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）107.9138，上涨0.0103%，而包含利息再投资的中债综合指数（财富）255.8586，上涨0.0172%，平均市值法到期收益率为1.907%，平均市值法久期为5.8706。

　　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期限稳定在1.38%；2年期收益率稳定在1.43%；10年期收益率稳定在1.81%。

　　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期限上行1BP至1.61%，3年期收益率下行1BP至1.86%，5年期收益率稳定在1.99%。中债中短期票据收益率曲线（A）1年期下行1BP至6.90%。

　　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

　　11月17日美国国债收益率小幅波动。具体来看，美国国债收益率曲线3M期限上行2BP至3.97%，3年期收益率下行1BP至3.60%，10年期收益率下行1BP至4.13%。

　　【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，2025年11月18日中国人民银行以固定利率、数量招标方式开展了4075亿元7天期逆回购操作。

　　货币市场

　　今日Shibor小幅波动，隔夜Shibor报1.5250%，上行1.70个基点；一个月Shibor稳定在1.5200%。

　　国债期货

　　11月18日，2年期国债期货主力合约TS2512上行0.01%至102.490，对应期货收益率下行0.79个基点至1.3231%；5年期国债期货主力合约TF2512上行0.03%至105.920，对应期货收益率下行0.48个基点至1.5288%；10年期国债期货主力合约T2512上行0.03%至108.500，对应期货收益率下行0.45个基点至1.6600%；30年期国债期货主力合约TL2512上行0.06%至116.530，对应期货收益率下行0.53个基点至2.1130%。

　　股票市场

　　今日沪深两市整体下跌，上证综指下跌32.22点（或-0.81% ）至3939.81点，深证成指下跌121.52点（或-0.92% ）至13080.49点，创业板指下跌35.98点（或-1.16% ）至3069.22点。

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　　中债公募REITs日报

　　2025年11月18日，已上市77只公募REITs收盘价较前一交易日平均下跌0.12%;平均换手率为0.61%,较前一交易日下降0.007%；平均成交量为165.16万份，较前一交易日增加12.30%；总成交金额为5.44亿元，较前一交易日增加10.51%。

　　中债估值方面，今日77只公募REITs中债估值价格平均下跌0.005元，其中产权类REITs南方顺丰物流价格跌幅最大,达0.11元。估值收益率方面，77只公募REITs中债估值收益率平均上行0.95BP，其中华泰江苏交控REIT上行幅度最大，达32.74BP。

　　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。

　　联系方式：市场营销部400-898-8989

　　估值部 010-88174127

　　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 0.0103%; and the total return index including interest reinvested revenue rose by 0.0172%. In addition, the Cap-weighted YTM was 1.907%. And the Cap-weighted duration was 5.8706.

　　Sovereign Bonds The Sovereign Bonds market fluctuated slightly today. To be more specific, the ChinaBond Government Bond Yield Curve of 3M/2Y/10Y changed by 0BP, 0BP and 0BP to 1.38%, 1.43% and 1.81%.

　　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 1BP, -1BP and 0BP to 1.61%, 1.86% and 1.99%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y went down by 1BP to 6.90%.

　　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 fluctuated slightly on November 17, 2025. To be more specific, the yield of US Treasury Yield Curve of 3M/3Y/10Y changed by 2BP, -1BP and -1BP to 3.97%, 3.6% and 4.13%, 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 RMB407.5 billion through quantity bidding at a fixed interest rate on November 18, 2025.

　　Money Market The Shibor fluctuated slightly today. The overnight Shibor went up by 1.70BP to 1.5250% and 1M Shibor was stable at 1.5200%.

　　Treasury Futures On November 18th, TS2512 went up by 0.01% to 102.490, the yield went down by 0.79BP to 1.3231%; TF2512 went up by 0.03% to 105.920, the yield went down by 0.48BP to 1.5288%; T2512 went up by 0.03% to 108.500, the yield went down by 0.45BP to 1.6600%; TL2512 went up by 0.06% to 116.530, the yield went down by 0.53BP to 2.1130%.

　　Stock Market The stock markets went down today. SSE composite index went down by 32.22 points (or -0.81%) to 3939.81 points, Shenzhen component index went down by 121.52 points (or -0.92%) to 13080.49 points, and ChiNext price index went down by 35.98 points (or -1.16%) to 3069.22 points.

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