2025年首次全面降准落地生效，资金面有所收敛，债市继续回调

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report On May 15, the liquidity tightened, the bond market continued to correct, the main indices of the convertible bond market declined following the equity market, most convertible bond issues fell, the yields of US Treasury bonds across all maturities generally dropped significantly, and the yields of 10-year government bonds in major European economies showed divergent trends [1]. Summary by Relevant Catalogs Bond Market News Domestic News - The General Offices of the CPC Central Committee and the State Council encourage financial institutions to participate in urban renewal and promote eligible projects to issue REITs, asset - backed securities, and corporate credit bonds [3]. - The first comprehensive reserve requirement ratio cut in 2025 took effect, releasing about 1 trillion yuan in long - term liquidity [4]. - Premier Li Qiang emphasized strengthening the domestic cycle to promote stable and long - term economic development [4]. - The CSRC held the "5·15 National Investor Protection Publicity Day" event and plans to take multiple measures to boost investor confidence [5]. - The central bank and other departments plan to enrich the product types of the "Swap Connect" [6]. - Four departments jointly held a science and technology finance work exchange and promotion meeting, emphasizing support for scientific and technological innovation [7]. - The Supreme People's Court and the CSRC jointly issued a guiding opinion to support the high - quality development of the capital market [8]. International News - Powell said the Fed is re - evaluating key parts of the 2020 monetary policy framework, and long - term interest rates may rise [9]. - US retail sales in April increased slightly by 0.1% month - on - month, slightly exceeding expectations, but consumer spending showed signs of weakness [10]. Commodities - International crude oil futures prices and natural gas prices fell on May 15. WTI June crude futures dropped 2.42% to $61.62/barrel, Brent July crude futures fell 2.36% to $64.53/barrel, COMEX gold futures rose 1.66% to $3241.10/ounce, and NYMEX natural gas prices dropped 2.86% to $3.366/ounce [12]. Fundamentals Open Market Operations On May 15, the central bank conducted 645 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40%. With 1586 billion yuan of reverse repurchases and 1250 billion yuan of MLF maturing on the same day, the net capital withdrawal was 2191 billion yuan [14]. Funding Rates On May 15, despite the reserve requirement ratio cut, the liquidity tightened due to continuous net capital withdrawal by the central bank and large government bond payments. DR001 rose 0.24bp to 1.412%, and DR007 rose 0.74bp to 1.525% [15]. Bond Market Dynamics Interest - Rate Bonds - The yields of spot bonds: On May 15, affected by tightened liquidity and rumors about the central bank's non - conduct of outright reverse repurchases, the bond market continued to correct. As of 20:00, the yield of the 10 - year Treasury bond active issue 250004 rose 0.10bp to 1.6700%, and the yield of the 10 - year CDB bond active issue 250205 rose 0.55bp to 1.7440% [18]. - Bond tendering: Details of the tendering results of various bonds on May 15 are provided, including the term, issuance scale, winning bid yield, and other information [20]. Credit Bonds - Secondary market trading anomalies: On May 15, the trading price of one industrial bond ("H1 碧地 02") and one urban investment bond ("20 豫辉债") deviated by more than 10%, falling more than 16% and 19% respectively [21][22]. - Credit bond events: Multiple companies had announcements related to bond - holder meetings, rating adjustments, and issuance cancellations [24]. Convertible Bonds - Equity and convertible bond indices: On May 15, the three major A - share indices fell, and the main convertible bond indices also declined. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index fell 0.44%, 0.38%, and 0.52% respectively [24]. - Convertible bond tracking: Some convertible bonds announced proposals for downward adjustment of conversion prices, non - adjustment of conversion prices, or potential early redemption conditions [28]. Overseas Bond Markets - US bond market: On May 15, the yields of US Treasury bonds across all maturities generally dropped significantly. The 2 - year yield fell 9bp to 3.96%, and the 10 - year yield fell 8bp to 4.45%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year Treasury bonds widened [27][28]. - European bond market: The yields of 10 - year government bonds in major European economies showed divergent trends. The yield of German 10 - year government bonds fell 6bp to 2.63%, while that of French 10 - year government bonds rose 2bp [31]. - Daily price changes of Chinese - funded US dollar bonds (as of the close on May 14): Information on the daily price changes, including credit entities, bond codes, bond balances, and yields, is provided [33].