证券Ⅱ行业周报:2026头部券商FICC非方向性获利能力或将凸显重要性

中邮证券
Jan 05

投资要点2025 年末股债利差收官于4.90%,预计26 年利差缺乏单边扩张或收敛的强大动力,将在中性区间内反复波动,股票相对性价比不突出或将压缩自营盘方向性收益。债券成交额从2024 年初的日均2 万亿飙升至2025 年的3 万亿平台,标志债市从“配置市”转向“交易市”。2026 头部券商FICC 非方向性获利交易能力或将凸显重要性。行业基本面跟踪(1)我们预计2026 年Shibor3M 利率...

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