> 数据图表谁能回答国开2025-4-0国开&地方债&信用利差情况政策利率（%）OMO7D1.81.71.5国开债（%）地方政府债（%）AAA+超长债(%)1Y2.22.11.841.841.891.811.691.651.591.711.661.651.711.65 1.60 1.20 1.26 1.48 1.43 1.52 1.63 1.68 1.68 1.68 1.65 1.65 1.59 1.56 1.57 1.573Y2.342.322.22.172.132.061.941.841.81.871.791.881.861.82 1.73 1.43 1.41 1.54 1.47 1.59 1.69 1.72 1.76 1.71 1.74 1.74 1.67 1.62 1.65 1.665Y2.492.412.292.272.192.142.031.91.891.971.861.951.881.87 1.77 1.46 1.44 1.53 1.46 1.54 1.63 1.72 1.74 1.72 1.74 1.72 1.62 1.58 1.60 1.627Y2.492.412.292.272.192.142.031.91.891.971.861.951.882.11 1.77 1.69 1.63 1.69 1.62 1.69 1.78 1.85 1.92 1.96 1.97 1.92 1.81 1.79 1.78 1.7910Y2.682.582.472.442.42.332.22.082.052.122.042.162.162.17 2.01 1.73 1.66 1.69 1.60 1.65 1.73 1.74 1.80 1.85 1.88 1.86 1.74 1.70 1.68 1.7030Y2.682.592.452.412.42.392.292.222.192.262.152.252.222.38 2.10 2.00 1.95 1.97 1.90 1.93 2.02 2.04 2.09 2.17 2.21 2.15 2.03 1.99 2.03 2.061Y2.292.192.071.981.931.751.661.561.531.611.591.561.561.54 1.51 1.21 1.24 1.37 1.27 1.42 1.52 1.50 1.60 1.62 1.67 1.67 1.59 1.55 1.55 1.573Y2.572.412.282.212.162.061.951.821.811.851.791.81.821.72 1.66 1.40 1.39 1.47 1.38 1.47 1.55 1.61 1.70 1.76 1.80 1.77 1.69 1.65 1.64 1.685Y2.642.512.432.342.262.252.152.011.942.011.891.962.021.93 1.87 1.62 1.58 1.58 1.59 1.59 1.70 1.76 1.76 1.89 1.92 1.87 1.84 1.72 1.68 1.717Y2.642.512.432.342.262.252.152.011.942.011.891.962.022.14 1.87 1.72 1.70 1.73 1.71 1.69 1.76 1.86 1.90 1.98 2.01 1.98 1.92 1.86 1.84 1.8010Y2.742.612.512.52.422.372.252.132.12.162.032.22.222.27 2.04 1.85 1.82 1.83 1.78 1.79 1.87 1.98 2.00 2.08 2.11 2.05 1.97 1.96 1.92 1.9230Y2.852.662.62.562.522.50 2.362.272.242.272.162.322.322.40 2.20 2.16 2.11 2.06 2.02 2.03 2.09 2.18 2.21 2.29 2.29 2.27 2.17 2.11 2.14 2.1410Y2.97 2.74 2.67 2.68 2.62 2.58 2.43 2.29 2.25 2.43 2.31 2.50 2.51 2.38 2.31 2.07 2.01 2.01 1.97 1.98 2.08 2.20 2.27 2.32 2.30 2.24 2.16 2.13 2.15 2.1815Y3.05 2.80 2.71 2.74 2.65 2.65 2.48 2.32 2.28 2.48 2.35 2.53 2.57 2.43 2.34 2.15 2.11 2.04 2.01 1.98 2.09 2.20 2.27 2.32 2.32 2.24 2.16 2.13 2.15 2.2020Y3.09 2.87 2.74 2.82 2.73 2.70 2.53 2.38 2.34 2.52 2.42 2.61 2.60 2.47 2.41 2.19 2.15 2.08 2.03 2.01 2.09 2.21 2.27 2.32 2.35 2.29 2.24 2.19 2.19 2.2230Y3.15 2.91 2.79 2.83 2.76 2.73 2.57 2.41 2.37 2.53 2.45 2.63 2.60 2.50 2.46 2.27 2.25 2.19 2.15 2.14 2.19 2.26 2.30 2.35 2.38 2.33 2.28 2.22 2.24 2.24-30-63-68-87-70-98-62-72-89-93-84-82-71-79-86-87-92040725416-30-935712-616729122742010292562367454183672140-29-128-4743019086422801026431066841107031147201197452474851643日期2023/12/292024/1/312024/2/292024/3/292024/4/302024/5/312024/6/282024/7/312024/8/52024/8/302024/9/242024/9/302024/10/312024/11/182024/11/292024/12/312025/1/22025/1/242025/2/72025/2/142025/2/212025/2/282025/3/72025/3/142025/3/212025/3/282025/4/32025/4/112025/4/182025/4/252024年初至今变化（bp）过去一周变化Ave-OMO利差OMO利差①Min(24年6月至今)OMO利差②当前相较历史低点①-②-----银行普通债利差二级资本债利差永续债利差城投债利差AAAAAA-AAA-AAA1Y2326393926252723232825402322 2233 27 33 25 28 31 32 32 27 26 19 18 18 17 18-5232253Y3019182318141211122019252822 2117 17 21 21 18 21 23 22 25 19 19 17 19 16 18-122403485Y3024192215161213101821273936 3531 27 29 29 25 23 21 23 28 21 23 28 30 28 26-4-24738211Y3024192215161213101821273935 3545 37 35 29 34 40 39 42 36 35 33 27 27 26 26-414233143Y4540485133313227283435563835 3533 30 30 28 25 31 34 38 41 31 30 26 28 24 275Y5134293526191918183030453947 3537 34 35 34 33 37 37 45 47 37 37 38 40 38 401Y5236333530282025212932484938 4250 42 38 33 37 42 42 44 40 37 35 29 30 27 273Y5648545635333227293538604240 3636 35 35 33 30 36 39 44 46 37 34 31 34 31 335Y6040374131222221203334504653 4043 40 40 39 40 46 45 53 56 48 44 44 44 44 461Y3942485132253429323738534035 3851 42 39 36 32 33 35 38 37 33 30 30 27 26 283Y4332334127192523203234454434 3239 37 34 35 30 31 36 37 43 34 28 30 28 26 31-18-11-25-23-14-11-1235143212595228145341825650262665834242351855348285Y4439394038272523193134435543 4545 44 42 43 40 41 44 46 54 47 41 44 42 42 4402635638AA-3Y246189149122107756757557393108114120 108103 102 91 92 85 84 88 92 97 87 77 79 81 78 785Y346309269204179152122958797131143186191 190183 183 164 165 152 149 144 146 154 148 145 150 154 155 1471Y94687687635056485169729610685 75100 90 85 80 72 76 79 80 78 71 61 56 53 54 54-40-168-1990786140112095-7191160651053726181791636301311141221222192226171923241624241720182130754数据来源：Wind、DM，浙商证券研究所；注：信用利差由同期限信用债减国开债利率计算得出，统计时间截至2025年4月25日浙商证券综合其他
