【市场回顾】周一国债期货全天宽幅震荡，尾盘小幅回升收涨。
　　【资金市场】公开市场共有410亿逆回购到期，央行开展300亿7天逆回购，当日净回笼资金110亿元。资金市场依旧偏紧，银行间短端质押回购加权利奉整体偏高,隔夜利率接近2.3%。
　　【行情研判】上周五盘后央行宣布全面降准25bp，我们在周报中做出提示，其政策落地后可能更影响的是银行体系流动性水平以及风险偏好，因此可以看到早盘A股依旧偏强，而债市结构来看，长端利率变现偏弱，1年期利率下行幅度明显，曲线陡峭化。而午后外盘宏观资产价格出现异动，油价回落同时黄金价格大幅上行，指向外部避险情绪明显升温。结合CoCo债市场价格异动来看，瑞信事件仍在发件。在继续持有做陡曲线策略的同时，需要警惕外部风险。关注本周FOMC议息结果。
　　

研究报告全文：41030071102325bpA1CoCoFOMCTFTS100490101080100880001007004613416455547667306113582113541779451039526216540-1049305合约走势80000000持仓变动101501010010100100906000000010050100804000000010000100702000000099501006000000990010050-20000000TFTTSRHSTSTFT1000000000主力合约成交量主力合约持仓量200000000080000000080000000016000000006000000006000000001200000000400000000400000000800000000200000000200000000400000000000000000000000TSTFTTFTTSRHS2年期活跃券基差1020TS-TF跨品种价差10100400501008030040101510060200301010010020100410050000101002-01000010001000220028200005RHS价差右元TS2306CFETF2306CFE5年期活跃券基差2TS-T跨品种价差10111010303509100910053030080807100030250706069953020050599030150404230002220022RHS价差右元TS2306CFET2306CFE151810年期活跃券基差2TF-T跨品种价差1410201024161310151022121410201010111210181010051016091010001014080899507101206069901010220017220025RHS价差右元T2306CFETF2306CFE22302525268428222855-199008003-052-0091Y3Y5Y7Y右10Y右曲线形态298300527002528825-0523278-102126820-1519-201725815-251Y3Y5Y7Y10Ybp右2023-03-172023-03-16中美利差bpbp美债10-2利差5003000040020000200001500030010000100002000005000100-10000000000-20000-5000-10000-15000中美利差RHS美债10Y国债10YDR0012252-453191754992513DR0072113-939981583624DR0142246-0093851-2436R0012353-9194706665179403R0072363-34356658-47665R01424755842192-13676bp银存间资金价格走势资金日变动35302000292310002017000110510-100000-2000DR001DR007DR014DR021DR1MDR2MDR3MDR001DR007DR014bp右2023-03-172023-03-16千元bp质押式回购成交量资金分层120000000000000750010000000000000055008000000000000035006000000000000015004000000000000020000000000000-50000000-25002022-12-152023-01-152023-02-152023-03-15DR001R001隔夜七天