利润由降转增，资金面整体均衡，债市窄幅震荡

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - On April 27, the overall capital market was balanced, with a slight increase in capital prices. The bond market showed narrow - range fluctuations due to light trading on the make - up working day [1]. - The profits of industrial enterprises above a designated size in Q1 2025 turned from a decline to an increase, and the revenue growth rate continued to accelerate, creating favorable conditions for profit recovery [3]. 3. Summary by Directory 3.1 Bond Market News - Domestic News - In Q1 2025, the profits of industrial enterprises above a designated size turned from a year - on - year decline of 3.3% in the previous year to an increase of 0.8%. In March, the profit growth rate was 2.6%, up from a 0.3% decline from January to February. The revenue growth rate also continued to accelerate [3]. - Six departments issued a notice to optimize the tax - refund policy for outbound travelers, aiming to boost inbound consumption [4]. - PBOC Governor Pan Gongsheng called on the IMF to adjust share ratios to increase the representation of emerging markets and developing countries [4]. - In Q1 2025, 30 private enterprises in the inter - bank market issued over 60 billion yuan of debt financing instruments to support new productive forces [5]. - "Second - to - first - home" mortgage borrowers meeting relevant conditions can enjoy special additional deductions for housing loan interest [6]. 3.2 Capital Market - Open Market Operations - On April 27, the central bank conducted 90 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.50%, with a net capital injection of 90 billion yuan as there were no reverse repurchase maturities [8]. - Capital Interest Rates - On April 27, the capital market was balanced, but capital prices rose slightly. DR001 rose 2.67bp to 1.608%, and DR007 rose 7.72bp to 1.713% [9]. 3.3 Bond Market Dynamics - Interest - Bearing Bonds - On April 27, the bond market showed narrow - range fluctuations due to light trading. The yields of the 10 - year treasury bond active bond 250004 and the 10 - year CDB bond active bond 250205 remained unchanged [12]. - There were no treasury bond or CDB bond issuances on that day [13]. - Credit Bonds - Credit bond events include announcements from various companies such as non - downward revision of conversion prices, inability to disclose financial statements on time, cancellation of bond issuances, and changes in financial performance [15][16]. - Convertible Bonds - On April 27, Guanglian Convertible Bond announced no downward revision of the conversion price and would not choose to revise it downward in the next 6 months if the downward - revision clause is triggered again [15].