Group 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]

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]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The total bond custody volume increased more month - on - month. As of the end of February 2026, the total bond custody volume of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House was 180.35 trillion yuan, with a net increase of 1.04 trillion yuan month - on - month, and 0.28 trillion yuan more than that at the end of January 2026 [1][11]. - In terms of different bond types, interest - rate bonds and credit bonds increased in custody volume month - on - month, while financial bonds (non - policy) and inter - bank certificates of deposit (NCDs) decreased. In February 2026, the custody volume of interest - rate bonds was 127.02 trillion yuan, accounting for 70.43% of the inter - bank bond market custody volume, with a net increase of 1.29 trillion yuan; the custody volume of credit bonds was 19.43 trillion yuan, accounting for 10.78%, with a net increase of 0.03 trillion yuan; the custody volume of financial bonds (non - policy) was 12.88 trillion yuan, accounting for 7.14%, with a net decrease of 47.21 billion yuan; the custody volume of NCDs was 18.77 trillion yuan, accounting for 10.41%, with a net decrease of 0.26 trillion yuan [1][11]. - Regarding the bond holder structure, in the allocation portfolio, policy banks and commercial banks continued to increase their holdings, while credit unions and insurance institutions changed to reducing their holdings; in the trading portfolio, securities companies continued to increase their holdings, and non - legal entity products continued to reduce their holdings; overseas institutions continued to reduce their holdings [2][26]. - The balance of bonds to be repurchased decreased seasonally, and the bond market leverage ratio decreased month - on - month but increased year - on - year. As of the end of February 2026, the estimated balance of repurchase - style pledged repos was 11.52 trillion yuan, a decrease of 435.853 billion yuan month - on - month. The leverage ratio was 106.82%, a decrease of 0.32 percentage points month - on - month and an increase of 0.63 percentage points year - on - year [4][52]. 3. Summary According to Relevant Catalogs 3.1 Bond Custody Total and Structure - The total bond custody volume increased more month - on - month. As of the end of February 2026, the total bond custody volume of CCDC and Shanghai Clearing House was 180.35 trillion yuan, with a net increase of 1.04 trillion yuan month - on - month, and 0.28 trillion yuan more than that at the end of January 2026 [1][11]. - By bond type, interest - rate bonds and credit bonds increased in custody volume month - on - month, while financial bonds (non - policy) and NCDs decreased [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody Volume by Institution Month - on - Month - In the allocation portfolio, policy banks and commercial banks continued to increase their holdings, while credit unions and insurance institutions changed to reducing their holdings; in the trading portfolio, securities companies continued to increase their holdings, and non - legal entity products continued to reduce their holdings; overseas institutions continued to reduce their holdings [2][26]. - Policy banks, commercial banks, and securities companies increased their holdings of interest - rate bonds and NCDs and reduced their holdings of credit bonds; credit unions increased their holdings of NCDs and credit bonds and reduced their holdings of interest - rate bonds; insurance institutions increased their holdings of interest - rate bonds and reduced their holdings of NCDs and credit bonds; non - legal entity products and overseas institutions increased their holdings of interest - rate bonds and credit bonds and reduced their holdings of NCDs [2][26]. 3.2.2 Changes in Custody Volume by Bond Type Month - on - Month - The custody volume of treasury bonds continued to increase month - on - month. Policy banks continued to increase their holdings, and credit unions changed to reducing their holdings [28]. - The custody volume of local government bonds continued to increase month - on - month. Commercial banks continued to increase their holdings, and credit unions changed to reducing their holdings [28]. - The custody volume of policy - financial bonds changed to a decrease. Commercial banks and overseas institutions continued to increase their holdings, and non - legal entity products continued to reduce their holdings [28]. - The custody volume of NCDs continued to decrease month - on - month. Commercial banks changed to increasing their holdings, and non - legal entity products continued to reduce their holdings [28]. - The custody volume of enterprise bonds continued to decrease month - on - month, and commercial banks were the main entities reducing their holdings [29]. - The custody volume of medium - term notes continued to increase month - on - month. Non - legal entity products continued to increase their holdings, and securities companies continued to reduce their holdings [30]. - The custody volume of short - term financing bills and ultra - short - term financing bills continued to increase month - on - month. Commercial banks and non - legal entity products were the main entities increasing their holdings [30]. - The custody volume of privately - placed directional instruments changed to an increase. Securities companies were the main entities reducing their holdings [30]. 