月初资金面宽松无虞，债市整体窄幅波动，长债表现稍好

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On November 3, the liquidity at the beginning of the month was ample; the bond market fluctuated within a narrow range, with long - term bonds performing slightly better; the main indices of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds across all maturities generally increased, and the 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 National Association of Financial Market Institutional Investors revised the "Administrative Measures for Registration Experts of Non - Financial Enterprise Debt Financing Instruments" to optimize the management mechanism and improve work efficiency, with investor representatives accounting for no less than 30% [3] - The Debt Management Department of the Ministry of Finance was listed on the official website of the Ministry of Finance, with responsibilities including formulating and implementing government domestic debt management systems and policies, and preventing and resolving implicit debt risks [4] - In response to the U.S. Treasury Secretary's statement about potential tariff hikes if China continues to restrict rare - earth exports, the Chinese Foreign Ministry stated that dialogue and cooperation are the right ways to solve problems [5] - The "upgraded" China - EU export control dialogue and consultation was held in Brussels, aiming to promote the stability and smoothness of the industrial and supply chains [6] - The central bank renewed a bilateral local currency swap agreement with the Bank of Korea, with a scale of 400 billion yuan [6] - Hong Kong announced major policy initiatives to promote the development of the digital asset ecosystem, including relaxing regulatory restrictions on virtual asset trading platforms and promoting the "one - stop" clearing and settlement of tokenized money funds [7] 3.1.2 International News - The U.S. ISM manufacturing PMI in October was 48.7, indicating an eight - month consecutive contraction due to production decline and weak demand, but there were signs of a potential rebound in future orders [8] 3.1.3 Commodities - On November 3, international crude oil and natural gas futures prices continued to rise, with WTI 12 - month crude oil futures up 0.11%, Brent 1 - month crude oil futures up 0.19%, COMEX 12 - month gold futures up 0.44%, and NYMEX natural gas prices up 12.72% [9] 3.2 Liquidity 3.2.1 Open Market Operations - On November 3, the central bank conducted 78.3 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate, with a net withdrawal of 25.9 billion yuan as 337.3 billion yuan of reverse repurchases matured on the same day [11] 3.2.2 Funding Rates - On November 3, the liquidity at the beginning of the month was ample. DR001 decreased by 0.57bp to 1.313%, and DR007 decreased by 3.64bp to 1.419%. Other major funding rates also showed downward trends [12][13] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - Spot Bond Yield Trends: On November 3, the bond market fluctuated within a narrow range, with long - term bonds performing slightly better. The yield of the 10 - year Treasury bond active issue 250016 decreased by 0.25bp to 1.7900%, and the yield of the 10 - year China Development Bank bond active issue 250215 decreased by 0.35bp to 1.8600% [15] - Bond Tendering Results: Multiple bonds were tendered on November 3, including agricultural development and China Development Bank bonds, with details such as issue scale, winning yield, and multiples provided [17] 3.3.2 Credit Bonds - Secondary Market Transaction Anomalies: One industrial bond ("H0 Baolong 04") rose by over 25%, and one urban investment bond ("20 Jinzhou New City Bond") fell by over 31% [17][18] - Credit Bond Events: Several companies announced credit - related events, such as overdue debts, risk warnings, and listing as dishonest被执行人 [21] 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On November 3, the three major A - share indices rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 0.55%, 0.19%, and 0.29% respectively. The main indices of the convertible bond market also rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index up 0.19%, 0.15%, and 0.25% respectively [20] - Convertible Bond Tracking: Taiping Convertible Bond and Weining Convertible Bond announced that they were about to trigger the conditions for downward revision of the conversion price [22] 3.3.4 Overseas Bond Markets - U.S. Bond Market: On November 3, the yield of the 2 - year U.S. Treasury bond remained unchanged at 3.60%, while the yields of other maturities generally increased. The yield spread between 2 - year and 10 - year U.S. Treasury bonds and between 5 - year and 30 - year U.S. Treasury bonds both widened by 2bp [23][24] - European Bond Market: The yields of 10 - year government bonds in major European economies generally increased on November 3, with Germany, France, Italy, Spain, and the UK seeing increases of 2bp, 2bp, 3bp, 3bp, and 3bp respectively [26][27] - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: The daily price changes of Chinese - funded U.S. dollar bonds as of the close on November 3 were provided, including bonds issued by companies such as New World Development and Lenovo Group [29]