S1851121 S1811563 755-2383825 wangquanrui@fcsc.com 217 4 11 4 MPA 217321 3 2 217 1 MPA 1Y 3-5Y AAA 1Y 1BP 1 2 4 3 MPA 1BP 4 MPA
First Capital Securities Corporation Limited 1 14D 28D 7 3 1 R1 R7 13BP 167BP 2.49% 2.91%DR1 DR7 15BP 54BP 2.46% 2.63%GC1 3 12.65%985BP 2.8% MPA 1 5.3 R1 R7 4.8 4.3 3.8 3.3 2.8 2.3 1.8-5 -1-15 -2-25 2 1 周一周二周三周四 -1-3 -35-3 -3-3 Wind 3 GC1 492BP 4.69% Wind 4 DR1 18.29BP 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 Wind Wind 1846.11923.8-77.7 3 32961 3.8%-4.4% 1BP 4.3%-4.75% 2BP 69-1 1 3 3% 3% 18% 9 1 39% 2
First Capital Securities Corporation Limited 74.5 3 74% 127.5 498.1 17214.674 4.4% 1Y 13BP 3.% 1-5Y 1BP 1Y3BP 3.59% 7Y 1Y 1Y 1Y 3BP 5BP 5 1Y 13BP 6 14. 12. 1. 8. 6. 4. 2.. 13.3变动 BP( 左轴 ).5 217-4-7 1.6.64 217-3-31 1.38 1y 3y 5y 7y 1y 3.4 3.2 3. 2.8 2.6 2.4 2.2 2. 3.5 3. 2.5 2. 1.5 1..5. -.5 变动 BP( 左轴 ) 217-4-7 217-3-31 3.3.7.31 1y 3y 5y -.23 -.4 7y 1y 4.2 4.1 4. 3.9 3.8 3.7 3.6 3.5 3.4 3.3 3.2 Wind 7 1Y Wind 8 3.6 3.4 3.2 3. 2.8 2.6 2.4 2.2 2. 216-1-21 中债国债到期收益率 :1 年 1Y-1Y 利差 216-2-21 216-3-21 216-4-21 216-5-21 216-6-21 216-7-21 216-8-21 216-9-21 中债国债到期收益率 :1 年 216-1-21 216-11-21 216-12-21 217-1-21 217-2-21 217-3-21 9 8 7 6 5 4 3 2 1 11. 9. 7. 5. 3. 1. -1. 1Y-1Y 国债 1Y-1Y 国开债 Wind Wind 2 2.1 46% 175 22 532.5-358 21% 43 6 29 4 3 3
First Capital Securities Corporation Limited 23.6 6 AA 7 4.9%-5.7% AA/AAA 17 2.66 89% 71.6 9 4-358 1 4 29 1 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 8 6 4 2-2 -4-6 14-243 238 554 476-4 -3-91 79-414 -258 27-117 577.8591 642.5 11-13 -164 778 746 664 58 26 284 324 175-163 -213-325 -358 4 3 2 1-1 -2 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 36 325 28.5 261.5 22 211 13.4 148 6 6 82 23 42 17 15 42 54.5 43 29 8-1.63-13 -2-32 -34-6 -61-99 -135.5 WIND 11 4 WIND 12 4 2 18 16 14 12 1 8 6 4 2 3 月第三周发行额 3 月第四周发行额 3 月第三周利率 ( 右轴 ) 3 月第四周利率 ( 右轴 ) 7. 6. 5. 4. 3. 2. 1.. 2 18 16 14 12 1 8 6 4 2 5.38 5.7 发行额 ( 亿 ) 5.7 发行利率 5.88 6 5 6.2 6 5.8 5.6 5.4 5.2 5 4.8 4.6 4.4 WIND 13 4 6 6 47 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 36 4 35 4 28 3 2 11 18 22 5 3 6-2 -11-5 -4-6 -45-48 -62-8 -73-69 -82-8 -76-81 -1-12 -19-116 -14-128 WIND WIND 14 4 71.6 25 总发行量 ( 亿元 ) 净融资额 ( 亿元 ) 2 173 15 1 78 89 55 59 71.6 5 33 32.81 15 11-5 -1-2 -33-43.99-1 WIND 4
