{
  "version": "https://jsonfeed.org/version/1.1",
  "title": "SpreadBench · AI 基建信用周报",
  "home_page_url": "https://spreadbench.com/weekly.html",
  "feed_url": "https://spreadbench.com/feed.json",
  "description": "SpreadBench（AI 基建债利差基准）旗下的 NCSX 指数周报：Neocloud 板块债券二级市场信用利差的周度水位、变动归因、异动券、板块溢价与结构快照。每周一发布，T+1 口径，可逐值复算。",
  "language": "zh-CN",
  "icon": "https://spreadbench.com/og-image.png",
  "authors": [
    {
      "name": "SpreadBench",
      "url": "https://spreadbench.com/",
      "avatar": "https://spreadbench.com/og-image.png"
    }
  ],
  "items": [
    {
      "id": "ncsx:weekly:2026-10-30:1",
      "url": "https://spreadbench.com/weekly.html?issue=1",
      "title": "第 1 期 · Composite 773bp（-3.6bp）",
      "summary": "NCSX-Composite 收于 773bp，较上周五收窄 3.6bp；HY 档 865.8bp（-4.3），IG 档 314.7bp（-0.9）。最大单一影响来自 Nebius 7.5% 2030（贡献 -1.2bp，压低指数）。当前 Composite 处于 90 日区间 36% 分位。",
      "content_text": "覆盖期：2026-10-26 → 2026-10-30（5 个交易日）\n\nNCSX-Composite 收于 773bp，较上周五收窄 3.6bp；HY 档 865.8bp（-4.3），IG 档 314.7bp（-0.9）。最大单一影响来自 Nebius 7.5% 2030（贡献 -1.2bp，压低指数）。当前 Composite 处于 90 日区间 36% 分位。\n\n三档水位：\n  NCSX-Composite  773 bp（本周 -3.6，上周五 776.6）\n  NCSX-HY         865.8 bp（本周 -4.3）\n  NCSX-IG         314.7 bp（本周 -0.9）\n\n本周归因 Top 5（合计 -3.6bp = 指数变动）：\n  1. Nebius 7.5% 2030  -1.2bp（权重 7%）\n  2. Cipher Mining 7.125% 2030  +1.1bp（权重 5.5%）\n  3. Lambda 8.75% 2030  -1bp（权重 3.9%）\n  4. Nebius 9.25% 2032  -1bp（权重 5.3%）\n  5. CoreWeave 9.75% 2031  -0.9bp（权重 12%）\n\n本周异动 Top 3（按 |周变动|）：\n  1. Lambda 8.75% 2030  -24.4bp → 738bp\n  2. Cipher Mining 7.125% 2030  +20.2bp → 808bp\n  3. Nscale 12% 2031  +19.9bp → 1033bp\n\n板块溢价：HY 513.8bp（较上周 -4.4）／IG 218.7bp\n结构：HY 面值占比 83.2%，前 3 家集中度 48.7%\n\n引用：SpreadBench (2026). AI 基建信用周报, 第 1 期（覆盖 2026-10-26 → 2026-10-30）. NCSX (Neocloud Credit Spread Index) v0.1.0. DOI: 10.58014/ncsx.2026.v0. 许可 CC BY 4.0.\nSpreadBench 只聚合公开二级成交，不做信用评级、不构成投资建议。",
      "content_html": "<p>NCSX-Composite 收于 773bp，较上周五收窄 3.6bp；HY 档 865.8bp（-4.3），IG 档 314.7bp（-0.9）。最大单一影响来自 Nebius 7.5% 2030（贡献 -1.2bp，压低指数）。当前 Composite 处于 90 日区间 36% 分位。</p>\n<table cellpadding=\"4\" cellspacing=\"0\" border=\"0\" style=\"border-collapse:collapse;font-size:13px\">\n<tr><th align=\"left\">指数</th><th align=\"right\">水位 (bp)</th><th align=\"right\">本周</th><th align=\"right\">上周五</th></tr>\n<tr><td>NCSX-Composite</td><td align=\"right\"><b>773</b></td><td align=\"right\">-3.6</td><td align=\"right\">776.6</td></tr>\n<tr><td>NCSX-HY</td><td align=\"right\"><b>865.8</b></td><td align=\"right\">-4.3</td><td align=\"right\">870.1</td></tr>\n<tr><td>NCSX-IG</td><td align=\"right\"><b>314.7</b></td><td align=\"right\">-0.9</td><td align=\"right\">315.6</td></tr>\n</table>\n<p><b>本周归因 Top 5</b>（合计 -3.6bp，恒等于指数变动）</p><ul>\n<li>Nebius 7.5% 2030 — -1.2bp（权重 7%）</li>\n<li>Cipher Mining 7.125% 2030 — +1.1bp（权重 5.5%）</li>\n<li>Lambda 8.75% 2030 — -1bp（权重 3.9%）</li>\n<li>Nebius 9.25% 2032 — -1bp（权重 5.3%）</li>\n<li>CoreWeave 9.75% 2031 — -0.9bp（权重 12%）</li>\n</ul>\n<p><b>本周异动</b></p><ul>\n<li>Lambda 8.75% 2030 — -24.4bp，现 738bp</li>\n<li>Cipher Mining 7.125% 2030 — +20.2bp，现 808bp</li>\n<li>Nscale 12% 2031 — +19.9bp，现 1033bp</li>\n</ul>\n<p>板块溢价：HY 513.8bp ／ IG 218.7bp<br>\n结构：HY 面值占比 83.2%，前 3 家集中度 48.7%</p>\n<p style=\"color:#666;font-size:12px\">SpreadBench (2026). AI 基建信用周报, 第 1 期（覆盖 2026-10-26 → 2026-10-30）. NCSX (Neocloud Credit Spread Index) v0.1.0. DOI: 10.58014/ncsx.2026.v0. 许可 CC BY 4.0.<br>SpreadBench 只聚合公开二级成交，不做信用评级、不构成投资建议。</p>",
      "date_published": "2026-11-02T17:30:00-05:00",
      "tags": [
        "AI 基建信用",
        "Neocloud",
        "credit spread",
        "TRACE"
      ],
      "_ncsx": {
        "issue": 1,
        "period": {
          "from": "2026-10-26",
          "to": "2026-10-30",
          "baseline": "2026-10-23",
          "trading_days": 5
        },
        "levels_bp": {
          "composite": 773,
          "hy": 865.8,
          "ig": 314.7
        },
        "weekly_change_bp": {
          "composite": -3.6,
          "hy": -4.3,
          "ig": -0.9
        },
        "methodology": "v0.1.0",
        "doi": "10.58014/ncsx.2026.v0",
        "license": "CC BY 4.0"
      }
    }
  ]
}