信用利差周报：美债遭遇大规模抛售，四部门发文推动债券融资支持体育产业-20250421

Report Industry Investment Rating - No relevant information provided Core Views - The turmoil in the US bond market may have multiple impacts on the Chinese bond market, potentially attracting more long - term allocation funds in the short and long term, but also bringing uncertainties [2][12][13] - Four departments issued a guidance to support the high - quality development of the sports industry through bond financing, which may lead to the launch of innovative sports industry bond varieties, but the development of the industry depends on the improvement of residents' sports consumption levels [3][14][15] Summaries by Section Market Hotspots - On April 10, the US financial market was comprehensively impacted. The US stock, bond, and dollar markets tumbled, with the 10 - year US Treasury yield rising sharply and large - scale selling occurring. This reflected a systematic re - evaluation of the US fiscal prospects, policy stability, and inflation risks by global investors [10][11] - The US bond market turmoil may cause a regional shift in global asset allocation, and China's bond market may attract more long - term funds. The stability of RMB assets is more prominent, and the volatility of US bonds may prompt the Chinese regulatory authorities to re - consider cross - border capital flows and interest rate liberalization [12][13] - Four departments jointly issued a guidance to support the high - quality development of the sports industry through bond financing, which aims to guide financial resources to the sports industry, and may lead to the launch of innovative bond varieties. However, the long - term development of the industry depends on the improvement of residents' sports consumption levels [3][14][15] Macroeconomic Data - In March, CPI decreased by 0.4% month - on - month and 0.1% year - on - year, with the decline narrowing. Core CPI increased by 0.5% year - on - year. Food prices decreased, but the decline narrowed, and non - food prices increased slightly [4][16] - In March, PPI decreased by 0.4% month - on - month and 2.5% year - on - year, with the year - on - year decline widening due to falling international commodity prices and weak downstream demand. However, high - tech and some manufacturing industries showed stable or rising prices [4][17] Money Market - Last week, the central bank net - withdrew 4392 billion yuan through open - market operations. Although funds were withdrawn, the money market remained balanced, and money market interest rates generally declined [5][19][20] Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds was 2044.51 billion yuan, an increase of 763.71 billion yuan from the previous period. The cancellation scale of credit bond issuance decreased. The issuance scale of each bond type increased, and the average issuance cost generally decreased, except for the 5 - year AA - rated bonds [6][26][35] Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 106111.37 billion yuan, with the daily average trading volume increasing significantly. Bond yields generally declined, and the credit spreads of AAA - rated bonds mostly widened, as did the rating spreads [7][38][48]