固收专题报告：信用｜不只是抢跑，趋势将延续
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｜需要担心跨季资金吗》2025-06-212.《高频｜地产销售整体走弱，即期运价持续下跌》2025-06-213.《2025年转债信用风险展望专题》2025-06-20 核心观点于市场。❖后市如何展望？❖如何参与？❖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保险和理财配置力量增强..................................................................................................................51.3中长久期债券交易占比处于高位......................................................................................................62市场展望：市场行情有望延续...............................................................................................................82.1季末将至，但预计影响有限..............................................................................................................82.2融资恢复较快，但对市场影响有限..................................................................................................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.........................................................................................................................................................154.1一级发行情况统计............................................................................................................................154.2二级估值变动细节............................................................................................................................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14.理财+其他产品类信用债月度累计净买入........................................................................................8图15.基金公司信用债月度累计净买入.......................................................................................................8图16.理财+其他产品类银行间月度累计净买入........................................................................................9图17.基金公司银行间月度累计净买入.......................................................................................................9图18. R001.......................................................................................................................................................9图19. DR007....................................................................................................................................................9图20.近年来非金信用债发行额月度对比.................................................................................................10图21.近年来非金信用债净融资额月度对比.............................................................................................10图22.非金信用债发行期限.........................................................................................................................10图23. 1年期二级资
