资金面继续保持宽松，债市有所走弱

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View On March 6, the capital market showed a situation where the capital side remained loose, the bond market weakened, the convertible bond market followed the rise, and the yields of US Treasury bonds of various maturities were differentiated, with the 10 - year Treasury bond yields of major European economies generally rising [1][2]. 3. Summary by Directory 3.1 Bond Market News - Domestic News - The central bank will implement a moderately loose monetary policy, use various policy tools, and expand the scale of re - loans from 500 billion yuan to 800 - 1000 billion yuan [4]. - The Ministry of Finance will continue to implement a more proactive fiscal policy this year, with the expenditure total, new government bond scale, and central transfer payments to local governments reaching new highs, and launching a package of policies to promote domestic demand [5]. - The CSRC will deepen the reform of the Growth Enterprise Market and optimize the refinancing mechanism [6]. - The National Development and Reform Commission will set up a national - level merger fund, expected to leverage over 1 trillion yuan of funds [7]. - As of the end of February 2026, China's foreign exchange reserves were 3.4278 trillion US dollars, an increase of 2.87 billion US dollars from the end of January, and gold reserves increased for the 16th consecutive month [8]. - International News - In February, the US non - farm employment decreased by 92,000, the unemployment rate rose to 4.4%, and the average hourly wage increased, intensifying stagflation concerns [9][10]. - In January, US retail sales decreased by 0.2% month - on - month, the first negative growth since October 2025 [11]. - Commodities - On March 6, international crude oil futures prices continued to rise, and NYMEX natural gas futures prices increased. COMEX spot gold also rose [12]. 3.2 Capital Side - Open Market Operations - On March 6, the central bank conducted 44.8 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. There were 269 billion yuan of reverse repurchases due on the same day, resulting in a net withdrawal of 224.2 billion yuan [14]. - Funding Rates - On March 6, the capital side remained loose. DR001 rose 4.94bp to 1.319%, and DR007 fell 0.58bp to 1.415% [16]. 3.3 Bond Market Dynamics - Interest - rate Bonds - Spot Bond Yield Trends - On March 6, the bond market weakened. The yield of the 10 - year Treasury bond active bond 250016 rose 0.50bp to 1.7880%, and the yield of the 10 - year CDB bond active bond 250220 rose 0.25bp to 1.9540% [19]. - Bond Tendering - The 3 - year 25进出13(增11) was issued with a scale of 6 billion yuan, a winning yield of 1.5543%, a full - field multiple of 4.26, and a marginal multiple of 1.74. The 30 - year 26附息国债02(续2) was issued with a scale of 34 billion yuan, a winning yield of 2.2756%, a full - field multiple of 5.15, and a marginal multiple of 2.1 [21]. - Credit Bonds - Secondary Market Transaction Abnormalities - On March 6, the transaction prices of 6 industrial bonds deviated by more than 10%. "H3 万科 01" fell more than 24%, and several other bonds of Vanke rose [21]. - Credit Bond Events - Many companies such as Agile Group, Oriental Fashion, Lingnan Co., Ltd., and Sunac Real Estate announced debt - related issues [22]. - Convertible Bonds - Equity and Convertible Bond Indexes - On March 6, the A - share market rose, and the convertible bond market also strengthened. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose 0.26%, 0.19%, and 0.36% respectively [23]. - Convertible Bond Tracking - On March 9, Changgao Convertible Bond will start online subscription. On March 6, Yuhetian's convertible bond issuance was approved, and several convertible bonds announced conditions such as approaching the conversion price downward revision and early redemption [28]. - Overseas Bond Markets - US Bond Market - On March 6, the yields of US Treasury bonds of various maturities were differentiated. The 2 - year yield fell 1bp to 3.56%, and the 10 - year yield rose 2bp to 4.15%. The 2/10 - year and 5/30 - year yield spreads both expanded by 3bp [26][27]. - European Bond Market - On March 6, the 10 - year Treasury bond yields of major European economies generally rose. Germany, France, Italy, Spain, and the UK increased by 1bp, 4bp, 7bp, 5bp, and 9bp respectively [30]. - Chinese - funded US Dollar Bonds - As of the close on March 6, the daily price changes of Chinese - funded US dollar bonds showed different trends, with some rising and some falling [32].