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同一發行人,兩個價格?中票與公司債 Basis 的微觀結構分析

中國信用債市場有個獨特現象:同一發行人可以在銀行間發中票、在交易所發公司債,兩者信用相同、期限相近,但價格可能不同。我分析了31對配對、9000多條數據,發現Basis存在但很薄——真正有意思的是個券差異和一二级市場的定價背離。

2026-04-22固定收益信用債
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The Anatomy of a Takedown: Market Microstructure Signals in Micron's Post-Earnings Collapse

MU reported the best earnings in the history of US semiconductors. The stock fell 24.6% — then recovered. A forensic read of the options tape, CEO trading disclosures, institutional positioning, and the information architecture around Google's TurboQuant points to something more structured than panic selling. Updated with post-publication price action and 10-Q disclosures.

2026-04-09equitiesmicrostructure
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用 AI 監測美債供需:一個實戰框架

美債供給創新高,但共識太舒服了。ON RRP已耗盡、基差交易槓桿$1-2T、外國買家從官方轉私人——緩衝在消失。本文分享一個多智能體系統如何追蹤這些邊際變化。

2026-03-31AI Agent美國國債
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