光大期货金融期货日报 光大期货金融期货日报（2026 年 01 月 08 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场冲高回落后进入震荡，Wind 全 A 上涨 0.19%，成交额 2.88 | | | | 万亿元，中证 1000 指数上涨 0.53%，中证 500 指数上涨 0.78%，沪深 300 指 | | | | 数下跌 0.29%，上证 50 指数下跌 0.43%。电子、电力设备等板块继续走高， | | | | 石油石化、非银金融等板块回调，风格出现分化。资金情绪继续高涨，据统 | | | | 计，宽基型 ETF12 月净申购 1100 亿元，其中近 1020 亿元为 A500ETF。A500 | | | | 指数长期与沪深 300 走势高度相关，相关系数超过 0.98，细微差别在于 A500 | | | 股指 | 指数成长标的稍多，例如电力设备、电子等板块。在 A500ETF 获得大幅申 | 震荡 | | | 购的同时，我们关注到 Top5 会员单位 IF 净空头近期显著上涨，二者可能存 | | | | 在对冲关联。因此，相 ...

Report Industry Investment Rating No specific industry investment ratings were provided in the report. Core Viewpoints of the Report - A-share market is expected to continue its upward trend in the short term and may rise further in 2026 compared to 2025, supported by macro policies, inflation, capital market reforms, and the role of Central Huijin [1]. - The bond market is favored by asset shortages and weak economic conditions, but the central bank has recently warned of interest rate risks [1]. - Metal prices are influenced by factors such as supply disruptions, macro sentiment, and cost changes. Some metals are expected to have upward trends, while others may experience volatility or are subject to supply concerns [1]. - Energy and chemical product prices are affected by factors such as geopolitical conflicts, supply and demand, and cost support. Some products are expected to have upward trends, while others may experience volatility [1]. - Agricultural product prices are influenced by factors such as seasonal changes, policy support, and supply and demand. Some products are expected to have upward trends, while others may experience volatility [1]. Summary by Category A-shares - A-share market has continuous trading volume increase. Short-term, the index is expected to remain strong. In 2026, the index may continue to rise on the basis of 2025, supported by macro policies, inflation, capital market reforms, and Central Huijin [1]. Bonds - Asset shortages and weak economic conditions are favorable for bond futures, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision [1]. Metals - Copper: Supply disruptions and improved macro sentiment have led to a rise in copper prices, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but macro sentiment is positive, and global aluminum ingot supply is expected to tighten, leading to a strong aluminum price [1]. - Alumina: Supply has significant release potential, putting pressure on prices. However, the current price is close to the cost line, and the price is expected to oscillate [1]. - Zinc: Fundamentals have improved, and the cost center has shifted upward. With positive macro sentiment, zinc prices have risen, but the upside space is limited due to fundamental pressure [1]. - Nickel: Supply concerns have led to a significant increase in nickel prices and an increase in positions. The short-term price may be strongly oscillating, but high risks and volatility are present at high price levels. Attention should be paid to Indonesian policies and macro sentiment [1]. Industrial and Energy Chemicals - Polycrystalline silicon: Northwest production has increased, while southwest production has decreased. December production schedules for polycrystalline silicon and organic silicon have declined [1]. - Carbonate lithium: It is the traditional peak season for new energy vehicles, with strong energy storage demand and increased supply from restarts. Prices have risen rapidly in the short term [1]. - Rebar and hot-rolled coil: Futures-spot arbitrage positions can be rolled for profit-taking. The price valuation is not high, and short-selling is not recommended [1]. - Iron ore: Near-term contracts are restricted by production cuts, but the commodity sentiment is positive, and there is still an upward opportunity for far-term contracts [1]. - Silicone and ferrosilicon: There is a combination of weak reality and strong expectations. In the short term, expectations dominate, and energy consumption control and anti-involution may disrupt supply [1]. - Soda ash: The market sentiment has improved, and the supply and demand are supportive. The price is low and expected to be strong in the short term [1]. - Coking coal and coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, there may still be room for price increases, but the actual increase is difficult to judge, and volatility increases after a significant rise [1]. Agricultural Products - Palm oil: The December MPOB data is expected