5000亿元新型政策性金融工具即将落地，债市延续弱势

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View On September 29, the overall capital market showed a complex situation. The capital side was generally stable and balanced, but the cross - quarter capital price was high. The bond market continued to be weak, while the convertible bond market followed the equity market and rose. The yields of U.S. Treasury bonds of various maturities generally declined, and the 10 - year Treasury bond yields of major European economies also generally declined. At the same time, 500 billion yuan of new policy - based financial instruments are about to be launched, which will promote economic development [1][13][17]. 3. Summary by Directory 3.1 Bond Market News - Domestic News: The Politburo meeting decided that the Fourth Plenary Session of the 20th Central Committee would be held from October 20th to 23rd. A new policy - based financial instrument of 500 billion yuan will be used to supplement project capital. The trading association will improve the evaluation criteria for lead underwriters [3][4]. - International News: A Federal Reserve official is worried about the inflation outlook and believes that the current monetary policy is only "moderately restrictive" and needs to maintain a restrictive policy stance [6]. - Commodities: On September 29, international crude oil futures prices fell, while international natural gas prices rose significantly. Gold futures also rose [7]. 3.2 Capital Side - Open Market Operations: On September 29, the central bank conducted 288.6 billion yuan of 7 - day reverse repurchase operations, with a net investment of 48.1 billion yuan [9]. - Funding Rates: On September 29, the capital side was generally stable and balanced, but the cross - quarter capital price was high. DR001 declined by 0.23 bp, and DR007 increased by 3.17 bp [10]. 3.3 Bond Market Dynamics - Interest - Rate Bonds: On September 29, the bond market continued to be weak. The yield of the 10 - year Treasury bond active bond 250011 rose by 0.75 bp, and the yield of the 10 - year CDB bond active bond 250215 rose by 2.50 bp [13]. - Credit Bonds: On September 29, there were abnormal transactions in the secondary market of credit bonds. Some industrial and urban investment bonds had price deviations of more than 10%. There were also some credit bond events, such as tax enforcement against Rongqiao Group and loan extension for Shimao Group [14][16]. - Convertible Bonds: On September 29, the three major A - share indexes rose, and the convertible bond market followed the rise. The trading volume of the convertible bond market increased. Most convertible bond issues rose, with some rising significantly and some falling [17]. - Overseas Bond Markets: - U.S. Bond Market: On September 29, the yields of U.S. Treasury bonds of various maturities generally declined, and the yield spreads of some maturities narrowed. The break - even inflation rate of 10 - year U.S. inflation - protected Treasury bonds (TIPS) declined [20][21][22]. - European Bond Market: On September 29, the 10 - year Treasury bond yields of major European economies generally declined [23]. - Chinese - funded U.S. Dollar Bonds: The prices of Chinese - funded U.S. dollar bonds showed different changes on September 29, with some rising and some falling [25].