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）107.3869，下跌0.0299%，而包含利息再投资的中债综合指数（财富）255.2269，下跌0.0086%，平均市值法到期收益率为2.1373%，平均市值法久期为5.813。

　　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期限下行3BP至1.32%；2年期收益率下行1BP至1.37%；10年期收益率上行1BP至1.84%。

　　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1.66%，3年期收益率下行1BP至1.88%，5年期收益率下行1BP至2.05%。中债中短期票据收益率曲线（A）1年期稳定在6.84%。

　　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

　　12月19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期限稳定在3.62%，3年期收益率上行3BP至3.53%，10年期收益率上行4BP至4.16%。

　　【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12月22日中国人民银行以固定利率、数量招标方式开展了673亿元7天期逆回购操作。

　　货币市场

　　今日Shibor小幅波动，隔夜Shibor报1.2720%，下行0.13个基点；一个月Shibor报1.5590%，上行0.46个基点。

　　国债期货

　　12月22日，2年期国债期货主力合约TS2603下行0.02%至102.464，对应期货收益率上行1.46个基点至1.3417%；5年期国债期货主力合约TF2603下行0.06%至105.860，对应期货收益率上行1.91个基点至1.5456%；10年期国债期货主力合约T2603下行0.09%至107.980，对应期货收益率上行2.18个基点至1.7123%；30年期国债期货主力合约TL2603下行0.28%至111.980，对应期货收益率上行2.31个基点至2.3444%。

　　股票市场

　　今日沪深两市整体上涨，上证综指上涨26.92点（或0.69% ）至3917.36点，深证成指上涨192.52点（或1.47% ）至13332.73点，创业板指上涨69.75点（或2.23% ）至3191.98点。

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　　中债公募REITs日报

　　2025年12月22日，已上市78只公募REITs收盘价较前一交易日平均下跌0.61%;平均换手率为0.58%,较前一交易日下降0.26%；平均成交量为157.14万份，较前一交易日减少23.05%；总成交金额为5.54亿元，较前一交易日减少25.05%。

　　中债估值方面，今日78只公募REITs中债估值价格平均下跌0.04元，其中经营权类REITs华泰江苏交控价格跌幅最大,达0.22元。估值收益率方面，78只公募REITs中债估值收益率平均上行8.14BP，其中浙商沪杭甬REIT上行幅度最大，达75.49BP。

　　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。

　　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 declined by 0.0299%; and the total return index including interest reinvested revenue declined by 0.0086%. In addition, the Cap-weighted YTM was 2.1373%. And the Cap-weighted duration was 5.813.

　　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 -3BP, -1BP and 1BP to 1.32%, 1.37% and 1.84%.

　　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, -1BP and -1BP to 1.66%, 1.88% and 2.05%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y was stable at 6.84%.

　　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 December 19, 2025. To be more specific, the yield of US Treasury Yield Curve of 3M/3Y/10Y changed by 0BP, 3BP and 4BP to 3.62%, 3.53% and 4.16%, 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 RMB67.3 billion through quantity bidding at a fixed interest rate on December 22, 2025.

　　Money Market The Shibor fluctuated slightly today. The overnight Shibor went down by 0.13BP to 1.2720% and 1M Shibor went up by 0.46BP to 1.5590%.

　　Treasury Futures On December 22nd, TS2603 went down by 0.02% to 102.464, the yield went up by 1.46BP to 1.3417%; TF2603 went down by 0.06% to 105.860, the yield went up by 1.91BP to 1.5456%; T2603 went down by 0.09% to 107.980, the yield went up by 2.18BP to 1.7123%; TL2603 went down by 0.28% to 111.980, the yield went up by 2.31BP to 2.3444%.

　　Stock Market The stock markets went up today. SSE composite index went up by 26.92 points (or 0.69%) to 3917.36 points, Shenzhen component index went up by 192.52 points (or 1.47%) to 13332.73 points, and ChiNext price index went up by 69.75 points (or 2.23%) to 3191.98 points.

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