LPR报价连续9个月不变，央行将开展6000亿元MLF操作

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On February 24, the 1 - year and 5 - year LPR quotes remained unchanged, and the central bank announced a 600 billion yuan MLF operation. The money market was slightly tight, the bond market trading was light after the Spring Festival, the convertible bond market followed the equity market's rise, and the yields of most US Treasury bonds and European government bonds changed [1][4]. - The real estate market is showing positive changes, with the decline in housing prices in large and medium - sized cities narrowing, and the market is moving towards stabilization and recovery [4]. - Trump's 10% "global tariff" took effect on February 24, and the implementation schedule of the 15% tariff has not been finalized, which has brought uncertainty to the global trade [5]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - The LPR has remained unchanged for nine months, and there is still room for a decline this year. On February 24, the 1 - year LPR was 3.0% and the 5 - year LPR was 3.5%, in line with market expectations [3]. - On February 25, the central bank will conduct a 600 billion yuan MLF operation, with a net injection of 300 billion yuan. In February, the net injection of medium - term liquidity reached 90 billion yuan, still at a relatively high level [4]. - The real estate market is showing signs of stabilization and recovery, with the decline in housing prices in large and medium - sized cities narrowing in January 2026 [4]. 3.1.2 International News - Trump's 10% "global tariff" took effect on February 24, and the implementation schedule of the 15% tariff has not been finalized. The new policy has exemptions, and the unclear signal has caused confusion in the global market [5]. - A Federal Reserve official said that the current inflation is "not good enough", and the tariff ruling helps to cool inflation. The US 12 - month core PCE price index rose 3% year - on - year [6]. 3.1.3 Commodities - On February 24, international crude oil futures prices fell, with WTI March crude oil futures down 1.03% and Brent April crude oil futures down 1.01%. COMEX gold futures fell 3.06%, and NYMEX natural gas prices fell 2.05% [7]. 3.2 Money Market 3.2.1 Open Market Operations - On February 24, the central bank conducted a 526 billion yuan 7 - day reverse repurchase operation, with a net withdrawal of 926.4 billion yuan due to large - scale reverse repurchase maturities [10]. 3.2.2 Funding Rates - On February 24, due to the tax period and large - scale net withdrawal of reverse repurchases, the money market was slightly tight. DR001 fell 0.25bp to 1.367%, and DR007 rose 1.57bp to 1.555% [11]. 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Spot Bond Yield Trends: On February 24, bond market trading was light after the Spring Festival. As of 20:00, the yield of the 10 - year Treasury bond active bond 250016 remained unchanged at 1.7825%, and the yield of the 10 - year CDB bond active bond 250220 rose 0.05bp to 1.9435% [14]. - Bond Tendering: Information on the tendering of various bonds such as agricultural development bonds and Treasury bonds was provided, including issuance scale, winning yields, and multiples [15]. 3.3.2 Credit Bonds - Secondary - Market Transaction Anomalies: On February 24, there were no credit bonds with a price deviation of more than 10% [16]. - Credit Bond Events: Companies such as Country Garden and Hejingtai reached debt restructuring agreements or announced bond buy - back plans [17]. 3.3.3 Convertible Bonds - Equity Market Performance: On February 24, the A - share market had a good start in the Year of the Horse, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 0.87%, 1.36%, and 0.99% respectively, and the full - day trading volume reaching 2.22 trillion yuan [18]. - Convertible Bond Market Performance: The convertible bond market followed the equity market and strengthened. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rose 0.82%, 0.92%, and 0.67% respectively. Most convertible bond issues rose [18]. 3.3.4 Overseas Bond Markets - US Bond Market: On February 24, the yield of the 2 - year US Treasury bond remained unchanged at 3.43%, and the yields of other maturities generally rose. The 2/10 - year US Treasury bond yield spread widened by 1bp to 61bp, and the 5/30 - year spread narrowed by 2bp to 89bp [24][25]. - European Bond Market: On February 24, the 10 - year government bond yields of major European economies generally declined, with the German 10 - year government bond yield falling 1bp to 2.71% [27]. - Price Changes of Chinese - Issued US - Dollar Bonds: The daily price changes of Chinese - issued US - dollar bonds as of the close on February 24 were provided, including bonds of companies such as Bilibili and Country Garden [29].