固收周报丨转债中的哪些结构性机会值得关注？

Group 1: Market Overview - The funding environment is expected to tighten this week due to the tax period, with government bond net payment increasing and disturbances from the Beijing Stock Exchange's new listings, leading to an anticipated rise in funding rates [1][3] - The central bank's intention to support the market is clear, with major banks maintaining high levels of net lending, and overnight rates expected to peak below 1.6% [1][3] Group 2: Government Bond Supply - This week, government bond issuance has significantly increased, totaling 706.57 billion yuan, with net payments rising approximately 250 billion yuan to 206.52 billion yuan, primarily concentrated in the latter half of the week [4] - Local government bonds saw net payments of 217.22 billion yuan, with issuance accelerating; however, the actual issuance in January is only 54.08% of the planned amount [4] - The issuance of national bonds has increased significantly, with a net payment of -10.7 billion yuan and a total issuance of 475 billion yuan, marking a substantial increase compared to previous periods [4][5] Group 3: Interbank Certificates of Deposit - The maturity scale of interbank certificates of deposit remains large at 706.71 billion yuan, and banks are expected to issue more certificates to replenish liabilities amid the tax period and market disturbances [6][7] Group 4: Credit Market Insights - The credit bond market is advised to focus on medium to short-duration defensive strategies, with a notable performance in secondary capital bonds and city investment bonds [9][31] - The total issuance of credit bonds last week was 288.2 billion yuan, with a weighted average issuance rate of 1.91%, down 11 basis points from the previous week [30] Group 5: Equity and Convertible Bond Market - The stock market showed mixed results, with the Shanghai Composite Index down 0.45% and the Shenzhen Component Index up 1.14%, indicating sectoral divergence [34] - The convertible bond index rose by 1.08%, outperforming the stock indices, with an overall increase in conversion premiums [38]