1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the performance of global asset markets including 10 - year and 2 - year government bonds of major economies, exchange rates of the US dollar against major emerging - economy currencies, major economy stock indices, and credit bond indices [3] 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - year government bonds**: The latest yields of 10 - year government bonds in the US, UK, France, Germany, Italy, Spain, Switzerland, Greece, Japan, Brazil, China, South Korea, Australia, and New Zealand are 4.345, 4.915, 3.709, 3.002, 3.875, 3.513, 0.382, 3.855, 2.304, 6.298, 1.840, N/A, 5.118, 4.883 respectively [3] - **2 - year government bonds**: The latest yields of 2 - year government bonds in the US, UK, Germany, Japan, Italy, China (1 - year yield), South Korea, and Australia are 3.854, 4.412, 2.571, 1.293, 2.827, 1.250, N/A, 4.817 respectively [3] - **Exchange rates**: The latest exchange rates of the US dollar against the Brazilian real, Russian ruble, South African rand, South Korean won, Thai baht, and Malaysian ringgit are 5.235, N/A, 16.820, 1488.350, 33.000, N/A respectively. The latest on - shore and off - shore RMB exchange rates are 6.884, the RMB central parity rate is 6.904, and the 12 - month NDF is 6.728 [3] - **Stock indices**: The latest values of major economy stock indices such as the S&P 500, Dow Jones Industrial Index, NASDAQ, Mexican index, UK index, French CAC, German DAX, Spanish index, Russian index, Nikkei, Hang Seng Index, Shanghai Composite Index, Taiwan index, South Korean index, Indian index, Thai index, Malaysian index, Australian index, and emerging - economy index are 6581.000, 46208.470, 21946.760, 64370.950, 9894.150, 7726.200, 22653.860, 16888.200, N/A, 51515.490, 24382.470, 3813.283, 32722.500, 5405.750, N/A, 1397.340, N/A, 8552.642, 1419.950 respectively [3] - **Credit bond indices**: The latest values of US investment - grade, euro - area investment - grade, emerging - economy investment - grade, US high - yield, euro - area high - yield, and emerging - economy high - yield credit bond indices are 3518.560, 263.418, 286.650, 2900.390, 404.460, 1807.438 respectively [3] Stock Index Futures Trading Data - **Index performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 3813.28, 4418.00, 2792.33, 3235.22, 7440.75 respectively, with percentage changes of - 3.63%, - 3.26%, - 3.17%, - 3.49%, - 4.11% [4] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are 13.61, 11.11, 33.60, 25.75, 16.36 respectively, with环比 changes of - 0.41, - 0.33, - 1.48, 0.29, 0.20 [4] - **Risk premium**: The 1/PE - 10 - year interest rate of S&P 500 and German DAX are - 0.46, 3.11 respectively, with环比 changes of - 0.01, - 0.04 [4] - **Fund flow**: The latest values of fund flow in A - shares, the main board, small and medium - sized enterprise board, ChiNext, and CSI 300 are - 1165.82, - 790.08, N/A, - 247.62, - 273.17 respectively, and the 5 - day average values are - 1062.59, - 815.58, N/A, - 166.72, - 172.62 respectively [4] Transaction Data of Other Markets - **Transaction amount**: The latest transaction amounts of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small and medium - sized board, and ChiNext are 24315.18, 6717.20, 1739.93, 4659.68, 6124.16 respectively, with环比 changes of 1447.07, 562.57, 382.62, 494.51, - 471.44 [5] - **Main contract basis**: The basis of IF, IH, and IC are - 73.60, - 16.33, - 205.75 respectively, with basis spreads of - 1.67%, - 0.58%, - 2.77% [5] - **Treasury futures**: The closing prices of T2303, TF2303, T2306, and TF2306 are 108.15, 105.92, 108.11, 105.72 respectively, with percentage changes of - 0.10%, - 0.06%, - 0.08%, - 0.07% [5] - **Funding rates**: The R001, R007, and SHIBOR - 3M are 1.3961%, 1.4763%, 1.5182% respectively, with daily changes of - 8.00 BP, 0.00 BP, 0.00 BP [5]

