中信证券研报称,年末长债及超长债利率波动加剧,或主要源于银行负债端压力。在央行延续货币政策框架改革背景下,影响或被后续扩表工具逐步对冲。考虑次年财政端压力或相对可控,在宽货币工具仍待落地的环境下,长远来看超长债仍具配置价值,建议关注短期利率超调后的配置机会。
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