to be bearish, but the price is expected to reverse under themes such as seasonal production cuts, the B50 policy, and US biofuels. Short-term rebounds due to macro sentiment should be watched out for [1]. - Soybean oil: The fundamentals are strong, and it is recommended to be overweight in the oil market. Consider the spread between soybean oil and palm oil [1]. - Cotton: There is support but no driving force in the short term. Future attention should be paid to the central government's No. 1 document in the first quarter of next year, planting area intentions, weather during the planting period, and peak season demand [1]. - Sugar: There is a global surplus and increased domestic supply. The short side consensus is strong. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short term [1]. - Corn: With the release of reserve and imported grains, the supply has increased. The spot price is expected to be firm in the short term, and the futures price will oscillate within a range [1]. - Pulp: The 05 contract is expected to oscillate between 5400 - 5700 yuan/ton due to the tug-of-war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottoming out and rebounding, and the downward space for the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward driving factors. The price is expected to oscillate between 760 - 790 yuan/m³ [1]. Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia-Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact [1]. - Fuel oil: Follows the trend of crude oil in the short term, with no prominent supply-demand contradictions [1]. - Asphalt: The "14th Five-Year Plan" rush demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient. The profit margin is high [1]. - Natural rubber: The raw material cost provides strong support, the futures-spot price difference has rebounded significantly, and the midstream inventory has increased substantially [1]. - BR rubber: The upward momentum has slowed down, the spot price has led the recovery of the basis, and the processing profit has narrowed. There are positive factors for future domestic butadiene exports [1]. - PTA: The PX market has experienced a sharp rise, and the PTA market is expected to remain tight in 2026. Domestic PTA maintains high production, and the gasoline spread provides support for aromatics [1]. - Ethylene glycol: Two MEG plants in Taiwan, China, plan to shut down next month. The price has rebounded rapidly due to supply-side news, and the downstream demand is slightly better than expected [1]. - Styrene: The Asian market is stable, with suppliers reluctant to cut prices due to losses and buyers pressing for lower prices due to weak downstream demand. The market is in a weak balance, and the upward momentum depends on overseas markets [1]. - Urea: The export sentiment has eased, and the upside space is limited due to insufficient domestic demand. There is support from anti-involution and the cost side [1]. - PE: There is a risk of rising crude oil prices due to geopolitical conflicts. The supply pressure is high, and the market expectation is weak due to planned production increases in 2026 [1]. - PP: The supply pressure is high, and the downstream improvement is less than expected. The cost is supported by high propylene monomer and crude oil prices [1]. - PVC: The global production is expected to be low in 2026, but the current supply pressure is rising. The demand is weak, and the implementation of differential electricity prices in the northwest may force the clearance of PVC production capacity [1]. - LPG: The January CP has risen unexpectedly, and the import cost provides strong support. Geopolitical conflicts have increased the risk premium. The inventory accumulation trend has slowed down, and the domestic port inventory is decreasing. The long-term demand for LPG is expected to increase [1]. Aviation - It is expected to peak in mid-January. Airlines are still cautious about trial resumptions [1].

（ * 数据来源： Wind- 央行动态 PBOC ） 2. 资金面 银行间市场资金面继续维持宽松局面， DR001 加权平均利率小升并停留在 1.26% 附近。匿名点击（ X-repo ）系统上，隔夜报价在 1.25% 供给无忧；非银 机构质押存单及信用债隔夜报价在 1.40% 附近。交易员表示，元旦后逆回购集中到期央行净回笼规模顺势加大，不过对资金面扰动有限，央行最新工作 会议重提降准降息亦安抚情绪。 海外方面，最新美国隔夜融资担保利率为 3.70% 。 // 债市综述 // 1. 公开市场操作 央行 公告称， 1 月 7 日以固定利率、数量招标方式开展了 286 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 286 亿元，中标量 286 亿元。 Wind 数 据显示，当日 5288 亿元 逆回购到期 ，据此计算，单日净回笼 5002 亿元。 （ IMM ） （ * 数据来源： Wind- 国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.63% 附近，较上日小幅上行。 （ * 数据来源： Wind- 同业存单 - 发行结果） 4. 银行间主 ...