Group 1: Liquidity Overview - In February, the central bank injected a total of 829.5 billion yuan into the market through open market operations, indicating a slight decrease compared to the previous month[2] - The excess reserve ratio rose to 1.3% in February due to a reduction in fiscal deposits and continued liquidity injection by the central bank[2][20] - The liquidity environment remains ample, with expectations for the excess reserve ratio to increase to 1.4% in March[2][44] Group 2: Market Indicators - February saw a divergence in money market indicators, with interbank repo rates remaining stable while exchange repo rates increased slightly[5][44] - The average interbank repo rates for February were 1.40% and 1.55% for overnight and 7-day repos, respectively, showing minimal change[6] - The one-year and three-month bond yields showed a spread of -3 basis points for AAA short-term financing bonds, indicating a slight downward trend in short-term rates[6] Group 3: Forecast and Risks - For March, the central bank is expected to conduct a small net withdrawal of liquidity, with a projected net withdrawal of 200 billion yuan[41] - Seasonal factors are anticipated to lead to a decrease in M0 by approximately 2,000 billion yuan in March, impacting liquidity[22] - Risks include potential policy changes, weaker-than-expected economic growth, and adjustments in U.S. Federal Reserve policies[45]

Monetary Policy Operations - The People's Bank of China conducted a 320.5 billion yuan 7-day reverse repurchase operation, resulting in a net withdrawal of 79.5 billion yuan after 400 billion yuan of 14-day reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments showed a slight decline, with the overnight Shibor down by 1.00 basis points to 1.3680%, the 7-day Shibor down by 4.00 basis points to 1.4570%, and the 14-day Shibor down by 4.20 basis points to 1.5290% [1] Interbank Repo Market - In the interbank pledged repo market, all varieties experienced a slight decline, with R007 transaction share rising to 13.9%. The weighted average rates for DR001 and R001 decreased by 1.7 basis points and 3.8 basis points, respectively, to 1.3667% and 1.4270%, with transaction volumes decreasing by 45.1 billion yuan and 166.6 billion yuan [4] - The weighted average rates for DR007 and R007 fell by 2.3 basis points and 2.5 basis points, respectively, to 1.4833% and 1.5624%, with transaction volumes increasing by 41.5 billion yuan and 59.9 billion yuan [4] Funding Market Conditions - The overall funding environment on February 26 was balanced and slightly loose, with active overnight and cross-month lending from major banks. The overnight pledged rate for certificates of deposit traded around 1.55%, while cross-month rates were around 1.62% for 4-day and 1.58%-1.60% for 7-day [7] - By midday, the funding conditions remained loose, with overnight pledged rates dropping to around 1.45% and cross-month rates stabilizing [7] Interbank Certificate of Deposit Market - The secondary market for certificates of deposit was relatively quiet, with short-term yields continuing a slight downward trend. The 1-month national bank rate ended at approximately 1.505%, down by 1.5 basis points, while the 3-month and 6-month rates remained stable [8] - The yield spread between 1-year and 1-month certificates widened by 0.5 basis points to 8.5 basis points, indicating a slight change in the yield curve dynamics [8] Banking Sector Developments - Industrial and Commercial Bank of China reported record trading volumes during the Spring Festival holiday, with a nearly 9% increase compared to historical peaks. Payment transaction volumes also saw significant growth, with a 44% year-on-year increase in quick payment transactions [10] - The Changchun Housing Provident Fund Management Committee announced adjustments to housing provident fund policies to better meet public housing needs, particularly for flexible employment individuals [10]

