债市值言：中债收益率曲线和指数日评2026年8月26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）108.6315，下跌0.0292%，而包含利息再投资的中债综合指数（财富）262.5017，下跌0.0224%，平均市值法到期收益率为1.7009%，平均市值法久期为6.1177。

利率品种

今日利率债市场收益率整体上行。具体来看，中债国债收益率曲线3M（MMM）期限上行1BP至1.19%；2年期收益率上行1BP至1.25%；10年期收益率上行1BP至1.69%。

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（MMM）期限上行1BP至1.48%，3年期收益率稳定在1.67%，5年期收益率稳定在1.74%。中债中短期票据收益率曲线（A）1年期稳定在6.54%。

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

8月25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1BP至3.86%，3年期收益率下行6BP至4.25%，10年期收益率下行6BP至4.64%。

【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8月26日中国人民银行（FITB）以固定利率、数量招标方式开展了2395亿元7天期逆回购操作，全额满足了一级交易商需求。

货币市场

今日Shibor小幅波动，隔夜Shibor报1.4120%，下行2.30个基点；一个月Shibor稳定在1.4178%。

国债期货

8月26日，2年期国债期货主力合约TS2612下行0.03%至102.594，对应期货收益率上行1.68个基点至1.2508%；5年期国债期货主力合约TF2612下行0.08%至106.505，对应期货收益率上行1.78个基点至1.3863%；10年期国债期货主力合约T2612下行0.08%至109.440，对应期货收益率上行1.26个基点至1.5186%；30年期国债期货主力合约TL2612下行0.15%至116.460，对应期货收益率上行0.76个基点至2.1369%。

股票市场

今日沪深两市整体上涨，上证综指上涨23.08点（或0.59% ）至3912.52点，深证成指（399001）上涨95.46点（或0.69% ）至13841.33点，创业板指（399006）上涨17.37点（或0.51% ）至3414.88点。

中债公募REITs日报

2026年8月26日，已上市88只公募REITs收盘价较前一交易日平均上涨1.59%;平均换手率为0.62%,较前一交易日上升0.24%；平均成交量为205.24万份，较前一交易日增加61.65%；总成交金额为5.60亿元，较前一交易日增加53.06%。

中债估值方面，今日88只公募REITs中债估值价格平均上涨0.05元，其中产权类REITs南方润泽科技（300442）数据中心价格涨幅最大,达0.15元。估值收益率方面，88只公募REITs中债估值收益率平均下行16.33BP，其中博时津开产园REIT下行幅度最大，达63.49BP。

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 0.0292%; and the total return（SWZ） index including interest reinvested revenue declined by 0.0224%. In addition, the Cap-weighted YTM was 1.7009%. And the Cap-weighted duration was 6.1177.

Sovereign Bonds The Sovereign Bonds market went up today. To be more specific, the ChinaBond Government Bond Yield Curve of 3M（MMM）/2Y/10Y changed by 1BP, 1BP and 1BP to 1.19%, 1.25% and 1.69%.

Corporate Bonds The Corporate Bonds market fluctuated slightly today. To be more specific, the ChinaBond CP&Note Yield Curve (AAA) of 3M（MMM）/3Y/5Y changed by 1BP, 0BP and 0BP to 1.48%, 1.67% and 1.74%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y was stable at 6.54%.

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 August 25, 2026. To be more specific, the yield of US Treasury Yield Curve of 3M（MMM）/3Y/10Y changed by -1BP, -6BP and -6BP to 3.86%, 4.25% and 4.64%, respectively.

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 RMB239.5 billion through quantity bidding at a fixed interest rate on August 26, 2026, fully meeting the demand of primary dealers.

Money Market The Shibor fluctuated slightly today. The overnight Shibor went down by 2.30BP to 1.4120% and 1M Shibor was stable at 1.4178%.

Treasury Futures On August 26th, TS2612 went down by 0.03% to 102.594, the yield went up by 1.68BP to 1.2508%; TF2612 went down by 0.08% to 106.505, the yield went up by 1.78BP to 1.3863%; T2612 went down by 0.08% to 109.440, the yield went up by 1.26BP to 1.5186%; TL2612 went down by 0.15% to 116.460, the yield went up by 0.76BP to 2.1369%.

Stock Market The stock markets went up today. SSE composite index went up by 23.08 points (or 0.59%) to 3912.52 points, Shenzhen component index went up by 95.46 points (or 0.69%) to 13841.33 points, and ChiNext price index went up by 17.37 points (or 0.51%) to 3414.88 points.