固定收益主題報(bào)告資金價(jià)格連創(chuàng)新低，利率債收益率集體下行

1、本報(bào)告版權(quán)屬于安信證券股份有限公司。本報(bào)告版權(quán)屬于安信證券股份有限公司。各項(xiàng)聲明請(qǐng)參見(jiàn)報(bào)告尾頁(yè)。各項(xiàng)聲明請(qǐng)參見(jiàn)報(bào)告尾頁(yè)。內(nèi)容目錄內(nèi)容目錄1.貨幣市場(chǎng)貨幣市場(chǎng)31.1.公開(kāi)市場(chǎng)操作31.2.資金利率32.一級(jí)市場(chǎng)一級(jí)市場(chǎng)42.1.發(fā)行與招標(biāo)42.2.下周發(fā)行預(yù)告63.二級(jí)市場(chǎng)二級(jí)市場(chǎng)74.同業(yè)存單同業(yè)存單85.其他利率市場(chǎng)其他利率市場(chǎng)9圖表目錄圖表目錄圖1：本周資金利率集體下行（BP）...........................

2、.................................................................................................4圖2：本周SHIB隔夜再次刷新近十年低點(diǎn)（%）..........................................................................................4圖3：DR001

3、周四下行至歷史最低點(diǎn)（%）.............................................................................................................4圖4：利率債發(fā)行規(guī)模大幅收縮（億元）...............................................................................

4、..........................5圖5：國(guó)債中標(biāo)利率與前一日收益率利差小幅走擴(kuò)（BP）...............................................................................6圖6：國(guó)開(kāi)債中標(biāo)利率與前一日收益率利差多數(shù)保持低位（BP）..........................................................

5、......6圖7：本周新增專(zhuān)項(xiàng)債發(fā)行規(guī)模大幅減少（億元）.......................................................................................6圖8：截至本周末，新增債發(fā)行額度剩余8735.87億元（億元）...........................................................6圖9：國(guó)開(kāi)債收益率集體下

6、行（BP）............................................................................................................................7圖10：長(zhǎng)短端收益率集體下行，國(guó)開(kāi)債曲線(xiàn)牛陡（%）.................................................................

7、...................7圖11：國(guó)開(kāi)債期限利差多數(shù)走擴(kuò)（BP）.....................................................................................................................8圖12：十年期隱含稅率回落（%）...............................................

8、..................................................................................8圖13：190205與190210利差收窄（BP）...........................................................................................................8圖14：

9、本周凈融資額由負(fù)轉(zhuǎn)正（億元）...........................................................................................................9圖15：國(guó)有行、股份行發(fā)行放量，農(nóng)商行收縮（億元）.........................................................................

10、..9圖16：本周AA及以下存單發(fā)行成功率大幅下行（%）...................................................................................9圖17：AAA與AA利差持續(xù)走擴(kuò)（BP）........................................................................................

11、...........................9圖18：票據(jù)直貼利率下行，轉(zhuǎn)貼利率不變（%）.............................................................................................10圖19：貨基份額較上周減少，主要貨基7日年化收益率下行（億份，%）........................................10

12、表1：本周與下周資金投放和到期量（億元）................................................................................................3表2：本周?chē)?guó)債和政金債招標(biāo)結(jié)果........................................................................................

13、...............................5表3：下周發(fā)行預(yù)告（億元）................................................................................................................................7本報(bào)告版權(quán)屬于安信證券股份有限公司。本報(bào)告版權(quán)屬于安信證券股份有限公司。各項(xiàng)聲明請(qǐng)參見(jiàn)報(bào)告尾

14、頁(yè)。各項(xiàng)聲明請(qǐng)參見(jiàn)報(bào)告尾頁(yè)。圖1：本周資金利率集體下行（：本周資金利率集體下行（BP）80604020020406080資料來(lái)源：Wind，圖2：本周SHIB隔夜再次刷新近十年低年低點(diǎn)（%）圖3：DR001周四下行至歷史最低點(diǎn)（%）SHIB:隔夜SHIB:1周1614121086420存款類(lèi)機(jī)構(gòu)質(zhì)押式回購(gòu)加權(quán)利率:1天存款類(lèi)機(jī)構(gòu)質(zhì)押式回購(gòu)加權(quán)利率:7天7654321020090705201407052019070520141215201

15、7031520190615資料來(lái)源：Wind，資料來(lái)源：Wind，2.一級(jí)市場(chǎng)2.1.發(fā)行與招標(biāo)本周利率債凈融資大幅減少。本周利率債凈融資大幅減少。本周發(fā)行利率債27只，發(fā)行規(guī)模2031.55億元，較上周大幅減少1945.64億元，到期償還237億元，較上周減少1242.16億元。因發(fā)行量大幅減少，本周凈融資1794.55億元，較上周減少703.48億元。從期限來(lái)看，本周未發(fā)行超長(zhǎng)債，短債、中長(zhǎng)債發(fā)行規(guī)模均有所收縮。本周共發(fā)行短期債券3