First Capital Securities Corporation Limited 2.2 1YAAA AA+ 23BP 1BP 4.16% 4.44% 2-3BP 5Y 1Y 7BP 1Y 3-5Y 1Y AAA AA+ 1BP 4.15% 4.48% 1YAAA AA+ AA 1-2BP AAA 3-5Y 5-7BP AA+ 3-5Y 5-6BP 15 AAA 16 4.45 4.4 4.35 4.3 4.25 4.2 4.15 4.1 4.5 4 变动 BP 217-4-7 217-3-31 -.69-2.27-9.5 AAA-1Y 短融 AAA-3Y 中票 AAA-5Y 中票 -1-2 -3-4 -5-6 -7-8 -9-1 5. 4.5 4. 3.5 3. 2.5 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 215-9-24 215-1-24 215-11-24 215-12-24 216-1-24 216-2-24 216-3-24 216-4-24 216-5-24 216-6-24 216-7-24 216-8-24 216-9-24 216-1-24 216-11-24 216-12-24 217-1-24 217-2-24 217-3-24 Wind Wind 17 AAA 18 5 4.7 4.6 4.5 4.4 4.3 4.2 4.1 4. 3.9 变化 BP( 右轴 ) 217-4-7 217-3-31 1.65 -.69-2.26-2.12-9.5 4. 2.. -2. -4. -6. -8. -1. -12. 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. Wind 19 Wind 2 5
First Capital Securities Corporation Limited 4.55 4.5 4.45 4.4 4.35 4.3 4.25 4.2 4.15 4.1 4.5 收益率变动 ( 右轴 ) 217-4-7 217-3-31 -.74-4.5-5.49-6.88 1Y 收益率 3Y 收益率 5Y 收益率 7Y 收益率 -1-2 -3-4 -5-6 -7-8 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 WIND WIND 3 1Y 1BP, 1 2.37% 1 95BP 2 3 4 3 MPA 1BP 4 MPA 6
First Capital Securities Corporation Limited 7
First Capital Securities Corporation Limited 1 R1 R7 R14 R21 R1M 217-4-7 2.496 2.9123 3.159 3.6616 4.1644 217-3-31 2.6166 4.582 5.688 5.4924 4.584 BP -12.6-166.79-244.98-183.8-34.4 1y 3y 5y 7y 1y 217-4-7 2.9962 3.236 3.888 3.2336 3.2966 217-3-31 2.8632 3.186 3.782 3.2272 3.2828 BP 13.3.5 1.6.64 1.38 1y 3y 5y 7y 1y 217-4-7 3.5873 3.937 3.9919 4.1131 4.668 217-3-31 3.557 3.9339 3.9942 4.1135 4.598 BP 3.3.31 -.23 -.4.7 15y 2y 15y 2y 3y 217-4-7 3.7325 3.7476 4.2713 4.296 3.7554 217-3-31 3.7375 3.7526 4.2911 4.312 3.764 BP -.5 -.5-1.98-1.96 -.5 AAA-1Y AAA-3Y AAA-5Y AA+/1Y 短融 AA+/3Y 中票 217-4-7 4.1568 4.39 4.431 4.4368 4.589 217-3-31 4.2518 4.3159 4.4258 4.5318 4.5959 BP -9.5 -.69-2.27-9.5 -.69 5Y AA+ 5Y AA 5Y AA- 5YAA+ -5YAA+ 5YAA -5 AA 217-4-7 4.826 5.626 5.6726 11.95 23.95 217-3-31 4.8188 5.688 5.788 11.3 22.3 BP -1.62 -.62-3.62.65 1.65 AAA AAA/1Y AAA/3Y AAA/5Y AAA/7Y AAA/1Y 217-4-7 4.1536 4.2894 4.3937 4.4954 4.6262 217-3-31 4.2486 4.2963 4.4163 4.5166 4.697 BP -9.5 -.69-2.26-2.12 1.65 AA+ AA+/1Y AA+/3Y AA+/5Y AA+/7Y AA+/1Y 217-4-7 4.4836 4.6294 4.7337 4.8354 4.9662 217-3-31 4.5786 4.6363 4.7563 4.8566 4.9497 BP -9.5 -.69-2.26-2.12 1.65 AA AA/1Y AA/3Y AA/5Y AA/7Y AA/1Y 217-4-7 4.6236 4.7694 4.8837 4.9754 5.162 217-3-31 4.7186 4.7763 4.963 4.9966 5.897 BP -9.5 -.69-2.26-2.12 1.65 AAA AAA/1Y AAA/3Y AAA/5Y AAA/7Y AAA/1Y 217-4-7 4.2123 4.274 4.3496 4.4371 3.534 217-3-31 4.1896 4.3112 4.4188 4.4951 3.4597 BP -.74-4.5-6.88-5.49 7.7 AA+ AA+/1Y AA+/3Y AA+/5Y AA+/7Y AA+/1Y 217-4-7 4.5291 4.632 4.7597 4.8396 4.923 8
