债市早报：央行2月份买断式逆回购净投放环比增加3000亿元；债市延续向暖，主要期限国债收益率多数下行

Group 1: Monetary Policy and Market Conditions - The central bank has increased the net injection of reverse repos in February by 300 billion yuan, leading to improved liquidity in the banking system [3] - The central bank will conduct a 1 trillion yuan reverse repo operation on February 13, with a term of 6 months, resulting in a net injection of 500 billion yuan after accounting for maturing repos [3] - The major bond market indices have shown a downward trend in yields, with the 10-year government bond yield decreasing by 1.40 basis points to 1.7720% [10] Group 2: Currency and Exchange Rates - The onshore and offshore RMB against the US dollar both broke the 6.9 mark, reaching a new high before the Spring Festival, with the central bank's midpoint rate set at 6.9457 yuan per dollar [4] - Analysts attribute the RMB's strength to multiple factors, including improved external conditions, a weaker dollar, and increased demand for currency conversion by enterprises [4] Group 3: Corporate News and Credit Events - Kaisa Group announced it would be unable to repay the principal of 400 million USD on its KWGPRO bond due on February 13, 2026 [14] - Moody's confirmed Meituan's issuer rating at "Baa1," changing the outlook from "stable" to "negative" [14] - Jin Hong Holdings reported a debt default of 76 million yuan by its subsidiary [14] Group 4: Real Estate and Housing Market - In the US, January existing home sales saw the largest decline in nearly four years, dropping 8.4% month-over-month to an annualized rate of 3.91 million units, below expectations [5] - The median home price in January increased by 0.9% year-over-year to 396,800 USD, while inventory rose by 3.4% to 1.22 million units [5] Group 5: Commodity Market - International crude oil prices fell, with WTI crude down 2.77% to 62.84 USD per barrel, and Brent crude down 2.71% to 67.52 USD per barrel [6] - COMEX gold futures decreased by 3.06% to 1,942.50 USD per ounce, while NYMEX natural gas prices fell by 0.25% to 3.226 USD per million British thermal units [6] Group 6: Bond Market Dynamics - The bond market showed a warming trend, with the central bank's liquidity support leading to a decrease in yields across various maturities [10] - No new government or policy bank bonds were issued on February 12 [12] - The credit bond market experienced significant price fluctuations, with some bonds deviating over 10% from their previous prices [13]