S1851121 S1811563 755-2383825 wangquanrui@fcsc.com 217 4 25 217417 217411 4 MPA 217321 3 2 217 431 OMO 36 MLF 4955 431 R1 R7 27BP 14BP 2.82% 3.54% 17-2BP 12 217 12 MTN1 4 27 8 6.1% 216 5.78 5
First Capital Securities Corporation Limited 1 431 OMO 36 19 MLF 4955 2345 431 R1 R7 27BP 14BP 2.82% 3.54% DR1 DR7 27BP 14BP 2.67% 2.81%GC1 GC7 6BP 1 2 431 5.3 R1 R7 4.8 4.3 3.8 3.3 2.8 2.3 1.8 6 5 4 3 2 1-1 -2-3 逆回购 逆回购到期 MLF 投放 MLF 到期 净投放 4755 6 2 4 周一 周二 周三 周四 周五 -1645 3 GC1 6BP 3.16% 4 DR1 27BP 2.67% 3. 25. 2. 15. 1. 5.. GC1: 加权平均 GC7: 加权平均 5.5 5. 4.5 4. 3.5 3. 2.5 2. 1.5 DR1 DR7 DR14 3568.5 25% 326.9 37.6 4988.6 1 3.75%-5.2% 4.3%-4.75% 4.2%-4.9% 11% 28% 77321.8 13% 85.7 14-249.3 1 17 1 7BP 4.11% 17 5 4.27%677.342 5 2
First Capital Securities Corporation Limited 3.76% 3.5% 3.57% 2BP 1Y 3Y 5Y 7Y 1Y7.2BP 1.5BP 14.7BP 16.7BP 1.2BP 3.11% 3.16% 3.32% 3.49% 3.46% 5Y 7Y 1Y 1BP 5 6 18. 16. 14. 12. 1. 8. 6. 4. 2.. 变动 BP( 左轴 ) 217-4-21 16.67 217-4-14 14.65 1.51 1.15 7.17 1y 3y 5y 7y 1y 3.6 3.4 3.2 3. 2.8 2.6 2.4 2.2 2. 16. 14. 12. 1. 8. 6. 4. 2.. -2. 变动 BP( 左轴 ) 217-4-21 217-4-14 13.4 12.13 9.12 2.14 -.11 1y 3y 5y 7y 1y 4.4 4.2 4. 3.8 3.6 3.4 3.2 7 5-7Y 8 1BP 3.6 3.4 3.2 3. 2.8 2.6 2.4 2.2 2. 中债国债到期收益率 :1 年 1Y-1Y 利差 中债国债到期收益率 :1 年 9 8 7 6 5 4 3 2 1 11. 9. 7. 5. 3. 1. 1Y-1Y 国债 1Y-1Y 国开债 216-2-5 216-3-5 216-4-5 216-5-5 216-6-5 216-7-5 216-8-5 216-9-5 216-1-5 216-11-5 216-12-5 217-1-5 217-2-5 217-3-5 217-4-5-1. 2 2.1 68% 959.689 773.5186.1 16% 448 28 348 224% 213.932.9 3
First Capital Securities Corporation Limited 57.4AA 7 5.4%-6.5% 7% 185.5131.36 AAA 5 AAA 4.6%-5.5% 1 9 4 186.1 12 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 8 6 4 2-2 -4-6 554 476-3 -91 79-414 -258 27-117 778 746 577.8591 642.5 664 11-13 -164 58 26 284 324 17 572.5-163 -213-225 -325-362.5 11 4 959.6 186.1 1 4 348 5 4 3 2 1-1 -2 23 6 82 42 8 17 15 42-1.63 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) -13-2 -32-61 -135.5 36 325 28.5 261.5 22 211 13.4 148-99 12 4 54.5 43 29-34 448 387 34 25 25 2 15 1 5 4 月第二周发行额 4 月第三周发行额 4 月第二周利率 ( 右轴 ) 4 月第三周利率 ( 右轴 ) 25 6.6 6. 5.1 5.5 4.7 5.1 5.6 2 5.1 5.3 5.3 5.3 5. 5.1 4.7 4.9 5.1 5. 4.3 15 4. 4. 3.8 4. 3. 2. 1.. 1 5 求和项 : 发行额 ( 亿 ) 5.2 5.2 5.1 6.3 平均值项 : 发行利率 5.5 5.2 7. 6. 5.4 5. 4. 3. 2. 1.. 