| | | | 2026-01-07 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | 1 | O/N | 1.2660 | 0.30 | | 个 | 1W | 1.4500 | 2.80 | | t | 2W | 1.4530 | 1.20 | | t | 1M | 1.5640 | 0.50 | | 价 | 3M | 1.5970 | 0.10 | | 价 | 6M | 1.6190 | 0.10 | | fr | 9M | 1.6370 | 0.00 | | 1 | 1Y | 1.6490 | 0.10 | 上海银行间同业拆放利率（1月7日） 来源：全国银行间同业拆借中心 银行间质押式回购市场方面，短期资金利率整体波动不大，隔夜品种量价齐升。具体看，DR001、R001加权平均利率分别上行0.5BP、0.6BP，报 1.2674%、1.3365%，成交额分别增加1502亿元、3763亿元；DR007、R007加权平均利率分别上行3.0BP、3.9BP，报1.4625%、1.5323%，成交额分 别减少1亿元、550亿元；D ...

1月7日，今日央行公告，为保持银行体系流动性充裕，将在1月8日开展11000亿元买断式逆回购操作。 数据显示，1月8日将有11000亿3个月期买断式逆回购到期。由此，央行1月8日开展11000亿元买断式逆 回购操作，意味着当月3个月期买断式逆回购等量续作，也是该政策工具连续第三个月等量续作。 "1月3个月期买断式逆回购未加量续作，或与金融机构资金需求的期限结构等有关，不代表央行降低流 动性投放力度。1月还有6000亿6个月期买断式逆回购到期，预计央行当月还会开展一次6个月期买断式 操作，估计加量续作的可能性比较大。"业内人士对智通财经记者表示。 "从节后两天的银行间市场资金价格看，目前资金面整体相对平稳，DR001在1.24-1.26%之间。历年来1 月份DR001均值要高于12月份，随着央行逆回购和买断式逆回购到期，预计资金面会略有收紧、资金价 格小幅上升。"另一业内人士对智通财经记者表示。 从月度情况来看，本月资金面的扰动因素包括信贷、税收、政府债缴款以及春节取现等因素，专家对智 通财经记者表示，2026年新增地方政府债务限额已提前下达，这意味着2026年1月会有一定规模的政府 债券开闸发行；另外今年1月 ...

/ 利率｜继续跌吗？一个神奇的历史规律 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 联系人 郑艺鹏 zhengyp@ctsec.com 相关报告 1. 《量化 | 30 年国债及 3 年 AAA 中短票 择时模型 》 2026-01-05 2. 《信用 | 科创债成分券能否继续反弹？》 2026-01-05 3. 《转债 | 节后转债有何季节性规律？》 2026-01-04 证券研究报告 固收专题报告 / 2026.01.07 核心观点 ❖ 开年债市连续调整，10 年国债和 30 年国债已经相继破位，从历史出发，债 市利率通常在 1 月中旬前后会选择方向，究竟是继续下跌？还是盘整后回 暖？ 遇事不决，可以先看看概率，一个神奇的规律是，统筹观察岁末年初的债市， 利率单边上行的概率极低，过去 10 年利率呈现 5 年 V 型、2 年倒 V 型、2 年单边下行、1 年单边上行，即使是 2016 年末到 2017 年初利率单边上行， 期间也有一个近 40bp 的下行波段。 ...

