中泰证券【中泰研究丨晨会聚焦】固收肖雨：银行配债节奏放缓，基金保险大幅增持——4月中债登、上清所托管数据点评

Bond Market Overview - The total custody volume of ChinaBond and Shanghai Clearing House reached 144.11 trillion yuan in April 2024, an increase of 715.2 billion yuan from March, but the growth rate slowed by 72.3 billion yuan compared to the previous month [3] - ChinaBond custody volume decreased by 288.4 billion yuan to 106.39 trillion yuan, mainly due to reductions in treasury bonds (-103 billion yuan) and commercial bank bonds (-249.8 billion yuan), while policy financial bonds increased by 326 billion yuan [3] - Shanghai Clearing House custody volume increased by 1.0036 trillion yuan to 37.72 trillion yuan, driven by significant growth in interbank certificates of deposit (403.4 billion yuan) and commercial bank bonds (332.3 billion yuan) [3] Institutional Investment Trends - Commercial banks slowed their bond allocation, increasing holdings of interbank certificates of deposit by 212.1 billion yuan and policy financial bonds by 926 billion yuan, while reducing credit bonds by 594 billion yuan [3] - General funds (including bank wealth management) showed strong buying momentum, increasing holdings of interest rate bonds by 302.6 billion yuan, credit bonds by 299.3 billion yuan, and interbank certificates of deposit by 228.9 billion yuan [3] - Insurance institutions increased their holdings of interest rate bonds by 772 billion yuan, credit bonds by 137 billion yuan, and interbank certificates of deposit by 6 billion yuan, marking the first positive growth in interbank certificates of deposit since July 2023 [3] Bond Type Analysis - Interest rate bonds saw a net increase of 232.3 billion yuan in custody volume, with general funds being the largest buyer at 302.6 billion yuan, while commercial banks reduced their buying from 675.6 billion yuan in March to 990 billion yuan in April [3] - Credit bonds experienced a net increase of 173.5 billion yuan, with general funds and insurance institutions being the main buyers at 299.3 billion yuan and 137 billion yuan respectively, while other institutions reduced their holdings [3] - Interbank certificates of deposit saw a net increase of 403.5 billion yuan, with policy banks, large banks, general funds, and other non-bank institutions increasing their holdings, while small and medium-sized banks reduced their holdings [3] Market Leverage - The bond market leverage ratio continued to rise for the sixth consecutive month, reaching 109.6% at the end of April, an increase of 0.73 percentage points from March [3]