Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - Claude is continuously launching new features, showcasing a "lobsterization" characteristic, which enhances its capabilities in remote control and task scheduling [2][3]. - The introduction of Dispatch and Channel represents a dual-track layout for remote control, with Dispatch focusing on secure one-to-one encrypted remote control and Channel extending control through IM channels like Telegram and Discord [4][5]. - The new Computer Use feature adds visual control capabilities, allowing Claude to operate any graphical interface application, thus broadening its operational scope [5][6]. - The Schedule and Auto Mode features enable natural language scheduling for tasks and automated permission reviews, enhancing user experience while maintaining security [6]. Summary by Sections Industry Dynamics - Since mid-March, Claude has introduced multiple new features, addressing previous shortcomings compared to OpenClaw in areas such as remote control and task scheduling [3]. Remote Control - Dispatch offers a secure one-to-one encrypted remote control solution, with user commands sent through the Claude App to the Anthropic cloud for task planning [4]. - Channel utilizes a whitelist mechanism to extend control to IM channels, ensuring lower risk through mandatory manual confirmation for high-risk operations [5]. Agent Capability Enhancement - The Computer Use feature now includes visual control, allowing it to interact with various software applications directly, creating a complementary relationship with code control [5][6]. Scheduling and Automation - The Schedule feature allows users to input natural language commands for task scheduling, while Auto Mode automates permission reviews to balance freedom and risk [6]. Investment Recommendations - The report expresses optimism about Claude's growth potential as a closed-source "Apple" in the Agent era, emphasizing the value of the overseas computing power supply chain and the domestic Agent entry points based on OpenClaw [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [16]. Core Insights - The company reported a revenue of 6.53 billion yuan for Q4 2025, representing an 8.3% increase, which is above the guidance of 2% to 6%. The franchise revenue reached 3.02 billion yuan, up 21.0%, exceeding the upper limit of the guidance of 17% to 21% [2]. - Adjusted net income for Q4 2025 was 1.297 billion yuan, a significant increase of 304.0% compared to 321 million yuan in Q4 2024. Adjusted EBITDA was 2.194 billion yuan, up 76.1% from 1.246 billion yuan in the previous year [2]. - The company is expected to benefit from improvements in the hotel cycle, with projected net profits for 2026, 2027, and 2028 estimated at 5.3 billion, 6.2 billion, and 6.9 billion yuan respectively, corresponding to P/E ratios of 21, 18, and 16 [4]. Financial Data Summary - For 2024, the main revenue is projected at 23.891 billion yuan, with a growth rate of 9%. The net profit attributable to the parent company is expected to be 3.048 billion yuan, reflecting a growth rate of -25% [4]. - The company’s earnings per share (EPS) for 2026 is estimated at 1.69 yuan, with a P/E ratio of 20.7 [4]. - The total assets are projected to be 64.774 billion yuan in 2025, with total liabilities of 51.816 billion yuan, resulting in a debt-to-equity ratio of 80% [10].

Investment Rating - The report maintains a strong rating for the defense industry, indicating it is expected to outperform the market [5]. Core Insights - The report highlights that a period of resonance between China and the U.S. is approaching, with a focus on commercial aerospace and military sectors [3][43]. - Key areas of investment interest include the overseas SpaceX and Tesla supply chains, NVIDIA's space computing capabilities, domestic rocket production, and satellite development [4][43]. Summary by Sections Commercial Aerospace and Military - The report suggests monitoring marginal changes in the commercial aerospace sector, particularly in the following areas: 1) overseas S and T photovoltaic supply chains; 2) NVIDIA's space computing; 3) domestic rockets; 4) domestic satellites [3][43]. - Notable developments include SpaceX's plans to submit an IPO application to raise over $75 billion and the deployment of 51,600 AI satellites by Blue Origin [4][43]. Domestic Rockets - Three core logic points are presented: 1) strong launch capacity is a strategic priority for major powers; 2) the current gap in rocket numbers is expected to drive significant growth; 3) the listing and financing of rocket companies will stimulate capacity expansion across the entire industry [5][44]. - Companies to watch include Feiwo Technology, Guanglian Aviation, and Meixin Technology [8][44]. Satellite Industry - The report notes that technological changes in the satellite industry are accelerating, with new suppliers emerging in areas such as flexible solar wings and low-cost commercial satellites [7][44]. - Suggested companies for investment include Aerospace Electronics, Shanghai Port, and Jun Da Co., Ltd [8][44]. Military Sector - The report emphasizes the importance of focusing on companies that are accelerating domestic commercialization and have international expansion potential, particularly in commercial engines and nuclear fusion technologies [9][48]. - Key companies to monitor include Aerospace Technology, Hangfa Technology, and Nuclear Fusion-related firms [9][48]. Market Performance - The report indicates that the military industry index has seen a decline of 2.34% over the past week, underperforming the broader market [11][18]. - Specific sectors within the military industry, such as aerospace and commercial aerospace, have also experienced declines, with the aerospace sector down 3.64% [22][18]. Fund Flows and Valuation - The report notes a decrease in military ETF fund sizes and net outflows of 232 million yuan, indicating a cautious market sentiment [28][33]. - The current P/E ratio for the military sector is reported at 73.02 times, suggesting a high valuation relative to historical levels [34][39]. Recent Developments - Significant recent events include successful rocket launches and the establishment of new aerospace companies, indicating ongoing growth in the sector [52][47]. - The report also highlights strategic partnerships in the energy sector, which may influence the military and aerospace industries [53][48].

