资金面保持均衡平稳，债市偏弱震荡

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint On February 2, the capital market remained balanced and stable, the bond market oscillated weakly, the main indexes of the convertible bond market declined collectively, most convertible bond issues fell, the yields of US Treasury bonds across all tenors generally rose, and the yields of 10-year government bonds in major European economies generally rose [1][2]. 3. Summary by Section 3.1 Bond Market News - Domestic News: Premier Li Qiang emphasized promoting development, improving people's livelihoods, and enhancing the development potential in Shandong; the central government approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023 - 2035)", which is significant for Beijing - Tianjin - Hebei coordinated development; the "2026 'Happy Shopping Spring Festival'" event will be launched to boost consumption; the Ministry of Finance and the State Taxation Administration issued relevant tax management measures [4][5][8]. - International News: The US January ISM manufacturing PMI far exceeded expectations; the US and India reached a trade agreement to lower tariffs; international crude oil and natural gas prices declined [9][10][11]. 3.2 Capital Market - Open - market Operations: On February 2, the central bank conducted 750 billion yuan of 7 - day reverse repurchase operations with a rate of 1.40%. With 1505 billion yuan of reverse repurchases maturing, there was a net withdrawal of 755 billion yuan [13]. - Funding Rates: The capital market remained balanced and stable. DR001 rose 3.65bp to 1.364%, and DR007 fell 10.2bp to 1.491%. Other funding rates also showed changes [14]. 3.3 Bond Market Dynamics - Interest - rate Bonds: In the morning, the bond market was bullish due to the disappointing January PMI data, but then oscillated weakly. The yields of some bonds changed, such as the 10 - year Treasury bond active issue 250016's yield rising 0.50bp to 1.8150%. The bond bidding situation showed different issuance scales, yields, and multiples [15][16]. - Credit Bonds: Three industrial bonds had a trading price deviation of over 10%. There were also various credit - related events such as debt and guarantee overdue, investment negotiations, bond suspension and resumption, and rating adjustments [17][19]. - Convertible Bonds: The A - share market declined, and the convertible bond market followed suit. The main convertible bond indexes fell, and most individual convertible bonds declined. The trading volume of the convertible bond market shrank, and some bonds had significant price changes. Yifeng Convertible Bond may trigger the condition for downward adjustment of the conversion price [19][20][22]. - Overseas Bond Markets - US Bond Market: Yields of US Treasury bonds across all tenors generally rose, and the yield spreads of some maturities narrowed. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate declined [23][24][26]. - European Bond Market: Except for the 10 - year UK government bond yield, which declined 2bp, the 10 - year government bond yields of other major European economies generally rose [27]. - Chinese - funded US - dollar Bonds: The daily price changes of Chinese - funded US - dollar bonds showed significant differences among different issuers, with some rising and some falling [29].