Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, has underperformed since February, with the Hang Seng Index down 2.8% and the Hang Seng Technology Index down 10.1% as of February 28, 2026, indicating a significant decline compared to other indices [2][6]. Group 1: Market Performance - The Hang Seng Technology Index has seen a 20% decline since its peak in October, breaking through multiple technical support levels [2]. - The underperformance is attributed to a negative sentiment in the equity risk premium, which has dragged down the index by 14.7 percentage points [2][6]. - The top five weighted stocks in the index contributed to a 6.0 percentage point decline [3]. Group 2: Credit Cycle and Market Sentiment - The overall credit cycle is expected to experience fluctuations, with a potential recovery from the bottom in 2025 leading to a slowdown in 2026 [6]. - The market's focus on specific sectors, particularly in the context of AI narratives, has led to a divergence between "leaders and laggards" [6]. - The liquidity environment has amplified market volatility, influenced by macroeconomic factors such as the appointment of a hawkish Federal Reserve chair [7]. Group 3: Future Outlook for 2026 - The liquidity environment in Hong Kong is unlikely to surpass that of 2025, with projected net inflows of 1.4 trillion HKD in 2025 compared to 807.9 billion HKD in 2024 [8]. - The anticipated IPO and refinancing activities in 2026 could reach 1.1 trillion HKD, significantly exceeding the 600 billion HKD expected in 2025 [38][41]. - The potential inflow from foreign capital, particularly long-term foreign investments, could amount to 500-550 billion HKD if active foreign capital returns to benchmark levels [9][23]. Group 4: Sector Analysis - The sectors likely to benefit from foreign capital inflows include banking, e-commerce, and technology hardware, as these areas are currently underrepresented in foreign investment portfolios [23]. - The unique characteristics of Hong Kong's market, such as high dividend yields and specific tech and consumer sectors, continue to attract southbound capital despite overall market weakness [37]. Group 5: Investment Strategy - The investment strategy should focus on sectors aligned with credit expansion, particularly AI technology, cyclical stocks, and consumer goods [46]. - Short-term recommendations include prioritizing investments in internet, technology hardware, and new consumption sectors, while maintaining a watchful eye on financial and biotech sectors for potential long-term opportunities [49].

1. Report Industry Investment Rating No information provided in the text about the report industry investment rating. 2. Core Viewpoints of the Report - After the holiday, the overall yield curve widened. The 10Y Treasury bond active bond 250016 yield increased by 1.05BP to 1.7880% compared with the previous week [2]. - The post - holiday capital market was generally stable and broad, with minor cross - month disturbances and a slight rebound in the market leverage ratio. The central bank continuously net - withdrew liquidity in the open market, and the central level of capital interest rates slightly increased from the pre - holiday low [4]. - In terms of primary bond supply, the net financing volume of interest - rate bonds increased significantly this week, but certificates of deposit continued to be in a net repayment state [4]. - In the secondary market, affected by institutional profit - taking after the holiday and the introduction of the Shanghai real - estate policy, the bond market performed weakly this week [4]. - Next week's key points in the bond market include the release of February PMI data, the Fourth Session of the 14th National People's Congress, and the maturity of 1 trillion yuan of 91 - day reverse repurchases [4]. 3. Summary According to the Directory 3.1. Money Market 3.1.1. Open - market Liquidity Injection - This week (2026.02.24 - 2026.02.28), the central bank's open - market operations had a net liquidity withdrawal of 46.14 billion yuan. As of February 28, 2026, the balance of 7 - day reverse repurchases was 164.1 billion yuan, an increase of 78.86 billion yuan compared with the pre - holiday week [11]. - The injection included 164.1 billion yuan in reverse repurchases and 60 billion yuan in medium - term lending facilities; the withdrawal included 225.24 billion yuan in reverse repurchase maturities, 15 billion yuan in treasury cash fixed - deposit maturities, and 30 billion yuan in medium - term lending facility maturities [15]. 3.1.2. Capital Market Operation - After the holiday, the capital market smoothly crossed the month, being generally stable and broad. As of February 28, 2026, DR007 was 1.50%, up 18.23BP compared with the pre - holiday week, and R007 was 1.51%, up 16.27BP [24]. - After the holiday, the trading activity of institutions recovered, and the trading volume of inter - bank pledged repurchase increased significantly. As of February 28, 2026, the trading volume of inter - bank pledged repurchase (5DMA) was 6.71 trillion yuan, an increase of 0.57 trillion yuan compared with the previous week [24]. 