交易商协会发布关于进一步优化科技创新债券机制的通知，资金面重返宽松，债市偏强运行

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - On March 2, the funding situation returned to a loose state, and the bond market showed a strong performance due to risk - aversion sentiment. The convertible bond market's major indices closed down collectively, and most convertible bond individual securities declined. Yields of U.S. Treasury bonds across various maturities generally increased significantly, and the 10 - year government bond yields of major European economies generally rose [1]. 3. Summary by Directory 3.1 Bond Market News - Domestic News - Four departments jointly issued the "Opinions on Accelerating the High - quality Development of Science and Technology Insurance to Strongly Support High - level Scientific and Technological Self - Reliance", proposing 20 policy measures to build a science and technology insurance system [3]. - The Dealer Association issued a notice to optimize the mechanism of science and technology innovation bonds, emphasizing the control of local government implicit debt risks and encouraging the participation of key technology companies [4]. - International News - The U.S. manufacturing PMI expanded for two consecutive months in February, but the price index soared to a nearly four - year high. The sustainability of the manufacturing recovery is facing multiple pressures [5]. - Commodities - On March 2, international crude oil futures prices continued to rise, and MYMEX natural gas futures prices also increased. WTI April crude oil futures rose 6.28% to $71.23 per barrel, and Brent April crude oil futures rose 6.68% to $77.74 per barrel [6]. 3.2 Funding Situation - Open - Market Operations - On March 2, the central bank conducted 19 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%, resulting in a net capital injection of 19 billion yuan [8]. - Funding Rates - On March 2, the funding situation became loose again. DR001 decreased by 0.74bp to 1.312%, and DR007 decreased by 3.95bp to 1.464% [9]. 3.3 Bond Market Dynamics - Interest - Rate Bonds - Spot Bond Yield Trends - On March 2, affected by the expansion of the U.S. - Iran conflict, the bond market was supported by risk - aversion sentiment. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.10bp to 1.7890%, and the yield of the 10 - year China Development Bank bond active bond 250220 increased by 0.15bp to 1.9595% [12]. - Bond Tendering Situation - Multiple bonds were tendered on March 2, including agricultural development bonds and national development bank bonds, with different maturities, issue scales, and winning yields [13]. - Credit Bonds - Secondary - Market Transaction Abnormalities - On March 2, the transaction prices of 8 industrial bonds deviated by more than 10%. Some "Vanke" bonds fell, while others rose, and "H1 Bidi 03" rose by more than 596% [14]. - Credit Bond Events - Multiple companies, including Shanghai Suning Real Estate Development, China Fortune Land Development, and others, announced events such as debt restructuring, loan defaults, and overdue debts [15]. - Convertible Bonds - Equity and Convertible Bond Indices - On March 2, the A - share market showed mixed performance. The convertible bond market followed the equity market and weakened. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index closed down by 0.17%, 0.20%, and 0.11% respectively [17]. - Convertible Bond Tracking - On March 3, Xianghe Convertible Bond started online subscription. On March 2, Fenggong Convertible Bond, Hangxin Convertible Bond, and Titan Convertible Bond announced that they were about to meet the early redemption conditions [20]. - Overseas Bond Markets - U.S. Bond Market - On March 2, affected by soaring oil prices and the ISM manufacturing price index, yields of U.S. Treasury bonds across various maturities generally increased significantly. The 2 - year U.S. Treasury bond yield increased by 9bp to 3.47%, and the 10 - year yield increased by 8bp to 4.05% [21]. - European Bond Market - On March 2, the 10 - year government bond yields of major European economies generally rose. The German 10 - year government bond yield increased by 6bp to 2.71%, and those of France, Italy, Spain, and the UK also had different degrees of increase [24]. - Daily Price Changes of Chinese - Issued U.S. Dollar Bonds (as of the close on March 2) - The prices of Chinese - issued U.S. dollar bonds showed different degrees of increase and decrease. For example, the bond of Baoxin Auto Finance Limited rose by 7.5%, while that of China Government Overseas Bond fell by 6.7% [26].