Group 1 - The probability of overseas recession is increasing, with the U.S. AI investment intensity being high but the sustainability of marginal returns is questionable. There is a possibility of external pressure transfer to maintain expansion until a systemic correction occurs in related bubbles [2][3] - The process of maintaining AI valuations in the U.S. may create a siphoning effect on global sovereign wealth, exacerbating vulnerabilities in the global financial system. If energy prices continue to rise, the likelihood of the Federal Reserve restarting the interest rate hike cycle may also increase [3] - In the context of rising global vulnerabilities, RMB assets may have relatively outstanding allocation value. It is suggested to focus on the two main lines of the RMB's phase appreciation and rising energy prices for structural adjustments in the Chinese market [3] Group 2 - The mid-term outlook is positive for coal, new energy, agriculture, electricity, oil, and U.S. capital goods related to inflation. In the long term, the focus is on insurance, central state-owned enterprises, anti-involution, and Chinese internet companies [3] - The industrial profit growth rate improved significantly in early 2026, with profit margins being the main driver. The upstream, midstream, and downstream profits generally improved, with the midstream manufacturing sector benefiting from price increases [8] - The ongoing conflict between the U.S. and Iran has raised fears of energy supply disruptions, directly pushing up international oil prices. This cost-push inflation is a core driver of persistent inflation, leading to a potential stagflation scenario with both supply and demand weakening [8]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [4][70]. Core Insights - The pig farming sector is experiencing a significant decline in prices, leading to widespread losses among farmers. As of March 27, the price of pigs dropped to 9.37 CNY/kg, a decrease of 0.50 CNY/kg from March 20. The profits for self-breeding and purchased pig farming are reported at -344.24 CNY/head and -189.87 CNY/head respectively, with week-on-week declines of 46.56 CNY and 48.39 CNY [2][9][28]. - The beef market shows an upward trend in prices for fattened and calf cattle, with prices reaching 26.21 CNY/kg and 35.09 CNY/kg respectively as of March 27, 2026. This is attributed to tight supply and strong market sentiment, suggesting a bullish outlook for beef prices in the coming years [3][30]. - The poultry sector is facing pressure, particularly in the white chicken segment, where prices for chicken products have declined due to falling pig prices. As of March 27, the price for white feathered meat chickens was 7.11 CNY/kg, down 0.22% week-on-week [3][39]. Summary by Sections Pig Farming - Continued decline in pig prices leading to comprehensive losses in farming. The average price on March 27 was 9.37 CNY/kg, with significant losses reported in farming profits [2][9][28]. - Increased slaughtering rates and rising frozen product inventories indicate a slow recovery in demand, with average daily slaughtering volume at 154,700 heads, up 3.32% from the previous week [12][28]. - The average weight of pigs at market is increasing slightly, with an average of 128.71 kg as of March 26, indicating strong selling intentions despite limited market absorption capacity [20][28]. Beef Industry - Prices for fattened and calf cattle are on the rise, with current prices at 26.21 CNY/kg and 35.09 CNY/kg respectively, reflecting a tightening supply and bullish market sentiment [3][30]. - The beef market is expected to enter an upward cycle in prices from 2026 to 2027 due to reduced supply from the ongoing decrease in breeding cows [30]. Dairy Sector - The raw milk price remains low at 3.03 CNY/kg as of March 20, with expectations of continued capacity reduction leading to a potential stabilization and recovery in prices in 2026 [31]. Poultry Sector - The white chicken segment is under pressure with declining prices for both chicken products and chicks, attributed to the impact of falling pig prices. The average price for chicks is 3.07 CNY/bird, down 0.13% week-on-week [39][42]. - The egg market is seeing a slight increase in prices due to seasonal stocking ahead of the Qingming Festival, with an average wholesale price of 7.72 CNY/kg as of March 27 [3][39]. Seed Industry - The 2026 Central Document No. 1 emphasizes the promotion of biological breeding industrialization, which is expected to enhance food security and benefit leading seed companies [52].

