Market Overview and Analysis - The primary market saw the issuance of government bonds, local government bonds, and policy financial bonds amounting to 4,350 billion, 2,006 billion, and 1,406 billion respectively, with net financing of 3,800 billion, 1,227 billion, and 1,406 billion [2] - The secondary market experienced narrow fluctuations, with the overall curve flattening, influenced by factors such as liquidity, economic financial data, and U.S. policy volatility [2] Liquidity Tracking - The central bank net injected liquidity to offset MLF maturities and tax periods, resulting in a balanced liquidity environment, with R001 and R007 rising by 3.8 basis points and 1 basis point respectively compared to the previous week [3] Policy and Fundamentals - Economic and financial data for March exceeded expectations, but there are concerns regarding the economic outlook for the second quarter. High-frequency data indicates a divergence in production indicators, with strong performance in upstream sectors and weakness in downstream sectors, alongside declining real estate and export sentiment [4] Overseas Market - Trade negotiations between the U.S. and multiple countries have commenced, leading to a decrease in volatility in overseas markets. The 10-year U.S. Treasury yield closed at 4.34%, down 14 basis points from the previous week [5] Equity Market - The Shanghai Composite Index showed consecutive gains from Monday to Thursday, indicating clear support from state-owned entities, while the ChiNext Index performed relatively weaker. The overall A-share market rose by 0.39%, with the Shanghai 50 up by 1.45% and the CSI 300 up by 0.59%, while the ChiNext Index fell by 0.64%. A-share trading volume significantly decreased, with an average daily turnover of 1.11 trillion, down 502.3 billion week-on-week [6] Bond Market Strategy Outlook - The bond market has entered a period of observation and fluctuation, awaiting further developments in domestic and international events. The macroeconomic environment is complex, and the market lacks a clear direction. Key focus areas for the second quarter include the progress of U.S.-China tariff negotiations and potential domestic policy adjustments, with the upcoming Politburo meeting serving as an important window for observing mid-year policy trends [7]

每经记者 任飞 每经编辑 叶峰 上周，国内债券收益率仍呈现窄幅震荡的格局，很长一段时间来，10年期国债收益率窄幅波动，不再有此前的趋势性走势。这样的格局难以打破，使得基金 的收益率也难见明显起色，纯债基金收益率不佳。不过，境外机构仍持续看好中国债市，并且从消息面来看，许多机构都在积极参与人民币债券的投融资业 务。 债市震荡格局难破，纯债基金收益率不佳 近期，又有多则经济数据公布，有关社融新增、信贷新增的数据超预期。叠加未来降息降准的可能性，市场的融资需求有进一步提升的预期，不过，近期的 债市收益率仍没有明显的趋势改变，仍处于窄幅震荡之中。 上周（4.14-4.20），10年期国债活跃券收益率围绕1.65%上下波动。一方面，宽松的货币政策环境将延续，低利率环境难以扭转；另一方面，诸如超长期特 别国债发行计划的公布对债市造成边际利空。 从基金的收益率表现来看，上周纯债型基金收益率表现不佳。Wind统计显示，短债基金在上周的平均收益率达到0.0215%，中位数水平在0.0252%；中长期 纯债基金的平均收益率水平在0.0117%，中位数水平在0.0178%。 中长期纯债基金当中，中银证券汇裕一年定开单周收益率在纯债 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Last week, the bond market remained strong due to tariff shocks. On April 7, influenced by US tariff impacts, the market's risk - aversion sentiment was high, and the expectation of loose monetary policy increased. However, on April 8, with Central Huijin's action to stabilize the stock market, the bond market weakened. Subsequently, the escalation of Sino - US trade frictions and loose liquidity led to the bond market strengthening again on April 9 and 10. On April 11, the market's tariff expectation eased, and the bond market fluctuated narrowly. Overall, the bond market was still strong last week, with long - term bond yields declining and the yield curve steepening [1]. - This week (the week of April 14), the bond market is expected to show a volatile pattern. The March economic and financial data exceeding expectations and the easing of tariff expectations will have a negative impact on the bond market. However, the uncertainty of US tariff policies, the continuation of Sino - US trade games, the possible pressure on the domestic economy in the second quarter, the weak domestic effective demand, and the expectation of loose monetary policy will support the bond market [1]. Summary of Each Section 1. Last Week's Market Review 1.1 Secondary Market - The bond market remained strong last week, with long - term bond yields dropping significantly. The 10 - year Treasury bond futures main contract rose 0.35% in the whole week. On