1. 公开市场操作 央行公告称， 1 月 6 日以固定利率、数量招标方式开展了 162 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 162 亿元，中标量 162 亿元。 Wind 数据 显示，当日 3125 亿元逆回购到期，据此计算，单日净回笼 2963 亿元。 2. 资金面 银行间市场资金面维持宽松格局， DR001 加权平均利率微升并徘徊于 1.26% 附近。匿名点击（ X-repo ）系统上，隔夜报价在 1.25% 供给充足；非银机构 质押存单及信用债隔夜报价在 1.40%-1.45% 附近。交易员表示，年初逆回购集中到期，但市场流动性受影响尚有限，本周关注央行本月首次买断式逆回购 操作情况。 海外方面，最新美国隔夜融资担保利率为 3.75% 。 （ * 数据来源： Wind- 央行动态 PBOC ） // 债市综述 // （ IMM ） （ * 数据来源： Wind- 国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.63% 附近，较上日上行超 1bp 。 （ * 数据来源： Wind- 同业存单 - 发行结果） 4. 银行间主要利率债 ...

转自：新华财经 来源：全国银行间同业拆借中心 新华财经北京1月6日电（刘润榕）人民银行6日开展162亿元7天期逆回购操作操作利率1.40%，与此前持平；鉴于当日有3125亿元7天期逆回购到 期，公开市场实现净回笼2963亿元。 上海银行间同业拆放利率（Shibor）延续窄幅震荡。具体来看，隔夜Shibor下跌0.10BP，报1.2630%；7天Shibor下跌0.10BP，报1.4220%；14天 Shibor上涨0.80BP，报1.4650%。 上海银行间同业拆放利率（1月6日） 银行间质押式回购市场方面，短期资金利率整体波动不大。具体看，DR001、R001加权平均利率分别与此前持平、下行0.1BP，报1.2628%、 1.3302%，成交额分别增加3247亿元、10123亿元；DR007、R007加权平均利率分别上行0.1BP、0.7BP，报1.4326%、1.493%，成交额分别减少105 亿元、增加655亿元；DR014、R014加权平均利率分别上行1.4BP、1.5BP，报1.4481%、1.5238%，成交额分别减少54亿元、3亿元。 货币市场利率（1月6日） 来源：全国银行间同业拆借中心 据上 ...

Report Industry Investment Rating No relevant information provided. Report Core Viewpoints - Short - term, the stock index may continue a relatively strong trend, but attention should be paid to the impact of overseas geopolitical events on market risk appetite. In the long - term, the stock index is expected to rise in 2026 based on 2025 [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1]. - Different commodities have various trends, including price increases, oscillations, and potential reversals, with corresponding investment strategies recommended [1]. Summary by Related Catalogs Macro Finance - Short - term, the stock index may continue to be strong, and in the long - term (2026), it is expected to rise on the basis of 2025 due to factors like continuous policy efforts, inflation recovery, capital market reform, and the support of Central Huijin [1]. - Asset shortage and weak economy benefit bond futures, but the central bank warns of interest - rate risks, and the Bank of Japan's interest - rate decision should be watched [1]. Metals Non - ferrous Metals - Copper: The price has further increased due to weak industry fundamentals but positive macro sentiment and continuous premium. However, short - term adjustment risks should be guarded against, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but positive macro sentiment and the early fermentation of supply - tightness expectations are likely to keep the price strong [1]. - Alumina: The supply side has a large release space, and the weak industry fundamentals put pressure on the price. However, the current price is near the cost line, so it is expected to oscillate [1]. - Zinc: The fundamentals have improved, the cost center has moved up, recent negative factors have been mostly realized, and market sentiment is volatile, leading to price oscillations [1]. - Nickel: Positive macro sentiment, concerns about supply due to Indonesian events, slow inventory accumulation, and unconfirmed Indonesian policies are likely to keep the short - term price strong. It is recommended to go long at low prices and control risks [1]. - Stainless Steel: Positive macro sentiment, concerns about raw - material supply, a rebound in nickel - iron prices, a slight reduction in social inventory, and an increase in January production plans are likely to keep the short - term futures price strong. It is recommended to go long at low prices, and enterprises should wait for opportunities to sell and hedge [1]. - Tin: The industry association's initiative has put pressure on the price, but considering the tense situation in Congo - Kinshasa, the supply may still be affected. After a short - term decline, the downward space is limited, and low - long opportunities near the support level are recommended [1]. - Precious Metals: Geopolitical risks and international - order uncertainties have boosted the demand for hedging, making the price strong in the short - term. However, the high VIX of silver indicates potential risks. Platinum and palladium are expected to fluctuate widely in the short - term, and platinum can be bought at low prices or a [long - platinum short - palladium] arbitrage strategy can be