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图表29资金价格低位,银行永续债的换手率升幅更大
图表29资金价格低位,银行永续债的换手率升幅更大
行业数据
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图片格式:PNG
图片大小:190KB
图片尺寸:1199*784
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所属报告:
债券品种小百科系列之一:银行永续债加速扩容配置新宠-20210519(17页).pdf
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-07-06
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-07-06
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绝对估值相对折现率和永续增长率的敏感性分析(横/纵轴:折现率/永续增长率)
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行业数据
2026-06-26
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-06-26
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-06-12
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-06-12
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绝对估值相对折现率和永续增长率的敏感性分析(元)
fCDmsLjnu63lop7plb/njoflj5jljJYgfCA4LjAlIHwgOC41JSB8IDkuMCUgfCA5LjUlIHwgMTAuMCUgfAp8LS0tLS0tLS0tLS0tLS0tLXwtLS0tLS18LS0tLS0tfC0tLS0tLXwtLS0tLS18LS0tLS0tLXwKfCAxLjUwJSAgICAgICAgICB8IDEyLjkyIHwgMTEuOTkgfCAxMS4xOSB8IDEwLjQ4IHwgOS44NiAgfAp8IDEuNzUlICAgICAgICAgIHwgMTMuMTkgfCAxMi4yMSB8IDExLjM3IHwgMTAuNjMgfCA5Ljk5ICB8CnwgMi4wMCUgICAgICAgICAgfCAxMy40OCB8IDEyLjQ0IHwgMTEuNTYgfCAxMC43OSB8IDEwLjEyIHwKfCAyLjI1JSAgICAgICAgICB8IDEzLjc5IHwgMTIuNzAgfCAxMS43NyB8IDEwLjk2IHwgMTAuMjYgfAp8IDIuNTAlICAgICAgICAgIHwgMTQuMTMgfCAxMi45NyB8IDExLjk5IHwgMTEuMTUgfCAxMC40MiB8CgrotYTmlpnmnaXmupDvvJrlm73kv6Hor4HliLjnu4/mtY7noJTnqbbmiYDliIbmnpA=
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行业数据
2026-06-12
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绝对估值相对折现率和永续增长率的敏感性分析(元)
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行业数据
2026-05-19
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表E.按地区划分的新兴市场和发展中经济体的净对外头寸,重债穷国,以及人均收入分类(续)
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对比来看,在 2019 年 12 月、2020 年 4 月和 2020 年 12 月,两类永续债的成交活跃度均有所上升,且银行永续债的升幅超过一般永续债,彼时,资金价格处于相对低位,回购市场的交易规模环比上升。这可能与银行永续债存续规模低、换手率边际弹性较大有关。另一方面在 CBS 等流动性支持政策之下,机构加杠杆意愿回升也会在一定程度上推升市场对于银行永续债的需求。值得关注的是,在 2021 年 3 月、4 月资金维持稳中偏松,债市“钱多”的背景下,银行永续债单月成交规模罕见地超过了一般永续债(此前仅在 2019年 9 月出现过),反映配置盘对于银行永续品种的偏好持续升高。
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债券品种小百科系列之一:银行永续债加速扩容配置新宠-20210519(17页).pdf
图表9城商行、农商行永续债发行日渐活跃
图表82020年银行永续债发行明显加快
图表72021年银行永续债发行占比继续提升(亿元)
图表6永续债存量规模结构分布(截至20210430)
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