债市早报：远期售汇业务外汇风险准备金率下调至0；资金面稳中向宽，债市止跌回暖

Core Viewpoint - The financial market is experiencing a stable yet slightly easing liquidity environment, with major repo rates declining and bond markets showing signs of recovery, while convertible bonds are facing downward pressure. Group 1: Domestic News - The Central Political Bureau of the Communist Party of China held a meeting to discuss the draft of the 14th Five-Year Plan and the government work report, emphasizing the need for a proactive fiscal policy and moderately loose monetary policy to strengthen domestic market construction and promote high-level technological self-reliance [2] - The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0%, effective March 2, 2026, to support enterprises in managing exchange rate risks [3] - The China Securities Regulatory Commission (CSRC) released the "Supervision and Administration Measures for Information Disclosure of Private Investment Funds," effective September 1, 2026, aimed at enhancing transparency and protecting investors' rights [4] Group 2: International News - The U.S. January PPI rose by 2.9% year-on-year, exceeding expectations, with core PPI increasing by 3.6%, indicating potential upward pressure on inflation and complicating future monetary policy decisions for the Federal Reserve [5] - International crude oil futures prices increased, with WTI crude oil rising by 2.78% to $67.02 per barrel, and Brent crude oil up by 2.45% to $72.48 per barrel [6] Group 3: Market Dynamics - On February 27, the People's Bank of China conducted a 7-day reverse repo operation of 269 billion yuan at an interest rate of 1.40%, resulting in a net liquidity injection of 269 billion yuan for the day [7] - The liquidity environment is stable, with major repo rates continuing to decline; DR001 fell by 2.18 basis points to 1.345%, and DR007 decreased by 0.28 basis points to 1.481% [8] - The bond market showed signs of recovery, with the yield on the 10-year government bond falling by 1.10 basis points to 1.8020% [10] Group 4: Credit Bonds - On February 27, five industrial bonds experienced significant price deviations, with "H1碧地01" dropping over 87% and "H1万科04" increasing over 12% [11] - The credit rating agency Fitch withdrew the "BB+" long-term issuer rating for Weifang Urban Investment Group due to the issuer's cessation of participation in the rating process [12] Group 5: Convertible Bonds - The convertible bond market saw major indices decline, with the China Convertible Bond Index down by 0.14% and trading volume reaching 765.99 billion yuan [16] - Notable individual convertible bonds included Aiwei Convertible Bond, which rose over 9%, while Hengshuai Convertible Bond fell over 8% [17]