Friday, the 10 - year Treasury bond yield decreased by 6.12bp compared with the previous Thursday, and the 1 - year Treasury bond yield decreased by 8.51bp, with the term spread widening significantly [2]. - On April 7, the bond market remained strong due to the counter - tariff measures and the expectation of loose monetary policy. The yields of major inter - bank interest - rate bonds generally declined significantly, and the 10 - year Treasury bond yield dropped 8.62bp [2]. - On April 8, the bond market corrected as the central bank supported Central Huijin to increase stock purchases, the stock market rebounded, and the liquidity was tight. The yields of major inter - bank interest - rate bonds generally increased, and the 10 - year Treasury bond yield rose 3.15bp [2]. - On April 9, the bond market strengthened as the liquidity loosened and the US tariff and China's counter - measures increased the expectation of loose monetary policy. The yields of major inter - bank interest - rate bonds generally declined, and the 10 - year Treasury bond yield dropped 1.25bp [2]. - On April 10, the bond market fluctuated strongly under the influence of multiple factors. The yields of major inter - bank interest - rate bonds generally declined, and the 10 - year Treasury bond yield dropped 0.64bp [2]. - On April 11, the yields of inter - bank major interest - rate bonds showed different trends. The short - and medium - term yields continued to decline, while the long - term yields increased. The 10 - year Treasury bond yield rose 1.24bp [2][3]. 1.2 Primary Market - Last week, 55 interest - rate bonds were issued, 11 more than the previous week. The issuance volume was 690.1 billion yuan, 9.8 billion yuan less than the previous week, and the net financing was - 180.6 billion yuan, 659.8 billion yuan less than the previous week. The issuance and net financing of Treasury bonds decreased, while the issuance of policy - bank bonds and local bonds increased, but the net financing decreased [10]. - The subscription demand for interest - rate bonds was generally acceptable last week. The average subscription multiples of Treasury bonds, policy - bank bonds, and local bonds were 3.98 times, 3.55 times, and 20.54 times respectively [11]. 2. Last Week's Important Events - In March, the year - on - year decline of CPI narrowed significantly. The CPI in March decreased by 0.1% year - on - year, compared with a 0.7% decline in February. The PPI in March decreased by 2.5% year - on - year, compared with a 2.2% decline in February. The decline of CPI was mainly due to the lower base in the same period last year and the support of relevant policies. The decline of PPI was due to the fall of international oil prices, weak domestic demand, and insufficient terminal consumption [12]. - The March financial data generally exceeded market expectations. The new RMB loans in March were 3.64 trillion yuan, an increase of 550 billion yuan year - on - year. The new social financing scale was 5.8879 trillion yuan, an increase of 1.0544 trillion yuan year - on - year. The M2 growth rate remained unchanged at 7.0% at the end of March, and the M1 growth rate increased by 1.5 percentage points to 1.6% compared with the end of February [12]. 3. Real - Economy Observation - Last week, most high - frequency data on the production side declined. The operating rates of petroleum asphalt plants, semi - steel tires, and daily average molten iron output decreased, while the blast furnace operating rate increased. On the demand side, the BDI index continued to fall, the CCFI index slightly rebounded, and the sales area of commercial housing in 30 large and medium - sized cities continued to decrease. In terms of prices, pork prices continued to decline slightly, and most commodity prices also dropped, including rebar, crude oil, and copper [14]. 4. Last Week's Liquidity Observation - The central bank's open - market operations had a net withdrawal of 439.2 billion yuan last week [26]. - The R007 and DR007 continued to decline, the issuance rate of joint - stock bank inter - bank certificates of deposit continued to decline, the 3M national - owned bill discount rate continued to decline, the trading volume of pledged repurchase significantly decreased, and the inter - bank market leverage ratio fluctuated and declined [29]