信用｜理财为什么没有加配信用债

固收专题报告固收专题报告/表1:收益率与利差动况 4表2:跨630后理财累计买入信用债规模 6表3:跨季前后理财模量 7表4:各类信用债周净资及累计净融资 表5:城投债分区域融情况 12表6:产业债分行业融情况 13表7:各类信用债发期占比（按金额） 14表8:各类信用债投倍占比（按金额） 15表9:各类信用债成剩期限占比（按金额） 16表10:各类信用债成交含评级占比（按金） 17单位：bp收益率变动1Y 2Y 3Y国债国开债地方债中短期票据(AAA)3.4 0.3 -0.53.80.7单位：bp收益率变动1Y 2Y 3Y国债国开债地方债中短期票据(AAA)3.4 0.3 -0.53.80.7 1.31.0-2.0-4Y 5Y-0.6 0.30.6 0.4- -0.9 0.5 0.4 0.8 0.67Y-0.1-0.4--0.310Y单位：bp0.1地方债-0.0-1.00.8企业债(AAA)AA+)1Y-2.8利差变动(vs国开)2Y 3Y 4Y 5Y-2.7-1.3-0.6 -0.47Y 10Y0.4 -1.0-2.8-3.1-3.1-3.3-1.9 -1.8-6.81.30.3-3.3-1.3-1.71.3-2.8-0.80.5 -1.00.5 -1.0企业债(AA)企业债(AA-)城投债(AAA)城投债(AA+)城投债(AA)城投债(AA(2))0.7-1.0 -1.00.70.1-0.40.20.7-1.01.1-0.7-0.5-0.6-3.0-0.30.31.9 -0.4 0.1-0.1 -6.4 -2.91.7-0.6 -0.41.6-2.2-1.0-3.4-2.4-1.1企业债(AA-)-4.0城投债(AAA)-1.2城投债(AA+)-2.5城投债(AA)-2.5城投债(AA(2))-2.0-3.1-3.7-4.2-3.6-3.1-1.70.4-1.4-1.2-1.3-4.3 -0.7 -6.8-1.6 1.1 -1.0-1.0 1.0 -2.6-1.0-0.7 -0.40.3-0.1 -0.1-3.3-0.60.5-2.5 -4.0-0.1 -1.1-0.7 -2.4-3.1 -2.4-2.1 -1.9-2.0 -0.0 0.9银行永续债(AAA-)0.3 -0.9 -0.3 0.2 0.4 -0.2 0.3中短期票据(AAA)-2.8-0.2-0.90.20.20.00.8中短期票据(AA+)-2.8-2.3-0.91.2-0.80.00.8中短期票据(AA)-2.8-3.3-0.9-0.8-2.80.00.8

