固收指数月报 | 彭博中国综合指数收涨；熊猫债创历史新高

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market through its flagship Bloomberg China Fixed Income Index [3] - The Bloomberg China Aggregate Index recorded a positive return of 0.21% in February, with a year-to-date return of 0.59% [5][6] - The Bloomberg China High Liquidity Credit (LCC) Index achieved a return of 0.19% in February, while the China USD Credit (Kungfu) Index continued its positive performance with a return of 1.22% in February and 1.64% year-to-date [5][6] Monthly Index Performance - The China Aggregate Index level stood at 245.85, with a 30-day volatility decrease noted in February [5][7] - The Treasury Index recorded a return of 0.18% in February and 0.58% year-to-date, while the Government-Related Index achieved a return of 0.23% in February and 0.60% year-to-date [7] - The Corporate Index had a return of 0.22% in February and 0.55% year-to-date, with maturity segments showing varied performance [7] Market Developments - Hong Kong is expected to record its first fiscal surplus in four years for the fiscal year 2025-26, with total bond issuance projected to increase from HKD 155 billion to HKD 160 billion [9] - The issuance of Panda bonds reached a historical high of RMB 27.5 billion in January, indicating a potential milestone year for 2026 [9] - Offshore RMB bond market activity saw a total issuance of RMB 27.86 billion, reflecting a balanced issuance ratio with the Panda bond market [9][10]