3.2.3 Holder Structure of Major Bond Types - As of the end of February 2026, the holder structure of treasury bonds: commercial banks accounted for 69.15%, overseas institutions 5.14%, policy banks 12.95%, non - legal entity products 6.90%, securities companies 2.45%, insurance institutions 2.49%, and credit unions 0.91% [33][34]. - The holder structure of policy - financial bonds: commercial banks accounted for 57.47%, non - legal entity products 30.17%, overseas institutions 2.95%, credit unions 3.01%, insurance institutions 1.87%, securities companies 1.19%, and policy banks 3.34% [36][35]. - The holder structure of local government bonds: commercial banks accounted for 71.78%, non - legal entity products 10.00%, policy banks 11.83%, insurance institutions 4.81%, securities companies 1.02%, credit unions 0.55%, and overseas institutions 0.02% [39][38]. - The holder structure of enterprise bonds: non - legal entity products accounted for 56.12%, commercial banks 30.65%, securities companies 9.10%, insurance institutions 3.25%, policy banks 0.57%, credit unions 0.24%, and overseas institutions 0.08% [41][40]. - The holder structure of medium - term notes: non - legal entity products accounted for 60.74%, commercial banks 25.02%, securities companies 4.38%, nominal holder accounts (domestic) 3.72%, policy banks 2.83%, insurance institutions 2.24%, overseas institutions 0.20%, other 0.59%, and credit unions 0.27% [43][44]. - The holder structure of short - term financing bills and ultra - short - term financing bills: non - legal entity products accounted for 62.47%, commercial banks 31.26%, nominal holder accounts (domestic) 2.68%, securities companies 0.79%, policy banks 2.19%, other 0.32%, insurance institutions 0.12%, credit unions 0.02%, and overseas institutions 0.15% [46][47]. - The holder structure of privately - placed directional instruments: non - legal entity products accounted for 61.86%, commercial banks 20.44%, nominal holder accounts (domestic) 8.09%, policy banks 5.11%, securities companies 3.75%, other 0.55%, credit unions 0.13%, overseas institutions 0.06%, and insurance institutions 0.00% [48][49]. - The holder structure of NCDs: non - legal entity products accounted for 62.07%, commercial banks 23.81%, policy banks 2.55%, credit unions 2.24%, other 4.04%, nominal holder accounts (domestic) 2.12%, securities companies 0.85%, overseas institutions 2.15%, and insurance institutions 0.17% [51][50]. 3.3 Bond Market Leverage Ratio Observation - The balance of bonds to be repurchased decreased seasonally, and the bond market leverage ratio decreased month - on - month but increased year - on - year. As of the end of February 2026, the estimated balance of repurchase - style pledged repos was 11.52 trillion yuan, a decrease of 435.853 billion yuan month - on - month. The leverage ratio was 106.82%, a decrease of 0.32 percentage points month - on - month and an increase of 0.63 percentage points year - on - year [4][52].

Group 1 - The total amount of bonds under custody increased, reaching 179.31 trillion yuan by the end of January 2026, with a net increase of 0.76 trillion yuan from the previous month [6] - The breakdown of bond types shows that interest rate bonds and credit bonds increased, while financial bonds and interbank certificates decreased [6] - Interest rate bonds under custody amounted to 125.73 trillion yuan, with a net increase of 1.10 trillion yuan; credit bonds reached 19.40 trillion yuan, with a net increase of 0.25 trillion yuan [6] Group 2 - The structure of bondholders indicates an overall increase in allocation, with policy banks increasing holdings in interest rate bonds and interbank certificates while reducing credit bonds [7] - Commercial banks increased their holdings in both interest rate and credit bonds but reduced interbank certificates [7] - Foreign institutions continued to reduce their holdings across all bond types, indicating a shift in investment strategy [7] Group 3 - The leverage ratio in the bond market remained stable month-on-month but increased year-on-year, with a repurchase balance of 11.96 trillion yuan and a leverage ratio of 107.14% as of the end of January 2026 [8] - The repurchase balance saw a slight increase of 498.37 billion yuan compared to the previous month [8]

