——2026年2月债券托管数据点评：银行配债维持高位非银机构分歧仍存

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints of the Report - In February 2026, the total bond custody scale increased by 103.83 billion yuan month - on - month, with local government bond custody increasing by nearly 1 trillion yuan and the decline in inter - bank certificate of deposit custody narrowing. The bond market was in a strong and volatile state, with the valuation yields of 10 - year and 30 - year treasury bonds breaking through 1.8% and 2.3% respectively. Although banks' bond - allocation demand was strong, non - bank institutions still had differences in the market outlook, and the market was still full of twists and turns [3][10][12] - The bond market leverage ratio decreased by 0.1 pct to 107.8% in February, remaining at a relatively low level in recent years. The bank leverage ratio decreased by 0.1 pct to 103.1%, and the non - bank institution leverage ratio increased by 0.2 pct to 119.2%, remaining at a neutral level since 2022 [4][50] Group 3: Summary of Each Section 1. February: Bond Custody Increment Rebounds with Large - scale Local Government Bond Issuance and Decreased Net Repayment of Certificates of Deposit - The total bond custody scale increased by 103.83 billion yuan month - on - month, with local government bond custody increasing by nearly 1 trillion yuan and the decline in inter - bank certificate of deposit custody narrowing by nearly 40 billion yuan. In terms of interest - rate bonds, the local government bond issuance scale increased significantly, the treasury bond issuance and maturity scale both decreased, and the policy - financial bond issuance scale declined significantly. In terms of credit bonds, the issuance scale of commercial paper and medium - term notes decreased, and the enterprise bond custody scale decline narrowed [10] 2. General Funds Increase Holdings of Interest - rate Bonds, and Commercial Banks' Willingness to Actively Increase Allocations Weakens after Interest Rate Decline 2.1 General Funds - In February, the bond custody of general funds decreased by 17.19 billion yuan month - on - month, with the decline significantly narrowing by 53.56 billion yuan compared with the previous month. The scale of holdings of local government bonds increased, and the scale of reduction of treasury bonds, policy - financial bonds, and inter - bank certificates of deposit decreased [14] 2.2 Securities Companies - In February, the bond custody scale of securities companies increased by 0.93 billion yuan, with the increase declining by 6.07 billion yuan compared with the previous month. They reduced their holdings of policy - financial bonds, Financial bonds on SHCHE, and treasury bonds, increased their reduction of medium - term notes, but increased their holdings of local government bonds and inter - bank certificates of deposit [25] 2.3 Insurance Companies - In February, the bond custody scale of insurance companies decreased by 3.11 billion yuan month - on - month, with the decline widening by 2.27 billion yuan compared with the previous month. They increased their reduction of Financial bonds on SHCHE and policy - financial bonds, started to reduce their holdings of treasury bonds, inter - bank certificates of deposit, and medium - term notes, but increased their holdings of local government bonds [30] 2.4 Overseas Institutions - In February, the bond custody scale of overseas institutions decreased by 3.04 billion yuan month - on - month, with the decline narrowing by 7.74 billion yuan compared with the previous month. They increased their holdings of treasury bonds, increased the scale of holdings of policy - financial bonds, and decreased the scale of reduction of inter - bank certificates of deposit [32] 2.5 Other Institutions - In February, the bond custody of other institutions increased by 58.43 billion yuan month - on - month, with the increase expanding by 32.52 billion yuan compared with the previous month. They increased their holdings of treasury bonds and local government bonds, decreased their reduction of inter - bank certificates of deposit, and started to reduce their holdings of policy - financial bonds [36] 2.6 Commercial Banks - In February, the bond custody of commercial banks increased by 80.25 billion yuan month - on - month, with the increase narrowing by 32.13 billion yuan compared with the previous month. After excluding the impact of outright repurchase, the bond - increasing scale of banks remained at a high level. They decreased their holdings of treasury bonds, commercial paper, and policy - financial bonds, started to reduce their holdings of medium - term notes, increased their holdings of local government bonds, and started to increase their holdings of inter - bank certificates of deposit [42] 2.7 Credit Unions - In February, the bond custody scale of credit unions decreased from an increase of 7.97 billion yuan in the previous month to a decrease of 14.93 billion yuan. They started to reduce their holdings of treasury bonds, policy - financial bonds, and local government bonds [43] 3. In February, the Leverage Ratio of Non - bank Institutions Rebounds but Remains at a Neutral Level Overall - In February, the bond market leverage ratio decreased by 0.1 pct to 107.8%, remaining at a relatively low level in recent years. The bank leverage ratio decreased by 0.1 pct to 103.1%, and the non - bank institution leverage ratio increased by 0.2 pct to 119.2%, remaining at a neutral level since 2022 [50]