央行重启14天期逆回购操作，资金面稳中偏松，债市整体回暖

Group 1: Report Summary - The bond market showed signs of recovery on February 5, with the central bank restarting the 14 - day reverse repurchase operation and the money market remaining stable and slightly loose. The convertible bond market followed the decline of the equity market, and the yields of US Treasury bonds and most European government bonds decreased [1]. Group 2: Bond Market News Domestic News - The State Administration for Market Regulation will promote the construction of a unified national market and stimulate the vitality of business entities [3]. - In 2025, China's service trade imports and exports reached 80823.1 billion yuan, a year - on - year increase of 7.4%. Knowledge - intensive service trade maintained growth [4]. - The "zero - tariff" policy for inbound goods consumed by residents in Hainan Free Trade Port was implemented [5]. International News - US job openings in December 2025 hit a five - year low, indicating weakening labor demand, but the labor market did not collapse [7]. - The European Central Bank maintained the deposit rate at 2% for the fifth consecutive time, emphasizing the need to enhance the resilience of the eurozone [8]. Commodities - International crude oil futures prices declined, while natural gas prices continued to rise. WTI March crude futures fell 2.84% to $63.29 per barrel, and Brent April crude futures fell 1.14% to $68.67 per barrel. COMEX gold futures dropped 4.01% to $4763.2 per ounce, and NYMEX natural gas prices rose 1.45% to $3.508 per ounce [9]. Group 3: Money Market Open - market Operations - On February 5, the central bank conducted 1185 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% and 3000 billion yuan of 14 - day reverse repurchase operations. With 3540 billion yuan of reverse repurchases maturing, the net capital injection was 645 billion yuan [11][12]. Money Market Rates - The money market was stable and slightly loose. DR001 decreased by 0.06bp to 1.319%, and DR007 decreased by 0.95bp to 1.482%. Other rates also showed various changes [13][14]. Group 4: Bond Market Dynamics Interest - rate Bonds - The yields of most active bonds of treasury bonds and policy - bank bonds decreased. For example, the yield of the 10 - year treasury bond active bond 250016 decreased by 0.50bp to 1.8080%, and the yield of the 10 - year policy - bank bond active bond 250215 decreased by 1.29bp to 1.9460% [16][17]. - Several bonds were issued, with details such as issue scale, winning bid yield, and multiples provided [18]. Credit Bonds - Two industrial bonds had a price deviation of over 10%. "H1 Bidi 03" rose over 20%, and "H0 Zhongjun 02" rose over 264% [19]. - Zhongnan Construction plans to extend the principal repayment of "20 Zhongnan Construction MTN002" by 6 or 12 months [20]. Convertible Bonds - The A - share market declined, and the main convertible bond indices followed suit. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index fell 0.84%, 0.95%, and 0.66% respectively. The trading volume of the convertible bond market was 740.66 billion yuan, a decrease of 132.66 billion yuan from the previous trading day [21]. - Some companies had announcements related to convertible bonds, such as Shouhua Convertible Bond announcing early redemption, and Libo Convertible Bond, Huachen Convertible Bond, and Huicheng Convertible Bond announcing no early redemption [24]. Overseas Bond Markets - In the US bond market, yields of US Treasury bonds across all maturities decreased significantly. The 2 - year US Treasury bond yield fell 10bp to 3.47%, and the 10 - year yield fell 8bp to 4.21% [25]. - In the European bond market, except for the 10 - year UK government bond yield rising 1bp, the 10 - year government bond yields of other major European economies generally decreased [28]. - The daily price changes of Chinese - funded US - dollar bonds showed that some bonds had significant price increases or decreases [30].