固定收益周报 成交规模微增，信用利差多数收窄 ――信用债周报 分析师：李济安 SAC NO：S1150522060001 2026 年 2 月 24 日 核心观点： 城投债方面，坚持统筹发展和安全的原则下，城投违约的可能性很低， 城投债仍可作为信用债重点配置品种。有力有序有效推进地方融资平台出清 的严监管下，融资平台改革转型加快推进，关注"实体类"融资平台改革转 型的机会。 本期（2 月 9 日至 2 月 15 日）交易商协会公布的发行指导利率多数下行， 整体变化幅度为-4 BP 至 0 BP。本期信用债发行规模环比下降，企业债保持 零发行，其余品种发行金额减少；信用债净融资额环比减少，企业债净融资 额增加，其余品种净融资额减少，企业债、短期融资券净融资额为负，其余 品种净融资额为正。二级市场方面，本期信用债成交金额环比微增，企业债、 中期票据成交金额增加，公司债、短期融资券、定向工具成交金额减少。收 益率方面，本期信用债收益率多数下行。信用利差方面，本期多数品种信用 利差收窄。分位数来看，多数品种利差均处于历史低位，7 年期品种分位数 相对较高。绝对收益角度来看，相对旺盛的配置需求将推动信用债延续修复 行情 ...

// 债市综述 // 1. 公开市场操作 央行公告称，2月14日以固定利率、数量招标方式开展了380亿元7天期逆回购操作，操作利率1.40%，投标量380亿元，中标量380亿元。Wind数据显示， 当日无逆回购到期，据此计算，单日净投放380亿元。当周则实现净投放12469亿元。 全国和主要股份制银行一年期同业存单最新成交在1.58%附近，较上日变化不大。 春节假期后一周（2月24日-28日），央行公开市场将有22524亿元逆回购到期，其中2月24日、25日、26日分别到期14524亿元、4000亿元、4000亿元。此 外，2月25日还将有3000亿元MLF到期、1500亿元国库现金定存到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面宽松无虞，DR001加权平均利率升近5bp至1.3%上方，但拆借并无难度，DR007、DR014则均回落超10bp。 （IMM） 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 变化不大，因节前最后一日成交稀少 （*数据来源：Wind-成交统计BMW） 5. 近期城投债（AAA）各期限利差走势及数据 （ ...

证券分析师 债 券 周 评 相关研究 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 联系人 徐亚 A0230524060002 xuya@swsresearch.com 2026 年 02 月 23 日 关税再生波澜，以不变应万变 ——转债周度跟踪 20260213 ⚫ 1. 周观点及展望 ⚫ 节前最后一周转债市场情绪企稳，前期表现较弱的科技制造板块领涨，同时高价、小盘、 长久期转债依旧占优，但整体偏向弱修复，市场仍处宽幅震荡走势中。结构上重点关注两 点，一是百润等超低平价转债超预期下修，下修预期呈现扩散特征，60 元以下低平价转 债估值回升幅度较大，带动 120-130 元转债价格区间表现相对较强；二是权益"慢牛" 预期下，转债市场估值弹性主要由新券次新券和强赎转债决定，分别受科技股走势、强赎 率等因素影响，近期偏低的强赎率形成一定利好，边际上需密切关注上述因素变化。春节 假期期间港股市场整体表现一般，特朗普 ...

2025年2月到2026年2月，A股市场迎来了一轮强劲的上涨行情。 上证指数从3200点左右起步，一路攀升至4000点上方，累计涨幅达到25.58%。 深证成指的 表现更加抢眼，从11000点附近涨到15000点以上，涨幅高达38.84%。 创业板指更是从2200点飙升至3500点，涨幅接近59%。 科创50指数也不甘示弱，涨幅超过64%。 全市场5484只股票中，有4788只实现了上涨，上涨比例超过87%。 其中869只股票价格翻倍，更有100多只股票涨幅在2倍到20倍之间。 投资者们沉浸在赚钱的喜悦中，社交媒体上到处是晒收益的截图，券商营业部里开户排队的人群络绎不绝。 就在这一片欢腾的市场氛围中，却有700多只股票逆市下跌。 其中跌幅最大的10只股票，股价几乎全部腰斩，跌幅最小的也有42%。 这些股票所属行业各不 相同，有通信服务、环保设备、生物制品、零售、建筑装饰、食品加工、文化传媒、光伏设备、光学光电子等多个领域。 华星创业的股价从年内高点15.88元一路下跌到6.18元，区间跌幅达到63%。 这家通信服务行业的公司，曾经在2023年初达到20.95元的高点，如今股价已经跌回到三年前的水平。 公司20 ...

Core Insights - The A-share market concluded the Year of the Snake with all major indices showing positive performance, with the Shanghai Composite Index rising by 25.58%, the Shenzhen Component Index increasing by 38.84%, and the ChiNext Index leading with a remarkable gain of 58.73% [1] Individual Stock Performance - Nearly 4,700 stocks recorded gains throughout the year, with 779 stocks doubling in price and over 100 stocks achieving gains exceeding 200% [1] - The top ten performing stocks, excluding those listed after 2025, are: - Shangwei New Materials - Tianpu Co., Ltd. (605255) - Jiamei Packaging (002969) - *ST Yazhen (603389) - Honghe Technology (603256) - Dingtai High-tech (301377) - Feiwo Technology (301232) - *ST Yushun (002289) - Shengtong Energy (001331) - Chaojie Co., Ltd. (301005) [1] Underperforming Stocks - Despite the overall positive index performance, some stocks experienced significant declines. The top ten underperforming stocks, excluding newly listed and ST stocks, are: - Kangle Weishi - Hualian Co., Ltd. (000882) - Tianjian Co., Ltd. (301383) - Wantai BioPharm (603392) - Transsion Holdings - Guibao Pet (301498) - Yihualu (300212) - Aibo Medical - Longda Food (002726) - Beishidake (300822) [1]

