债券研究周报：机构行为每周跟踪-20250428

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report focuses on the weekly tracking of institutional behavior in the bond market. It shows that liquidity relaxed this week, with changes in various indicators such as interest rates, fund durations, "asset shortage" index, leverage ratios, and product break - even rates [2][3]. 3. Summary by Directory 3.1 Institutional Bond Holdings The report presents figures on the bond holdings of generalized funds, insurance institutions, securities companies, and commercial banks, but no specific analysis of these data is provided in the given content [14][12]. 3.2 Institutional Fund Tracking - Fund Prices: Liquidity relaxed this week. R007 closed at 1.66%, down 5BP from last week; DR007 closed at 1.64%, down 6BP from last week; the 6 - month national - stock transfer discount rate closed at 1.16%, up 8BP from last week [17]. - Financing Situation: This week, the balance of inter - bank pledged reverse repurchase was 106,943.2 billion yuan, a 0.8% decrease from last week. From the perspective of generalized asset management, fund companies and bank wealth management had net financings of - 1.136 billion yuan and 9.513 billion yuan respectively [21]. 3.3 Quantitative Tracking of Institutional Behavior - Fund Duration: This week, the measured durations of high - performing and general interest - rate bond funds were 5.75 and 4.14 respectively, increasing by 0.11 and 0.19 compared to last week [27]. - "Asset Shortage" Index: The "asset shortage" index increased this week [3]. - Institutional Behavior Trading Signals: Trading signals for secondary - capital bonds, ultra - long - term government bonds, and 10Y local bonds are provided, with specific construction methods referring to relevant reports [36][37][41]. - Institutional Leverage: The overall market leverage ratio was 106.8% this week, a 0.1 - percentage - point decrease from last week. In terms of generalized asset management, the leverage ratios of insurance institutions, funds, and securities firms were 116.6% (up 0.4 percentage points), 101.8% (up 1.0 percentage point), and 210.3% (down 11.9 percentage points) respectively [43]. - Bank Self - Investment Comparison Table: The table shows the nominal yields, tax costs, capital occupation costs, and returns after considering taxes and risk capital for different investment products such as general loans, 10Y treasury bonds, and 10Y national development bonds [48]. 3.4 Asset Management Product Data Tracking - Funds: Figures on the weekly establishment scale of various types of funds and the 2025 fund yield distribution are presented [50]. - Bank Wealth Management: The break - even rate of all bank wealth - management products in the market decreased this week, reaching 2.3% [53]. 3.5 Treasury Bond Futures Trend Tracking Figures on the inter - period spread trend and the basis level of the next - quarter T contract are provided [59]. 3.6 Generalized Asset Management Landscape Figures on the scale changes of generalized asset management, public - offering funds, and bank wealth - management products are presented [61][64].