Investment Rating - The industry rating is "Outperform the Market" [7][70] Core Insights - The enthusiasm for innovative drugs is returning, with a focus on investment opportunities in the Eli Lilly oral weight loss drug supply chain [3][5] - Eli Lilly's oral weight loss drug Orforglipron is expected to receive FDA approval in April 2026, which is a key catalyst for the industry [5][19] - The report emphasizes the importance of innovative drugs and medical devices as the main themes for the pharmaceutical industry in 2026, with a focus on revenue realization and high-growth performance [6][30] Summary by Sections 1. Weekly Performance of Recommended Pharmaceutical Portfolio - The recommended portfolio outperformed the pharmaceutical index by 4.9 percentage points and the overall market by 7.8 percentage points [14][15] 2. Eli Lilly's Oral Weight Loss Drug Orforglipron Approval - Orforglipron has shown superior results in the ACHIEVE-3 study compared to oral semaglutide, with significant improvements in A1C reduction and weight loss [20][21] - The drug is expected to be launched in 2026, with a focus on investment opportunities in the supply chain, including companies like WuXi AppTec and Kelun Pharmaceutical [5][25] 3. Weekly Market Review and Hotspot Tracking (March 23-27, 2026) - The CITIC Pharmaceutical Index fell by 1.4% but outperformed the CSI 300 Index by 2.9 percentage points [4][30] - The top-performing stocks included Meinuohua (+40.7%), Wanbangde (+38.8%), and Fuxiang Pharmaceutical (+27.6%) [43][49] - The report highlights the recovery of innovative drug sentiment and the expected significant returns in the upcoming months due to upcoming conferences and strong revenue growth [6][30]

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The report emphasizes the acceleration of global green energy transition and highlights the potential of lithium battery and photovoltaic sectors [2][3][4][19][49][57] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - In March, the retail penetration rate of new energy vehicles recovered to over 50%, with an estimated retail volume of approximately 1.7 million narrow passenger vehicles, marking a 64.5% month-on-month increase [9][10] - Rongjie Co. plans to invest 1.1 billion yuan to expand production capacity for 50,000 tons of high-end artificial graphite annually [10] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - SpaceX's announcement of a 100 GW space photovoltaic plan indicates a shift towards P-type HJT technology, positioning China as a core supplier in this trillion-dollar market [19][20][21] - The report notes that HJT technology's advantages, such as lightweight and low cost, enable it to penetrate high-value aerospace markets [19][21] 2.2 Wind Power Sector - Wind power installations showed rapid growth in January-February 2026, with Guangdong accelerating offshore wind power construction [33][34] - The report highlights that the cumulative installed capacity of wind power reached 650 million kW, a year-on-year increase of 22.8% [34] 2.3 Nuclear Fusion Sector - Anhui Province's "14th Five-Year Plan" elevates nuclear fusion energy to a top priority, marking a significant milestone in provincial-level planning [4][43][44] - The plan aims to establish a fusion energy experimental device by 2028 and create a fusion science innovation demonstration zone in Hefei [44][45] 3. Energy Storage Sector - Henan's new energy storage policy introduces a diversified revenue mechanism, aiming for a 23 GW installation target by 2030 [49][50] - The report notes that the pricing of energy storage cells is rising due to tight supply and geopolitical factors affecting raw material costs [51] 4. Power Equipment Sector - The report highlights the formal operation of the China-Laos 500 kV interconnection project, which is expected to boost orders for high-voltage equipment manufacturers [57][58] - The investment climate for power grids is improving, with multiple high-voltage projects being expedited across various regions [58]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [19]. Core Insights - The company has demonstrated robust growth in its core OTA revenue and adjusted net profit, with Q4 2025 revenue reaching 4.84 billion yuan, a 14.2% increase year-on-year, and core OTA revenue at 4.06 billion yuan, up 17.5% [3][5]. - The adjusted net profit for Q4 2025 was 780 million yuan, reflecting an 18.1% year-on-year growth, while the full-year revenue for 2025 was 19.4 billion yuan, marking an 11.9% increase [3][5]. - The company is positioned as a leading OTA in the lower-tier market, benefiting from strong backing by Tencent and Ctrip, which enhances its competitive advantage in domestic and international markets [7]. Financial Performance - In Q4 2025, the core OTA operating profit was 