 4.03BP,流动性溢价整体较为平稳。上周 10 年国债活跃券(250016)和次活跃券(250011)的平均利差为 4.03BP,较前一周变化约-0.54BP;10 年国开债活跃券(250215)和次活跃券(250220)的平均利差为-6.91BP,较前一周变化约 0.67BP。
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【西南证券】债券市场跟踪周报:销售新规落地,监管显露呵护-260105(20页).pdf
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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)
上周同业存单收益率走势
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