新华财经上海1月13日电（记者杨溢仁）跨年之后，国内债券市场呈现出鲜明的分化特征——利率债收 益率全线上行承压，信用债收益率逆势下行，信用利差被动压降，形成"利率弱、信用强"的格局。 配置需求支撑信用债走强 就具体数据来看，利率债方面，10年期国债活跃券收益率从1月5日的1.84%附近攀升至1月7日的 1.87%，全周累计上行约3BP；30年超长期国债表现更弱，收益率从2.25%攀升至2.30%，周度上行幅度 一度高达近8BP，曲线呈现陡峭化趋势。 信用债的表现则截然相反，短端品种表现尤为亮眼，1年期AAA等级中短票收益率较2025年末下行约 4.4BP，信用利差（减国开）下行约7.0BP；1月4日至9日期间，AA及以下等级信用利差大多收窄了3BP 至6BP，中低等级城投债表现相对占优。 整体而言，债市呈现出了期限分化与品种分化并存的特征，短端信用债成为资金避险的重要选择，而长 端利率债表现受多重因素压制持续调整。 "信用债逆势走强并非由单一因素驱动，而是配置需求、政策利好与市场结构等多重力量共振的结 果。"一位券商交易员告诉记者。 首先，跨年后配置盘集中发力对信用债需求形成了支撑。经历了2025年末成交寡淡 ...

Core Viewpoint - The People's Bank of China announced a reduction in the reserve requirement ratio and policy interest rates, leading to a notable divergence in short-term and long-term bond yields in the market [1][2]. Group 1: Policy Changes - The People's Bank of China lowered the reserve requirement ratio by 0.5 percentage points and the policy interest rate by 0.1 percentage points, introducing a total of ten measures to stabilize growth [1]. - Following the announcement, the 1-year government bond yield decreased by 1.75 basis points to 1.445%, while the 30-year bond yield increased by 2.45 basis points to 1.887% [1]. Group 2: Market Reactions - The bond market exhibited a clear divergence, with short-term rates continuing to decline due to improved liquidity from the policy changes, while long-term rates faced upward pressure from profit-taking sentiment [1][2]. - Market analysts noted that the short-term bond prices benefited from the liquidity injection, alleviating previous negative interest rate differentials, while long-term bonds were influenced by a shift in trading logic from "buying expectations" to "selling realities" [1]. Group 3: Historical Context and Expectations - Historical data indicates that after similar policy implementations, short-term bond yields typically decline, while long-term yields may show mixed results depending on macroeconomic conditions and policy expectations [2]. - The 7-day reverse repurchase rate was lowered to 1.4%, with expectations that secondary market repo rates will gradually align with this figure, potentially easing the yield inversion between bonds and repo rates [2].