债市值言：中债收益率曲线和指数日评2026年10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）108.9897，上涨0.0073%，而包含利息再投资的中债综合指数（财富）264.396，上涨0.0264%，平均市值法到期收益率为1.5933%，平均市值法久期为6.1727。

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1.18%；2年期收益率稳定在1.24%；10年期收益率稳定在1.64%。

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）期限下行1BP至1.40%，3年期收益率稳定在1.55%，5年期收益率稳定在1.65%。中债中短期票据收益率曲线（A）1年期稳定在6.37%。

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

10月23日美国国债收益率整体上行。具体来看，美国国债收益率曲线3M（MMM）期限稳定在4.22%，3年期收益率上行3BP至4.75%，10年期收益率上行4BP至5.00%。

【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10月26日中国人民银行以固定利率、数量招标方式开展了560亿元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1.3010%，上行3.00个基点；一个月Shibor稳定在1.3820%。

国债期货

10月26日，2年期国债期货主力合约TS2612上行0.01%至102.698，对应期货收益率下行0.26个基点至1.1873%；5年期国债期货主力合约TF2612上行0.01%至106.800，对应期货收益率下行0.12个基点至1.3200%；10年期国债期货主力合约T2612上行0.02%至109.890，对应期货收益率下行0.22个基点至1.4540%；30年期国债期货主力合约TL2612上行0.29%至118.000，对应期货收益率下行1.64个基点至2.0641%。

股票市场

今日沪深两市涨跌互现，上证综指上涨7.04点（或0.19% ）至3697.52点，深证成指（399001）下跌139.45点（或-1.19% ）至11534.38点，创业板指（399006）下跌45.87点（或-1.71% ）至2638.23点。

中债公募REITs日报

2026年10月26日，已上市90只公募REITs收盘价较前一交易日平均上涨0.17%;平均换手率为0.39%,较前一交易日下降0.47%；平均成交量为107.72万份，较前一交易日减少40.24%；总成交金额为3.70亿元，较前一交易日减少38.74%。

中债估值方面，今日90只公募REITs中债估值价格平均上涨0.007元，其中经营权类REITs招商高速公路（884154）价格涨幅最大,达0.10元。估值收益率方面，90只公募REITs中债估值收益率平均下行1.27BP，其中工银蒙能清洁能源（850101）REIT下行幅度最大，达29.72BP。

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 0.0073%; and the total return（SWZ） index including interest reinvested revenue rose by 0.0264%. In addition, the Cap-weighted YTM was 1.5933%. And the Cap-weighted duration was 6.1727.

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 1.18%, 1.24% and 1.64%.

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 1.40%, 1.55% and 1.65%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y was stable at 6.37%.

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 up on October 23, 2026. To be more specific, the yield of US Treasury Yield Curve of 3M（MMM）/3Y/10Y changed by 0BP, 3BP and 4BP to 4.22%, 4.75% and 5.0%, 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 RMB56 billion through quantity bidding at a fixed interest rate on October 26, 2026, fully meeting the demand of primary dealers.At the same time, it conducted overnight reverse repo operations in the amount of RMB398 billion.

Money Market The Shibor fluctuated slightly today. The overnight Shibor went up by 3.00BP to 1.3010% and 1M Shibor was stable at 1.3820%.

Treasury Futures On October 26th, TS2612 went up by 0.01% to 102.698, the yield went down by 0.26BP to 1.1873%; TF2612 went up by 0.01% to 106.800, the yield went down by 0.12BP to 1.3200%; T2612 went up by 0.02% to 109.890, the yield went down by 0.22BP to 1.4540%; TL2612 went up by 0.29% to 118.000, the yield went down by 1.64BP to 2.0641%.

Stock Market The stock markets went mixed today. SSE composite index went up by 7.04 points (or 0.19%) to 3697.52 points, Shenzhen component index went down by 139.45 points (or -1.19%) to 11534.38 points, and ChiNext price index went down by 45.87 points (or -1.71%) to 2638.23 points.