Group 1: Bond Market Analysis - As of the end of January 2026, the total bond custody amount reached 179.31 trillion yuan, with a net increase of 0.76 trillion yuan month-on-month, which is 0.46 trillion yuan more than the end of December 2025 [1] - The custody amounts for interest rate bonds and credit bonds increased, while financial bonds and interbank certificates of deposit saw a decrease [1] - The overall positioning in the bond market indicates an increase in allocation by trading institutions, while non-legal person products continued to reduce their holdings [1] Group 2: Real Estate Market Insights - In January 2026, the transaction amount for commodity residential properties (excluding affordable housing) in 30 core cities was 185.9 billion yuan, a year-on-year decrease of 28.7%, with an average transaction price of 24,285 yuan per square meter, down 4.8% year-on-year [2] - The transaction area for second-hand houses in the core 15 cities increased by 14.3% year-on-year, with first-tier cities experiencing a year-on-year price drop of 9.8% [2] - The report emphasizes that as supply-side adjustments continue, leading companies are expected to benefit from improved competitive structures, with recommendations for companies like China Merchants Shekou and China Jinmao [2] Group 3: Non-Ferrous Metals Sector - The SPDR Gold ETF holdings saw a slight increase during the Spring Festival period, indicating a stable interest in gold [3] - The steel industry's supply-side adjustments are expected to strengthen in the short to medium term, as losses for listed steel companies approached levels seen in Q3 and Q4 of 2024 [3] - The tightening of steel export policies since the beginning of 2026 poses challenges, as direct and indirect exports were crucial for the steel industry's profitability in 2025, necessitating supportive supply-side policies [3]

Group 1 - The total amount of bonds under custody increased slightly, reaching 178.55 trillion yuan by the end of December 2025, with a net increase of 0.30 trillion yuan compared to the previous month, but a decrease of 1.18 trillion yuan compared to November [8] - By type, the custody of interest rate bonds, credit bonds, and financial bonds saw a net increase, while the amount of interbank certificates of deposit decreased [8] - The custody of interest rate bonds was 124.63 trillion yuan, accounting for 69.80% of the total, with a net increase of 0.69 trillion yuan; credit bonds reached 19.15 trillion yuan, accounting for 10.73%, with a net increase of 0.02 trillion yuan; financial bonds totaled 12.93 trillion yuan, accounting for 7.24%, with a net increase of 0.13 trillion yuan; interbank certificates of deposit stood at 19.69 trillion yuan, accounting for 11.03%, with a net decrease of 0.62 trillion yuan [8] Group 2 - The structure of bondholders showed that most institutions increased their bond holdings, except for credit cooperatives which reduced their positions; policy banks increased their holdings of interest rate bonds, interbank certificates of deposit, and credit bonds [9] - Commercial banks and securities companies increased their holdings of interest rate bonds while reducing their positions in interbank certificates of deposit and credit bonds [9] - The custody of government bonds continued to increase, with policy banks and commercial banks consistently adding to their holdings, while non-legal person products reduced their positions [9] Group 3 - The leverage ratio in the bond market increased, with the estimated balance of repurchase agreements reaching 11.91 trillion yuan by the end of December 2025, an increase of 859.04 billion yuan, resulting in a leverage ratio of 107.14%, which is an increase of 0.54 percentage points compared to the previous month [10] - The year-on-year comparison shows a decrease of 1.10 percentage points in the leverage ratio [10]

Group 1 - The depreciation of the Japanese yen is attributed to the limited sustainability of the narrowing US-Japan interest rate differential, imbalances in the international balance of payments, and uncertainties in the recovery of the Japanese economy [5] - The rise in the Japanese stock market is influenced by a new round of fiscal expansion, inflation driving corporate profit recovery, and the global AI expansion cycle [5] - The divergence between the yen's depreciation and the stock market's rise reflects differentiated pricing of structural contradictions in the Japanese economy by different asset classes [5] Group 2 - Economic data for the first quarter of 2026 is expected to show a rebound due to the early implementation of various investment stabilization policies, strong performance of export and infrastructure leading indicators, and the advance issuance of funds for "old-for-new" programs [5] - As of the end of December 2025, the total bond custody amount at China Central Depository & Clearing Co., Ltd. and Shanghai Clearing House reached 178.55 trillion yuan, with a net increase of 0.30 trillion yuan month-on-month [5] - The bond market saw an increase in holdings across most institutions, except for credit cooperatives which reduced their bond holdings [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The total bond custody increased less on a month - on - month basis. In December 2025, the total bond custody of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House was 178.55 trillion yuan, with a net increase of 0.30 trillion yuan compared to the previous month, and 1.18 trillion yuan less than the month - on - month increase in