光大证券研究·2026-03-18 23:05Group 1 - The total amount of bonds under custody increased, reaching 180.35 trillion yuan by the end of February 2026, with a net increase of 1.04 trillion yuan month-on-month [6] - The structure of bond custody shows that interest rate bonds and credit bonds increased, while financial bonds and interbank certificates of deposit decreased [6] - Interest rate bonds accounted for 70.43% of the total custody amount, with a month-on-month increase of 1.29 trillion yuan [6] Group 2 - Policy banks and commercial banks continued to increase their holdings in interest rate bonds and interbank certificates of deposit, while credit cooperatives and insurance institutions shifted to reducing their holdings [7] - The custody amount of government bonds continued to increase, with policy banks consistently increasing their holdings [7] - The leverage ratio in the bond market decreased month-on-month to 106.82%, with a seasonal reduction in the balance of repurchase agreements [8][9]