资金面平稳中略收紧，债市整体震荡调整

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On March 11, the liquidity situation was slightly tightened while remaining stable. Market sentiment weakened, and the bond market experienced overall volatile adjustments. Convertible bond market indices followed the upward trend, but most individual convertible bonds declined. Yields of U.S. Treasuries across various maturities generally rose, and yields of 10 - year government bonds in major European economies also generally increased [1][2] 3. Summary by Directory Bond Market News Domestic News - The Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference concluded successfully on the morning of March 11 [4] - The 14th National People's Congress Financial and Economic Committee proposed to actively and orderly resolve local debt risks, optimize the debt structure of central and local governments, strengthen the efficiency assessment of local government special bond projects, and increase support for resolving non - standard and "double non" debts [5] - The committee also suggested continuing to implement a moderately loose monetary policy, reducing capital costs, and guiding funds to flow into the real economy [6][7] International News - On March 11, the U.S. Bureau of Labor Statistics announced that the CPI in February increased by 2.4% year - on - year, and the core CPI increased by 2.5% year - on - year. The market generally expected the Fed to keep interest rates unchanged in the next week's meeting, but some investors thought the Fed might need to maintain high interest rates for a longer period due to potential inflationary pressures from the war [8] - On March 11, the U.S. government announced a "Section 301" investigation targeting 16 economies including South Korea, China, and Japan, aiming to seek new tax measures [9] Commodities - On March 11, WTI April crude oil futures rose 4.55% to $87.25 per barrel, Brent May crude oil futures rose 4.76% to $91.98 per barrel, COMEX April gold futures fell 0.28% to $5183.9 per ounce, and NYMEX April natural gas futures rose 5.46% to $3.227 per million British thermal units [10] Liquidity Situation Open Market Operations - On March 11, the central bank conducted 265 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method with an operation rate of 1.40%. With 405 billion yuan of reverse repurchases maturing on the same day, the net capital withdrawal was 140 billion yuan [12] Funding Rates - On March 11, the liquidity situation was slightly tightened while remaining stable, and major repurchase rates increased. DR001 rose 4.51bp to 1.370%, and DR007 rose 2.42bp to 1.465% [13] Bond Market Dynamics Interest - rate Bonds - Spot bond yields: On March 11, market sentiment weakened, and the bond market experienced overall volatile adjustments. As of 20:00 Beijing time, the yield of the 10 - year Treasury active bond 250016 rose 0.65bp to 1.8140%, and the yield of the 10 - year CDB active bond 250220 rose 0.55bp to 1.9795% [16] - Bond issuance: Information on the issuance scale, winning bid yields, and other aspects of multiple bonds such as 25进出清发007 (additional issue 26) and 26贴现国债16 was provided [18] Credit Bonds - Secondary market trading anomalies: On March 11, 5 industrial bonds had a trading price deviation of over 10%, and 1 urban investment bond had a trading price deviation of over 10% [18][19] - Credit bond events: Huazhong Group may face a book loss of about 797 million yuan due to the potential recovery of idle land, and a subsidiary of Weinan Urban Investment Group was subject to an enforcement of 144 million yuan [20] Convertible Bonds - Equity and convertible bond indices: On March 11, the three major A - share indices rose, and the convertible bond market followed the upward trend. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose 0.34%, 0.14%, and 0.65% respectively. Most individual convertible bonds declined, with 161 rising, 192 falling, and 21 remaining flat [21] - Convertible bond tracking: News such as the upcoming listing of Haitian Convertible Bond, the potential downward revision of the conversion price of Zhongte Convertible Bond, and the early redemption of Baichuan Convertible Bond 2 was reported [27] Overseas Bond Markets - U.S. bond market: On March 11, yields of U.S. Treasuries across various maturities generally rose. The 2 - year U.S. Treasury yield rose 7bp to 3.64%, and the 10 - year U.S. Treasury yield rose 6bp to 4.21%. The yield spread between 2 - year and 10 - year U.S. Treasuries narrowed by 1bp to 57bp, and the yield spread between 5 - year and 30 - year U.S. Treasuries widened by 2bp to 107bp [23][24] - European bond market: On March 11, yields of 10 - year government bonds in major European economies generally rose. The 10 - year German government bond yield rose 8bp to 2.93%, and the 10 - year government bond yields of France, Italy, Spain, and the UK rose 9bp, 13bp, 9bp, and 12bp respectively [26] - Daily price changes of Chinese - funded U.S. dollar bonds: Information on the daily price changes, credit entities, bond balances, and other aspects of multiple Chinese - funded U.S. dollar bonds was provided [29]