资金面有所缓和，债市整体走弱

1. Report Summary - On November 19, the funding situation eased, with major repo rates declining; the bond market weakened overall; the convertible bond market rebounded, with most convertible bond issues rising; yields on U.S. Treasuries across various tenors generally increased, and the yields on 10-year government bonds of major European economies showed divergent trends [1][2] 2. Bond Market News 2.1 Domestic News - The Ministry of Finance issued 4 billion euros of sovereign bonds in Luxembourg on November 18, with a subscription total exceeding 100 billion euros. The 4-year and 7-year bonds were issued at rates of 2.401% and 2.702% respectively, and all bonds will be listed on the Hong Kong Stock Exchange and the Luxembourg Stock Exchange [5] - The Ministry of Finance advanced the budget for part of the central government's urban affordable housing project subsidies for 2026 on November 19 to support related work [6] - The Bond Connect's October 2025 report showed that northbound trading volume reached 572.3 billion yuan, and northbound swap trading reached 410.4 billion yuan [6][7] 2.2 International News - The Fed's meeting minutes on November 19 revealed significant differences among policymakers regarding a December rate cut, with many believing it may not be appropriate [8] 2.3 Commodities - On November 19, WTI December crude oil futures fell $1.30, or 2.14%, to $59.44 per barrel; COMEX gold futures rose 0.36% to $4081.10 per ounce; NYMEX natural gas prices rose 4.44% to $4.564 per ounce [9] 3. Funding Situation 3.1 Open Market Operations - On November 19, the central bank conducted 310.5 billion yuan of 7-day reverse repurchase operations at a fixed rate, resulting in a net injection of 115 billion yuan after 195.5 billion yuan of reverse repos matured [11] 3.2 Funding Rates - On November 19, as the impact of tax payments diminished, the funding situation eased, and major repo rates declined. DR001 dropped 10.64bp to 1.422%, and DR007 fell 1.08bp to 1.513% [12] 4. Bond Market Dynamics 4.1 Interest Rate Bonds - Spot Bond Yields: On November 19, the bond market weakened due to the rise of heavyweight sectors in the stock market. The yield on the 10-year Treasury bond active issue 250016 rose 0.20bp to 1.8070%, and the yield on the 10-year CDB bond active issue 250215 rose 0.15bp to 1.8695% [15] - Bond Tenders: Details of several bond tenders on November 19 were provided, including the 25 Attached Coupon Treasury Bond 20 (Reissued) and others [17] 4.2 Credit Bonds - Secondary Market Transactions: On November 19, the trading price of one industrial bond, "H0 Zhongjun 02," deviated by more than 10%, dropping by more than 75% [17] - Credit Bond Events: Several companies announced events, such as New World Development increasing the issuance cap of new perpetual bonds and Qiandongnan Investment being listed as a dishonest被执行人 [18] 4.3 Convertible Bonds - Equity and Convertible Bond Indexes: On November 19, the A-share market was divided, and the convertible bond market rebounded. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose 0.24%, 0.21%, and 0.29% respectively [19] - Convertible Bond Tracking: Several companies announced events related to convertible bonds, such as Baolong Industry suspending trading of four domestic corporate bonds and Guangzhou Metro Group canceling the issuance of "25 Guangzhou Metro SCP011" [20] 4.4 Overseas Bond Markets - U.S. Bond Market: On November 19, yields on U.S. Treasuries across various tenors generally increased, with the 10-year yield rising 1bp to 4.13% [22] - European Bond Market: On November 19, the yields on 10-year government bonds of major European economies showed divergent trends [25] - Daily Price Changes of Chinese Dollar Bonds: As of the close on November 19, price changes of various Chinese dollar bonds were reported [26]