资金面恢复宽松态势，债市窄幅震荡

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On February 4, the liquidity situation returned to a loose state; the bond market fluctuated within a narrow range; the main indices of the convertible bond market showed mixed trends, with half of the convertible bond securities rising and half falling; the yields of U.S. Treasury bonds of various maturities showed a divergent trend, and the yields of 10-year government bonds in major European economies generally declined [1][2]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping had a video meeting with Russian President Vladimir Putin, emphasizing China's more active opening - up and the importance of Sino - Russian cooperation [4]. - President Xi Jinping had a phone call with U.S. President Trump, discussing the development of Sino - U.S. relations and cooperation in 2026 [5]. - Central Rural Work Leading Group officials interpreted the No. 1 Central Document, outlining key tasks and support measures in the "Three Rural Issues" [6][7]. - The central bank planned to further improve the mechanisms of the "Five Major Articles" in finance [7]. 3.1.2 International News - The U.S. private sector added 22,000 jobs in January, far lower than the expected 45,000, and the employment market remained in a "low - recruitment, low - dismissal" state [8]. - The U.S. 1 - month ISM services PMI in January reached its highest level since 2024, but there were signs of slowdown in new orders and overseas demand [9]. 3.1.3 Commodities On February 4, international crude oil and natural gas prices rose. WTI March crude oil futures rose 3.05% to $65.14 per barrel, Brent April crude oil futures rose 3.16% to $69.46 per barrel, COMEX gold futures rose 0.98% to $4984.20 per ounce, and NYMEX natural gas prices rose 2.40% to $3.458 per ounce [10]. 3.2 Liquidity 3.2.1 Open Market Operations On February 4, the central bank conducted 750 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate, with a net withdrawal of 3025 billion yuan due to 3775 billion yuan of reverse repurchase maturities [12]. 3.2.2 Funding Rates On February 4, the central bank's 8000 - billion - yuan outright reverse repurchase operation increased the net funds by 100 billion yuan, leading to a loose liquidity situation. DR001 rose 0.31bp to 1.320%, and DR007 fell 0.56bp to 1.492% [13]. 3.3 Bond Market Dynamics 3.3.1 Interest - rate Bonds - Spot Bond Yield Trends: On February 4, the bond market fluctuated within a narrow range. As of 20:00, the yield of the 10 - year Treasury bond active bond 250016 rose 0.20bp to 1.8130%, and the yield of the 10 - year CDB bond active bond 250215 rose 0.09bp to 1.9589% [16]. - Bond Tendering: Multiple bonds were tendered on February 4, with details such as issue scale, winning yield, and multiples provided [18]. 3.3.2 Credit Bonds - Secondary Market Transaction Abnormalities: On February 4, there were no credit bonds with a transaction price deviation of more than 10% [19]. - Credit Bond Events: Multiple companies announced events such as bond resumption, debt restructuring, and changes in bond interest rates [22]. 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On February 4, the A - share market showed a mixed trend, with the Shanghai Composite Index and Shenzhen Component Index rising 0.85% and 0.21% respectively, and the ChiNext Index falling 0.40%. The main indices of the convertible bond market also showed mixed trends, with the CSI Convertible Bond Index and Shenzhen Convertible Bond Index falling 0.04% and 0.15% respectively, and the Shanghai Convertible Bond Index rising 0.05%. The trading volume of the convertible bond market was 87.332 billion yuan, a decrease of 10.216 billion yuan from the previous trading day [21][23]. - Convertible Bond Tracking: On February 5, Haitian Convertible Bond started online subscription, and Shangtai Convertible Bond was listed. On February 4, Aike Technology's convertible bond issuance was approved, Honglu Convertible Bond proposed to lower the conversion price, and Jingyuan Convertible Bond was about to meet the early redemption conditions [28]. 3.3.4 Overseas Bond Markets - U.S. Bond Market: On February 4, the yields of U.S. Treasury bonds of various maturities showed a divergent trend. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield rose 1bp to 4.29%. The yield spreads of 2/10 - year and 5/30 - year U.S. Treasury bonds both widened by 1bp, and the break - even inflation rate of 10 - year U.S. inflation - protected Treasury bonds (TIPS) fell 1bp to 2.35% [26][29][30]. - European Bond Market: On February 4, except for the 10 - year UK government bond yield rising 3bp, the 10 - year government bond yields of other major European economies generally declined [31]. - Price Changes of Chinese - funded U.S. Dollar Bonds: The daily price changes of Chinese - funded U.S. dollar bonds as of the close on February 4 showed that the prices of some bonds rose and some fell [33].