离岸人民币日内升破7.27关口；天茂集团宣布推迟发年报丨金融早参

Group 1 - In March, the bond market issued a total of 8.74 trillion yuan in various bonds, with government bonds accounting for 1.28 trillion yuan, local government bonds 978.8 billion yuan, and financial bonds 1.02 trillion yuan [1] - The total custody balance of the bond market reached 183.1 trillion yuan by the end of March, with 161.8 trillion yuan in the interbank market and 21.3 trillion yuan in the exchange market [1] - The increase in bond underwriting business may boost the income expectations of brokerage investment banks, while the surge in local government bonds could accelerate the funding pace for infrastructure projects [1] Group 2 - The People's Bank of China held a meeting to implement the overall statistical system for the financial "Five Major Articles," emphasizing the importance of data governance and quality management [2] - Financial institutions are required to enhance their data governance capabilities, which may lead to industry differentiation, with new energy and technology sectors receiving more precise financing support [2] - This initiative aims to solidify the achievements of financial supply-side reforms and provide structural policy guidance for the capital market, ultimately optimizing the financial support framework for economic transformation [2] Group 3 - On April 29, the People's Bank of China conducted a 7-day reverse repurchase operation of 3.405 trillion yuan, maintaining the operation rate at 1.50% [3] - The net injection of 120 billion yuan on that day helps maintain reasonable liquidity and stabilizes the funding environment for sectors sensitive to capital, such as infrastructure and consumption [3] - The neutral and slightly loose liquidity in the interbank market is favorable for bond market allocation demand and creates a stable funding environment for the capital market [3] Group 4 - Tianmao Group announced a delay in the release of its 2024 annual report and 2025 Q1 report due to the need for further information, which may not be disclosed by the legal deadline [4] - Following the announcement, Tianmao Group's stock price fell to 3.04 yuan per share, resulting in a total market value decrease to 15 billion yuan [4] - The insurance sector may face a restructuring of valuation systems, with companies relying on short-term financial products potentially under pressure [4] Group 5 - The offshore yuan strengthened against the US dollar, breaking the 7.27 mark, with a peak of 7.2647 during the trading session [5] - The stability of the yuan exchange rate may enhance foreign investment interest in yuan-denominated assets, particularly in consumer blue chips and high-dividend stocks [6] - Increased demand for liquidity management in the interbank market may arise from the active cross-border capital flows [6]