1.15 billion yuan, with an operating profit margin (OPM) of 28.4%, remaining stable year-on-year [5]. - The traffic business generated 1.84 billion yuan in revenue, a 6.5% increase, while accommodation revenue reached 1.31 billion yuan, up 15.4% [5]. - The company achieved a record high in annual service users, with 250 million paid users, a 6.0% increase year-on-year, and total service instances reaching 2.03 billion, a 5.5% increase [6]. Profit Forecast and Valuation - The company is expected to see continued profit improvement, with projected net profits for 2026, 2027, and 2028 at 3.3 billion, 4.0 billion, and 4.7 billion yuan respectively, corresponding to P/E ratios of 12, 10, and 8 times [7]. - The forecasted revenue growth rates for the upcoming years are 12.9% for 2026, 11.7% for 2027, and 10.8% for 2028, indicating a stable growth trajectory [13].

Investment Rating - The report maintains a "stronger than the market" rating for the industry [5] Core Insights - The geopolitical situation remains tense, with safe-haven and stagflation trading continuing to be the core of gold trading. In the short term, the Middle East situation combined with fluctuating expectations of Federal Reserve interest rate cuts presents a pattern of easy rises and difficult declines. In the medium to long term, the uncertainty surrounding global tariff policies and geopolitical factors continues to support the long-term allocation value of gold [10][11] - For industrial metals, the report indicates that the supply of electrolytic copper is decreasing, while geopolitical disturbances are affecting the supply of electrolytic aluminum. Short-term copper prices are supported by a tight fundamental backdrop, while long-term expectations are bolstered by strong demand from the new energy sector [13][14] - In the new energy metals sector, concerns over tightening overseas raw material supplies are impacting supply, while the export of new energy vehicles is boosting demand expectations. Lithium prices are expected to continue rising if the electric vehicle and energy storage sectors maintain high growth [19][22] - The rare earth market is experiencing weak stability, with prices showing limited fluctuations but some products continuing a downward trend due to weak demand [23] Summary by Sections Precious Metals - The geopolitical situation is affecting gold trading, with a focus on safe-haven investments. Key stocks to watch include Zijin Mining, Zhongjin, and Chifeng Jilong Gold Mining [12][10] Industrial Metals - Copper prices are supported by a tight supply-demand balance, while aluminum prices are influenced by macroeconomic sentiments and geopolitical tensions. Key stocks include Zijin, Luoyang Molybdenum, and Jiangxi Copper [14][18] New Energy Metals - Lithium prices are rising due to supply concerns from Zimbabwe and strong demand from new energy vehicle exports. Key stocks include Ganfeng Lithium, Tianhua, and Yahua Chemical [19][22] Other Minor Metals - The rare earth market is experiencing weak demand, leading to price pressures. Key stocks include China Rare Earth, Northern Rare Earth, and Xiamen Tungsten [23]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The funds remained loose this week despite some disturbances such as government bond supply and OMO net - withdrawals in the first half of the week. The MLF over - renewal and OMO net - injection on Wednesday limited the impact of the quarter - end factor. Short - term interest rates remained low, and the yields of medium - and short - term policy financial bonds continued to decline [3][15]. - The cross - quarter progress of funds slowed down further this week, with the cross - quarter progress of the whole market at 35.2%, 9.3 percentage points lower than the average from 2020 - 2025. However, the disturbance to funds at the quarter - end was limited, and the actual financing cost of non - banks was at a relatively low level compared with previous quarter - ends [4][29]. - Although the scale of money market funds rebounded rapidly in February, their demand for certificates of deposit was weaker than the seasonality, and the scale of reverse repurchase lending was also relatively limited. The probability of a significant rebound in short - term interest rates after the quarter - end was relatively low [39]. - The net payment of government bonds will decrease next week. With the central bank's support, institutions are likely to achieve a smooth cross - quarter. The exogenous disturbances to funds in early April after the quarter - end are also relatively limited, and the loose pattern is expected to continue in the short term [43][67]. 