First Capital Securities Corporation Limited 217-3-31 4.5114 4.5819 4.6998 4.7822 4.8559 BP 1.77 5.1 5.99 5.74 6.44 AA AA/1Y AA/3Y AA/5Y AA/7Y AA/1Y 217-4-7 4.6563 4.74 4.8393 4.9458 5.264 217-3-31 4.6781 4.7474 4.8392 4.929 5.18 BP -2.18 -.74.1 1.68 2.46 WIND 2 4 4 3 / ( ) ( ) (%) 17 217-4-7 1 7 AA/AAA 4.88 -- 17 217-4-6 9.5 7 AA/AAA 4.9 2.6632 16 2 217-4-6 6 1 AA/AA+ 6.5 1.9 17 1 217-4-6 4 7 AA/AA 5.7 1.825 WIND 3 4 11 71.6 ( ) ( ) / (%) 17 217-4-7 14 5 AA+/AA+ 5.17 17 1 217-4-7 1 5 AA+/AA+ 4.63 17 217-4-7 3 3 AA/AA 17 1 217-4-6 18 6 AA+/AA+ 5.1 17 1 217-4-6 7.8 5 AA/AA 6.2 17 1 217-4-6 5 5 AA/AA 7.3 17 1 217-4-6 4 3 AA/AA 5.5 17 1 217-4-6 3 5 AA/AA 7 -- 17 1 217-4-6 2 5 AA/AA 7.6 17 2 217-4-6 1.8 3 AA/AA 7.5 17 1 217-4-5 3 5 AA/AA 7.7 Wind 4 4 7 3 31 ( ) / ( ) (BP) 17 6.9589 99.9 81,967.36 AA-/AA+ 6.5219 6.4989 2.3 13 2.8959 12.8 61,244.2 AAA/AAA 4.4197 4.424 -.43 11.941 12.39 6,849.37 AA/AA 4.611 4.738-1.27 15 2.7123 98.7 59,229.84 AA/AA 7.8676 7.9653-9.77 16 6.282 97.16 58,294.2 AA/AA 6.775 6.5531 15.44 16 8.9562 96.47 57,882.9 AA/AA 5.737 5.876-1.39 14 3.7753 85.34 51,29.91 AA/AA+ 5.3454 5.339 1.46 16 3.9562 97.77 49,246.63 AA/AA 8.177 7.82 37.68 14 4.411 13.91 45,714.77 AA+/AA+ 4.6526 4.3333 31.93 16 NPB1 4.714 99.95 45,691.16 /AA 7.5297 7.5432-1.35 9
First Capital Securities Corporation Limited 15 4.7726 11.69 4,676.96 AA/AAA 5.342 5.4134-1.92 15 4. 11.43 4,572.4 AA-/AA 7.9684 7.9275 4.9 15 5.6575 1 38,.27 AA/AA 6.8688 6.8691 -.4 15 5.5616 98.96 34,618.22 AA/AA 5.351 5.3878-3.68 16 4.9726 96.77 33,865.7 AA/AA 5.451 5.72-25.11 14 4.4137 15.68 31,524.58 AA/AA+ 5.98 6.9277-94.77 15 4.9781 14.28 31,281.75 AA/AA 5.3823 4.4279 95.44 14 4.1452 13.99 31,197.75 AA/AA 4.9387 4.5138 42.48 14 4.389 13.98 31,194.27 AA/AA 5.291 5.3297-3.6 14 4.126 13.48 31,39.84 AAA/AAA 4.9674 4.9657.17 13 5.8137 11.55 3,463.41 AAA/AAA 4.837 4.837. 12.2795 1.62 3,186.6 AAA/AAA 3.7817 4.541-75.93 17 6.8986 99.7 29,976.18 AA-/AA+ 6.2594 6.1795 7.99 12 2.482 61.8 29,652.53 AA/AA 4.6477 4.6481 -.4 15 5.757 98 29,576.73 AA/AA+ 5.796 5.8233-2.73 11 1.474 72.3 28,9.16 AA+/AA+ 4.62 4.6158.42 16 1 6.611 93.75 28,33.2 AA/AA 6.428 6.2483-2.55 13 2.937 61.53 26,949.7 AA/AA 4.9725 5.16-3.81 14 1 3.894 84.55 26,885.44 AA/AAA 4.4989 4.7399-24.1 16 5.8137 99.71 25,226.94 AA/AA 5.1619 5.5662-4.43 12 1.988 41.8 25,77.6 AA/AA+ 4.9161 6.1296-121.3 5 14 4.1945 13.39 24,813.12 AA/AA 5.32 4.988 41.12 16 2 6.5562 95.14 23,584.11 AA/AA 6.6142 7.6571-14.2 9 1 3.932 11.2 22,223.96 AA/AA 6.4997 6.9386-43.89 13 2.7836 14.86 2,972.54 AA+/AA+ 4.6857 4.7179-3.22 14 4.575 14.47 2,894.26 AA/AA 4.9995 5.1117-11.22 15 4.7918 14.16 2,832. AA/AA 4.9218 5.5993-67.75 15 8.438 13.74 2,749.66 AA+/AA+ 5.512 5.4929.83 14 4.1836 13.46 2,691.24 AA/AA 5.129 5.2948-16.58 