利率市场周度回顾：流动性宽松充裕，超长端国债表现亮眼-20260209

Group 1 - The report indicates that the bond market has entered a bullish trend due to increased liquidity and a decline in risk appetite, with the 10Y government bond yield decreasing by 0.90 basis points to 1.8000% compared to the previous week [2][3] - The central bank's continuous reverse repurchase operations have maintained liquidity stability, leading to a significant increase in market leverage and a notable rise in interbank pledged repo transaction volume [24][29] - The net supply of interest rate bonds and certificates of deposit has increased significantly, with a total net supply of interest rate bonds reaching 8829.27 billion yuan, up 5024.12 billion yuan from the previous week [31][34] Group 2 - The report highlights that the yield curve for interest rate bonds is flattening, indicating a bullish trend, with the 10Y government bond yield showing a notable performance [42][43] - The report notes that the yield spreads across various maturities have generally narrowed, with specific spreads such as the 1Y National Development Bank bond to government bond and the 10Y National Development Bank bond to government bond also narrowing [54][56] - The upcoming week will see significant issuance of local government bonds, and attention will be paid to the issuance results across different maturities [3][39]