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11月份债券市场主要特点为:中债净价总指数快速冲高后平台整理,利率产品指数领涨,国债收益率期限利差进一步增加,高等级企业债收益率曲线降幅小于国债收益率曲线,企业债信用利差整体上行。债券市场在11月中下旬已调整到位,而近期存款准备金率下调使得机构前期政策利好预期最终得到证实,做多热情受到鼓舞。未来在各方因素支持下,债券市场有望迎来新一波上涨行情,国债收益率曲线将继续陡峭下行,企业债信用利差将窄幅振荡。
The main features of the bond market in November were as follows: the total index of net debt in the net broke higher after the platform was rectified, the index of interest rate products led the rise, and the spread of the bond yields further increased. The curve of the high-grade corporate bonds saw a smaller decrease than the curve of the bond yields, Corporate bond credit spreads overall upward. The bond market has been adjusted in mid-to-late November, and the recent easing of the deposit reserve ratio has finally confirmed the positive expectations of the pre-government policies and is encouraged by the enthusiasm to do so. In the future, with the support of various factors, the bond market is expected to usher in a new wave of rising prices. The bond yield curve will continue to decline steeply and the credit spread of corporate bonds will fluctuate within a narrow range.