3.2. Cash Bond Market 3.2.1. Primary Supply - The total net supply of interest - rate bonds this week was 36.443 billion yuan, an increase of 54.7814 billion yuan compared with the previous week. The cumulative net supply of interest - rate bonds this year was 262.1148 billion yuan, with 82.886 billion yuan for treasury bonds, 1.298 billion yuan for policy - financial bonds, and 177.9308 billion yuan for local bonds [36]. - The net supply of certificates of deposit this week was - 16.347 billion yuan, a decrease of - 11.67 billion yuan compared with the previous week. The net supply of treasury bonds was 37 billion yuan, an increase of 37 billion yuan; the net supply of policy - financial bonds was - 19.214 billion yuan, a decrease of 3.014 billion yuan; the net supply of local bonds was 18.657 billion yuan, an increase of 20.7954 billion yuan [36]. - The net financing of state - owned banks was - 17.18 billion yuan, a decrease of 12.579 billion yuan; the net financing of joint - stock banks was 0.833 billion yuan, an increase of 0.909 billion yuan [37]. 3.2.2. Secondary Market Operation - The performance of cash bonds was divergent, with only the 10Y Treasury bond and 7Y China Development Bank bond showing a slight decline [47]. - **Absolute Level**: The yield curve of Treasury bonds showed a divergent trend, with the 10Y Treasury bond performing better [49]. - **Term Spread**: Most term spreads widened this week, while the 10Y/1Y Treasury bond spread slightly narrowed [55]. - **Variety Spread**: The 1Y and 10Y China Development Bank bond/Treasury bond spreads widened, while the 30Y local bond/Treasury bond spread and 1Y certificate of deposit/China Development Bank bond spread narrowed [65][68]. - **Overseas Spread**: The 10Y and 1Y China - US spreads narrowed [71]. 3.3. Next Week's Bond Market Events - On Wednesday, February PMI data will be released, which can be used to assess the current fundamental recovery [75]. - On Thursday, the Fourth Session of the 14th National People's Congress will be held, and attention should be paid to the setting of various economic targets for the new year [75]. - On Friday, 1 trillion yuan of 91 - day reverse repurchases will mature, and attention should be paid to the central bank's liquidity hedging operations [75].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The capital market in March 2026 is expected to be relatively loose, but attention should be paid to the asset - liability situation of banks. Factors such as high maturity volume of inter - bank certificates of deposit, possible "rushing for volume" of bank credit at the end of the quarter, demand for improving liquidity regulatory indicators, impact of foreign exchange settlement and sales surplus on bank asset - liability behavior, and potential regulatory control over bank inter - bank liability behavior need to be monitored [7]. 3. Summary by Directory 3.1 Funding Situation - **Central Bank Operations**: From February 24 - 28, 2026, the central bank's short - term reverse repurchase had a net withdrawal of 61.14 billion yuan, and the treasury time deposit matured at 15 billion yuan. On February 25, the central bank's medium - term lending facility (MLF) had a net injection of 30 billion yuan. From March 2 - 6, 2026, 152.5 billion yuan of open - market reverse repurchases will mature. In March, the maturity amounts of 3M and 6M repurchase agreements are 100 billion yuan and 60 billion yuan respectively, and the MLF maturity amount is 45 billion yuan [2][6]. - **Funding Rates**: From February 24 - 27, 2026, the average values of DR001 and R001 were 1.37% and 1.43% respectively, up 3.9 and 2.4 basis points compared with February 9 - 13, 2026. The average values of DR007 and R007 were 1.51% and 1.57% respectively, down 1.1 and 1.0 basis points compared with February 9 - 13, 2026 [6]. - **Government Bond Net Financing**: From February 23 - March 1, 2026, the government bond net financing was about 19.036 billion yuan, 52.33 billion yuan less than that from February 9 - 15, 2026. From March 2 - 8, 2026, the government bond net financing is expected to be about 21.2 billion yuan, with the net financing of national bonds at about - 10.5 billion yuan and that of local government bonds at about 31.7 billion yuan [7]. 3.2 Inter - bank Certificates of Deposit - **Yield**: As of February 27, 2026, the 1M and 3M inter - bank certificate of deposit yields were 1.4891% and 1.5550% respectively, down 6.6 basis points and basically unchanged compared with February 13, 2026. The 1Y yield was 1.5775%, basically unchanged compared with February 13, 2026 [8]. - **Net Financing**: From February 23 - March 1, 2026, the net financing of inter - bank certificates of deposit was about - 212.4 billion yuan. From March 2 - 8, 2026, the maturity repayment amount is expected to be 58.8 billion yuan, with a slightly lower maturity renewal pressure. The maturity scale in March is about 3.59 trillion yuan, an increase of about 0.64 trillion yuan year - on - year and about 1.73 trillion yuan month - on - month [8]. 3.3 Institutional Behavior - **Bond Market Leverage**: From February 24 - 27, 2026, the average leverage ratio of the inter - bank bond market was 107.49%, slightly lower than the average of 107.79% from February 9 - 14, 2026 [9]. - **Pure Bond Fund Duration**: On February 27, 2026, the median duration of medium - and long - term interest - rate style pure bond funds (MA5) was 4.47 years, up 0.07 years from February 13, 2026, at the 80.7% quantile since the beginning of 2022. The median duration of short - term interest - rate style pure bond funds (MA5) was 2.06 years, up 0.40 years from February 13, 2026, at the 80.9% quantile since the beginning of 2022 [9].