13 4 57.4 14 4 131.4 25 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 213.9 2 15 1 66 57.4 5 36 11 18 22 4 35 28 3 5 3 6-11 -5-12 -5-45 -48-62 -1-73 -8-76 -69-81 -15-128 -19-116 25 2 15 1 5-5 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 173 182.91 131.36 78 89 73.17 55 59 33 32.81 15 11 217-1-8 217-1-15 217-1-22 217-1-29 217-2-5 217-2-12 217-2-19-1 -2-33 217-2-26 217-3-5 217-3-12 217-3-19 217-3-26 217-4-2 217-4-9 217-4-16 217-4-23 4
First Capital Securities Corporation Limited 2.2 1Y 3Y 5Y 22BP 22BP 17BP 1-3Y 12-15BP 6-12BP 5Y 1Y 5-11BP 16 16 17 1-3Y 22BP 5-7Y 13-17BP 17-2BP 15 AAA 16 4.7 4.6 4.5 4.4 4.3 4.2 变动 BP 217-4-21 217-4-14 22.41 22.2 17.44 25 2 15 1 5. 4.5 4. 3.5 3. 中债中短期票据到期收益率 (AAA):1 年中债中短期票据到期收益率 (AAA):3 年中债中短期票据到期收益率 (AAA):5 年 1 年国债 4.1 4 3.9 AAA-1Y 短融 AAA-3Y 中票 AAA-5Y 中票 5 2.5 215-1-15 215-11-15 215-12-15 216-1-15 216-2-15 216-3-15 216-4-15 216-5-15 216-6-15 216-7-15 216-8-15 216-9-15 216-1-15 216-11-15 216-12-15 217-1-15 217-2-15 217-3-15 217-4-15 17 AAA 18 5 4.8 4.6 4.4 4.2 4. 3.8 变化 BP( 右轴 ) 217-4-21 217-4-14 22.4 22.2 17.44 12.58 12.89 25. 2. 15. 1. 5.. 4. 3. 2. 1.. -1. -2. -3. 216-1-1 216-2-1 5 年 AA+ 城投 - 中票 5 年 AA 城投 - 中票 216-3-1 216-4-1 216-5-1 216-6-1 216-7-1 216-8-1 216-9-1 216-1-1 216-11-1 216-12-1 217-1-1 217-2-1 217-3-1 217-4-1-4. -5. 19 2 5
First Capital Securities Corporation Limited 4.7 4.6 4.5 4.4 4.3 4.2 4.1 收益率变动 ( 右轴 ) 217-4-21 217-4-14 19.77 16.91 18.13 13.61 25 2 15 1 5 15 13 11 9 7 5 3 1 AA 级 7Y-1Y 期限利差 AAA 级 7Y-1Y 期限利差 AA+ 级 7Y-1Y 期限利差 4 1Y 收益率 3Y 收益率 5Y 收益率 7Y 收益率 2.3 12217 11CP1 15MTN1 12 CP1 216 A+ 11 2 11 1 13 CP1 4 12 11 1 11 22 218 4 12 CC 12 MTN1 216-7.43 215 216 216 5.78 12 MTN1 4 27 8 6.1% 3 6
First Capital Securities Corporation Limited 4 Jean-Luc Mélenchon 21 FT 22 7
First Capital Securities Corporation Limited Wind 5 MPA 8
First Capital Securities Corporation Limited 9
First Capital Securities Corporation Limited 1 R1 R7 R14 R21 R1M 217-4-21 2.8152 3.5439 3.9324 4.4385 4.586 217-4-14 2.4453 2.8446 3.3164 4.854 4.2679 BP 36.99 69.93 61.6 35.31-2.93 1y 3y 5y 7y 1y 217-4-21 3.15 3.1635 3.3215 3.4896 3.4614 217-4-14 3.333 3.584 3.175 3.3229 3.3599 BP 7.17 1.51 14.65 16.67 1.15 1y 3y 5y 7y 1y 217-4-21 3.6665 4.183 4.195 4.335 4.1738 217-4-14 3.6676 3.9969 4.737 