1行情回顾：信用债略有走弱上周信用债整体略有走弱、内部分化，多数利差被动收窄，仅普信长端主动压缩。0-1bp；2Y6bp7Y及0-0.5bp。固收专题报告/企业债(AA+)0.71.00.01.9-0.40.1固收专题报告/企业债(AA+)0.71.00.01.9-0.40.1-1.1企业债(AA)-3.1-1.7-2.31.3-0.80.5-1.0中短期票据(AA+)0.9-1.5中短期票据(AA+)0.9-1.50.41.8-0.4-0.30.8中短期票据(AA)0.9-2.50.4-0.2-2.4-0.30.8中短期票据(AA-)企业债(AAA)0.90.7-2.52.0-0.6-2.0-1.2-1.1-2.40.1-1.1城投债(AA-)1.70.10.6-1.5城投债(AA-)1.70.10.6-1.50.9-2.4-2.0银行二级债(AAA-)0.20.50.71.2-0.4-0.20.3银行二级债(AA+)0.51.00.81.3-0.4-0.10.3银行二级债(AA)0.51.00.80.3-2.4-0.10.3银行二级债(AA-)0.51.00.8-0.7-2.4-0.10.3城投债(AA-)-2.1-0.6-0.7-2.10.5-2.1-1.9银行二级债(AAA-)-3.6-0.2-0.60.6-0.70.20.4银行二级债(AA+)-3.30.3-0.50.7-0.70.20.4银行二级债(AA)-3.30.3-0.5-0.3-2.70.20.4银行二级债(AA-)-3.30.3-0.5-1.3-2.70.20.4银行永续债(AAA-)-3.5-1.6-1.6-0.40.00.20.4银行永续债(AA+)0.3-0.9-0.30.20.4-0.20.3银行永续债(AA+)0.3-0.9-0.30.20.4-0.20.3银行永续债(AA+)-3.4-1.6-1.6-0.40.00.20.4银行永续债(AA)0.3-0.9-0.30.20.4-0.20.3银行永续债(AA)-3.4-1.6-1.6-0.40.00.20.4银行永续债(AA-)0.3-0.9-0.30.20.4-0.20.3银行永续债(AA-)-3.4-1.6-1.6-0.40.00.20.4 固收专题报告/2.84TKN成交64.8%59.3%一般固收专题报告/图3:信用债平均成交久走势 图4:信用债TKN占比和低值成交占比位年 位：%近期观察：理财的需求去哪了？上周信用债整体走势疲软，截至目前，7月未出现理财回流带动的季节性行情，月理财需求更弱，且评级调整0-2年普通信用债、3-5跨季后，信用债回暖程度一般，明显弱于过去5年季节性水平。以中短期票据(AA):35130.79bp6固收专题报告/图5:历年630后中短期票据(AA):3年信用利差累计变动情况固收专题报告/7月13815.526131135.21亿元的净买入量明显较少。图6:跨级前后理财+基金净买入信用债规模313.662024年、2025738.90亿元、418.28501.86202420251159.851891.3120242025年同期的43.27%、26.54%。表2:跨630后理财累计净买入信用债规模理财净买入信用债规模 基金净买入信用债规模T1-T3 T1-T5 T1-T10 T1-T13 T1-T3 T1-T5 T1-T10 T1-T132024106.42191.40518.35738.902024231.38529.11765.131,159.85 2025 50.55121.70227.34418.282025735.221,232.021,524.171,891.31202646.70111.58262.13313.662026-44.1175.05401.19501.86单位：亿元注：跨季后净买入规模从跨季后的第一个交易日开始计算，T1-T3指的是跨季后第1-3个交易日净买入规模，以此类推固收专题报告固收专题报告/在利率走势、信用风险扰动（评级调整、城投政策）之外，我们认为上述市场表现与理财需求偏弱有关，具体包括理财规模回流一般、货币中介收费摩擦与信用债性价比并不突出三方面。理财规模回流一般0.1930.386210.87理财规模季节性变化普益标准表3:跨季前后理财规模增量3月跨季前后理财增量对比20222023202420252026202220232024202520262022/3/272023/3/262024/3/312025/3/232026/3/2928.8125.3026.2430.1431.842022/4/32023/4/22024/4/72025/3/302026/4/528.5624.2027.8929.0231.092022/4/102023/4/92024/4/142025/4/62026/4/1229.0025.2828.2630.3431.212022/4/172023/4/162024/4/212025/4/132026/4/1929.1625.4428.4530.5831.47变动0.601.232.201.570.386月跨季前后理财增量对比20222023202420252026202220232024202520262022/6/262023/6/252024/6/302025/6/222026/6/2829.4325.8428.0531.3831.722022/7/32023/7/22024/7/72025/6/292026/7/528.8824.7529.3031.0231.852022/7/102023/7/92024/7/142025/7/62026/7/1229.7925.9429.5531.1432.042022/7/172023/7/162024/7/212025/7/1329.9626.1529.6930.96变动1.081.411.64-0.060.19普标准 单：亿元71.24%图8:近期理财平均年化益走势 图9:跨季前后理财收益年对比 益准 仅含金理和定益类（纯固收类、固收+类）产品，不包含权益类产品，下同