Group 1 - The average daily trading volume and balance in the money market increased in January, with a notable rise in the net lending balance of large commercial banks [2][6] - The total trading volume in the money market for January was 180.6 trillion yuan, with an average daily transaction of 8.6 trillion yuan, reflecting a 2.2% month-on-month increase [2][3] - The People's Bank of China (PBOC) maintained a proactive stance by increasing medium-term lending facility (MLF) operations, resulting in a net injection of 1 trillion yuan into the market [4][5] Group 2 - Bond issuance and trading both saw month-on-month increases, with 4.4 trillion yuan in bonds issued in January, marking a 7.8% increase from the previous month [7] - The bond market's yield mostly declined, with the 10-year government bond yield stabilizing between 1.8% and 1.9%, and credit spreads narrowing [10] - The trading volume in the bond lending market increased significantly, with a total of 3.64 million transactions and an average daily transaction of 2.477 trillion yuan, reflecting a 21.3% month-on-month increase [9] Group 3 - The interest rate swap curve experienced a slight upward shift, with the average daily transaction volume in RMB interest rate swaps increasing by 23% in January [11][12] - The nominal principal amount for interest rate swaps reached 4.4 trillion yuan, with an average daily transaction of 2.076 trillion yuan, indicating a 19% month-on-month increase [12]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 166.5 billion yuan and a 14-day reverse repurchase operation of 400 billion yuan, resulting in a net injection of 448 billion yuan into the market [1] - The Shanghai Interbank Offered Rate (Shibor) for the overnight rate increased by 0.20 basis points to 1.3680%, while the 7-day Shibor decreased by 0.50 basis points to 1.5180%, and the 14-day Shibor fell by 1.70 basis points to 1.5830% [2][5] - In the interbank pledged repo market, the weighted average rates for DR001 and R001 decreased by 0.8 basis points and 2.7 basis points, respectively, while DR007 and R007 saw mixed movements with DR007 increasing by 0.3 basis points [4] Group 2 - The money market showed a balanced state on February 12, with overnight rates gradually declining to around 1.45% after the open market operations, indicating a loosening of liquidity [8] - The trading volume for various tenors in the interbank market showed a slight decrease in activity as the market approached the Spring Festival, with 1-month and 3-month rates slightly down [9] - The People's Bank of China announced a fixed quantity, interest rate tendering, and multi-price bidding method for a 1 trillion yuan reverse repurchase operation scheduled for February 13, 2026, to maintain ample liquidity in the banking system [11]

Group 1 - The People's Bank of China conducted a 785 billion yuan 7-day reverse repurchase operation and a 400 billion yuan 14-day reverse repurchase operation, resulting in a net injection of 403.5 billion yuan into the market after 750 billion yuan of 7-day reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor rising by 0.40 basis points to 1.3660%, while the 7-day Shibor decreased by 0.80 basis points to 1.5230% [1][2] - In the interbank pledged repo market, the 14-day rate continued to rise, with the R014 transaction ratio increasing to 10.4%. The weighted average rates for DR001 and R001 rose by 0.5 basis points and remained unchanged, respectively, while DR007 and R007 showed mixed movements [4] Group 2 - The money market rates on February 11 indicated a balanced but slightly tight funding environment in the morning, transitioning to a more stable state in the afternoon, with overnight rates fluctuating around 1.55% [8] - The secondary market for negotiable certificates of deposit (NCDs) was active, with yields for various maturities slightly increasing due to tightening in the interbank funding market. The 1-month NCD yield closed at approximately 1.575%, up by 0.5 basis points from the previous day [9]

