Sou Hu Cai Jing·2025-12-02 04:19Group 1: Domestic News - The National Development and Reform Commission has expanded the scope of infrastructure REITs, including commercial office facilities and urban renewal facilities as independent asset categories [2] - The Ministry of Finance and the Ministry of Science and Technology issued guidelines to prevent illegal funding practices and ensure timely debt settlement [2] Group 2: International News - Russia will issue its first sovereign bonds denominated in RMB, starting on December 2, with a target coupon rate of 6.25%-6.5% for the 3.2-year portion and up to 7.5% for the 7.5-year portion [3] - The US ISM Manufacturing PMI for November fell to 48.2, indicating continued contraction in the manufacturing sector, with new orders and employment indices also declining [4] - The Bank of Japan's Governor hinted at a potential interest rate hike in December, leading to declines in both Japanese stocks and bonds [5] Group 3: Commodity Market - International crude oil prices increased, with WTI rising by 1.31% to $59.32 per barrel and Brent up by 1.26% to $63.17 per barrel [6] Group 4: Financial Market - On December 1, the central bank conducted a 7-day reverse repurchase operation of 107.6 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 231.1 billion yuan [7] - The funding environment remained stable, with major repo rates showing slight fluctuations [8][9] Group 5: Bond Market Dynamics - The bond market showed strong fluctuations, with the 10-year government bond yield slightly decreasing to 1.8275% while the 10-year policy bank bond yield increased to 1.9000% [11] - In the secondary market, several corporate bonds experienced significant price deviations, with some bonds from Vanke dropping over 75% [14] Group 6: Credit Bond Events - Vanke's equity stake in Shenzhen Vanke Development was frozen for three years, and the company faced scrutiny over its financial practices [15] - Aoyuan Group announced it failed to pay interest on its bonds, accumulating a total of 6.44 billion yuan in unpaid principal and interest [15] Group 7: Convertible Bonds - The convertible bond market saw mixed performance, with the China Securities Convertible Bond Index and the Shanghai Stock Exchange Convertible Bond Index rising by 0.10% and 0.19% respectively [18] - The total trading volume in the convertible bond market was 55.329 billion yuan, a decrease of 9.851 billion yuan from the previous trading day [18] Group 8: Overseas Bond Market - US Treasury yields rose across all maturities, with the 2-year yield increasing by 7 basis points to 3.54% and the 10-year yield rising by 7 basis points to 4.09% [20] - Major European economies also saw an increase in 10-year government bond yields, with Germany's yield rising by 6 basis points to 2.75% [23]