信用｜等跨季or抢跑？
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｜资金利率中枢再度下移》2025-06-142.《高频｜原油价格大涨，北美航线量稳价跌》2025-06-143.《老供给与新需求，结构蕴含机遇——转债半年度策略》2025-06-12 核心观点接购买的信用债规模有限，但通过通道购买的信用债较多。❖后市如何展望？同业存单，理财回表的压力或相对较小。然维持相对乐观的判断。中长久期扛波动能力会更强。❖如何参与？资产投资。对于配置型账户，建议把握接下来的配置机会。❖发展超预期 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：长久期信用债表现更好.......................................................................................................41.1市场表现如何？..................................................................................................................................41.2理财买入力量继续增强......................................................................................................................51.3中长久期债券交易占比处于高位......................................................................................................62市场展望：等跨季or抢跑？.................................................................................................................82.1乐观看待后市，抢跑或更佳..............................................................................................................82.2融资恢复较快，但总量有限..............................................................................................................93信用买什么？.........................................................................................................................................103.1可以适当布局高等级长二永............................................................................................................103.2普信更占优，城投择券空间更广....................................................................................................114附录.........................................................................................................................................................144.1一级发行情况统计............................................................................................................................144.2二级估值变动细节............................................................................................................................205风险提示.................................................................................................................................................23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.保险对银行间信用债的净买入情况.....................................................................................................6图7.基金对银行间信用债的净买入情况.....................................................................................................6图8.理财对银行间信用债的净买入情况.....................................................................................................6图9.其他产品对银行间信用债的净买入情况.............................................................................................6图10.各类信用债成交剩余成交期限占比（按金额）...............................................................................7图11.各类信用债成交隐含评级占比（按金额）.......................................................................................7图12.银行理财规模存续规模.......................................................................................................................8图13.银行理财规模变动的季节性较强.......................................................................................................8图表目录内容目录 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14.中票存单比价.......................................................................................................................................8图15.理财和其他产品合计对银行间各类债券的净买入情况...................................................................9图16. R001.......................................................................................................................................................9图17. DR007....................................................................................................................................................9图18.近年来非金信用债发行额月度对比.................................................................................................10图19.近年来非金信用债净融资额月度对比.............................................................................................10图20.非金信用债发行期限.........................................................................................................................10图21. 1年期二级资本债与中票比价..........................................................................................................
