2月CPI温和回升，PPI降幅收窄，原油价格暴涨引发输入性通胀担忧，主要期限国债收益率全线上行

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On March 9, the central bank's open - market operations led to a net withdrawal of funds, and the bond market weakened under pressure due to concerns about imported inflation caused by the sharp rise in crude oil prices. The yields of major - term treasury bonds increased across the board. The convertible bond market's main indices fell slightly, and most individual bonds declined. Overseas, the yields of major - term US bonds and European government bonds showed a differentiated trend [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - In February, the CPI rose 1.3% year - on - year, showing a mild recovery, and the decline of PPI continued to narrow. The core CPI excluding food and energy prices rose 1.8% year - on - year, and the PPI rose 0.4% month - on - month and fell 0.9% year - on - year [2]. - Many NPC deputies believed that the "Two Highs" work reports released positive signals, using legal means to escort the stable development of the capital market [2]. - On March 9, the domestic refined oil price was adjusted according to the mechanism. Gasoline was raised by 695 yuan per ton, and diesel was raised by 670 yuan per ton [3]. 3.1.2 International News - On March 9, US President Trump said that the military operations against Iran were "basically completed" and the war was expected to end "soon", but not this week. The US was temporarily exempting some oil - related sanctions [4]. 3.1.3 Commodities - On March 9, WTI April crude oil futures rose 4.26% to $94.77 per barrel, Brent May crude oil futures rose 6.76% to $98.96 per barrel, COMEX April gold futures fell 1.07% to $5103.7 per ounce, and NYMEX April natural gas futures fell 4.71% to $3.032 per ounce [5]. 3.2 Capital Situation 3.2.1 Open - Market Operations - On March 9, the central bank conducted 485 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method. With 1350 billion yuan of reverse repurchases maturing, the net withdrawal was 865 billion yuan [7]. 3.2.2 Capital Interest Rates - On March 9, the capital market remained relatively loose. DR001 rose 0.41bp to 1.324%, and DR007 rose 3.27bp to 1.448%. Other interest rates also showed corresponding changes [8][9]. 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - Spot Bond Yield Trends: On March 9, affected by the US - Iran conflict and the higher - than - expected CPI in February, the bond market weakened. The yield of the 10 - year treasury bond active bond 250016 rose 2.30bp to 1.8110%, and the yield of the 10 - year CDB bond active bond 250220 rose 2.50bp to 1.9790% [11]. - Bond Tendering Situation: Information on the tendering of several bonds such as 26Nongfa01 (Increment 15) was provided, including term, issuance scale, winning yield, full - field multiple, and marginal multiple [13]. 3.3.2 Credit Bonds - Secondary - Market Transaction Abnormalities: On March 9, 4 bonds had a transaction price deviation of more than 10%. "H2 Vanke 04", "H2 Vanke 06" fell more than 15%, "H2 Vanke 02" fell more than 12%, and "H3 Vanke 01" rose more than 17% [13]. - Credit Bond Events: Multiple companies had relevant announcements, such as Xincheng Development accepting the tender offer for two US - dollar bonds with a total principal of $234 million, and many other companies' announcements including asset sales, bond resumption, being listed as a dishonest executor, and rating adjustments [14][15]. 3.3.3 Convertible Bonds - Equity and Convertible Bond Indices: On March 9, the three major A - share indices fell, and the convertible bond market's main indices also declined. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index fell 0.30%, 0.40%, and 0.13% respectively. The trading volume of the convertible bond market was 77.146 billion yuan, an increase of 10.066 billion yuan from the previous trading day. Most individual convertible bonds fell [15][16]. - Convertible Bond Tracking: On March 9, Yuanxin Convertible Bond announced that it was about to meet the early redemption conditions [17]. 3.3.4 Overseas Bond Markets - US Bond Market: On March 9, the yields of US bonds of different terms showed a differentiated trend. The 2 - year US bond yield remained at 3.56% unchanged, and the 10 - year US bond yield fell 3bp to 4.12%. The yield spreads of 2/10 - year and 5/30 - year US bonds narrowed, and the break - even inflation rate of the 10 - year US inflation - protected treasury bonds (TIPS) expanded [18][19][20]. - European Bond Market: On March 9, the yields of 10 - year government bonds of major European economies showed a differentiated trend. The yields of German and French 10 - year government bonds remained unchanged, while the yields of Italian and Spanish 10 - year government bonds fell 2bp and 3bp respectively, and the yield of UK 10 - year government bonds rose 2bp [22]. - Daily Price Changes of Chinese - Capital US - Dollar Bonds: As of the close on March 9, the price changes of Chinese - capital US - dollar bonds of different credit subjects were provided, including daily changes, bond balances, and yields [24].