3. Summary According to the Directory 3.1 Money Market 3.1.1 This Week's Fund Review - The central bank's OMO had a net injection of 231.9 billion yuan this week. On Wednesday, the central bank conducted a 500 - billion - yuan MLF operation, with an over - renewal of 50 billion yuan compared with the maturity on that day. Despite the net withdrawal in the first half of the week and the large supply pressure of government bonds on Monday, the funds remained loose. DR001 remained at 1.32% for 11 consecutive trading days [3][15]. - The trading volume of pledged repurchase fluctuated and declined, with the average daily trading volume decreasing by 0.44 trillion yuan to 7.94 trillion yuan compared with last week. The overall scale of pledged repurchase first decreased and then increased, rising above 12 trillion yuan again on Friday. The net lending of large - scale banks first decreased and then increased, and was lower than last week as a whole; the net lending of small - scale banks continued to rise after Tuesday; the overall net lending of banks also first decreased and then increased, and was higher than last week [4][24]. - The non - bank rigid lending increased slightly continuously, mainly due to the large increase in the lending of money market funds. The non - bank rigid borrowing scale began to increase continuously on Tuesday, mainly due to the large increase in other products and insurance. The seasonally adjusted fund gap index fluctuated at a low level in the first half of the week and continued to rise after Wednesday, rising to - 314.6 billion yuan on Friday, higher than - 866.3 billion yuan last Friday; while the pre - seasonally adjusted index dropped to - 954.7 billion yuan, mainly affected by the large increase in the net lending of small - scale banks excluded from the seasonal adjustment [4][24]. - The cross - quarter progress of funds slowed down further. As of Friday, the cross - quarter progress of inter - bank funds was 35.4%, at the lowest level in the same period of previous years, and the gap with previous years continued to widen; the cross - quarter progress of the exchange slowed down again after accelerating on Tuesday, and the cross - quarter progress on Friday was 34.6%, also dropping to the lowest level in the same period of previous years. The cross - month progress of the whole market was 35.2%, 9.3 percentage points lower than the average from 2020 - 2025 [29]. 3.1.2 Next Week's Fund Outlook - The net payment of government bonds this week was 606.4 billion yuan. There is no treasury bond issuance plan next week. The issuance scale of local bonds in 5 regions such as Henan, Chongqing, and Sichuan is 118.4 billion yuan, including 2.1 billion yuan of new general bonds, 29.7 billion yuan of new special bonds, and 86.6 billion yuan of refinancing bonds, among which the issuance of replacement bonds is 11.7 billion yuan. Considering the time lag between issuance and payment, the payment scale of government bonds next week will drop to 146.4 billion yuan, the maturity scale will drop to 131.4 billion yuan, and the net payment scale will drop to 15 billion yuan [40][43]. - The actual issuance scale of treasury bonds in March was 1.38 trillion yuan, with a net financing of 300 billion yuan, in line with expectations. The issuance scale of local bonds in March was 1.08 trillion yuan, with a net financing of 670 billion yuan, lower than the expected 770 billion yuan. The overall actual issuance scale of government bonds in March was 2.47 trillion yuan, with a net financing of 960 billion yuan, lower than the expected 1.07 trillion yuan. The cumulative net financing of government bonds in the first quarter was 3.56 trillion yuan, lower than 4.1 trillion yuan in the same period of 2025 [56]. - Seven regions newly announced the Q2 local bond issuance plan this week. Currently, 22 regions have announced the Q2 plan, with a total scale of 1.9904 trillion yuan, still lower than the actual issuance of 2.0865 trillion yuan in Q1. It is estimated that the issuance scale of local bonds in April may be 1.03 trillion yuan, with a net financing of about 570 billion yuan, revised down by 130 billion yuan compared with last week's forecast. It is estimated that the issuance scale of local bonds in May and June will be 1.02 trillion yuan respectively, with net financings of 750 billion yuan and 490 billion yuan respectively. It is estimated that the issuance scale of government bonds in April, May, and June 2026 will be 2.36 trillion yuan, 2.39 trillion yuan, and 2.62 trillion yuan respectively, with net financings of 1.07 trillion yuan, 1.42 trillion yuan, and 1.06 trillion yuan respectively. The cumulative net financing scale of government bonds in the second quarter is expected to be about 3.55 trillion yuan, still lower than 3.7 trillion yuan in the same period of 2025 [60][62]. - The maturity scale of 7 - day reverse repurchases next week will rise to 474.2 billion