15 5.82 13.52 2,657.19 AA/AAA 4.9212 5.1826-26.13 12 1.8986 41.32 2,629.48 AA/AA+ 5.6153 4.9683 64.7 15 4.855 12.38 2,475.86 AA/AA 5.6313 5.615 1.63 13 1.663 12.14 2,428.76 AA/AA 5.8835 5.952-6.67 15 5.137 11.87 2,374.68 AA+/AA+ 4.881 4.835-2.24 11 1.5288 14.14 2,37.1 AA/AA+ 4.85 4.5651 24. WIND 5 4 7 3 31 / ( ) ( ) (BP) 14 2.2192 13.69 37,327.68 AA/AA 6.9132 6.9263-1.31 15 1 3.4767 99.25 31,167.5 AAA/AAA 3.9763 4.535-7.72 16 1 4.137 97.65 29,295. AAA/AAA 3.5867 3.68-9.33 1
First Capital Securities Corporation Limited 13 2 2.5863 98.22 25,583.68 AA/AA 6.2644 6.8662-6.18 16 5 6.5288 87 25,573.31 AA+/AAA 6.8282 7.253-19.71 15 2 3.6767 97.89 21,74.71 AA+/AA+ 4.4259 3.5872 83.87 15 1 1.6164 99.8 19,816. AAA/AAA 4.4625 4.368 15.57 16 1 3.9397 96.63 19,326. AAA/AAA 4.1411 4.1743-3.31 16 1 3.926 95.94 19,188. AAA/AAA 4.2817 4.1417 14. 12 2.663 95.34 18,234.6 AA/AA 8.25 8.1127 9.23 13 1 1.5452 96.99 18,35.69 AA/AA 8.8867 1.9345-24.78 16 2 2.1342 98.92 14,838. AAA/AAA 3.5573 3.5622 -.5 15 1.8329 1.2 13,83.79 AA+/AA+ 5.181 4.871 23.71 16 1 3.9233 92.99 12,681.15 AA+/AA+ 6.5847 7.6293-14.47 16 3 3.9562 92 12,439.76 AA+/AA+ 6.5559 7.1755-61.96 15 2 3.3534 11.83 12,218.2 AA+/AA+ 5.769 4.4156 66.13 15 2 2.2521 1.1 11,73.39 AAA/AAA 5.2872 5.39-1.38 12 1.6877 1.5 1,93.61 AAA/AAA 4.4293 4.3832 4.62 11 1.2 1.15 1,853.76 AAA/AAA 4.62 3.5663 43.99 15 1 3.2 1.11 1,179.56 AAA/AAA 5.331 5.3471-1.7 16 1 1.941 98 7,154. AAA/AAA 4.755 3.973 1.52 12 1.482 97.8 7,135.1 AA-/AA- 1.1915 9.9951 19.64 15 3 5.2521 94.99 7,5.79 AAA/AAA 6.979 6.81 1.77 11 1.493 1 6,615.98 AA/AA 4.3774 6.3638-198.64 12.725 1.5 5,297.44 AA+/AA+ 4.8333 4.3778 45.56 15 2 3.627 11.4 5,25.4 AA+/AA+ 6.5283 6.3738 15.45 16 2 3.7726 89.3 5,215.76 AA+/AA+ 8.73 7.861 87. 13 2.2932 11.23 5,12.48 AAA/AAA 8.2215 8.2398-1.83 16 1 4.4164 96.67 4,833.5 AA+/AA+ 3.968 3.125 83.58 16 8.7836 94.72 4,736. AAA/AAA 4.3323 4.3297.27 12 1.31 1 4,629.76 AAA/AAA 4.58 5.2991-79.84 15 4.9836 1.7 4,57.94 AA/AA+ 7.2678 7.3721-1.44 12.8 11 4,465.51 AA/AA 4.533 4.4529 7.73 16 1 4.1452 98.9 4,45.5 AA/AAA 4.548 4.5446 -.38 12 1 1.137 98.5 4,427.47 AA/AA 7.2634 7.3361-7.28 15 1 3.294 97.45 4,354.28 AA/AA 6.6733 6.8883-21.51 15 1 1.6192 98.76 4,135.88 AAA/AAA 4.648 4.239 4.9 12 1 1.1233 98 4,57.69 AA-/AA+ 7.1833 7.15 3.34 16 1 3.7644 98.35 3,934. AAA/AAA 4.145 4.271-1.26 16 1 2.368 99.26 3,743.83 AAA/AAA 4.135 4.1558-2.53 12 1 3.438 11 3,657.66 AA/AA+ 7.776 6.742 33.74 WIND 11
First Capital Securities Corporation Limited 62% 65-2% 6 ±5% 6 5% 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