（2026.2.2-2026.2.6）：债市窄幅波动,超长债率先上涨破局——利率回顾

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The bond market showed narrow fluctuations from February 2nd to February 6th, with the ultra-long end rising slightly and breaking the situation. The market is in a repeated game near key points, and the follow - up needs to focus on policy signals and the defense and offense of key points [1] Group 3: Summary by Related Catalogs 1. Capital Market - The capital market was generally balanced and loose. From February 2nd to February 6th, DR007 traded in the range of 1.26 - 1.59%, and the capital price declined slightly. The central bank had a net withdrawal of 656 billion yuan in total [1] 2. Primary Market - The demand was high, and the bidding sentiment for treasury bonds and China Development Bank bonds was good. From February 2nd to February 6th, the cumulative issuance of interest - rate bonds was 1.1607 trillion yuan, and the average daily issuance was at a relatively high level [1] 3. Secondary Market - The bond market fluctuated narrowly, with the short - end falling slightly, the long - end basically flat, and the ultra - long end rising slightly. The yield of the active 10 - year treasury bond 250022 decreased by 0.25bp in total during the week [1] 4. Term Spread - The yield curve showed a reverse trend, and the 10Y - 1Y term spread of treasury bonds narrowed. From February 2nd to February 6th, the 10Y - 1Y spread of treasury bonds decreased by 2.18bp to 49bp, and the 10Y - 1Y spread of China Development Bank bonds decreased by 0.88bp to 39bp [1]