前两个月主要经济指标明显回升，资金面依旧宽松，债市承压走弱

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On March 16, the capital market remained loose; inflation expectations intensified, causing the bond market to weaken under pressure; the main indices of the convertible bond market closed down collectively, and most convertible bond issues declined; the yields of U.S. Treasuries across all maturities generally decreased, and the yields of 10-year government bonds in major European economies generally decreased [1] 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - From March 15 - 16, China and the U.S. held economic and trade consultations in Paris, France, and reached some new consensuses [3] - On March 16, Premier Li Qiang chaired the 11th plenary meeting of the State Council, deploying the implementation of key tasks in 2026 [4] - Data from January - February showed that major economic indicators significantly rebounded, with industrial added value, fixed - asset investment, and social consumption rising [5] - In February, the bank settlement and sales of foreign exchange surplus reached $42.8 billion, a 46% decline from the previous month [6] - The Ministry of Natural Resources and the National Forestry and Grassland Administration introduced a notice linking new construction land with the revitalization of existing land [7] - The Financial Regulatory Administration launched a regulatory rating for wealth management companies [8] 3.1.2 International News - On March 16, manufacturing activity in New York State stagnated, but inflation expectations eased [9] 3.1.3 Commodities - On March 16, international crude oil futures prices turned down, and MYMEX natural gas futures prices continued to fall [10] 3.2 Capital Market 3.2.1 Open Market Operations - On March 16, the central bank conducted 7 - day reverse repurchase operations of 137.3 billion yuan, resulting in a net capital injection of 88.8 billion yuan [12] 3.2.2 Capital Interest Rates - On March 16, the capital market remained loose, with DR001 rising 0.01bp to 1.322% and DR007 falling 0.93bp to 1.452% [13] 3.3 Bond Market Dynamics 3.3.1 Interest Rate Bonds - On March 16, due to high international oil prices, inflation expectations intensified, and the bond market weakened. The yields of 10 - year Treasury bonds and 10 - year China Development Bank bonds increased [15] - Multiple bonds were issued on March 16, with details such as issue scale and winning bid yields provided [17] 3.3.2 Credit Bonds - On March 16, the trading price of "H3 Vanke 01" deviated by over 10%, falling more than 13% [17] - Multiple credit bond events occurred, including debt restructuring, non - full repayment of debt funds, asset transfers, and rating adjustments [18] 3.3.3 Convertible Bonds - On March 16, the A - share market had mixed performance, and the main indices of the convertible bond market closed down. Most convertible bond issues declined [18][19] - Some convertible bonds were about to be subscribed online, and some announced changes in conversion prices [24] 3.3.4 Overseas Bond Markets - On March 16, the yields of U.S. Treasuries across all maturities generally decreased, and the yield spreads between some maturities changed [22][25] - The yields of 10 - year government bonds in major European economies generally decreased [27] - The daily price changes of Chinese - funded U.S. dollar bonds as of the close of March 16 were provided [29]