Group 1 - The report indicates that the central market interest rates are expected to remain low in March, but volatility may increase due to multiple factors [5][66] - In February, the interbank repo rates showed minor fluctuations, with R001 and R007 averaging 1.40% and 1.55% respectively, reflecting a change of -1BP and 0BP [11][21] - The liquidity pressure in March is significant, with a total of 16,000 billion yuan in reverse repos, 4,500 billion yuan in MLF, and 35,900 billion yuan in interbank certificates maturing [57][66] Group 2 - The central bank's supportive stance is clear, with an increase in fiscal spending expected at the end of the quarter, which is likely to supplement liquidity [61][66] - Historical data shows that interbank repo rates typically rise in March, with an average increase of 5BP from 2022 to 2025 [62][66] - The report concludes that while the market interest rates are expected to remain low, the pressures from maturing financial instruments may lead to increased volatility during the month [66]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Viewpoints of the Report - Despite the Spring Festival disturbance, the net payment of government bonds increased in February compared to January, but the volatility of the capital market was significantly lower. The central bank showed an attitude of protecting liquidity. In the future, it is likely to maintain a loose tone and cooperate with the fiscal policy to stabilize government bond issuance. The subsequent tightening of inter - bank deposit self - discipline may reduce non - bank financing costs [5][39] - It is expected that in March 2026, the government bond issuance scale will be 2.68 trillion yuan, with a net financing of 1.18 trillion yuan. The cumulative net financing scale of government bonds in the first quarter is about 3.78 trillion yuan, which may still be lower than the 4.1 trillion yuan in the same period in 2025 [6][55] - Although the pressure of the central bank's policy tool maturity is large next week, the capital demand at the beginning of the month is relatively limited, and the net payment scale of government bonds is relatively low. Coupled with the continuous return of post - festival cash, the capital market is expected to remain stable [9][62] Group 3: Summary by Directory 1. Money Market 1.1 This Week's Capital Market Review - The central bank's OMO had a net withdrawal of 61.14 billion yuan this week. There was a 15 - billion - yuan treasury cash fixed - deposit maturity on Wednesday, and the central bank carried out a 60 - billion - yuan 1 - year MLF operation, with an excess renewal of 30 billion yuan compared to the maturity. Due to factors such as the large - scale maturity of reverse repurchases after the festival, the delay of the tax payment deadline, and the increase in the net payment scale of government bonds, the capital tightened marginally in the first half of the week and then loosened gradually in the second half [3][15] - Affected by holidays and trading - day adjustments, the trading volume and overall scale of pledged repurchase first increased and then decreased this week. The net lending of large - scale banks first increased and then decreased, while that of small and medium - sized banks decreased slightly after a significant increase on the first trading day after the festival. Non - bank rigid lending decreased significantly after the festival and recovered in the second half of the week. The new - caliber capital gap index first decreased and then increased [4][23] - The inter - bank cross - month progress slowed down after the festival but accelerated on Friday due to non - bank institutions. The exchange market cross - month progress also accelerated during the week. The overall cross - month progress of the whole market in the second half of the week was at a relatively high level compared to previous years, and the capital remained stable under the central bank's protection [4][30] 1.2 Next Week's Capital Outlook - This week, the net payment of government bonds was 19.04 billion yuan. Next week, the issuance scale of 182 - day