光大证券研究·2026-02-26 23:06Group 1 - The total amount of bonds under custody increased, reaching 179.31 trillion yuan by the end of January 2026, with a net increase of 0.76 trillion yuan from the previous month [6] - The breakdown of bond types shows that interest rate bonds and credit bonds increased, while financial bonds and interbank certificates decreased [6] - Interest rate bonds under custody amounted to 125.73 trillion yuan, with a net increase of 1.10 trillion yuan; credit bonds reached 19.40 trillion yuan, with a net increase of 0.25 trillion yuan [6] Group 2 - The structure of bondholders indicates an overall increase in allocation, with policy banks increasing holdings in interest rate bonds and interbank certificates while reducing credit bonds [7] - Commercial banks increased their holdings in both interest rate and credit bonds but reduced interbank certificates [7] - Foreign institutions continued to reduce their holdings across all bond types, indicating a shift in investment strategy [7] Group 3 - The leverage ratio in the bond market remained stable month-on-month but increased year-on-year, with a repurchase balance of 11.96 trillion yuan and a leverage ratio of 107.14% as of the end of January 2026 [8] - The repurchase balance saw a slight increase of 498.37 billion yuan compared to the previous month [8]