——2026年2月份债券托管量数据点评：商业银行持续增持，非法人类产品持续减持

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The total bond custody volume increased more month - on - month. As of the end of February 2026, the total bond custody volume of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House was 180.35 trillion yuan, with a net increase of 1.04 trillion yuan month - on - month, and 0.28 trillion yuan more than that at the end of January 2026 [1][11]. - In terms of different bond types, interest - rate bonds and credit bonds increased in custody volume month - on - month, while financial bonds (non - policy) and inter - bank certificates of deposit (NCDs) decreased. In February 2026, the custody volume of interest - rate bonds was 127.02 trillion yuan, accounting for 70.43% of the inter - bank bond market custody volume, with a net increase of 1.29 trillion yuan; the custody volume of credit bonds was 19.43 trillion yuan, accounting for 10.78%, with a net increase of 0.03 trillion yuan; the custody volume of financial bonds (non - policy) was 12.88 trillion yuan, accounting for 7.14%, with a net decrease of 47.21 billion yuan; the custody volume of NCDs was 18.77 trillion yuan, accounting for 10.41%, with a net decrease of 0.26 trillion yuan [1][11]. - Regarding the bond holder structure, in the allocation portfolio, policy banks and commercial banks continued to increase their holdings, while credit unions and insurance institutions changed to reducing their holdings; in the trading portfolio, securities companies continued to increase their holdings, and non - legal entity products continued to reduce their holdings; overseas institutions continued to reduce their holdings [2][26]. - The balance of bonds to be repurchased decreased seasonally, and the bond market leverage ratio decreased month - on - month but increased year - on - year. As of the end of February 2026, the estimated balance of repurchase - style pledged repos was 11.52 trillion yuan, a decrease of 435.853 billion yuan month - on - month. The leverage ratio was 106.82%, a decrease of 0.32 percentage points month - on - month and an increase of 0.63 percentage points year - on - year [4][52]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Total and Structure - The total bond custody volume increased more month - on - month. As of the end of February 2026, the total bond custody volume of CCDC and Shanghai Clearing House was 180.35 trillion yuan, with a net increase of 1.04 trillion yuan month - on - month, and 0.28 trillion yuan more than that at the end of January 2026 [1][11]. - By bond type, interest - rate bonds and credit bonds increased in custody volume month - on - month, while financial bonds (non - policy) and NCDs decreased [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody Volume by Institution Month - on - Month - In the allocation portfolio, policy banks and commercial banks continued to increase their holdings, while credit unions and insurance institutions changed to reducing their holdings; in the trading portfolio, securities companies continued to increase their holdings, and non - legal entity products continued to reduce their holdings; overseas institutions continued to reduce their holdings [2][26]. - Policy banks, commercial banks, and securities companies increased their holdings of interest - rate bonds and NCDs and reduced their holdings of credit bonds; credit unions increased their holdings of NCDs and credit bonds and reduced their holdings of interest - rate bonds; insurance institutions increased their holdings of interest - rate bonds and reduced their holdings of NCDs and credit bonds; non - legal entity products and overseas institutions increased their holdings of interest - rate bonds and credit bonds and reduced their holdings of NCDs [2][26]. 3.2.2 Changes in Custody Volume by Bond Type Month - on - Month - The custody volume of treasury bonds continued to increase month - on - month. Policy banks continued to increase their holdings, and credit unions changed to reducing their holdings [28]. - The custody volume of local government bonds continued to increase month - on - month. Commercial banks continued to increase their holdings, and credit unions changed to reducing their holdings [28]. - The custody volume of policy - financial bonds changed to a decrease. Commercial banks and overseas institutions continued to increase their holdings, and non - legal entity products continued to reduce their holdings [28]. - The custody volume of NCDs continued to decrease month - on - month. Commercial banks changed to increasing their holdings, and non - legal entity products continued to reduce their holdings [28]. - The custody volume of enterprise bonds continued to decrease month - on - month, and commercial banks were the main entities reducing their holdings [29]. - The custody volume of medium - term notes continued to increase month - on - month. Non - legal entity products continued to increase their holdings, and securities companies continued to reduce their holdings [30]. - The custody volume of short - term financing bills and ultra - short - term financing bills continued to increase month - on - month. Commercial banks and non - legal entity products were the main entities increasing their holdings [30]. - The custody volume of privately - placed directional instruments changed to an increase. Securities companies were the main entities reducing their holdings [30]. 3.2.3 Holder Structure of Major Bond Types - As of the end of February 2026, the holder structure of treasury bonds: commercial banks accounted for 69.15%, overseas institutions 5.14%, policy banks 12.95%, non - legal entity products 6.90%, securities companies 2.45%, insurance institutions 2.49%, and credit unions 0.91% [33][34]. - The holder structure of policy - financial bonds: commercial banks accounted for 57.47%, non - legal entity products 30.17%, overseas institutions 2.95%, credit unions 3.01%, insurance institutions 1.87%, securities companies 1.19%, and policy banks 3.34% [36][35]. - The holder structure of local government bonds: commercial banks accounted for 71.78%, non - legal entity products 10.00%, policy banks 11.83%, insurance institutions 4.81%, securities companies 1.02%, credit unions 0.55%, and overseas institutions 0.02% [39][38]. - The holder structure of enterprise bonds: non - legal entity products accounted for 56.12%, commercial banks 30.65%, securities companies 9.10%, insurance institutions 3.25%, policy banks 0.57%, credit unions 0.24%, and overseas institutions 0.08% [41][40]. - The holder structure of medium - term notes: non - legal entity products accounted for 60.74%, commercial banks 25.02%, securities companies 4.38%, nominal holder accounts (domestic) 3.72%, policy banks 2.83%, insurance institutions 2.24%, overseas institutions 0.20%, other 0.59%, and credit unions 0.27% [43][44]. - The holder structure of short - term financing bills and ultra - short - term financing bills: non - legal entity products accounted for 62.47%, commercial banks 31.26%, nominal holder accounts (domestic) 2.68%, securities companies 0.79%, policy banks 2.19%, other 0.32%, insurance institutions 0.12%, credit unions 0.02%, and overseas institutions 0.15% [46][47]. - The holder structure of privately - placed directional instruments: non - legal entity products accounted for 61.86%, commercial banks 20.44%, nominal holder accounts (domestic) 8.09%, policy banks 5.11%, securities companies 3.75%, other 0.55%, credit unions 0.13%, overseas institutions 0.06%, and insurance institutions 0.00% [48][49]. - The holder structure of NCDs: non - legal entity products accounted for 62.07%, commercial banks 23.81%, policy banks 2.55%, credit unions 2.24%, other 4.04%, nominal holder accounts (domestic) 2.12%, securities companies 0.85%, overseas institutions 2.15%, and insurance institutions 0.17% [51][50]. 3.3 Bond Market Leverage Ratio Observation - The balance of bonds to be repurchased decreased seasonally, and the bond market leverage ratio decreased month - on - month but increased year - on - year. As of the end of February 2026, the estimated balance of repurchase - style pledged repos was 11.52 trillion yuan, a decrease of 435.853 billion yuan month - on - month. The leverage ratio was 106.82%, a decrease of 0.32 percentage points month - on - month and an increase of 0.63 percentage points year - on - year [4][52].