单位：%

普标准 注收率近7日均化固收专题报告固收专题报告/21710货币中介收费摩擦71711图10:7月以来信用债成交笔数明显下滑固收专题报告固收专题报告/信用债性价比并不突出34%56%。图11:理财对于各类资产的配置占比1.47%和1.44%，1Y5.2bp图12:1Y信用债和同业存单价 图13:1Y信用债和逆回购比价 Q273-5Y固收专题报告/固收专题报告/机构行为：基金和理财买入力度下滑（7.13.172.61-3Y22.883-5Y债1-3Y5-10Y图14:保险机构二级市场度买入普信债规模 图15:保险二级市场周度买二永债规模单：元 单：元基金对普信债净买入规模有所下滑，上周合计净买入规模123.15亿元，主要增持1Y以内短债。二永债方面，基金净买入力度大幅下滑，上周合计净买入75.46亿元，主要增加了3-5Y期限品种配置。图16:基金机构二级市场度买入普信债规模 图17:基金二级市场周度买二永债规模单：元 单：元理财对普信债增持规模90.25亿元，环比小幅下降，主要增持3Y以内期限品种。理财对二永债买入力度亦有所下滑，上周合计净买入30.51亿元。图18:理财二级市场周度买普信债规模 图19:理财二级市场周度买二永债规模单：元 单：元一级跟踪：城投连续四周净融入上周（7.13-7.19）城投债净融资56亿元，产业债净融资364.4亿元，二永债净融资485亿元，其他金融债净融资336.9亿元。表4:各类信用债周度净融资及累计净融资城投债（亿元） 产业债（亿元） 二永债（亿元） 其他金融债（亿元）固收专题报告/固收专题报告/2026-01-052026-01-122026-01-192026-01-262026-02-022026-02-092026-02-162026-02-232026-03-022026-03-092026-03-162026-03-232026-03-302026-04-062026-04-132026-04-202026-04-272026-05-042026-05-112026-05-182026-05-252026-06-012026-06-082026-06-152026-06-222026-06-292026-07-062026-07-13

截止日期2026-01-112026-01-182026-01-252026-02-012026-02-082026-02-152026-02-222026-03-012026-03-082026-03-152026-03-222026-03-292026-04-052026-04-122026-04-192026-04-262026-05-032026-05-102026-05-172026-05-242026-05-312026-06-072026-06-142026-06-212026-06-282026-07-052026-07-122026-07-19

828.8-260.7-217.9514.9966.9400.70.0-1176.5349.9216.0-81.4403.3-177.097.9207.5-122.5-404.4-277.9-47.879.1-124.5109.4279.2-16.6116.9241.3238.556.0

本年累积净融资763.1502.4284.4799.41766.32167.02167.0990.51340.41556.31474.91878.21701.21799.12006.51884.01479.61201.71153.91233.11108.61218.01497.21480.61597.51838.82077.32133.3

958.2467.41266.51164.91301.6498.20.0-660.9531.7880.71133.5713.4618.6775.8700.21314.2272.5202.8128.1483.1341.5632.1809.4808.6656.5164.5885.7364.4

本年累积净融资1127.81595.22861.84026.65328.25826.45826.45165.55697.26577.97711.48424.89043.49819.210519.411833.612106.112308.912437.012920.113261.613893.714703.115511.716168.216332.717218.417582.8

净融资0.00.0-415.00.0-41.50.0-13.00.00.0-177.0-392.0-112.0890.0760.01245.0424.0-35.02130.0-25.01232.0685.0225.01650.0-16.5293.3305.0485.0

本年累积净融资0.00.0-415.0-415.0-421.6-463.1-463.1-476.1-476.1-476.1-653.1-1045.1-1157.1-267.1492.91737.92161.92126.94256.94231.95463.96148.96373.98023.98007.48300.78605.79090.7

净融资-54.0541.8740.2811.0686.2-147.50.0-476.0-15.4182.0104.5-398.8-1032.0-153.5-1176.0-294.8-679.0-2.0217.0-618.8692.6-295.4-334.0225.1-23.3243.6258.9336.9