adopted in the long - term [1]. Black Metals - Iron Ore: There is a combination of weak reality (weak direct demand, high supply, and inventory accumulation) and strong expectation (potential supply disturbances from energy - consumption control and anti - involution). The near - month contract is restricted by production cuts, while the far - month contract has upward potential [1]. - Steel (including Rebar): The valuation of the price is not high, and it is not recommended to short. Positions in cash - and - carry arbitrage can take rolling profits [1]. - Glass: Supply and demand are acceptable, and the valuation is low, so the downward space is limited, and it may be under pressure to oscillate [1]. - Soda Ash: It follows the trend of glass, with acceptable supply and demand, low valuation, and limited downward space, and may oscillate under pressure [1]. - Coking Coal: The fourth - round spot price cut has started. After the futures price dropped to the corresponding position and rebounded, attention should be paid to whether it can reach a new low during the implementation of the price cut. There is a high possibility of wide - range oscillations [1]. - Coke: The logic is the same as that of coking coal [1]. Energy and Chemicals - Crude Oil: OPEC + has suspended production increases until the end of 2026, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuelan oil exports have an impact on the price [1]. - Fuel Oil: The short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five - Year Plan's rush - work demand is falsified, the supply of Marey crude oil is sufficient, and the asphalt profit is high [1]. - Asphalt: The cost is strongly supported, the spot - futures price difference is low, and the mid - stream inventory may tend to accumulate [1]. - Rubber: For natural rubber, the mid - stream inventory may tend to accumulate, and the price oscillates. For BR rubber, the futures position has declined, the price increase has slowed down, the processing profit is gradually repaired, it maintains high - level operation in terms of production and inventory, and the spot trading is weak [1]. - PTA: The PX market has experienced a sharp increase, and the domestic PTA maintains high - level operation, benefiting from stable domestic demand and the recovery of exports to India since the end of November [1]. - MEG: Two sets of MEG devices in Taiwan, China, are planned to stop production due to efficiency reasons. The price has rebounded rapidly due to supply - side news, and the downstream polyester operating rate is over 90%, with better - than - expected demand [1]. - Short - fiber: The price continues to fluctuate closely following the cost [1]. - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to reduce prices due to continuous losses, while buyers keep pressing prices due to weak downstream demand and profit compression. The market is in a weak - balance state, and the short - term upward momentum depends on overseas market drive [1]. - Steam: The upward space is limited due to insufficient domestic demand, but there is support from anti - involution and the cost side [1]. - Propylene: The supply pressure is large, the downstream improvement is less than expected, the cost is strongly supported by high - level propylene monomers and rising crude - oil prices, and there is a risk of rising crude - oil prices due to intensified geopolitical conflicts [1]. - PVC: The global production in 2026 is expected to be low, but currently, new capacity is being released, the supply pressure is increasing, and the demand is weak [1]. - Chlorine: The inventory pressure in Shandong is large, the supply pressure is high due to high - level operation and few overhauls, the non - aluminum demand is in the off - season, and the cost support is weakened by the rising price of liquid chlorine [1]. - LPG: The January CP has risen unexpectedly, providing strong cost - end support. Geopolitical conflicts in the US, Venezuela, and the Middle East have increased the short - term risk premium. The EIA weekly C3 inventory is in an accumulation trend, with a temporary slowdown in overseas demand. The domestic PDH maintains high - level operation but is deeply in deficit, and the overseas olefin blending - oil