利率市场周度回顾：流动性呵护下短端占优，而长端走势略显纠结-20260309

Group 1 - The report indicates that the short-end of the bond market is favored under the current liquidity conditions, while the long-end shows a more complicated trend [1][2] - The yield of the 10Y government bond remained stable at 1.7880% compared to the previous week [2] - The liquidity in the market continues to be abundant despite the central bank's significant net withdrawal of reverse repos, with the central rate continuing to decline [23][11] Group 2 - The net supply of interest rate bonds decreased significantly this week, with a total net financing of 1182.79 billion yuan, down 2461.51 billion yuan from the previous week [33] - The net financing scale of negotiable certificates of deposit (NCD) increased to 315.80 billion yuan, up 1950.50 billion yuan from the previous week [33] - The yield curve for government bonds is becoming steeper, while the yield curve for policy bank bonds is showing a bull steepening trend [43][44] Group 3 - The report highlights that the market is expected to focus on the upcoming release of macroeconomic data for February, including inflation and financial data [5] - A significant issuance of 320 billion yuan in 50-year ultra-long government bonds is scheduled for next Wednesday, which will be closely monitored [5] - The report notes that the overall bond market is maintaining a narrow fluctuation trend influenced by geopolitical tensions and domestic policy objectives [5][6]