4.1965 4.826 BP -.11 2.14 12.13 13.4 9.12 15y 2y 15y 2y 3y 217-4-21 3.8383 3.8583 4.3563 4.3761 3.8668 217-4-14 3.7371 3.7571 4.2894 4.39 3.7652 BP 1.12 1.12 6.69 6.71 1.16 AAA-1Y AAA-3Y AAA-5Y AA+/1Y 短融 AA+/3Y 中票 217-4-21 4.3884 4.5758 4.6255 4.7384 4.9158 217-4-14 4.1643 4.3538 4.4511 4.4443 4.6338 BP 22.41 22.2 17.44 29.41 28.2 5Y AA+ 5Y AA 5Y AA- 5YAA+ -5YAA+ 5YAA -5 AA 217-4-21 5.19 5.2919 5.9119 5.64 18.64 217-4-14 4.7578 5.378 5.6678 2.67 16.67 BP 24.41 25.41 24.41 2.97 1.97 AAA AAA/1Y AAA/3Y AAA/5Y AAA/7Y AAA/1Y 217-4-21 4.3851 4.5562 4.616 4.6449 4.7374 217-4-14 4.1611 4.3342 4.4416 4.5191 4.685 BP 22.4 22.2 17.44 12.58 12.89 AA+ AA+/1Y AA+/3Y AA+/5Y AA+/7Y AA+/1Y 217-4-21 4.7851 4.9562 4.996 5.249 5.1174 217-4-14 4.4911 4.6742 4.7816 4.8591 4.9485 BP 29.4 28.2 21.44 16.58 16.89 AA AA/1Y AA/3Y AA/5Y AA/7Y AA/1Y 217-4-21 4.9751 5.962 5.166 5.1849 5.2774 217-4-14 4.6311 4.8142 4.9316 4.9991 5.885 BP 34.4 28.2 23.44 18.58 18.89 AAA AAA/1Y AAA/3Y AAA/5Y AAA/7Y AAA/1Y 217-4-21 4.375 4.4658 4.5471 4.5888 3.534 217-4-14 4.214 4.2681 4.3658 4.4527 3.4597 BP 16.91 19.77 18.13 13.61 7.7 AA+ AA+/1Y AA+/3Y AA+/5Y AA+/7Y AA+/1Y 217-4-21 4.624 4.7513 4.8497 4.8947 4.9587 1
First Capital Securities Corporation Limited 217-4-14 4.4668 4.6126 4.7452 4.8363 4.914 BP 15.36 13.87 1.45 5.84 4.47 AA AA/1Y AA/3Y AA/5Y AA/7Y AA/1Y 217-4-21 4.7295 4.8496 4.9622 5.321 5.1112 217-4-14 4.5987 4.7325 4.8357 4.9461 5.319 BP 13.8 11.71 12.65 8.6 7.93 2 4 17 213.9 / ( ) ( ) (%) 17 217-4-21 13.7 7 AA-/AA+ 6 1.365 17 217-4-21 12.5 7 AA/AAA 5.35 2.72 17 217-4-2 25 7 AA+/AA+ 5.4 1 17 217-4-2 11.2 7 AA/AA 6.5 1.446 17 217-4-2 1 7 AA/AAA 5.5 2.65 17 217-4-2 1 7 AA/AAA 5.6 1.7 17 217-4-19 12 7 AA/AAA 5.4 3.7667 17 217-4-19 5 7 AA/AA 6.5 1 17 1 217-4-18 2 5 AAA/AAA 4.2 1 17 217-4-18 17.3 7 AA/AAA 5.48 1.6994 17 217-4-18 17 7 AA/AAA 5.65 1.2471 17 217-4-18 14 7 AA-/AA 7.1 1.857 17 217-4-18 13.3 7 AA/AA 7.1 1.1654 17 1 217-4-18 1 7 AA/AA 6.99 1.37 16 2 217-4-18 1 7 AA/AA 6.98 1.16 17 217-4-17 8 7 AA/AAA 5.5 3.2563 17 217-4-17 4.9 4 AA/AA 6.9 2.1419 3 4 13 185.5 ( ) ( ) / (%) 17 1 217-4-21 3 5 AAA/AAA 4.7 17 1 217-4-21 15 5 AAA/AAA 4.95 17 1 217-4-21 6.5 5 AA/AA+ 5.5 17 2 217-4-21 5 3 AAA/AAA 5.8 17 1 217-4-21 2 3 AA/AA 7.15 17 2 217-4-21 2 7 AAA/AAA 5 17 1 217-4-2 3 5 AAA/AAA 4.55 17 217-4-2 3 5 AAA/AAA 4.68 17 1 217-4-2 1 5 AAA/AAA 4.6 17 Y1 217-4-19 5 5 AAA/AAA 5.43 17TCL1 217-4-18 1 5 AAA/AAA 4.8 17 1 217-4-17 2 3 AAA/AAA 4.45 17 2 217-4-17 2 5 AAA/AAA 4.6 Wind 11
