央行开展万亿元MLF操作，资金面宽松无虞，债市整体窄幅震荡

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 24, the liquidity was ample, with major repo rates hovering at low levels; the bond market showed a narrow - range oscillation; the convertible bond market's main indices followed the upward trend, and most convertible bond issues rose; yields on U.S. Treasuries of various maturities generally declined, and yields on 10 - year government bonds of major European economies generally decreased [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping had a phone call with U.S. President Trump, emphasizing that the Busan meeting had set the right course for China - U.S. relations, and both sides should maintain the positive momentum [3] - On November 25, the central bank conducted 100 billion yuan of MLF operations, with a net injection of 10 billion yuan in November, marking the ninth consecutive month of increased roll - overs, in line with market expectations [3] - As of November 21, the issuance of science - innovation bonds in the inter - bank market exceeded 530 billion yuan, with the proportion of issuance scale exceeding 10% for the first time, 5 percentage points higher than before [4] 3.1.2 International News - On November 24, Fed Governor Waller and San Francisco Fed President Daly signaled dovish stances, with Waller advocating a rate cut at the next meeting and Daly supporting a December rate cut [5][6] 3.1.3 Commodities - On November 24, international crude oil futures prices turned up, while international natural gas prices turned down. WTI January crude oil futures rose 1.34% to $58.84 per barrel, Brent January crude oil futures rose 1.29% to $63.37 per barrel, COMEX December gold futures rose 0.36% to $4094.2 per ounce, and NYMEX natural gas prices fell 1.55% to $4.506 per ounce [7] 3.2 Liquidity 3.2.1 Open Market Operations - On November 24, the central bank conducted 338.7 billion yuan of 7 - day reverse repurchase operations, with a net injection of 55.7 billion yuan as 283 billion yuan of reverse repurchases matured on the same day [9] 3.2.2 Funding Rates - On November 24, the liquidity was ample, with major repo rates hovering at low levels. DR001 dropped 0.22bp to 1.319%, and DR007 rose 2.95bp to 1.470% [10] 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - Spot Bond Yield Trends: On November 24, the bond market showed a narrow - range oscillation with lower trading volume. By 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.05bp to 1.8120%, and the yield of the 10 - year CDB bond active issue 250215 remained flat at 1.8740% [13] - Bond Tendering Results: Information on the tendering of multiple bonds including 25贴现国债72, 25附息国债23, etc., was provided, covering details such as term, issuance scale, winning yield, and bid - to - cover ratios [14] 3.3.2 Credit Bonds - Secondary - market Transaction Anomalies: On November 24, no credit bond transaction prices deviated by more than 10% [15] - Credit Bond Events: Multiple companies such as Fanhai Holdings, Fangyuan Real Estate, and Baolong Industry had bond - related events including non - payment, extension of redemption dates, and holder meetings [16] 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On November 24, the A - share market rose, with over 4200 stocks increasing. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose 0.05%, 0.37%, and 0.31% respectively. The convertible bond market also rebounded, with the CSI Convertible Bond, Shanghai Convertible Bond, and Shenzhen Convertible Bond indices rising 0.22%, 0.14%, and 0.34% respectively [17] - Convertible Bond Tracking: News such as the approval of Shang Sheng Electronics' convertible bond issuance and the possible early redemption of Nenghui Convertible Bond were reported [24] 3.3.4 Overseas Bond Markets - U.S. Treasury Market: On November 24, yields on U.S. Treasuries of various maturities generally declined. The 2 - year U.S. Treasury yield dropped 5bp to 3.46%, and the 10 - year yield dropped 2bp to 4.04%. The 2/10 - year U.S. Treasury yield spread widened by 3bp to 58bp, and the 5/30 - year spread narrowed by 2bp to 107bp [20][21] - European Bond Market: On November 24, yields on 10 - year government bonds of major European economies generally declined, except for Germany and Spain where yields remained unchanged [23] - Price Changes of Chinese - Issued U.S. Dollar Bonds: Price changes of Chinese - issued U.S. dollar bonds of multiple companies such as Ctrip Group, Pinduoduo, and iQiyi were presented, including daily changes, credit entities, bond balances, and other information [25]