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我的天师女友|提高了游戏的乐趣和挑战性。 - 骤变网络
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我的天师女友|提高了游戏的乐趣和挑战性。

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长春市(九台区、南关区、榆树市、宽城区、公主岭市、德惠市、绿园区、二道区、朝阳区、农安县、双阳区)
揭阳市(揭西县、揭东区、榕城区、普宁市、惠来县)
葫芦岛市(绥中县、龙港区、兴城市、南票区、建昌县、连山区)
大庆市(让胡路区、杜尔伯特蒙古族自治县、萨尔图区、红岗区、大同区、龙凤区、林甸县、肇源县、肇州县)
抚顺市(清原满族自治县、顺城区、新抚区、东洲区、望花区、抚顺县、新宾满族自治县)
池州市(贵池区、东至县、青阳县、石台县)
塔城地区(和布克赛尔蒙古自治县、裕民县、额敏县、沙湾市、托里县、塔城市、乌苏市)
佛山市(禅城区、高明区、顺德区、南海区、三水区)
合肥市(瑶海区、巢湖市、蜀山区、肥东县、庐江县、包河区、肥西县、长丰县、庐阳区)
普洱市(澜沧拉祜族自治县、西盟佤族自治县、江城哈尼族彝族自治县、镇沅彝族哈尼族拉祜族自治县、景谷傣族彝族自治县、孟连傣族拉祜族佤族自治县、宁洱哈尼族彝族自治县、景东彝族自治县、墨江哈尼族自治县、思茅区)








电话:2025 贵港市(桂平市、平南县、港北区、港南区、覃塘区)
萍乡市(湘东区、安源区、芦溪县、上栗县、莲花县)
晋城市(城区、陵川县、阳城县、泽州县、沁水县、高平市)
黄南藏族自治州(同仁市、尖扎县、河南蒙古族自治县、泽库县)
湘西土家族苗族自治州(永顺县、吉首市、龙山县、古丈县、泸溪县、凤凰县、花垣县、保靖县)
滨州市(惠民县、无棣县、邹平市、滨城区、阳信县、沾化区、博兴县)
十堰市(房县、丹江口市、茅箭区、张湾区、竹山县、郧阳区、郧西县、竹溪县)
驻马店市(正阳县、西平县、汝南县、泌阳县、平舆县、上蔡县、确山县、新蔡县、遂平县、驿城区)
黑河市(五大连池市、逊克县、嫩江市、爱辉区、孙吴县、北安市)
延安市(安塞区、宝塔区、吴起县、宜川县、子长市、洛川县、延川县、黄龙县、黄陵县、志丹县、富县、甘泉县、延长县)
铜川市(宜君县、王益区、印台区、耀州区)
海东市(循化撒拉族自治县、平安区、乐都区、民和回族土族自治县、化隆回族自治县、互助土族自治县)
临沂市(沂水县、临沭县、罗庄区、兰山区、平邑县、郯城县、兰陵县、蒙阴县、河东区、费县、沂南县、莒南县)
泉州市(金门县、鲤城区、惠安县、泉港区、洛江区、安溪县、石狮市、晋江市、德化县、南安市、丰泽区、永春县)
石河子市(昆玉市、白杨市、阿拉尔市、胡杨河市、北屯市、图木舒克市、双河市、铁门关市、五家渠市、新星市、可克达拉市)
克拉玛依市(白碱滩区、独山子区、乌尔禾区、克拉玛依区)
钦州市(钦南区、浦北县、钦北区、灵山县)
芜湖市(鸠江区、镜湖区、南陵县、湾沚区、繁昌区、无为市、弋江区)
阜新市(新邱区、阜新蒙古族自治县、细河区、海州区、清河门区、彰武县、太平区)
三沙市(西沙区、南沙区)
郴州市(嘉禾县、临武县、宜章县、汝城县、资兴市、苏仙区、永兴县、北湖区、桂阳县、安仁县、桂东县)
平凉市(泾川县、华亭市、灵台县、庄浪县、静宁县、崇信县、崆峒区)
凉山彝族自治州(普格县、美姑县、西昌市、昭觉县、会理市、布拖县、冕宁县、会东县、德昌县、越西县、甘洛县、宁南县、雷波县、喜德县、金阳县、木里藏族自治县、盐源县)
唐山市(迁安市、丰南区、乐亭县、遵化市、曹妃甸区、丰润区、路南区、滦州市、玉田县、路北区、滦南县、开平区、迁西县、古冶区)
白银市(景泰县、会宁县、平川区、白银区、靖远县)
焦作市(中站区、山阳区、孟州市、温县、解放区、武陟县、沁阳市、修武县、博爱县、马村区)
曲靖市(陆良县、沾益区、麒麟区、罗平县、会泽县、富源县、师宗县、宣威市、马龙区)
枣庄市(薛城区、市中区、峄城区、台儿庄区、山亭区、滕州市)
眉山市(东坡区、彭山区、仁寿县、洪雅县、青神县、丹棱县)
保定市(容城县、唐县、定州市、博野县、安国市、望都县、易县、涞源县、徐水区、雄县、高碑店市、满城区、清苑区、蠡县、高阳县、阜平县、竞秀区、莲池区、定兴县、涞水县、曲阳县、涿州市、安新县、顺平县)
潍坊市(诸城市、奎文区、潍城区、昌邑市、寒亭区、坊子区、安丘市、临朐县、高密市、寿光市、青州市、昌乐县)
龙岩市(武平县、漳平市、新罗区、上杭县、连城县、长汀县、永定区)
银川市(西夏区、贺兰县、兴庆区、灵武市、永宁县、金凤区)
本溪市(平山区、桓仁满族自治县、南芬区、溪湖区、本溪满族自治县、明山区)
济宁市(微山县、曲阜市、汶上县、任城区、兖州区、泗水县、嘉祥县、金乡县、梁山县、鱼台县、邹城市)
石家庄市(行唐县、赞皇县、高邑县、灵寿县、晋州市、无极县、裕华区、栾城区、辛集市、新华区、藁城区、正定县、深泽县、新乐市、井陉县、平山县、长安区、鹿泉区、桥西区、元氏县、赵县、井陉矿区)
宜昌市(夷陵区、远安县、猇亭区、秭归县、长阳土家族自治县、枝江市、兴山县、伍家岗区、西陵区、当阳市、五峰土家族自治县、点军区、宜都市)
陇南市(西和县、文县、武都区、礼县、宕昌县、徽县、成县、两当县、康县)
宁德市(霞浦县、蕉城区、屏南县、福鼎市、寿宁县、柘荣县、周宁县、福安市、古田县)
淮南市(大通区、谢家集区、凤台县、八公山区、潘集区、寿县、田家庵区)
澳门特别行政区
玉林市(玉州区、容县、福绵区、博白县、北流市、兴业县、陆川县)
东莞市
随州市(曾都区、随县、广水市)
内江市(资中县、隆昌市、东兴区、市中区、威远县)
马鞍山市(雨山区、博望区、花山区、和县、含山县、当涂县)








