Huaan Securities(SH:600909) Huaan Securities·2025-05-21 14:05Group 1: Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. Group 2: Core Views of the Report - Five major types of institutions have comprehensively increased their bond allocations, indicating a strong willingness to hold bonds. In April, with the ten - year Treasury bond around 1.65%, all institutions entered the market. The last time such comprehensive allocation occurred was in January 2024. This may be due to the fear of missing out on the trend and the relatively low bond supply in April [2]. - In May, the bond market had a "small - step" correction with significantly reduced volatility. Most institutions held their bonds and waited. The 10 - year Treasury bond yield rose from 1.63% to 1.70% after the Sino - US joint statement at the beginning of May, but the process took about 20 days. The bond market bulls did not show a disintegration trend, and there was no obvious selling pressure in secondary high - frequency trading data. Looking forward, there are profit - taking funds, but current institutional behavior is still favorable to the bond market, and the market may have a narrow - range oscillation with a ceiling and a floor. The inflection point of the market awaits incremental information [3]. Group 3: Summary by Directory 1. Bank - to - Exchange and Exchange Custody Volume Overview - In April 2025, the month - on - month increase in the bank - to - exchange bond custody volume decreased to 0.97%, while the month - on - month increase in the exchange bond custody volume rose to 1.18% [10]. 2. By Bond Type 2.1 Interest - Rate Bonds - The overall custody scale of interest - rate bonds was 115.75 billion yuan, with a month - on - month increase of 1.10 trillion yuan. In April, the balances of Treasury bonds, local government bonds, and policy - bank bonds continued to increase, but the total increase was lower than that of the previous month. The Treasury bond custody scale increased by 263.816 billion yuan, local government bonds increased by 827.745 billion yuan, and policy - bank bonds increased by 13.15 billion yuan [19][20]. 2.2 Credit Bonds - The total custody volume of credit bonds in April was 32.78 trillion yuan, with a month - on - month increase of 192.786 billion yuan. Enterprise bonds continued to shrink, while the custody scale of medium - term notes continued to rise. The increment of short - term financing bonds turned from positive to negative, and the increments of commercial paper and ultra - short - term financing bonds turned from negative to positive [29]. 2.3 Inter - Bank Certificates of Deposit - In April, the custody scale of inter - bank certificates of deposit was 21.6 trillion yuan, with a month - on - month increase of 377.94 billion yuan. The holdings of broad - based funds and overseas institutions continued to increase [37]. 2.4 Financial Bonds - In April, the custody scale of financial bonds was 11.98 trillion yuan, with a month - on - month increase of 176.402 billion yuan. Policy - bank holdings continued to decrease, while the holdings of commercial banks, broad - based funds, and securities companies continued to increase [40]. 3. By Institution - The custody volume of allocation - oriented institutions increased significantly, and the custody volume of insurance institutions continued to increase. In April, policy - bank holdings increased by 80.21 billion yuan, commercial bank holdings increased by 795.666 billion yuan, broad - based fund holdings increased by 1183.779 billion yuan, securities company holdings increased by 182.369 billion yuan, insurance institution holdings increased by 105.409 billion yuan, and overseas institution holdings increased by 91.531 billion yuan [41][44].