资金面平稳宽松，债市震荡偏暖

Report Summary 1. Investment Rating The given content does not mention the investment rating of the industry. 2. Core View On March 26, the central bank's reverse repurchase operation volume increased, the capital market was generally loose, the bond market continued its warm trend, the main indices of the convertible bond market collectively declined, and most convertible bond issues fell. Yields on U.S. Treasuries of various maturities generally rose significantly, and yields on 10-year government bonds of major European economies generally rose significantly [2]. 3. Summary by Directory 3.1 Bond Market News - Domestic News: Trump plans to visit China from May 14 - 15; the Ministry of Commerce will optimize the inbound consumption environment and expand service exports; the National Healthcare Security Administration will cover the whole population with long - term care insurance in about 3 years; the State Administration for Market Regulation held an enterprise fair competition symposium [4][5][6]. - International News: Trump postponed the strike on Iranian energy facilities by ten days; U.S. Treasury auctions this week were weak, and the decline of U.S. Treasuries intensified [7]. - Commodities: WTI May crude oil futures rose 4.61% to $94.48 per barrel, Brent May crude oil futures rose 5.66% to $108.01 per barrel, COMEX gold futures fell 2.131.35% to $4407.50 per ounce, and NYMEX May natural gas futures fell 0.37% to $2.974 per million British thermal units [8]. 3.2 Capital Market - Open Market Operations: On March 26, the central bank conducted 224 billion yuan of 7 - day reverse repurchase operations with an operating interest rate of 1.40%, and the net capital injection on the day was 211 billion yuan [10]. - Capital Interest Rates: On March 26, the central bank's reverse repurchase operation volume increased, and the capital market was generally loose. DR001 remained flat at 1.321%, and DR007 fell 0.09bp to 1.444% [11]. 3.3 Bond Market Dynamics - Interest - rate Bonds - Spot Bond Yield Trends: On March 26, the bond market continued its warm trend. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active issue 250022 fell 0.40bp to 1.8230%, and the yield of the 10 - year China Development Bank bond active issue 250220 remained flat at 1.9730% [14]. - Bond Tendering Situation: Information on the tendering of multiple bonds such as 25 Guokai Qingfa 07 (Additional Issue 19) is provided [16]. - Credit Bonds - Secondary Market Transaction Abnormalities: On March 26, 4 industrial bonds and 1 urban investment bond had transaction price deviations of more than 10% [17][18]. - Credit Bond Events: Companies such as Taihe Group, Sunshine City, and Sunac Real Estate announced debt - related issues, and some companies cancelled bond issuances [19][21]. - Convertible Bonds - Equity and Convertible Bond Indices: On March 26, the three major A - share indices and convertible bond market indices collectively fell. The trading volume of the convertible bond market was 61.446 billion yuan, a decrease of 13.382 billion yuan from the previous trading day [20]. - Convertible Bond Tracking: Longda Convertible Bond announced that it was about to trigger the conversion price downward - revision clause, and Tianhao Convertible Bond and Tianyuan Convertible Bond announced that they were about to trigger the early redemption clause [26]. - Overseas Bond Markets - U.S. Bond Market: On March 26, yields on U.S. Treasuries of various maturities generally rose significantly. The 2/10 - year U.S. Treasury yield spread narrowed by 3bp to 46bp, and the 5/30 - year U.S. Treasury yield spread narrowed by 8bp to 85bp. The break - even inflation rate of the 10 - year U.S. Treasury Inflation - Protected Securities (TIPS) rose 3bp to 2.34% [23][24][25]. - European Bond Market: On March 26, yields on 10 - year government bonds of major European economies generally rose significantly [26][27]. - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: Information on the daily price changes of Chinese - funded U.S. dollar bonds as of the close on March 26 is provided [28].