Group 1 - The A-share market experienced a strong performance in the Year of the Snake, with major indices all showing positive growth. The Shanghai Composite Index rose by 25.58%, the Shenzhen Component Index increased by 38.84%, and the ChiNext Index led with a remarkable gain of 58.73% [1] - Nearly 4,700 stocks recorded gains over the year, with 779 stocks doubling in price and over 100 stocks increasing by more than 200% [1] - The top ten stocks by growth in the Year of the Snake, excluding those listed after 2025, included companies such as Shangwei New Materials, Tianpu Co., and Jiamei Packaging [1] Group 2 - Despite the overall positive index performance, some stocks experienced significant declines. The top ten stocks with the largest declines, excluding newly listed and ST stocks, included companies like Kangle Weishi, Hualian Co., and Tianjian Co. [1]

Core Viewpoint - The A-share market concluded the Year of the Snake with all major indices showing positive performance, with the Shanghai Composite Index rising by 25.58%, the Shenzhen Component Index increasing by 38.84%, and the ChiNext Index leading with a remarkable gain of 58.73% [1]. Summary by Category Market Performance - The Year of the Snake saw significant gains across major indices, with the Shanghai Composite Index up by 25.58%, the Shenzhen Component Index up by 38.84%, and the ChiNext Index up by 58.73% [1]. Stock Performance - Despite the overall positive index performance, certain stocks experienced substantial declines. The top ten stocks with the largest declines, excluding newly listed stocks and ST stocks, are: 1. Kang Le Wei Shi 2. Hua Lian Shares 3. Tian Jian Shares 4. Wan Tai Biological 5. Chuan Yin Holdings 6. Guai Bao Pet 7. Yi Hua Lu 8. Ai Bo Medical 9. Long Da Mei Shi 10. Bei Shi Da Ke [1].

Core Viewpoint - Longda Food has completed a comprehensive rectification regarding the violation of capitalizing interest on raised funds as pointed out by the Shandong Securities Regulatory Bureau, and has made retrospective adjustments to its financial reports for the relevant years [1] Group 1: Regulatory Actions - On January 30, 2026, Longda Food received a decision from the Shandong Securities Regulatory Bureau mandating corrective measures due to improper accounting practices identified during regulatory inspections [1] - The company was found to have two main accounting issues from 2021 to 2024: continuing to capitalize interest after transferring convertible bonds to fixed assets, and capitalizing interest from raised funds intended for temporary working capital [1] Group 2: Financial Reporting Adjustments - Longda Food has conducted a thorough review of its financial reports disclosed from 2021 to 2025, including quarterly and annual reports, and has released corrected annual reports and related financial statement notes on January 31 [1] Group 3: Company Background - Longda Food, established in 1996, operates primarily in the food industry, with additional segments in slaughtering and breeding, and has leading food research and development centers in Shandong, Shanghai, and Sichuan [1] Group 4: Market Information - As of the time of reporting, Longda Food's stock price is 4.10 yuan, with a market capitalization of 4.425 billion yuan [2]

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 1.32% [1] - The total market turnover reached 2.16 trillion yuan, an increase of 159.7 billion yuan compared to the previous trading day, with nearly 3,300 stocks declining [1] Sector Performance - The computing power leasing concept stocks performed strongly, with major players like Dazhi Technology achieving a four-day consecutive rise, and companies such as Capital Online and Yuke Technology hitting the daily limit [2][6] - The liquid cooling concept stocks also saw significant gains, with Shunling Environment rising over 17% and Fangsheng Co. increasing over 14% [4][6] - The CPO concept was active, with Tianfu Communication rising over 14% and several other stocks in the sector also performing well [7] Notable Stocks - Yuke Technology (688158) rose to 45.05 yuan, up 20.01% [5] - Shunling Environment (301018) reached 88.94 yuan, up 17.43% [5] - Fangsheng Co. (300249) increased to 31.40 yuan, up 14.85% [5] - Dazhi Technology (600589) saw a rise of 10% [7] Weak Sectors - The film and media sector experienced a downturn, with stocks like Hengdian Film and Bona Film hitting the daily limit down, and others like Huayi Brothers and Happiness Blue Sea also declining significantly [10][11] - The retail and food and beverage sectors showed poor performance, with companies like Hai Xin Food hitting the daily limit down [14] Future Outlook - The market is expected to enter a phase of consolidation as the pace of growth in technology and non-ferrous sectors slows down, with trading activity likely to decrease as the Spring Festival approaches [14] - There is an anticipation of a "holiday effect" as the market approaches the holiday season, with potential for stronger performance post-holiday [14]

1. 公开市场操作 央行公告称，2月11日以固定利率、数量招标方式开展了785亿元7天期逆回购操作，操作利率1.40%，投标量785亿元，中标量785亿元。同时，以固定数 量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。Wind数据显示，当日750亿元逆回购到期，据此计算，单日净投放4035亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面偏紧态势缓解有限，DR001加权平均利率小幅上行并徘徊于1.37%附近。匿名点击（X-repo）系统上，隔夜报价在1.35%供给明显收敛。 海外方面，最新美国隔夜融资担保利率为3.63%。 （IMM） // 债市综述 // 非银机构以信用债为抵押融入隔夜以及跨节资金，报价在1.6%上方。 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在1.59%附近，较上日小幅下行。 4. 银行间主要利率债收益率 涨跌不一，长券表现较好 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（A ...