First Capital Securities Corporation Limited 4 4 21 4 14 ( ) / ( ) (BP) 16 6.1699 96.99 138,655.61 AA/AA 6.7621 6.6161 14.6 16 6.6466 97.5 122,983.72 AA-/AA 7.2267 7.722 15.45 17 6.988 1 113,927.84 AA-/AA+ 6.4996 6.5 -.4 16 1 6.6247 95 95,281.1 AA/AA 6.282 6.1445 13.57 17 6.9781 99.5 93,964.5 AA/AA 5.9197 5.7999 11.98 16 6.337 94.71 85,236.57 AA/AA 6.321 5.5133 51.88 15 8.247 12.6 72,634.21 AA+/AA+ 5.5141 5.3185 19.56 16 8.9178 96 67,237.89 AA/AA 5.885 5.6975 11.1 15 8.55 14.57 52,37.69 AA+/AA+ 5.336 5.2111 9.25 14 4.986 14.13 52,23.25 AA/AA 6.249 6.5669-31.79 14 3.737 85.23 51,145.44 AA/AA+ 5.3554 5.3567 -.13 14 3.8712 84.49 5,696.79 AA/AA 4.9957 4.958 4.49 11 1.6466 12.48 49,159.32 AA+/AA+ 4.75 4.126 57.9 16 6.27 97 48,694.79 AA/AA+ 6.3912 6.2673 12.39 16 5.937 97.8 48,624.14 AA/AA 5.8343 5.764 7.3 16 2 9.9616 1 44,977.73 AA/AA+ 6.4982 6.4993 -.11 11.726 11 44,648.99 AA/AA 4.9882 4.871 11.81 14 4.114 13.9 43,214.42 AA/AA 5.5236 5.3432 18.4 13 3.4932 83.11 42,92.84 AA/AA 4.8227 3.6311 119.16 1 3.94 13.78 41,51.28 AAA/AAA 4.1695 4.7631-59.37 16 1 8.926 93.91 41,191.77 AA+/AA+ 5.6514 5.6836-3.22 14 4.82 15.43 4,69.33 AA/AA 5.33 5.35.25 16 6.325 94.69 39,846.2 AA/AA 5.719 5.7171 -.63 16 1 6.192 97.49 38,994.96 AA+/AA+ 5.2169 4.7316 48.53 16 6.231 98.53 38,934.77 AA/AA+ 5.7112 6.814-37.2 16 8.7699 97.37 38,798.28 AA+/AA+ 4.5784 4.7292-15.8 15 5.6493 97.85 38,153.69 AA/AA+ 5.2631 5.2569.62 16 1 9.5753 94.63 37,852.4 AA+/AA+ 5.4797 5.4775.22 16 6.337 94.41 37,764.52 AA/AA 6.536 5.8742 17.94 16 6.341 95.37 36,253.5 AA/AA 6.6494 6.612 3.74 16 6.4932 93.59 35,62.8 AA-/AA 6.6688 6.6664.24 16 1 6.1315 98.32 35,395.13 AA/AA 6.9211 6.4323 48.88 17 1 4.9781 1 34,99.34 AAA/AAA 5.8998 5.8991.8 16 6.1753 96.17 34,555.9 AA+/AA+ 5.1514 3.7372 141.42 16 1 9.192 97.43 33,126.81 AAA/AAA 4.341 4.248 9.93 16 6.525 93.1 32,574.18 AA/AA 7.58 7.815-3.7 5 / 4 21 4 14 12
