债市值言：中债收益率曲线和指数日评2026年7月29日

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）108.3436，下跌0.003%，而包含利息再投资的中债综合指数（财富）261.3358，上涨0.0036%，平均市值法到期收益率为1.7852%，平均市值法久期为6.0458。

利率品种

今日利率债市场收益率小幅波动。具体来看，中债国债收益率曲线3M（MMM）期限上行1BP至1.15%；2年期收益率稳定在1.27%；10年期收益率稳定在1.73%。

信用品种

今日信用债市场收益率整体上行。具体来看，中债中短期票据收益率曲线（AAA）3M（MMM）期限上行1BP至1.48%，3年期收益率上行1BP至1.68%，5年期收益率上行1BP至1.79%。中债中短期票据收益率曲线（A）1年期稳定在6.62%。

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

7月28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（MMM）期限下行6BP至3.90%，3年期收益率下行4BP至4.31%，10年期收益率下行4BP至4.61%。

【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（HK0062）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7月29日中国人民银行以固定利率、数量招标方式开展了2065亿元7天期逆回购操作，全额满足了一级交易商需求。同时，开展了6000亿元隔夜逆回购操作。

货币市场

今日Shibor整体上行，隔夜Shibor报1.4380%，上行2.30个基点；一个月Shibor报1.4210%，上行0.10个基点。

国债期货

7月29日，2年期国债期货主力合约TS2609上行0.02%至102.616，对应期货收益率下行1.06个基点至1.2404%；5年期国债期货主力合约TF2609上行0.02%至106.395，对应期货收益率下行0.71个基点至1.4084%；10年期国债期货主力合约T2609上行0.02%至109.200，对应期货收益率下行0.45个基点至1.5497%；30年期国债期货主力合约TL2609下行0.23%至114.640，对应期货收益率上行0.94个基点至2.2077%。

股票市场

今日沪深两市整体上涨，上证综指上涨15.15点（或0.40% ）至3828.47点，深证成指（399001）上涨148.77点（或1.10% ）至13658.44点，创业板指（399006）上涨51.67点（或1.55% ）至3378.70点。

中债公募REITs日报

2026年3月中旬以来，博时蛇口产园、招商基金蛇口租赁住房等78只公募REITs相继披露了2025年年度报告、资产评估报告和年末收益分配公告。综合分析以上各类公告和近期资产运营情况，评估影响基金可供分配现金流的各方面长短期因素，我们对以上78只公募REITs的利润表、可供分配现金流表等的各科目进行了回顾和调整。调整后，部分基金的中债REITs估值收益率发生明显变化，涉及收费公路、产业园区等八类基础设施项目。特此提示。

2026年7月29日，已上市87只公募REITs收盘价较前一交易日平均上涨0.06%;平均换手率为0.49%,较前一交易日下降0.10%；平均成交量为122.77万份，较前一交易日增加9.82%；总成交金额为4.02亿元，较前一交易日增加6.44%。

中债估值方面，今日87只公募REITs中债估值价格平均上涨0.004元，其中产权类REITs国泰海通（HK2611）东久新经济价格涨幅最大,达0.07元。估值收益率方面，87只公募REITs中债估值收益率平均下行43.22BP，其中浙商沪杭甬REIT下行幅度最大，达746.62BP。

如需全量中债公募REITs估值数据，请与市场营销部联系。欢迎广大客户使用并提出宝贵意见。

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 declined by 0.003%; and the total return（SWZ） index including interest reinvested revenue rose by 0.0036%. In addition, the Cap-weighted YTM was 1.7852%. And the Cap-weighted duration was 6.0458.

Sovereign Bonds The Sovereign Bonds market fluctuated slightly today. To be more specific, the ChinaBond Government Bond Yield Curve of 3M（MMM）/2Y/10Y changed by 1BP, 0BP and 0BP to 1.15%, 1.27% and 1.73%.

Corporate Bonds The Corporate Bonds market went up today. To be more specific, the ChinaBond CP&Note Yield Curve (AAA) of 3M（MMM）/3Y/5Y changed by 1BP, 1BP and 1BP to 1.48%, 1.68% and 1.79%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y was stable at 6.62%.

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 July 28, 2026. To be more specific, the yield of US Treasury Yield Curve of 3M（MMM）/3Y/10Y changed by -6BP, -4BP and -4BP to 3.9%, 4.31% and 4.61%, 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（PPLI）’s Bank of China conducted 7-day reverse repo operations in the amount of RMB206.5 billion through quantity bidding at a fixed interest rate on July 29, 2026, fully meeting the demand of primary dealers.At the same time, it conducted overnight reverse repo operations in the amount of RMB600 billion.

Money Market The Shibor went up today. The overnight Shibor went up by 2.30BP to 1.4380% and 1M Shibor went up by 0.10BP to 1.4210%.

Treasury Futures On July 29th, TS2609 went up by 0.02% to 102.616, the yield went down by 1.06BP to 1.2404%; TF2609 went up by 0.02% to 106.395, the yield went down by 0.71BP to 1.4084%; T2609 went up by 0.02% to 109.200, the yield went down by 0.45BP to 1.5497%; TL2609 went down by 0.23% to 114.640, the yield went up by 0.94BP to 2.2077%.

Stock Market The stock markets went up today. SSE composite index went up by 15.15 points (or 0.40%) to 3828.47 points, Shenzhen component index went up by 148.77 points (or 1.10%) to 13658.44 points, and ChiNext price index went up by 51.67 points (or 1.55%) to 3378.70 points.