信用｜继续看好拉久期

请阅读最后一页的重要声明！分析师孙彬彬SAC证书编号：S0160525020001sunbb@ctsec.com分析师孟万林SAC证书编号：S0160525030002mengwl@ctsec.com分析师涂靖靖SAC证书编号：S0160525030001tujj@ctsec.com相关报告1.《流动性｜1-2月“紧资金”格局不会重演》2025-05-172.《高频｜新房销售偏弱，出口指标明显好转》2025-05-173.《利率|准备金率改革已经开始了》2025-05-16 核心观点❖近期市场表现如何？力量矛盾对比仍在持续。行。❖后市如何展望？护，继续看好。❖如何参与？以上占比9.6%，二永债估值2.4%以上占比5.7%。❖展超预期 谨请参阅尾页重要声明及财通证券股票和行业评级标准1市场回顾：利差下行...............................................................................................................................41.1市场表现如何？..................................................................................................................................41.2理财净买入未见显著增长..................................................................................................................51.3中长久期信用债成交占比提升..........................................................................................................72市场展望：继续看好久期.......................................................................................................................82.1降存款在即，仍看好久期..................................................................................................................82.2比价优势仍不明显..............................................................................................................................92.3科创债贡献增量净融资....................................................................................................................103信用买什么？.........................................................................................................................................114附录.........................................................................................................................................................144.1一级发行情况统计............................................................................................................................144.2二级估值变动细节............................................................................................................................185风险提示.................................................................................................................................................22图1.本周收益率变动.....................................................................................................................................4图2.本周信用利差变动.................................................................................................................................4图3.信用债收益率变动.................................................................................................................................4图4.信用利差变动.........................................................................................................................................4图5.信用收益率和利差变动.........................................................................................................................5图6.保险对银行间信用2的净买入情况.....................................................................................................6图7.基金对银行间信用债的净买入情况.....................................................................................................6图8.银行理财规模存续规模.........................................................................................................................6图9.银行理财规模变动的季节性较强.........................................................................................................6图10.理财对银行间信用债的净买入情况...................................................................................................6图11.其他产品对银行间信用债的净买入情况...........................................................................................6图12.各类信用债成交剩余成交期限占比（按金额）...............................................................................7图13.各类信用债成交隐含评级占比（按金额）.......................................................................................7图14.部分银行的1年期整存整取存款利率...............................................................................................8内容目录图表目录 2 谨请参阅尾页重要声明及财通证券股票和行业评级标准3图15.城投债期限利差...................................................................................................................................9图16.超长债收益率及信用利差走势...........................................................................................................9图17. 1年期二级资本债与中票比价.............................................................................................................9图18. 5年期二级资本债与中票比价.............................................................................................................9图19. 1年期城投债与中票比价.....................................................................................................................9图20. 5年期城投债与中票比价.....................................................................................................................9图21.近年来非金信用债发行额月度对比.................................................................................................10图22.近年来非金信用债净融资额月度对比.............................................................................................10图23.本周科创债发行规模行业分布..............