EBSCN·2026-02-25 10:06Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core View of the Report - The total bond custody volume increased more month-on-month. As of the end of January 2026, the total bond custody volume of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House was 179.31 trillion yuan, with a net month-on-month increase of 0.76 trillion yuan, and a month-on-month increase of 0.46 trillion yuan compared to the end of December 2025 [11]. - In terms of different bond types, interest rate bonds and credit bonds increased net month-on-month, while financial bonds and interbank certificates of deposit decreased net month-on-month [11]. - In terms of bond holders, allocation portfolios increased their positions, securities companies in trading portfolios increased their positions, non - human products continued to reduce their positions, and overseas institutions continued to reduce their positions [22]. - The balance of bonds to be repurchased increased slightly, the bond market leverage ratio remained flat month-on-month and increased year-on-year. As of the end of January 2026, the estimated balance of repurchase - style repurchase of bonds to be repurchased was 11.96 trillion yuan, with a month-on-month increase of 49.837 billion yuan, and the leverage ratio was 107.14%, remaining flat compared with the previous month and increasing by 0.84 percentage points year-on-year [44]. Group 3: Summary by Directory 1. Bond Custody Volume and Structure - The total bond custody volume was 179.31 trillion yuan as of the end of January 2026, with a net month-on-month increase of 0.76 trillion yuan, and a month-on-month increase of 0.46 trillion yuan compared to the end of December 2025 [11]. - Interest rate bond custody volume was 125.73 trillion yuan, accounting for 70.12% of the inter - bank bond market custody volume, with a net month-on-month increase of 1.10 trillion yuan; credit bond custody volume was 19.40 trillion yuan, accounting for 10.82%, with a net month-on-month increase of 0.25 trillion yuan; non - policy financial bond custody volume was 12.93 trillion yuan, accounting for 7.21%, with a net month-on-month decrease of 2 billion yuan; interbank certificate of deposit custody volume was 19.03 trillion yuan, accounting for 10.61%, with a net month-on-month decrease of 0.66 trillion yuan [11]. 2. Bond Holder Structure and Changes 2.1 Changes in Custody Volume by Institution Month-on-Month - Policy banks increased their positions in interest rate bonds and interbank certificates of deposit and reduced their positions in credit bonds; commercial banks increased their positions in interest rate bonds and credit bonds and reduced their positions in interbank certificates of deposit; credit unions increased their positions in all of interest rate bonds, interbank certificates of deposit and credit bonds; insurance institutions increased their positions in interbank certificates of deposit and credit bonds and reduced their positions in interest rate bonds; securities companies increased their positions in interest rate bonds and reduced their positions in interbank certificates of deposit and credit bonds; non - human products increased their positions in credit bonds and reduced their positions in interest rate bonds and interbank certificates of deposit; overseas institutions reduced their positions in all of interest rate bonds, interbank certificates of deposit and credit bonds [22]. 2.2 Changes in Custody Volume by Bond Type Month-on-Month - Treasury bond custody volume continued to increase month-on-month, with commercial banks continuously increasing their positions and non - human products continuously reducing their positions. Commercial banks were the main buyers, increasing their positions by 453.4 billion yuan [25]. - Local government bond custody volume continued to increase month-on-month, with commercial banks significantly increasing their positions and securities companies changing to reducing their positions. Commercial banks were the main buyers, increasing their positions by 458 billion yuan [25]. - Policy financial bond custody volume continued to increase month-on-month, with commercial banks continuously increasing their positions and non - human products changing to significantly reducing their positions. Policy banks and commercial banks were the main buyers, increasing their positions by 112.3 billion yuan and 123.9 billion yuan respectively [25]. - Interbank certificate of deposit custody volume continued to decrease month-on-month, with credit unions changing to increasing their positions and non - human products continuously reducing their positions. Policy banks and credit unions were the main buyers, increasing their positions by 23.4 billion yuan and 27.8 billion yuan respectively; non - human products were the main sellers, reducing their positions by 533.2 billion yuan [25]. - Corporate bond custody volume continued to decrease month-on-month, with commercial banks and non - human products being the main sellers, reducing their positions by 7.7 billion yuan and 6 billion yuan respectively [26]. - Medium - term note custody volume continued to increase month-on-month, with non - human products continuously increasing their positions and policy banks changing to reducing their positions. Non - human products were the main buyers, increasing their positions by 93.8 billion yuan [27]. - Short - term financing and ultra - short - term financing custody volume changed to increasing, with commercial banks being the main buyers, increasing their positions by 149 billion yuan, and non - human products increasing their positions by 34.3 billion yuan [27]. - Non - publicly - oriented debt instrument custody volume continued to decrease month-on-month, with non - human products being the main sellers [27]. 2.3 Holder Structure of Main Bond Types - As of the end of January 2026, for treasury bonds, commercial banks accounted for 69.65%, overseas institutions 5.14%, policy banks 11.93%, non - human products 7.07%, securities companies 2.48%, insurance institutions 2.55%, and credit unions 1.16% [30]. - For policy financial bonds, commercial banks accounted for 57.14%, non - human products 30.30%, overseas institutions 2.82%, credit unions 3.23%, insurance institutions 1.89%, securities companies 1.24%, and policy banks 3.38% [32]. - For local government bonds, commercial banks accounted for 71.98%, non - human products 9.88%, policy banks 11.71%, insurance institutions 4.87%, securities companies 0.96%, credit unions 0.58%, and overseas institutions 0.02% [33]. - For corporate bonds, non - human products accounted for 55.84%, commercial banks 30.96%, securities companies 9.08%, insurance institutions 3.25%, policy banks 0.56%, credit unions 0.24%, and overseas institutions 0.08% [35]. - For medium - term notes, non - human products accounted for 60.47%, commercial banks 25.11%, securities companies 4.51%, nominal holder accounts (domestic) 3.69%, policy banks 2.91%, insurance institutions 2.26%, overseas institutions 0.20%, others 0.58%, and credit unions 0.26% [37]. - For short - term financing and ultra - short - term financing, non - human products accounted for 62.38%, commercial banks 31.16%, nominal holder accounts (domestic) 2.78%, securities companies 0.86%, policy banks 2.25%, others 0.31%, insurance institutions 0.12%, credit unions 0.02%, and overseas institutions 0.13% [39]. - For non - publicly - oriented debt instruments, non - human products accounted for 61.90%, commercial banks 20.47%, nominal holder accounts (domestic) 7.95%, policy banks 5.12%, securities companies 3.82%, others 0.55%, credit unions 0.13%, overseas institutions 0.06%, and insurance institutions 0.00% [41]. - For interbank certificates of deposit, non - human products accounted for 63.05%, commercial banks 22.78%, policy banks 2.42%, credit unions 2.11%, others 4.11%, nominal holder accounts (domestic) 2.07%, securities companies 0.75%, overseas institutions 2.53%, and insurance institutions 0.18% [43]. 3. Bond Market Leverage Ratio Observation - As of the end of January 2026, the estimated balance of repurchase - style repurchase of bonds to be repurchased was 11.96 trillion yuan, with a month-on-month increase of 49.837 billion yuan, and the leverage ratio was 107.14%, remaining flat compared with the previous month and increasing by 0.84 percentage points year-on-year [44].