资金面继续转松，市场情绪仍弱，债市震荡调整

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On November 21, the liquidity situation continued to ease, but market sentiment remained weak, leading to a volatile adjustment in the bond market. The convertible bond market followed the decline of the equity market, with most convertible bond indices and individual bonds falling. Yields of U.S. Treasury bonds across various maturities generally declined, and yields of 10 - year government bonds in major European economies mostly decreased as well [1]. 3. Summary by Directory 3.1 Bond Market News - Domestic News - Starting from next June, savings bonds (electronic) will be included in the scope of personal pension products [3]. - From January to October this year, the number of newly - established foreign - invested enterprises in China increased by 14.7% year - on - year, while the actual use of foreign capital decreased by 10.3% year - on - year [3]. - The issuance of government bonds has entered a dense period, which is an important manifestation of the continuous implementation of proactive fiscal policies [3]. - International News - On November 21 local time, New York Fed President John Williams said there is room for further interest rate cuts in the near term [4]. - The preliminary value of the U.S. Markit Composite PMI in November reached the fastest growth in four months, with the service industry accelerating and the manufacturing industry slowing down [5]. - Commodities - On November 21, international crude oil futures prices continued to fall, while international natural gas prices turned up [6]. 3.2 Liquidity - Open Market Operations - On November 21, the central bank conducted 375 billion yuan of 7 - day reverse repurchase operations, with a net injection of 162.2 billion yuan [8]. - Funding Rates - Due to the end of the tax period and continuous net injections by the central bank, the liquidity situation continued to ease on November 21. Key funding rates such as DR001 and DR007 declined [9]. 3.3 Bond Market Dynamics - Interest - Rate Bonds - Spot Bond Yields - On November 21, despite the stock market decline, the bond market fluctuated and adjusted due to weak market sentiment. Yields of 10 - year Treasury bonds and 10 - year China Development Bank bonds increased slightly [12]. - Bond Tendering - On November 21, the 3 - year "25进出清发007(增发15)" was tendered, with a issuance scale of 2 billion yuan and a winning yield of 1.6542% [13]. - Credit Bonds - Secondary Market Transaction Anomalies - On November 21, the trading price of one industrial bond, "H0中骏02", deviated by more than 10%, rising by over 71% [13]. - Credit Bond Events - Multiple companies announced important events, including debt restructuring, bond exchange offers, regulatory warnings, and cancellations of bond issuances [14][15]. - Convertible Bonds - Equity and Convertible Bond Indices - On November 21, the three major A - share indices fell, and the convertible bond market also declined. Most convertible bond indices and individual bonds fell, with a decrease in trading volume [16]. - Convertible Bond Tracking - On November 24, "卓镁转债" will be listed. Multiple convertible bonds announced price adjustments, potential redemptions, etc. on November 21 [18][19]. - Overseas Bond Markets - U.S. Bond Market - On November 21, yields of U.S. Treasury bonds across various maturities generally declined, and the yield spreads between different maturities changed [20][21]. - European Bond Market - On November 21, except for the 10 - year government bond yield in the UK, which increased, yields of 10 - year government bonds in other major European economies generally declined [23]. - Chinese - Issued U.S. Dollar Bonds - As of the close on November 21, prices of some Chinese - issued U.S. dollar bonds changed, with some rising and some falling [25].