【光大研究每日速递】20260319

Group 1: Bond Market Insights - In February 2026, the total bond custody volume increased month-on-month, with both interest rate bonds and credit bonds showing a net increase, while financial bonds and interbank certificates of deposit saw a net decrease [5] - Policy banks and commercial banks continued to increase their holdings, while credit cooperatives and insurance institutions shifted to a reduction in holdings [5] - Securities companies continued to increase their holdings in the trading market, whereas non-institutional products saw a continuous reduction, and foreign institutions also reduced their holdings [5] Group 2: Company Performance Reports - Sinopec Oilfield Service (600871.SH/1033.HK): In 2025, the company achieved total revenue of 80.7 billion yuan, a slight decrease of 0.5% year-on-year, with a net profit attributable to shareholders of 660 million yuan, an increase of 4.3% [6] - Sinopec Engineering (2386.HK): The company reported total revenue of 70.074 billion yuan in 2025, up 9.15% year-on-year, but net profit attributable to shareholders fell by 27.09% to 1.798 billion yuan due to performance drag from overseas subcontracting projects [6] - Beike (2423.HK): The company reported 2025 revenues of 94.6 billion yuan, a year-on-year increase of 1.2%, but net profit decreased by 26.7% to 2.99 billion yuan [8] - Shantui Construction Machinery (000680.SZ): The company achieved revenue of 14.62 billion yuan in 2025, a growth of 2.8%, with net profit increasing by 9.9% to 1.21 billion yuan [8] - Yuewen Group (0772.HK): The company reported a revenue of 7.366 billion yuan in 2025, a decrease of 9.3% year-on-year, with a net loss of 776 million yuan compared to a loss of 209 million yuan in 2024 [9] - Tencent Music (TME.N): The company reported a revenue of 7.366 billion yuan in 2025, with a net loss of 776 million yuan, reflecting competitive pressures on subscriptions [9]