November [1][11]. - In terms of the bond holder structure, among the allocation portfolios, except for credit cooperatives, all institutions increased their bond holdings; trading portfolios and overseas institutions decreased their bond holdings. Different institutions showed different trends in holding various types of bonds [2][26]. - The balance of bonds to be repurchased increased seasonally, and the bond market leverage ratio rose on a month - on - month basis. As of the end of December 2025, the estimated balance of repurchase - style repurchase of bonds to be repurchased was 11.91 trillion yuan, an increase of 859.04 billion yuan compared to the previous month. The leverage ratio was 107.14%, up 0.54 percentage points month - on - month and down 1.10 percentage points year - on - year [4][47]. 3. Summary by Related Catalogs 3.1 Bond Custody Total and Structure - The total bond custody increased less on a month - on - month basis. As of the end of December 2025, the total bond custody of CCDC and Shanghai Clearing House was 178.55 trillion yuan, with a net increase of 0.30 trillion yuan compared to the previous month, and 1.18 trillion yuan less than the month - on - month increase in November [1][11]. - By variety, interest - rate bonds, credit bonds, and financial bonds increased on a net basis month - on - month, while negotiable certificates of deposit (NCDs) decreased on a net basis. In December 2025, the custody of interest - rate bonds was 124.63 trillion yuan, accounting for 69.80% of the inter - bank bond market custody, with a net increase of 0.69 trillion yuan; the custody of credit bonds was 19.15 trillion yuan, accounting for 10.73%, with a net increase of 0.02 trillion yuan; the custody of non - policy financial bonds was 12.93 trillion yuan, accounting for 7.24%, with a net increase of 0.13 trillion yuan; the custody of NCDs was 19.69 trillion yuan, accounting for 11.03%, with a net decrease of 0.62 trillion yuan [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Month - on - Month Changes in Custody by Institution - Among the allocation portfolios, except for credit cooperatives, all institutions increased their bond holdings; trading portfolios and overseas institutions decreased their bond holdings. Specifically, policy banks increased their holdings of interest - rate bonds, NCDs, and credit bonds across the board; commercial banks and securities companies increased their holdings of interest - rate bonds but decreased their holdings of NCDs and credit bonds; non - legal person products increased their holdings of interest - rate bonds and credit bonds but decreased their holdings of NCDs; credit cooperatives and overseas institutions decreased their holdings of interest - rate bonds, NCDs, and credit bonds across the board [2][26]. 3.2.2 Month - on - Month Changes in Custody by Bond Type - The custody of treasury bonds continued to increase on a month - on - month basis. Policy banks and commercial banks continued to increase their holdings, while non - legal person products continued to decrease their holdings. - The custody of local government bonds continued to increase on a month - on - month basis, and all major institutions in the bond market increased their holdings. - The custody of policy - based financial bonds continued to increase on a month - on - month basis. Commercial banks continued to increase their holdings, while policy banks changed to significantly decrease their holdings. - The custody of NCDs continued to decrease on a month - on - month basis. Policy banks changed to increase their holdings, while non - legal person products significantly decreased their holdings. - The custody of enterprise bonds continued to decrease on a month - on - month basis, and all major institutions in the bond market decreased their holdings. - The custody of medium - term notes continued to increase on a month - on - month basis. Commercial banks and non - legal person products were the main institutions increasing their holdings. - The custody of short - term financing bills and super - short - term financing bills continued to decrease on a month - on - month basis, and commercial banks were the main institutions decreasing their holdings. - The custody of privately - placed debt instruments changed to a decrease, and commercial banks were the main institutions decreasing their holdings [3][28]. 