本年累积净融资-54.0487.81228.02039.02725.22577.72577.72101.72086.32268.32372.81974.0942.0788.5-387.5-682.3-1361.3-1363.3-1146.3-1765.1-1072.6-1368.0-1702.0-1476.9-1500.1-1256.5-997.6-660.8地区（亿元） 2026.032026.042026.052026.066.22~6.28地区（亿元） 2026.032026.042026.052026.066.22~6.286.29~7.5湖南省 10.7 (52.4) (97.0) (60.6) (40.3) 0.1山东省 (52.2) 124.2 (79.7) 15.8 19.7 8.9江西省 (38.3) (14.0) (20.8) 34.4 9.0 29.7广东省 276.9 133.3 (40.0) 161.0 39.9 92.5湖北省 (84.2) 15.3 3.8 30.5 (17.6) (21.3)安徽省 (2.6) 13.1 (58.6) 24.7 17.6 (0.5)河南省 26.8 (40.9) (21.0) 60.6 (13.9) 42.5天津 108.7 13.4 (18.0) (54.5) (7.5) 1.5宁夏回族自治区 (10.0) 0.0 (0.0) 0.0 (2.5) 0.07.6~7.12(25.8)22.3(17.3)39.23.2(5.8)45.4(15.0)0.07.13~7.19本周较上周本年累积净融资变动 （截至周末81.018.148.1(14.7)1112.912.41

、北京（291.2（194.8（-186亿元（-104.7、天津（-34.7。固收专题报告固收专题报告/55.340.530.924.514.4北京北京69.179.6(7.6)51.0(5.0)25.016.1广西壮族自治区 10.1 (2.0) 21.3 (44.4) (9.7) (19.4)陕西省陕西省44.97.3(7.0)15.18.4(10.7)浙江省 4.8 (188.2) 67.2 (112.2) 47.5 (69甘肃省 0.0 (5.0) (5.0) 40.0 0.0海南省 0.0 0.8 11.0 0.0 0.0河北省 (10.4) 83.7 (48.0) 50.5 0黑龙江省 (0.2) (7.5) 0.0 0.0吉林省 (5.5) 29.2 7.5 55.0辽宁省 20.0 (2.5) 0.0内蒙古自治区 20.0 4.0 7.0青海省 0.0 0.0 0西藏自治区 0.0 0.0贵州省 22.4 65.3山西省 36.0云南省 71.2上海 (2重庆新疆维吾尔民企国企本年累积净融资（截至周末）本周较上周变动行业（亿元）民企国企本年累积净融资（截至周末）本周较上周变动行业（亿元）2026.03 2026.04 2026.05 2026.066.22~6.286.29~7.5 7.6~7.127.13~7.19

产业债分行业看，截至上周末今年净融资规模前三行业为：公用事业、综合、建筑装饰。固收专题报告/固收专题报告/有色金属79.0(35.5)(65.1)83.044.0(5.0)20.0115.095.0431.5-34.1通信(82.0)133.070.0(2.7)32.3(115.0)50.090.040.073.0152.3房地产(102.4)31.2(43.0)129.5(29.6)(15.0)(7.1)45.452.4213.4-181.2机械设备85.7105.27.060.00.010.026.035.09.0343.9 35.0钢铁3.8120.348.074.0(26.0)0.045.032.0(13.0)393.6 -32.5建筑装饰292.4328.5165.5114.549.1(169.2)62.922.0(40.8)1696.9 13.0电气设备74.793.879.5123.464.42.0(2.0)19.021.0144.5346.9化工158.3(10.6)(5.0)61.00.00.0206.019.0(187.0)623.6 8.8计算机(3.9)30.00.06.20.00.0(15.0)15.030.014.3 9.0农林牧渔7.077.00.012.10.00.020.011.0170.6 34.6建筑材料90.0(41.0)(30.0)(21.9)5.018.00.010.010.062.25.0商业贸易213.2166.9(18.0)(37.3)(39.5)52.814.59.4777.70.9休闲服务19.252.48.0(3.3)40.0(60.0)1.08.37.3103.60.0医药生物57.3123.7(38.0)25.228.0(5.5)7.06.0161.2 4.9传媒(2.0)(18.8)(8.5)15.09.51.02.06.04.025.70.0采掘121.693.0(26.0)102.368.0(30.0)33.00.0(33.0)431.90.0电子20.266.247.157.07.012.0(20.0)0.020.045.0 2.4纺织服装10.06.03.0(14.0)(7.0)0.00.00.00.00.0 -6.2国防军工24.057.00.028.30.00.00.00.00.0128.31.0家用电器(4.0)0.00.00.00.00.00.00.00.0(19.0)0.0汽车150.56.0100.00.0(10.0)4.00.00.00.0145.0 0.0轻工制造0.00.00.00.00.00.00.00.00.00.00.0其他507.8497.4178.371.00.00.00.00.00.00.00.0非银金融240.3(54.9)165.6370.5110.77.970.1(1.5)(71.6)1014.7-26.0食品饮料(409.4)458.4(17.5)(403.6)(432.5)429.945.0(10.5)(55.5)127.8 -2.0交通运输345.8240.4259.049.244.8(4.0)(37.0)(50.1)(13.1)680.6 5.5公用事业613.01185.997.91147.4606.3(11.6)294.5(85.1)(379.6)4317.30.0综合447.0272.3177.9326.066.020.9(8.4)(89.0)(80.6)1765.4 -5.9城投债加权平均发行期限回升至3.92年，产业债加权平均发行期限明显缩短。表7:各类信用债发行期限占比（按金额）城投日期 (0，1](1，3](3，5]

