LPR连续6个月保持不变，资金面继续转松，债市以震荡为主

Report Summary Industry Investment Rating No information provided on the industry investment rating. Core View On November 20, the liquidity continued to ease, the bond market mainly oscillated, the yields of interest - rate bonds changed within 1bp, the main indices of the convertible bond market declined collectively, most convertible bond issues fell, the yields of US Treasury bonds across maturities generally declined, and the yields of 10 - year government bonds in major European economies generally rose [1]. Summary by Section 1. Bond Market News - Domestic News - The 1 - year and 5 - year - plus LPR remained unchanged at 3.0% and 3.5% respectively, marking six consecutive months of no change [3]. - The Ministry of Commerce urged Japan to correct its wrong remarks on Taiwan. If Japan persists, China will take necessary measures [3]. - The Ministry of Commerce hoped that the Netherlands would take practical actions to solve the Nexperia issue and restore the security and stability of the global semiconductor supply chain [4]. - 50 cities were short - listed for the pilot program of new consumption models, and the central government will provide up to 400 million yuan per city in subsidies [4][5]. - International News - The US added 119,000 non - farm jobs in September, more than double the expected 51,000, but the unemployment rate reached 4.4%, the highest since October 2021. The September non - farm report deepened the Fed's internal division [6]. - Commodities - On November 20, WTI December crude futures fell 0.50% to $59.14/barrel, Brent January crude futures fell 0.20% to $63.38/barrel, COMEX December gold futures fell 0.56% to $4,060/ounce, and NYMEX natural gas prices fell 1.62% to $4.490/ounce [7]. 2. Liquidity - Open - Market Operations - On November 20, the central bank conducted 300 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40%, with a net injection of 110 billion yuan after 190 billion yuan of reverse repurchases matured [9]. - Funding Rates - On November 20, the liquidity continued to ease, and major repurchase rates continued to decline. DR001 dropped 5.69bp to 1.365%, and DR007 dropped 2.74bp to 1.486%. Other rates such as Shibor also showed varying degrees of decline [10][11]. 3. Bond Market Dynamics - Interest - Rate Bonds - Spot Bond Yield Trends - On November 20, the bond market mainly oscillated, and the yield changes of interest - rate bonds were within 1bp. The yield of the 10 - year Treasury bond active issue 250016 rose 0.30bp to 1.8100%, and the yield of the 10 - year CDB bond active issue 250215 rose 0.25bp to 1.8720% [13]. - Bond Tendering - Various bonds such as 25 Guokai Qingfa bonds and 25 Jinchujian bonds were tendered, with different issuance scales, winning yields, and multiples [14]. - Credit Bonds - Secondary - Market Transaction Anomalies - On November 20, the trading price of one industrial bond, "21 Taixin 06", deviated by more than 10%, rising more than 11% [15]. - Credit Bond Events - Events such as bond payment extension proposals, issuance cancellations, commercial paper overdue payments, and companies being restricted from high - end consumption or undergoing reorganization occurred among multiple companies [18]. - Convertible Bonds - Equity and Convertible Bond Indices - On November 20, the A - share market declined, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling 0.40%, 0.76%, and 1.12% respectively. The main indices of the convertible bond market also declined, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index falling 0.23%, 0.27%, and 0.23% respectively [19]. - Convertible Bond Tracking - On November 21, Maolai Convertible Bond started online subscription, and Qizhong Convertible Bond was listed. Multiple convertible bonds announced redemption - related matters [22]. - Overseas Bond Markets - US Treasury Bonds - On November 20, the yields of US Treasury bonds across maturities generally declined. The 2 - year yield dropped 3bp to 3.55%, and the 10 - year yield dropped 3bp to 4.10%. The inflation - adjusted break - even inflation rate of 10 - year US Treasury bonds dropped 3bp to 2.24% [23][25]. - European Bonds - On November 20, except for the 10 - year UK government bond yield which dropped 1bp, the 10 - year government bond yields of other major European economies generally rose [26]. - Chinese - Issued US - Dollar Bonds - As of the close on November 20, the daily price changes of Chinese - issued US - dollar bonds varied, with some bonds rising and some falling [28].