demand is acceptable [1]. New Energy and Silicon Industry - Polysilicon: There is production increase in the northwest and decrease in the southwest. The December production plan has decreased. A capacity storage platform company has been established, with a long - term expectation of capacity reduction. The terminal installation in the fourth quarter has increased marginally. Large enterprises are willing to support the price but not to deliver. The short - term speculative sentiment is high [1]. - Lithium Carbonate: It is the traditional peak season for new - energy vehicles, the energy - storage demand is strong, the supply - side production resumption has increased, and the price has risen rapidly in the short - term [1]. Agricultural Products - Palm Oil: The MPOB December data is expected to be negative, but it may reverse under themes such as seasonal production reduction, the B50 policy, and US biodiesel. If the price gaps up due to geopolitical events, short - selling can be considered [1]. - Soybean Oil: It follows the trend of other oils in the short - term, and waiting for the January USDA report is recommended [1]. - Rapeseed Oil: News of blocked trader purchases and Australian seed imports has led to a large rebound in the single - side price and the 1 - 5 spread, but it is difficult to change the subsequent loosening of the fundamental situation. A decline in sentiment is expected, and short - selling on rebounds can be considered [1]. - Cotton: The domestic new - crop harvest is expected to be good, but the purchase price of seed cotton supports the cost of lint. The downstream operation rate remains low, but the yarn - mill inventory is not high, with rigid restocking demand. The cotton market is currently in a situation of "having support but no driver", and attention should be paid to factors such as the central government's No. 1 Document in the first quarter of next year, planting - area intentions, weather during the planting period, and peak - season demand [1]. - Sugar: There is a global surplus and a large supply of domestic new - crop sugar, with a strong consensus on short - selling. If the futures price continues to fall, the cost support is strong, but the short - term fundamentals lack continuous driving forces, and attention should be paid to changes in the capital side [1]. - Corn: The grass - roots grain - selling progress is relatively fast, the current port and downstream inventory levels are still low, and most traders have not started strategic inventory building. The spot price is expected to be strong in the short - term, and the futures price is expected to have limited decline and then maintain an oscillating and strengthening trend [1]. - Soybeans: Attention should be paid to the adjustment in the January USDA report and the impact of Brazilian harvest selling pressure on CNF premiums. The M05 contract is expected to be relatively weak, while the M03 - M05 spread is expected to be in a positive - arbitrage situation in the short - term, but caution should be exercised due to potential changes in customs policies, soybean auctions, and directional policies [1]. - Pulp: The 05 contract is expected to oscillate in the range of 5400 - 5700 yuan/ton due to the tug - of - war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottom - rebounding, and the downward space of the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward - driving factors in the spot - futures market. It is expected to oscillate in the range of 760 - 790 yuan/m³ [1]. Livestock - Hogs: The spot price has gradually stabilized recently, with demand support. The slaughter weight has not been fully cleared, and the production capacity still needs to be further released [1].

【市场表现】 【操作建议】 12月31日债基赎回费新规落地，对债市利空弱于预期，叠加市场预期银行EVE指标有所放松，将利好长 债需求，因此4日至5日早盘整体债市走强。但是其后由于迁移市场走强，叠加对开年利率债供给的担忧 再度主导市场情绪，影响期债震荡偏弱，现券端来看交易盘卖出诉求较强。尾盘公告央行买债规模仅 500亿元，规模弱于预期，但是资金面平稳宽裕，相对利好短债。目前资金面宽裕支撑债市，而供给担 忧牵制长债表现，预计市场一致性行为可能放大波动，长债企稳或修复需要等到政府债供给结构逐渐明 晰后才能出现。单边策略上，暂时观望。期现策略上继续关注正套。曲线策略上，仍倾向于做陡。 国债期货收盘，30年期主力合约跌0.05%，10年期主力合约涨0.03%，5年期主力合约跌0.02%，2年期主 力合约跌0.03%。银行间主要利率债收益率多数上行，截至17：40，10年期国债活跃券收益率上行2.1bp 报1.8615%；超长期国债活跃券收益率上行3.05bp报2.282%；10年期国开债活跃券收益率上行1.95bp报 1.9495%。 【资金面】 央行公告称1月5日开展135亿元7天期逆回购，中标利率1.4%，上次中标 ...