加权平＞5均期限(0，1]（年）

(1，3]

产业债(3，5]

加权平＞5均期限(0，1]（年）

(1，3]

二永债(3，5]

加权平＞5均期限(0，1]（年）

其他金融债(1，3](3，5]

加权平＞5均期限（年）2024-012024-022024-032024-042024-052024-062024-072024-082024-092024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-032026-042026-052026-06

26%28%23%20%23%22%20%20%21%27%20%24%23%23%20%19%16%17%17%23%18%22%19%24%17%22%16%17%14%17%

62%52%46%46%42%33%26%24%29%51%55%47%35%36%46%43%41%37%36%38%47%51%47%45%44%42%45%43%41%40%

10%15%25%28%30%40%44%46%45%21%22%27%38%35%31%33%40%42%40%35%32%25%31%30%37%35%35%37%38%37%

2%6%5%6%5%6%10%10%5%1%3%2%5%5%3%5%2%5%7%4%3%1%3%1%3%2%3%3%6%6%

2.662.973.313.543.523.844.304.303.852.833.093.173.553.473.313.543.723.783.933.443.363.043.392.993.533.313.433.573.843.69

63%52%42%44%46%36%43%27%33%40%33%36%41%35%33%32%39%30%39%34%37%38%30%42%58%39%37%38%41%37%

26%30%35%30%26%30%20%35%33%35%40%41%24%38%43%37%36%38%35%45%39%43%40%37%26%41%40%38%36%36%

6%9%16%12%16%20%21%26%25%21%21%19%17%18%13%17%14%17%19%17%18%13%19%10%12%19%9%13%13%17%

4%9%7%13%12%14%16%12%8%4%7%4%18%9%10%14%11%14%7%4%6%5%11%11%4%0%2%10%10%9%

1.812.542.843.603.524.413.963.953.552.853.382.803.163.443.093.523.263.763.012.713.052.373.042.571.972.302.763.003.183.46

0% 0% 50% 50% 0% 0%100% 0% 0% 0% 75% 25% 0%35% 65% 0% 0% 0%100% 0% 0% 0% 90% 10% 0%18% 75% 6% 0% 0%100% 0% 0% 0%100% 0% 0% 17% 83% 0% 0% 15% 81% 4% 0% 0%100% 0% 0% 0%100% 0% 0% 0%100% 0% 0% 0%100% 0% 0% 0%100% 0% 0% 21% 63% 16% 0% 26% 66% 8% 0%48% 43% 9% 0% 0% 79% 21% 0% 15% 85% 0% 0% 11% 86% 2% 0% 10% 88% 2% 0% 6% 91% 3% 0% 26% 73% 1% 0% 9% 91% 0%

30%18%11%19%17%38%22%14%20%48%41%36%20%18%26%18%12%19%36%55%27%29%21%26%39%34%25%35%40%29%