yuan, and the net payment of government bonds will drop from 606.4 billion yuan this week to 15 billion yuan, with net repayments in the first half of the week. The new stock of Beijie Stock Exchange, Saiying Electronics, will be issued online on March 30, with a fundraising scale of about 270 million yuan, which may have a relatively lower impact on the exchange fund prices in the first half of the week. Overall, the maturity volume of reverse repurchases next week is lower than that in previous cross - quarter periods. With the central bank's support, institutions are likely to achieve a smooth cross - quarter. The exogenous disturbances to funds in early April after the quarter - end are also relatively limited, and the loose pattern is expected to continue in the short term [67]. 3.2 Inter - bank Certificates of Deposit - The 1 - year Shibor rate decreased by 1.45 BP to 1.5405% compared with March 20. The 1 - year AAA - grade inter - bank certificate of deposit secondary rate increased by 1 BP to 1.525% compared with March 20 [68]. - The issuance scale of inter - bank certificates of deposit increased while the maturity scale decreased this week, and the certificates of deposit turned to net financing of 7.27 billion yuan, an increase of 48.73 billion yuan compared with last week. The net financing scales of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were - 55.4 billion yuan, 131.7 billion yuan, 27.6 billion yuan, and - 11 billion yuan respectively. The 9 - month - term certificates of deposit had the largest issuance volume this week, accounting for 32%, and the issuance proportion of 1 - year certificates of deposit decreased by 5 percentage points to 30% compared with last week. The maturity scale of certificates of deposit next week is about 15.51 billion yuan, a decrease of 54.42 billion yuan compared with this week [74]. - The issuance success rates of joint - stock banks, city commercial banks, and rural commercial banks for certificates of deposit decreased month - on - month, while that of state - owned banks increased. Except for the relatively low issuance success rate of rural commercial banks, the others were near the average level in recent years. The issuance spread of 1 - year certificates of deposit between city commercial banks and joint - stock banks narrowed [75]. - The relative supply - demand strength index of certificates of deposit first decreased and then increased this week, rising by 0.2 percentage points to 29.3% for the whole week. The willingness of money market funds to increase holdings in the primary market increased slightly, the willingness of wealth management products and funds to increase holdings was stable, and the willingness of other products to increase holdings in the secondary market decreased. In terms of different terms, the supply - demand indexes of 1 - month and 1 - year certificates of deposit increased, while those of 3 - month, 6 - month, and 9 - month certificates of deposit decreased, with relatively large declines in 6 - month and 9 - month certificates of deposit [85]. 3.3 Bill Market The bill interest rate declined overall this week. As of March 27, the 3 - month and 6 - month bill interest rates of state - owned and joint - stock banks decreased by 13 BP and 11 BP respectively compared with March 20, to 1.30% and 1.06% [92]. 3.4 Bond Trading Sentiment Tracking - Interest - rate bonds fluctuated downward this week, and the credit spreads of medium - and long - term bonds compressed. Large - scale banks tended to reduce their bond holdings overall, and the scale of their increased holdings of treasury bonds also decreased. They tended to reduce their holdings of treasury bonds within 1 year and 5 - year treasury bonds, the willingness to increase holdings of 7 - year treasury bonds decreased, but they turned to be inclined to increase holdings of treasury bonds over 10 years. At the same time, they tended to reduce their holdings of policy financial bonds within 1 year, the willingness to reduce holdings of 1 - 3 - year policy financial bonds increased, but the willingness to reduce holdings of local bonds decreased [95]. - Trading - type institutions tended to increase their bond holdings overall. Among them, the willingness of securities companies to reduce holdings decreased, the willingness of fund companies to increase holdings increased, but the willingness of other institutions and products to increase holdings decreased [95]. - Allocation - type institutions' willingness to increase bond holdings increased overall. Among them, the willingness of small - and medium - sized banks to reduce holdings decreased, the willingness of wealth management products to increase holdings increased, but the willingness of insurance companies to increase holdings decreased [95].