央行调整14天期逆回购操作方式，资金面有所改善，债市延续调整

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On September 19, the liquidity situation improved, with major repo rates declining; the bond market continued to adjust, with long - term bonds performing weaker; the convertible bond market's main indices followed the decline, and most convertible bond issues fell; yields of U.S. Treasury bonds across various maturities generally rose, and yields of 10 - year government bonds in major European economies generally increased [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - The central bank adjusted the operation mode of 14 - day reverse repurchase, which released three key signals: strengthening the policy status of the 7 - day reverse repurchase operation rate, promoting the transformation of the monetary policy framework to price - based regulation, and enhancing the flexibility and precision of liquidity regulation [3] - The State Council Executive Meeting discussed and basically approved the "Revised Draft of the Law of the People's Republic of China on Banking Supervision and Administration" to promote the healthy development of the banking industry [3] - In August, foreign investors net - bought domestic stocks and bonds overall, and the foreign exchange market was stable with active trading and balanced supply and demand [4] - The Shanghai, Shenzhen, and Beijing Stock Exchanges issued new regulations to optimize bond repurchase business, aiming to optimize corporate debt structure and resolve credit risks [5] - The inter - bank lending center launched new optimization functions for "North - bound Swap Connect" to meet the risk - management needs of overseas institutions [6] - As of September 21, the issuance scale of securities firms' bonds this year reached 1.23 trillion yuan, with the issuance scale of science and technology innovation bonds exceeding 57 billion yuan; the redemption scale of banks' "Tier 2 and perpetual bonds" reached 729.28 billion yuan [7] 3.1.2 International News - The Bank of Japan maintained the interest rate at 0.5% and announced the start of ETF and J - REIT reduction, with two members proposing a 25bp interest rate hike [8] - Minneapolis Fed President Kashkari supported the Fed's rate - cut decision and predicted two more rate cuts this year, also raising the estimate of the neutral interest rate [9] 3.1.3 Commodity News - On September 19, international crude oil futures prices continued to fall, and international natural gas prices declined; COMEX gold futures rose [10] 3.2 Funding Situation 3.2.1 Open - Market Operations - On September 19, the central bank conducted 354.3 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 124.3 billion yuan [12] 3.2.2 Funding Rates - On September 19, after the tax - payment period ended, the funding situation improved, and major repo rates declined [13] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Spot Bond Yield Trends: On September 19, the bond market continued to adjust, with long - term bonds performing weaker. Yields of 10 - year Treasury bonds and 10 - year CDB bonds increased [16] - Bond Tendering Situation: Information on the tendering of 10 - year and 30 - year bonds was provided, including issuance scale, winning yields, and multiples [18] 3.3.2 Credit Bonds - Secondary - Market Transaction Anomalies: On September 19, the transaction prices of two industrial bonds deviated by more than 10% [18] - Credit Bond Events: Some bonds, such as "H16 Tianjian 2" and "20 Xingfu 01", had events like suspension and debt - repayment plan formulation [19] 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On September 19, the three major A - share indices and convertible bond market indices all declined, and the convertible bond market's trading volume decreased [20] - Convertible Bond Tracking: Some companies' convertible bond issuance was approved, and some bonds had events like suspension, cancellation of issuance, and debt restructuring [22][23] 3.3.4 Overseas Bond Markets - U.S. Bond Market: On September 19, yields of most U.S. Treasury bonds rose, and the yield spreads between different maturities changed [24][25] - European Bond Market: Yields of 10 - year government bonds in major European economies generally increased [27] - Price Changes of Chinese - Issued U.S. Dollar Bonds: Information on the daily price changes of Chinese - issued U.S. dollar bonds as of September 19 was provided, including the top gainers and losers [29]