3.2.3 Holder Structure of Major Bond Types - As of the end of December 2025, the holder structure of treasury bonds: commercial banks accounted for 69.21%, overseas institutions 5.25%, policy banks 11.61%, non - legal person products 7.72%, securities companies 2.50%, insurance institutions 2.57%, and credit cooperatives 1.13% [33]. - The holder structure of policy - based financial bonds: commercial banks accounted for 56.73%, non - legal person products 31.54%, overseas institutions 2.82%, credit cooperatives 3.15%, insurance institutions 1.89%, securities companies 0.93%, and policy banks 2.94% [35]. - The holder structure of local government bonds: commercial banks accounted for 71.83%, non - legal person products 9.83%, policy banks 11.81%, insurance institutions 4.92%, securities companies 1.02%, credit cooperatives 0.57%, and overseas institutions 0.02% [37]. - The holder structure of enterprise bonds: non - legal person products accounted for 55.48%, commercial banks 31.29%, securities companies 9.09%, insurance institutions 3.23%, policy banks 0.54%, credit cooperatives 0.28%, and overseas institutions 0.08% [39]. - The holder structure of medium - term notes: non - legal person products accounted for 60.33%, commercial banks 24.90%, securities companies 4.56%, nominal holder accounts (domestic) 3.67%, policy banks 3.24%, insurance institutions 2.26%, overseas institutions 0.21%, other 0.57%, and credit cooperatives 0.25% [41]. - The holder structure of short - term financing bills and super - short - term financing bills: non - legal person products accounted for 66.21%, commercial banks 26.47%, nominal holder accounts (domestic) 2.97%, securities companies 1.01%, policy banks 2.73%, other 0.29%, insurance institutions 0.14%, credit cooperatives 0.02%, and overseas institutions 0.15% [46]. - The holder structure of NCDs: non - legal person products accounted for 63.66%, commercial banks 22.09%, policy banks 2.22%, credit cooperatives 1.90%, other 4.15%, nominal holder accounts (domestic) 2.09%, securities companies 0.81%, overseas institutions 2.92%, and insurance institutions 0.16% [45]. 3.3 Bond Market Leverage Ratio Observation - The balance of bonds to be repurchased increased seasonally, and the bond market leverage ratio rose on a month - on - month basis. As of the end of December 2025, the estimated balance of repurchase - style repurchase of bonds to be repurchased was 11.91 trillion yuan, an increase of 859.04 billion yuan compared to the previous month. The leverage ratio was 107.14%, up 0.54 percentage points month - on - month and down 1.10 percentage points year - on - year [4][47].

Group 1: Bond Custody Total and Structure - The total bond custody increased month-on-month, reaching 178.25 trillion yuan by the end of November 2025, with a net increase of 1.48 trillion yuan compared to the previous month [4] - By type, the custody of interest rate bonds, credit bonds, and financial bonds increased, while interbank certificates of deposit saw a decrease [4] - The custody of interest rate bonds was 123.94 trillion yuan, with a net increase of 1.46 trillion yuan; credit bonds reached 19.13 trillion yuan, increasing by 0.27 trillion yuan; and financial bonds totaled 12.80 trillion yuan, up by 0.10 trillion yuan [4] Group 2: Bond Holder Structure and Changes - Among major institutions in the bond market, only securities companies and foreign institutions saw a decrease in bond custody, while other institutions showed an increase [5] - Policy banks, commercial banks, and non-legal entity products increased their holdings in interest rate bonds and credit bonds, while reducing interbank certificates of deposit [5] - Credit cooperatives and insurance institutions increased their holdings across interest rate bonds, interbank certificates of deposit, and credit bonds [5] Group 3: Bond Market Leverage Rate Observation - The balance of repurchase agreements decreased month-on-month, leading to a decline in the leverage rate of the bond market [6] - As of the end of November 2025, the estimated balance of repurchase agreements was 11.05 trillion yuan, down by 360.125 billion yuan, with a leverage rate of 106.61%, a decrease of 0.29 percentage points month-on-month [6]

Group 1 - The total amount of bonds under custody increased significantly, reaching 176.77 trillion yuan by the end of October 2025, with a net increase of 1.31 trillion yuan compared to the previous month [4] - The structure of bond custody shows that interest rate bonds and credit bonds continued to increase, while financial bonds decreased. The total custody of interest rate bonds was 122.49 trillion yuan, accounting for 69.29% of the total [4] - The custody of interbank certificates of deposit saw its first net increase in the second half of the year, amounting to 20.70 trillion yuan, which is 11.67% of the total [4] Group 2 - The bond market's configuration showed a divergence in total custody among institutions, with trading accounts significantly increasing while foreign institutions continued to reduce holdings [5] - Policy banks and non-legal entities increased their holdings in interest rate bonds, credit bonds, and interbank certificates of deposit, while commercial banks reduced their holdings in interest rate bonds and interbank certificates of deposit [5] - The custody of government bonds continued to increase, with securities companies significantly increasing their holdings, while credit cooperatives and insurance institutions reduced theirs [5] Group 3 - The leverage ratio in the bond market remained stable month-on-month but decreased year-on-year, with the estimated balance of repurchase agreements at 11.41 trillion yuan, reflecting a net increase of 781.5 billion yuan [7] - The leverage ratio stood at 106.90%, indicating a slight year-on-year decline of 0.75 percentage points [7]