【中金固收·信用】11月房地产债券月报:信用利差走扩

中金固定收益研究
Dec 12

中金研究11月新房销售同比继续下降,表现平淡。2025年11月下旬以来受到万科债券展期影响,央国企地产信用利差出现走扩,目前利差走扩幅度小于2022年以来的三轮明显走扩时期。按主体来看,一方面相对较弱主体受到影响较大、利差走扩幅度居前,另一方面部分优质头部央企、利差走扩幅度也不小,可能与流动性相对较好及投资者风险偏好变化有关。我们认为优质头部央企利差走扩后性价比逐步显现,可以考虑择机适度配置;对于...

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