51%68%77%74%81%46%55%73%60%48%52%48%57%69%60%77%78%68%53%38%64%62%65%62%46%54%48%47%42%41%

16%11%11%8%2%16%24%13%19%4%8%17%22%13%14%4%9%13%10%6%9%9%14%12%15%12%24%18%18%30%

3% 2.744% 2.982% 3.030% 2.670% 2.610% 2.380% 2.911% 3.010% 2.860% 1.780% 2.060% 2.291% 2.990% 2.800% 2.501% 2.650% 2.850% 2.780% 2.311% 1.710% 2.330% 2.100% 2.680% 2.500% 2.070% 2.200% 2.820% 2.490% 2.330% 2.78固收专题报告/固收专题报告/

16%38%

6%

56%

29%

13%

3%

0%

100%

0%

30%

59%

11%

0% 2.37固收专题报告/2025-06固收专题报告/2025-069%37%4%9%40%91%32%35%7%11%15%68%0%0%0%0%100%100%0%2025-0717%59%5%7%12%83%41%50%3%4%2%59%0%0%0%0%100%100%0%2025-084%4%9%34%48%96%15%15%17%29%24%85%0%0%33%67%0% 100% 0%2025-093%6%15%34%42%97%16%21%14%29%21%84%0%0%50%50%0% 100% 0%3651pc；332%。城投债产业债二永债其他金融债日期1倍1-1.51.5-2城投债产业债二永债其他金融债日期1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比1倍1-1.51.5-22-3倍倍 倍3倍1倍以以上上占比2024-11 2% 6% 11%28%52%2024-12 3% 6% 11%31%49%2025-01 7% 8% 15%34%36%2025-02 6% 9% 12%32%42%2025-03 3% 9% 14%31%43%2025-04 3% 9% 9% 31%48%2025-05 2% 3% 8% 20%67%98%97%93%94%97%97%98%18%15%16%24%15%32%30%18%23%15%20%19%19%17%18%15%11%19%15%24%18%27%24%27%28%27%16%14%20%18%29%82%85%68%70%82%77%80%0% 0% 11%67%22%100% 0% 0% 12%32%56%100%0% 0% 10%70%20%100% 0% 0% 15%19%65%100%0% 0% 0% 0% 65%35%100%0%0%0%100%0%20%40%20%0%0%0%0% 67%20%12%11%28%0%25%75%0%100%0%0%8%10%0% 29%0% 11%6%3% 8%3%0% 4%3%0% 0%0%4%2026-04 1% 2% 5% 22%71% 99%6%14%14%30%37% 94% 0%0%20%0% 25%29%50%0% 33%40%100% 0% 0% 0% 7% 93%100%2024-0613%2%6%24%56%87%38%4%6%17%36%62%0%0%7%40%53%100%0%0%0%9%91%100%2024-077%1%6%22%64%93%32%5%8%18%37%68%0%0%9%45%45%100%0%0%7%26%67%100%2024-085%6%12%32%44%95%17%17%14%24%28%83%0%0%18%41%41%100%0%0%7%39%54%100%2024-094%12%14%34%36%96%22%15%16%26%21%78%0%0%20%40%40%100%0%0%3%43%53%100%2024-109%10%12%31%38%91%26%16%14%25%19%74%0%0%100%0%0%100%0%8%33%25%33%100%2024-0113%3%4%21%60%88%49%5% 7%18%21%51%0%0%9%43%48%100%2024-0213%2%5%24%57%87%46%4% 6%18%26%54%0%0%0%33%67%100%0%0%8%31%62%100%2024-0314%7%11%27%41%86%43%8% 10%20%19%57%0%0%0%100%0%100%0%0%16%35%48%100%2024-0411%5%7%23%53%89%39%5% 8%18%29%61%0%0%0%57%43%100%0%0%9%45%45%100%2024-0510%1%5%23%60%90%40%4% 4%18%34%60%0%0%0%70%30%100%0%0%4%42%54%100%0%100%0%14%19%52%14%100%20%100%0%4%22%41%33%100%33%100%0%4% 4%43%50%100%2026-053%2026-053%3%3%23%68%97%8%7%9%38%38%92%0%0%202