资金面小幅收敛，债市情绪偏弱

目录1、一周复盘及观点...................................................................................................................................................................51.1本周走势复盘：国债期货震荡走弱...................................................................................................................................51.2下周观点：资金面小幅收敛，债市情绪偏弱...................................................................................................................52、利率债周度观察...................................................................................................................................................................62.1一级市场...............................................................................................................................................................................62.2二级市场...............................................................................................................................................................................73、国债期货...............................................................................................................................................................................93.1价格及成交、持仓...............................................................................................................................................................93.2基差、IRR............................................................................................................................................................................103.3跨期、跨品种价差.............................................................................................................................................................114、资金面周度观察.................................................................................................................................................................125、海外周度观察.....................................................................................................................................................................146、通胀高频数据周度观察....................................................................................................................................................157、投资建议.............................................................................................................................................................................158、风险提示.............................................................................................................................................................................15 2期货研究报告 图表目录图表1：当周下周国内重点数据一览............................................................................................................................................................5图表2：本周利率债净融资额为7079.74亿元...............................................................................................................................................6图表3：本周国债净融资额回升....................................................................................................................................................................6图表4：本周地方债净融资额小幅上升........................................................................................................................................................7图表5：本周同业存单净融资额回落............................................................................................................................................................7图表6：本周国债收益率上行........................................................................................................................................................................7图表7：关键期限国债估值变化....................................................................................................................................................................7图表8：10Y-1Y利差走阔，10Y-5Y和30Y-10Y收窄...................................................................................................................................8图表9：隐含税率小幅上升............................................................................................................................................................................8图表10：分机构净买卖时序：国债...............................................................................................................................................................8图表11：分机构净买卖时序：政金债...........................................................................................................................................................9图表12：国债期货震荡走弱...........................................................................................................................................................................9图表13：国债期货总成交量...........................................................................................................................................................................9图表14：期货总持仓量.........................................................................................................