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）107.5609，上涨0.0135%，而包含利息再投资的中债综合指数（财富）256.2592，上涨0.0341%，平均市值法到期收益率为2.0037%，平均市值法久期为5.7907。

　　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期限上行1BP至1.36%；2年期收益率上行1BP至1.40%；10年期收益率下行1BP至1.82%。

　　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1.64%，3年期收益率下行1BP至1.84%，5年期收益率稳定在1.96%。中债中短期票据收益率曲线（A）1年期下行1BP至6.82%。

　　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

　　1月23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期限下行1BP至3.70%，3年期收益率下行1BP至3.67%，10年期收益率下行2BP至4.24%。

　　【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，2026年1月26日中国人民银行以固定利率、数量招标方式开展了1505亿元7天期逆回购操作。

　　货币市场

　　今日Shibor小幅波动，隔夜Shibor报1.4200%，上行2.40个基点；一个月Shibor报1.5558%，下行0.19个基点。

　　国债期货

　　1月26日，2年期国债期货主力合约TS2603下行0.02%至102.392，对应期货收益率上行1.72个基点至1.3867%；5年期国债期货主力合约TF2603下行0.02%至105.850，对应期货收益率上行0.84个基点至1.5468%；10年期国债期货主力合约T2603下行0.02%至108.180，对应期货收益率上行0.30个基点至1.7011%；30年期国债期货主力合约TL2603上行0.20%至112.510，对应期货收益率下行0.87个基点至2.3125%。

　　股票市场

　　今日沪深两市整体下跌，上证综指下跌3.56点（或-0.09% ）至4132.61点，深证成指下跌123.02点（或-0.85% ）至14316.64点，创业板指下跌30.35点（或-0.91% ）至3319.15点。

　　<< 左右滑动 >>

　　中债公募REITs日报

　　2026年1月26日，已上市78只公募REITs收盘价较前一交易日平均下跌0.39%;平均换手率为0.55%,较前一交易日下降0.52%；平均成交量为172.35万份，较前一交易日减少42.59%；总成交金额为5.40亿元，较前一交易日减少47.61%。

　　中债估值方面，今日78只公募REITs中债估值价格平均下跌0.02元，其中产权类REITs易方达华威市场价格跌幅最大,达0.10元。估值收益率方面，78只公募REITs中债估值收益率平均上行3.21BP，其中中航易商仓储物流REIT上行幅度最大，达19.26BP。

　　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 0.0135%; and the total return index including interest reinvested revenue rose by 0.0341%. In addition, the Cap-weighted YTM was 2.0037%. And the Cap-weighted duration was 5.7907.

　　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 1BP, 1BP and -1BP to 1.36%, 1.40% and 1.82%.

　　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 1.64%, 1.84% and 1.96%, respectively; while the ChinaBond CP&Note Yield Curve (A) of 1Y went down by 1BP to 6.82%.

　　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 January 23, 2026. To be more specific, the yield of US Treasury Yield Curve of 3M/3Y/10Y changed by -1BP, -1BP and -2BP to 3.7%, 3.67% and 4.24%, 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 RMB150.5 billion through quantity bidding at a fixed interest rate on January 26, 2026.

　　Money Market The Shibor fluctuated slightly today. The overnight Shibor went up by 2.40BP to 1.4200% and 1M Shibor went down by 0.19BP to 1.5558%.

　　Treasury Futures On January 26th, TS2603 went down by 0.02% to 102.392, the yield went up by 1.72BP to 1.3867%; TF2603 went down by 0.02% to 105.850, the yield went up by 0.84BP to 1.5468%; T2603 went down by 0.02% to 108.180, the yield went up by 0.30BP to 1.7011%; TL2603 went up by 0.20% to 112.510, the yield went down by 0.87BP to 2.3125%.

　　Stock Market The stock markets went down today. SSE composite index went down by 3.56 points (or -0.09%) to 4132.61 points, Shenzhen component index went down by 123.02 points (or -0.85%) to 14316.64 points, and ChiNext price index went down by 30.35 points (or -0.91%) to 3319.15 points.

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　　声 明

　　中债收益率曲线、估值和指数恪守客观、中立的立场，每日反映债券市场的行情变化情况。如果您对中债收益率曲线和指数有任何疑问或相关建议，欢迎致函或致电中债金融估值中心有限公司反映问题和交流看法。

　　本日评所载信息皆来源于已公开的资料或中债金融估值中心有限公司人员的个人分析。我公司不保证上述信息的完整与准确性，不因使用本报告产生的一切后果承担责任，只供市场成员参考。

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