discounted treasury bonds and 30 - year treasury bonds is 4.5 billion yuan and 3.4 billion yuan respectively. The issuance scale of local bonds in 6 regions is 27.25 billion yuan. Considering the time lag of payment, the net payment scale of government bonds will rise to 28.2 billion yuan [42] - Next week, the maturity scale of 7 - day reverse repurchases is 1.525 trillion yuan, and there is also a 1 - trillion - yuan 3 - month term repurchase agreement maturing. Although the pressure of the central bank's policy tool maturity is large, the capital demand at the beginning of the month is limited, and the capital market is expected to remain stable [9][56] 2. Inter - bank Certificates of Deposit - This week, the 1 - year Shibor rate decreased by 0.6 BP to 1.604% compared to February 14. The secondary rate of 1 - year AAA - rated inter - bank certificates of deposit decreased by 0.25 BP to 1.575% [63] - The issuance scale of inter - bank certificates of deposit decreased more than the maturity scale this week, with a net repayment scale of 29.37 billion yuan. The net financing scales of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were - 22.28 billion yuan, 0.84 billion yuan, - 7.09 billion yuan, and - 2.29 billion yuan respectively. The issuance proportion of 1 - year certificates of deposit increased by 23 percentage points to 31% [64] - Next week, the maturity scale of certificates of deposit is about 58.3 billion yuan, a decrease of 16.5 billion yuan compared to this week. The issuance success rates of state - owned banks, joint - stock banks, and city commercial banks decreased, while that of rural commercial banks increased. The interest rate spread between city commercial banks and joint - stock banks for 1 - year certificates of deposit widened [65][68] - The willingness of money market funds and fund companies to increase their holdings of certificates of deposit in the primary and secondary markets decreased this week, while that of wealth management products and other products increased. The supply - demand relative strength index of certificates of deposit decreased by 1.1 percentage points to 16.2% [82] 3. Bill Market - This week, bill interest rates generally increased. As of February 28, the 3 - month and 6 - month bill interest rates of state - owned and joint - stock banks increased by 33 BP and 15 BP respectively compared to February 14, reaching 1.53% and 1.30% [86] 4. Bond Trading Sentiment Tracking - Affected by profit - taking sentiment, the bond market adjusted this week. Credit spreads remained stable, and the spreads of Tier 2 capital bonds and perpetual bonds widened [91] - Large - scale banks' willingness to reduce their bond holdings increased overall. Trading - type institutions tended to reduce their bond holdings, while allocation - type institutions tended to increase their bond holdings [91]

Liquidity Overview - The liquidity environment remained stable across the month despite three pressures: tax periods, month-end demand, and large reverse repos maturing, with R001 and R007 rates peaking at 1.47% and 1.61% respectively on February 24-25[1] - The central bank conducted significant reverse repos, averaging 380 billion CNY daily from February 24-27, alongside a net injection of 300 billion CNY via MLF, effectively alleviating liquidity pressure[1] March Outlook - In March, liquidity is expected to maintain a balanced and loose state, with R001 projected to fluctuate within the range of [OMO-10bp, OMO] and R007 likely to be 5-10bp above OMO[2] - The anticipated net financing scale for government bonds in March is estimated to be between 1.15 trillion and 1.39 trillion CNY, a decrease from February's 1.42 trillion CNY[2] Market Dynamics - From March 2-6, a total of 25,250 billion CNY will mature, with 15,250 billion CNY in 7-day reverse repos, indicating higher maturity pressure than historical averages[3] - Government bond payment pressure is expected to increase slightly, with an estimated net payment of 2,820 billion CNY for the first week of March, up from 1,904 billion CNY the previous week[4] Bill Market Trends - By