债市观察

　　中债指数走势

　　今日债券市场指数小幅波动，其中不包含利息再投资的中债综合指数（净价）107.5552，上涨0.0409%，而包含利息再投资的中债综合指数（财富）256.8302，上涨0.0473%，平均市值法到期收益率为2.0386%，平均市值法久期为5.8065。

　　利率品种

　　今日利率债市场收益率整体下行。具体来看，中债国债收益率曲线3M期限下行2BP至1.28%；2年期收益率稳定在1.36%；10年期收益率下行1BP至1.78%。

　　信用品种

　　今日信用债市场收益率小幅波动。具体来看，中债中短期票据收益率曲线（AAA）3M期限稳定在1.64%，3年期收益率稳定在1.82%，5年期收益率稳定在1.94%。中债中短期票据收益率曲线（A）1年期稳定在6.80%。

　　具体波动情况请见《各主要关键期限到期收益率两日变动》。

　　海外市场

　　2月27日美国国债收益率整体下行。具体来看，美国国债收益率曲线3M期限下行1BP至3.67%，3年期收益率下行7BP至3.39%，10年期收益率下行5BP至3.97%。

　　【注】

　　1、中债信用债收益率曲线基于中债市场隐含评级编制。

　　2、中债市场隐含评级变动见中债综合业务平台及下载通道“中债市场隐含评级”。

　　其他市场观察

　　公开市场

　　央行公告，2026年2月28日中国人民银行以固定利率、数量招标方式开展了1160亿元7天期逆回购操作。

　　货币市场

　　今日Shibor小幅波动，隔夜Shibor报1.3180%，下行4.00个基点；一个月Shibor稳定在1.5500%。

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　　Bond Market Performance ChinaBond Index Trend Analysis ChinaBond Composite Index tracking general performance of bond market fluctuated today. The net price index excluding interest revenue rose by 0.0409%; and the total return index including interest reinvested revenue rose by 0.0473%. In addition, the Cap-weighted YTM was 2.0386%. And the Cap-weighted duration was 5.8065.

　　Sovereign Bonds The Sovereign Bonds market went down today. To be more specific, the ChinaBond Government Bond Yield Curve of 3M/2Y/10Y changed by -2BP, 0BP and -1BP to 1.28%, 1.36% and 1.78%.

　　Corporate Bonds The Corporate Bonds market fluctuated slightly today. To be more specific, the ChinaBond CP&Note Yield Curve (AAA) of 3M/3Y/5Y changed by 0BP, 0BP and 0BP to 1.64%, 1.82% and 1.94%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y was stable at 6.80%.

　　Further information about fluctuations of bond market yields please refer to the chart of Changes of The Key-Term YTM of Main Yield Curves.

　　Overseas market The US Sovereign Bonds market went down on February 27, 2026. To be more specific, the yield of US Treasury Yield Curve of 3M/3Y/10Y changed by -1BP, -7BP and -5BP to 3.67%, 3.39% and 3.97%, respectively.

　　Notes

　　1. The ChinaBond yield curves of corporate bonds are based on ChinaBond Market Implied Rating.

　　2. The daily update of ChinaBond Market Implied Rating please refer to Client terminal of ChinaBond Integrated Operation Platform and ChinaBond data download channel under ChinaBond Yield Curve and ChinaBond Market Implied Rating.

　　Data and Statistics OMO The People’s Bank of China conducted 7-day reverse repo operations in the amount of RMB116 billion through quantity bidding at a fixed interest rate on February 28, 2026.

　　Money Market The Shibor fluctuated slightly today. The overnight Shibor went down by 4.00BP to 1.3180% and 1M Shibor was stable at 1.5500%.

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　　声 明

　　中债收益率曲线、估值和指数恪守客观、中立的立场，每日反映债券市场的行情变化情况。如果您对中债收益率曲线和指数有任何疑问或相关建议，欢迎致函或致电中债金融估值中心有限公司反映问题和交流看法。

　　本日评所载信息皆来源于已公开的资料或中债金融估值中心有限公司人员的个人分析。我公司不保证上述信息的完整与准确性，不因使用本报告产生的一切后果承担责任，只供市场成员参考。

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