北海市(合浦县、银海区、海城区、铁山港区)
日照市(莒县、岚山区、五莲县、东港区)
黄山市(休宁县、祁门县、屯溪区、黄山区、徽州区、黟县、歙县)
海北藏族自治州(门源回族自治县、刚察县、海晏县、祁连县)
玉溪市(红塔区、元江哈尼族彝族傣族自治县、华宁县、新平彝族傣族自治县、峨山彝族自治县、易门县、通海县、江川区、澄江市)
资阳市(雁江区、乐至县、安岳县)
牡丹江市(宁安市、海林市、西安区、绥芬河市、林口县、东宁市、爱民区、穆棱市、阳明区、东安区)
朝阳市(龙城区、双塔区、喀喇沁左翼蒙古族自治县、朝阳县、北票市、凌源市、建平县)
海口市(琼山区、龙华区、美兰区、秀英区)

  市场回顾与分析

  一级市场回顾

  上周一级市场国债、地方债和政策性金融债发行规模分别为4350亿、2006亿和1406亿,净融资额为3800亿、1227亿和1406亿。金融债(不含政金债)共计发行规模302亿,净融资额-224亿。非金信用债共计发行规模4082亿,净融资额920亿。暂无可转债新券发行。

  二级市场回顾

  上周债市窄幅震荡,曲线整体走平。主要影响因素包括:资金面、经济金融数据、美国政策波动等。

  流动性跟踪

  上周央行净投放流动性,对冲MLF到期和税期,资金面表现均衡。最终R001和R007分别较前周上行3.8BP和上行1BP。

  政策与基本面

  3月经济金融数据表现超预期,但市场对二季度后经济走势仍有担忧。高频数据来看:高频生产指标分化中上游强下游弱,房地产、出口景气度下行,油价回升、金价上涨。

  海外市场

  美与多国贸易谈判开始,海外市场波动率有所回落。10年期美债收盘在4.34%,较前周下行14BP。

  权益市场

  上周上证指数周一至周四连阳,国家队托底意图明显,相比之下,创业板表现稍弱。具体看,上周万得全A上涨0.39%,上证50上涨1.45%,沪深300上涨0.59%,创业板指下跌0.64%。上周A股成交量大幅缩量,日均成交额1.11万亿,周度日均成交量大幅减少5023亿。截至2025年4月17日,全A融资余额18023.00亿,较4月10日减少85.99亿元。

  债市策略展望

  债市再度进入观察震荡期,等待海内外事件的进一步发酵。当前宏观面较为复杂,市场缺乏明确方向。二季度将持续跟踪两件重点事项,一是中美关税谈判的后续进展,随着双方关税上升至100%以上,关税进一步加码已无实际意义,市场更关心中美潜在的协商进程,中美双方已阶段性释放谈判善意;二是,国内政策潜在加码的力度和方向,4月政治局会议作为季初讨论经济的会议,将成为市场观察年中政策基调的重要窗口,相比于往年的货币先行财政后至,本次财政可能更为积极,而货币的宽松更多是配合和被动的。在市场等待期间,市场偏好趋于摇摆,债市或维持震荡运行。考虑到二季度资金松紧情况一般好于一季度,对于负债端稳定的机构可关注5Y及以上长久期信用债的配置机会,当前长久期信用利差仍有较高压缩空间,信用债行情有望从中短久期轮动到长久期。转债方面,短期消息面频繁出现,给市场带来扰动。在进入到基本面定价阶段之前,市场阶段性的定价可能集中在关税博弈的拉扯摇摆、国内货币和内需政策的期待上,关注政策演绎。

  风险提示:本材料的信息均来源于已公开的资料,对信息的准确性、完整性或可靠性不作任何保证。本材料中的观点、分析仅代表公司研究团队观点,在任何情况下本文中的信息或表达的意见并不构成实际投资结果,也不构成任何对投资人的投资建议和担保。任何媒体、网站、个人未经本公司授权不得转载。

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