【中金固收·信用】9月房地产债券月报:“金九”新房销售环比增长

中金固定收益研究
Oct 17, 2025

中金研究9月新房销售环比增长、同比继续下降,“金九”表现平淡。境内债方面,2025年9月以来债券市场受到股市表现韧性、市场风险偏好多方面因素影响,收益率呈现波动上升,央国企地产债收益率总体跟随上行,不过利差并未走扩,其中头部优质央国企利差稳中下降,部分较弱央企和地方国企利差有所走扩。考虑到目前市场仍在波动,我们认为利差短期或维持震荡,我们建议适度控制久期、择券考虑头部央国企中短久期债券。风险房地产...

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