First Capital Securities Corporation Limited ( ) ( ) (BP) 15 1 3.1616 1.5 56,855.74 AAA/AAA 5.2537 5.2573 -.35 16 1 2.5671 96.98 51,399.5 AAA/AAA 4.2467 2.9823 126.43 15 2 2.2137 1.2 4,717.81 AAA/AAA 5.2249 5.212 1.47 16 2 1.9178 1.2 35,239.74 AA+/AA+ 6.4723 6.792 39.32 16 1 8.863 96.4 3,848. AAA/AAA 3.8244 3.338 48.64 14 1.1945 99.91 26,853.21 /AAA 4.4441 4.1927 25.14 16 5 6.494 85.2 23,541.81 AA+/AAA 6.663 6.4396 22.7 13 2 2.5479 98.8 21,25.32 AA/AA 5.998 5.8821 11.6 16 G2 8.8658 96.16 19,232. AAA/AAA 3.7449 3.1967 54.82 16 1 3.968 94.14 18,85.4 AAA/AAA 5.869 4.5892 49.77 12 1.3699 98.13 17,615.44 AA-/AA- 9.9825 9.6425 34. 12.5479 99.74 16,621.5 AA/AA 5.3171 5.3465-2.94 15 2 1.5425 1.31 15,78.1 AA+/AA+ 6.3996 6.139 26.86 16 4 4.1671 99.5 15,587.94 AA/AA 7.1577 7.71 8.68 15 1 8.627 99.5 14,58.2 AA+/AAA 4.3562 4.3561.1 15 2 3.6932 11 14,569.96 AA/AA 6.951 7.2671-31.61 15 3 5.2137 13.81 14,15.53 AAA/AAA 6.756 6.289 4.67 15 1 1.3123 99.9 12,49.5 AA/AA 4.7512 3.127 163.5 15 1 3.427 98.8 11,856. AA+/AA+ 4.9992 4.2879 71.13 15 1 3.357 99.1 1,91. AAA/AAA 4.3744 4.2748 9.96 16 3.7452 1.3 1,784.81 AA+/AA+ 6.922 5.9326 15.96 16 3 6.396 93.92 1,572.7 AAA/AAA 4.3266 3.265 112.2 16 1 3.8849 94 1,183.96 AA+/AA+ 6.1653 5.729 43.62 16 3 3.941 97.7 9,384.68 AA+/AA+ 4.1398 4.943 4.55 15 3.4795 95.21 8,615.63 AA/AA 7.289 7.2826-25.38 15 1 3.5397 11 8,37.16 AA/AA 6.6295 6.6313 -.18 16 1 3.7699 85.8 8,31.81 AA/AA 1.2185 9.7979 42.6 13 1 1.568 98.23 8,178.78 AA/AA 8.329 7.1577 87.53 16 1 3.8822 95.76 8,139.6 AAA/AAA 4.7668 3.3432 142.37 16 2 3.7342 91.35 8,13.49 AA+/AA+ 7.6125 7.3833 22.92 16 2 6.9178 95.56 7,644.8 AAA/AAA 4.2517 3.4978 75.39 13 4 1. 99.19 7,47.31 AA+/AA+ 5.622 5.678-7.58 15 2 3.4219 98.6 6,92. AA+/AA+ 4.9421 4.2977 64.44 15 1 3.5836 98.3 6,79.56 AA+/AA+ 4.6655 4.539 12.65 16 1 3.8767 1 6,725.27 AA/AA 5.5619 5.336 23.13 12 1.589 1.25 6,252.69 AAA/AAA 4.188 4.1185-9.97 12 1 1.7452 1.9 6,251.56 AA/AA 4.9247 4.6447 28. 16 1 4.795 99.65 6,219.67 AA+/AA+ 5.299 5.1928 9.81 12.3589 1.18 6,57.65 AA+/AA+ 5.4521 5.1468 3.53 16 1 4.1945 97.3 6,5.75 AA/AA 5.9152 5.172 74.5 15 3.2274 1.4 5,85.93 AAA/AAA 4.816 4.7953.64 13
First Capital Securities Corporation Limited 6 2% 6 5-2% 6 ±5% 65% 115 15-2 TEL:755-25832583 FAX:755-25831718 P.R.China:51828 www.firstcapital.com.cn 9 8 TEL: 1-63197788 FAX: 1-63197777 P.R.China:114 53 TEL:21-68551658 FAX:21-68551281 P.R.China:2135