February 27, the 1M bill rate rose by 50bp to 1.40%, while the 3M and 6M rates increased by 30bp and 14bp to 1.50% and 1.29% respectively, indicating a rising trend in bill rates[5] - Major banks turned net sellers of bills, selling 49.7 billion CNY from February 24-26, contrasting with a net purchase of 11.3 billion CNY the previous week[5] Interbank Certificates of Deposit - The upcoming week (March 2-6) will see 5,830 billion CNY in certificates of deposit maturing, a decrease from the previous week's 7,480 billion CNY, but the total for March is projected to reach 36,000 billion CNY, higher than the 27,000-30,000 billion CNY range of the past three years[6]

Core Viewpoint - After the Spring Festival holiday, the market's liquidity is under close scrutiny, with expectations for a balanced and slightly loose liquidity environment in March due to the gradual dissipation of holiday-related disturbances and cash returning to the banking system [1][4]. Group 1: Market Conditions - The first week after the holiday faces significant pressure with over 2.2 trillion yuan in reverse repos and 300 billion yuan in MLF maturing, compounded by tax payments and government bond repayments [2][3]. - Despite the pressures, the overall liquidity remained stable before the holiday, with the R001 average around 1.4%, marking a low point for the year [2][3]. Group 2: Policy Actions - The central bank has indicated a clear intention to counteract liquidity pressures through measures such as MLF operations, with a planned 600 billion yuan MLF operation on February 25 to maintain ample liquidity in the banking system [3][4]. - The central bank's actions have resulted in a net injection of 300 billion yuan through MLF in February, continuing a trend of increasing MLF operations for 12 consecutive months [3]. Group 3: Future Outlook - Multiple institutions predict that liquidity will continue to be balanced and slightly loose in March, supported by seasonal cash inflows and a reduction in tax-related disturbances [4][5]. - Historical data shows that the 7-day funding rate typically declines significantly after the Spring Festival, with an average drop of about 24 basis points observed since 2021 [4].

Core Viewpoint - The People's Bank of China (PBOC) is implementing a moderately accommodative monetary policy, with a focus on improving policy efficiency and effectiveness while maintaining liquidity in the financial system [1][2]. Group 1: Monetary Policy and Liquidity - In January 2026, the PBOC reduced the rates of various structural monetary policy tools by 0.25 percentage points, resulting in a net injection of 1 trillion yuan into the market [2][3]. - The average daily trading volume in the interbank market was 222.5 trillion yuan, reflecting a 6% month-on-month decrease but a 51% year-on-year increase [1][2]. - The PBOC's actions included a 9,000 billion yuan increase in Medium-term Lending Facility (MLF) and a total of 20,000 billion yuan in reverse repos, effectively countering the impacts of increased government bond issuance and seasonal cash withdrawals [2][3]. Group 2: Bond Market Performance - In January, the issuance of bonds in the interbank market reached 4.4 trillion yuan, a year-on-year increase of 22.1%, with net financing of 1.99 trillion yuan, marking a 136.1% month-on-month increase [4]. - The yields on various bonds mostly declined, with the 10-year government bond yield stabilizing between 1.8% and 1.9%, and the credit spreads narrowing [4][5]. - The yield curve for government bonds showed a mixed performance, with some maturities experiencing slight decreases while others saw minor increases [4]. Group 3: Interest Rate Swaps and Trading Activity - The interest rate swap curve saw a slight upward movement, with 6-month, 1-year, and 5-year Shibor 3M swap rates showing minor increases [6][7]. - The average daily transaction volume for RMB interest rate swaps increased by 23%, with a nominal principal amount of 4.4 trillion yuan [7]. - The trading of interest rate options surged by 280%, indicating a growing interest in hedging strategies within the market [7].

