地方债收益率在本轮调整中升幅高于国债和政策性银行债,虽然其供给压力相对更高,但配置价值越来越突出,正在吸引银行类机构以及非银行投资者增持。需求弱导致定价扭曲近期现券收益率逐步趋于稳定,毕竟从去年四季度以来,整体收益率升幅已经较大,国债收益率升幅平均在110bp,政策性银行债收益率升幅平均在140bp,整体收益率水平已经回升到历史均值上方,尤其是中短端利率升幅较大,也明显高 In the current round of adjustment, the local bond yield rose more than treasury bonds and policy bank bonds. Although its supply pressure is relatively high, its allocation value is becoming more and more prominent. It is attracting more investment by banking institutions and non-bank investors. The weak demand led to price distortion Recently, the spot bond yield gradually stabilized, after all, since the fourth quarter of last year, the overall rate of return has been larger, the average bond yields rose 110bp, the policy bank bond yields rose an average of 140bp, the overall Yield level has risen above the historical average, especially in short-term interest rates increased significantly, but also significantly higher