> 数据图表如何看待国开2025-6-0国开&地方债&信用利差情况政策利率（%）OMO7D1.81.71.51.4国开债（%）地方政府债（%）AAA+超长债(%)1Y2.21.841.691.651.591.711.661.651.711.65 1.60 1.26 1.48 1.43 1.68 1.68 1.68 1.70 1.64 1.59 1.57 1.47 1.51 1.50 1.52 1.53 1.51 1.50 1.493Y2.342.171.941.841.81.871.791.881.861.82 1.73 1.41 1.54 1.47 1.72 1.76 1.71 1.76 1.74 1.67 1.63 1.58 1.61 1.61 1.62 1.63 1.60 1.60 1.585Y2.492.272.031.91.891.971.861.951.881.87 1.77 1.44 1.53 1.46 1.72 1.74 1.72 1.77 1.73 1.62 1.58 1.56 1.62 1.62 1.61 1.62 1.59 1.61 1.587Y2.492.272.031.91.891.971.861.951.882.11 1.77 1.63 1.69 1.62 1.85 1.92 1.96 2.02 1.93 1.81 1.75 1.72 1.78 1.77 1.77 1.78 1.75 1.75 1.7310Y2.682.442.22.082.052.122.042.162.162.17 2.01 1.66 1.69 1.60 1.74 1.80 1.85 1.94 1.85 1.74 1.66 1.66 1.71 1.70 1.70 1.71 1.70 1.70 1.6830Y2.682.412.292.222.192.262.152.252.222.38 2.10 1.95 1.97 1.90 2.04 2.09 2.17 2.24 2.17 2.03 2.00 2.02 2.06 2.05 2.07 2.08 2.06 2.02 2.021Y2.291.981.661.561.531.611.591.561.561.54 1.51 1.24 1.37 1.27 1.50 1.60 1.62 1.65 1.65 1.59 1.58 1.54 1.50 1.51 1.49 1.51 1.53 1.52 1.473Y2.572.211.951.821.811.851.791.81.821.72 1.66 1.39 1.47 1.38 1.61 1.70 1.76 1.83 1.83 1.69 1.62 1.62 1.58 1.56 1.58 1.55 1.61 1.59 1.555Y2.642.342.152.011.942.011.891.962.021.93 1.87 1.58 1.58 1.59 1.76 1.76 1.89 1.94 1.94 1.84 1.66 1.65 1.68 1.67 1.66 1.64 1.66 1.69 1.627Y2.642.342.152.011.942.011.891.962.022.14 1.87 1.70 1.73 1.71 1.86 1.90 1.98 2.00 2.00 1.92 1.77 1.73 1.76 1.73 1.75 1.77 1.75 1.73 1.7010Y2.742.52.252.132.12.162.032.22.222.27 2.04 1.82 1.83 1.78 1.98 2.00 2.08 2.11 2.06 1.97 1.88 1.86 1.90 1.88 1.87 1.90 1.87 1.84 1.7930Y2.852.562.362.272.242.272.162.322.322.40 2.20 2.11 2.06 2.02 2.18 2.21 2.29 2.30 2.29 2.17 2.09 2.08 2.13 2.12 2.11 2.13 2.11 2.07 2.0310Y2.97 2.68 2.43 2.29 2.25 2.43 2.31 2.50 2.51 2.38 2.31 2.01 2.01 1.97 2.20 2.27 2.32 2.36 2.26 2.16 2.15 2.13 2.18 2.15 2.13 2.13 2.12 2.08 2.0315Y3.05 2.74 2.48 2.32 2.28 2.48 2.35 2.53 2.57 2.43 2.34 2.11 2.04 2.01 2.20 2.27 2.32 2.36 2.28 2.16 2.18 2.13 2.18 2.16 2.13 2.14 2.13 2.10 2.0420Y3.09 2.82 2.53 2.38 2.34 2.52 2.42 2.61 2.60 2.47 2.41 2.15 2.08 2.03 2.21 2.27 2.32 2.36 2.31 2.24 2.20 2.18 2.19 2.17 2.16 2.20 2.17 2.11 2.0630Y3.15 2.83 2.57 2.41 2.37 2.53 2.45 2.63 2.60 2.50 2.46 2.25 2.19 2.15 2.26 2.30 2.35 2.38 2.35 2.28 2.22 2.19 2.23 2.21 2.18 2.21 2.20 2.17 2.12-40-72-76-91-76-100-67-82-102-102-94-95-82-94-101-103-103-----2429-24-25518-9-35718-6-3693312-3722810-1956240-5387-45415-26-12-766228-3733020-5853928-4-6-5-5-5104108111114118635263476451665372651Y30221213101821273935 3537 35 29 39 42 36 36 34 27 23 24 24 23 22 24 23 25 23-7-1393214日期2023/12/292024/3/292024/6/282024/7/312024/8/52024/8/302024/9/242024/9/302024/10/312024/11/182024/11/292025/1/22025/1/242025/2/72025/2/282025/3/72025/3/142025/3/172025/3/252025/4/32025/4/302025/5/92025/5/162025/5/202025/5/232025/5/302025/6/62025/6/132025/6/202024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当前相较历史低单位：%、bpAA-3Y2461226757557393108114120 108102 91 92 88 92 97 93 85 79 82 86 83 81 76 70 72 69 685Y346204122958797131143186191 190183 164 165 144 146 154 151 148 150 148 147 142 141 137 130 127 124 122-2174140105834二级资本债利差永续债利差城投债利差AAA-AAA-AAA3Y45513227283435563835 3530 30 28 34 38 41 41 30 26 25 24 23 22 22 24 24 24 235Y51351918183030453947 3534 35 34 37 45 47 47 36 38 38 38 36 33 33 34 35 33 331Y52352025212932484938 4242 38 33 42 44 40 41 36 29 23 24 24 24 23 24 24 25 243Y56563227293538604240 3635 35 33 39 44 46 46 33 31 30 26 28 27 25 27 28 28 275Y60412221203334504653 4040 40 39 45 53 56 57 45 44 43 41 40 37 38 39 41 39 381Y39513429323738534035 3842 39 36 35 38 37 36 32 30 27 29 21 20 19 21 24 23 233Y43412523203234454434 3237 34 35 36 37 43 40 30 30 30 28 25 23 21 21 24 24 235Y44402523193134435543 4544 42 43 44 46 54 51 43 44 46 44 38 35 32 34 36 31 301Y948756485169729610685 7590 85 80 79 80 78 77 68 56 54 58 50 48 47 48 49 43 43-22-18-28-29-22-16-20-14-51-178-22404941211585128-1423318-1544526-164553404031180514128-16148380755240-11118665-点①-②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6月20日32272421172233271410111116141381821231520211313101221浙商证券综合其他