1. Report Information - Report Title: Treasury Bond Daily Report [1] - Date: February 26, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating No information provided. 3. Core Viewpoints - Due to profit - taking pressure, tight capital market, and a strong stock market, treasury bond futures closed down across the board. The yields of major inter - bank interest rates on current treasury bonds all increased, with an increase of less than 2bp. The inter - bank capital market was in a tight balance. Considering the cancelled IEEPA tariffs, the short - term impact on China was limited, and there was no need for urgent monetary policy tightening. After the Spring Festival, institutions holding bonds may have profit - taking needs, and the supply pressure of government bonds will rise. The bond market may fluctuate weakly [8][9][11][12] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Market Performance**: Treasury bond futures closed down across the board under the pressure of profit - taking, tight capital market, and a strong stock market. The yields of major inter - bank interest rates on current treasury bonds all increased, with an increase of less than 2bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250022 was reported at 1.8040%, up 1.4bp [8][9] - **Capital Market**: Facing the dual disturbances of tax payment and month - end, the inter - bank capital market was in a tight balance. The net investment in reverse repurchase in the open market was 159.5 billion yuan. The inter - bank capital sentiment index declined in the afternoon. The overnight DR rate in the inter - bank deposit market rose 1.66bp to 1.384%, the 7 - day capital interest rate fell 4.79bp to around 1.51%, the medium - and long - term capital was stable, and the 1 - year AAA certificate of deposit interest rate fluctuated narrowly between 1.56% and 1.58% [10] - **Conclusion**: The short - term impact on China was limited, and there was no need for urgent monetary policy tightening. After the Spring Festival, institutions may have profit - taking needs, the supply pressure of government bonds will rise, and the cash return will supplement liquidity. However, the central bank usually conducts net capital withdrawals after the Spring Festival, which may be unfavorable to short - term bonds. The market is more likely to bet on the holiday economic data, important meetings, and policies in March, but the current expectation of interest rate cuts is still not strong, and the bond market may fluctuate weakly [11][12] 4.2 Industry News - **US News**: US President Trump delivered his first State of the Union address in his second term. He said that gasoline prices in most US states were below $2.30 per gallon, mortgage rates were at a four - year low, inflation had been reduced to a five - year low (core inflation rate dropped to 1.7% in the last three months of 2025), the US had received investment commitments of $18 trillion, and had received more than 80 million barrels of Venezuelan oil [13] - **Shanghai Real Estate Policy**: Shanghai optimized its post - holiday real estate control policy, including reducing housing purchase restrictions, optimizing housing provident fund loan policies, and improving personal housing property tax policies. For example, the social security or tax - payment period for non - local residents to buy houses in the inner - ring area of Shanghai was shortened to 1 year, the maximum amount of the first - home provident fund loan was raised from 1.6 million yuan to 2.4 million yuan, and could be further increased to 3.24 million yuan for some special groups.沪籍 families could be exempted from property tax for their newly - purchased sole housing [14] - **Diplomatic News**: In response to the US's accusation of China's nuclear explosion test and the UK's inclusion of Chinese entities in the sanctions list against Russia, the Chinese Ministry of Foreign Affairs firmly refuted the accusations and expressed strong dissatisfaction, and stated that China would take necessary measures to safeguard its legitimate rights and interests [14][15] 4.3 Data Overview - **Treasury Bond Futures Market**: The report presented data on treasury bond futures trading on February 25, including contract information such as pre - settlement price, opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and change in open interest. It also mentioned the analysis of the spread between different contracts and the trend of the main contracts [6] - **Money Market**: The report provided data on the changes in the weighted average interest rate of inter - bank pledged repurchase, the interest rate of inter - bank deposit pledged repurchase, the term structure and trend of SHIBOR [28][33] - **Derivatives Market**: The report presented data on the fixed - rate curves of Shibor3M interest rate swaps and FR007 interest rate swaps [38]

Monetary Policy Operations - The central bank announced a 7-day reverse repurchase operation of 409.5 billion yuan at a fixed rate of 1.40% on February 25, with a net injection of 9.5 billion yuan after 400 billion yuan matured on the same day [1] Market Liquidity - The interbank market remains tight due to the tax period and month-end effects, with the weighted average rate of DR001 rising nearly 2 basis points to above 1.38%, while DR007 decreased [3] - The overnight rate in the anonymous click (X-repo) system is reported at 1.43%, indicating unstable supply, with non-bank institutions borrowing overnight funds against pledged credit bonds at rates close to 1.6% [3] - The overnight financing rate in the US stands at 3.66% [3] Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.59%, showing a slight increase from the previous day [5] Bond Market - Major interbank bond yields have risen, with the 30-year futures contract down 0.47%, the 10-year down 0.13%, the 5-year down 0.10%, and the 2-year down 0.06% [9] Regulatory Developments - The draft amendment to the Certified Public Accountant Law was submitted for review, aiming to further regulate professional conduct and enhance accountability [10] - A joint notice from five departments in Shanghai aims to optimize real estate policies, including adjustments to housing purchase restrictions for non-local residents starting February 26, 2026 [10] International Developments - The US President highlighted low gasoline prices and mortgage rates in his State of the Union address, emphasizing the government's efforts to lower inflation [12] - The Bank of Thailand unexpectedly cut its key interest rate by 25 basis points to 1% [12] Upcoming Events - The China Development Bank plans to issue no more than 44 billion yuan in financial bonds on February 26 [15] - Country Garden intends to repurchase up to 450 million yuan of its domestic bonds [15]