Group 1: Money Market Operations - In 2025, the average daily transaction volume of interbank lending was 361.07 billion yuan, a decrease of 12.1% compared to 2024 [1] - The average daily transaction volume of bond repurchase in the interbank market was 6.9 trillion yuan, an increase of 3.0% compared to 2024 [1] - By the end of 2025, the outstanding balance of interbank lending was 1.0 trillion yuan, while the outstanding balance of bond repurchase in the interbank market was 12.0 trillion yuan [1] Group 2: Bond Market Operations - In 2025, net financing for government bonds reached 1.38 trillion yuan, an increase of 250 billion yuan compared to 2024 [5] - Net financing for corporate bonds was 240 billion yuan, an increase of 48.23 billion yuan compared to 2024 [5] - The bond market's custody balance was 196.7 trillion yuan by the end of 2025 [5] Group 3: Derivatives Market Operations - The transaction volume of the RMB derivatives market in the interbank market was 58.5 trillion yuan, an increase of 58.6% compared to 2024 [11] - The transaction volume of government bond futures was 9.7 trillion yuan, an increase of 43.9% compared to 2024 [11] - The closing price of the 10-year government bond futures main contract was 107.9 yuan, a decrease of 1.0% compared to the end of 2024 [11] Group 4: Commercial Paper Market Operations - In 2025, the acceptance amount of commercial bills was 42.7 trillion yuan, while the discount amount was 33.9 trillion yuan [13] - By the end of 2025, the acceptance balance of commercial bills was 21.2 trillion yuan, an increase of 7.2% compared to the end of 2024 [13] - The discount balance was 16.5 trillion yuan, an increase of 11.2% compared to the end of 2024 [13] Group 5: Stock Market Operations - By the end of 2025, the Shanghai Composite Index closed at 3968.8 points, an increase of 18.4% compared to the end of 2024 [15] - The Shenzhen Component Index closed at 13525.0 points, an increase of 29.9% compared to the end of 2024 [15] - The average daily transaction volume of both markets was 1.70454 trillion yuan, an increase of 61.9% compared to 2024 [15] Group 6: Bond Market Holder Structure - As of the end of 2025, there were 3923 institutional members in the interbank bond market, all of which were financial institutions [30] - The top 50 investors in corporate credit bonds held 53.4% of the total, mainly concentrated in state-owned commercial banks, public funds, and insurance financial institutions [30] - The top 200 investors held 84.5% of the total bonds [30]

Group 1 - The People's Bank of China conducted a 1,130 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 380 billion yuan after 750 billion yuan of reverse repos matured on the same day [1] - The overnight Shanghai Interbank Offered Rate (Shibor) slightly decreased by 0.70 basis points to 1.2700%, while the 7-day and 14-day Shibor rates increased by over 7 basis points, reaching 1.5050% and 1.5840% respectively [1][2] - In the interbank pledged repo market, most rates increased, with DR014 rising nearly 10 basis points and R014 surpassing 1.61%. The weighted average rates for DR001 and R001 decreased by 0.1 basis points and increased by 1.0 basis points, respectively [4] Group 2 - The money market rates on February 9 showed a balanced funding environment in the morning, but tightened in the afternoon, with overnight pledged rates trading around 1.50% and rising to 1.60% by the end of the day [8] - The secondary market for negotiable certificates of deposit (NCDs) remained relatively quiet, with long-end yields continuing a slight downward trend and short-end yields increasing slightly after midday [9] - The Ministry of Finance announced tax incentives for cross-border e-commerce export return goods, exempting import duties and VAT for goods returned within six months due to unsold or returned reasons [11]

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.181%, UK 4.558%, France 3.445%, Germany 2.842%, Italy 3.468%, Spain 3.221%, Switzerland 0.244%, Greece 3.450%, Japan 2.231%, Brazil 6.180%, China 1.810%, Australia 4.857%, New Zealand 4.535% [3] - The latest yields of 2 - year government bonds in major economies are: US 3.452%, UK 3.653%, Germany 2.090%, Japan 1.280%, Italy 2.243%, China (1Y yield) 1.318%, Australia 4.286% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.272, South Africa zar 16.309, Korean won 1463.600, Thai baht 31.802, Malaysian ringgit 3.948 [3] - The latest exchange rates of the RMB are: on - shore RMB 6.938, off - shore RMB 6.941, RMB central parity rate 6.957, RMB 12 - month NDF 6.806 [3] - The latest values of major economies' stock indices are: S&P 500 6798.400, Dow Jones Industrial Average 48908.720, Nasdaq 22540.590, Mexican stock index 68858.280, UK stock index 10309.220, France CAC 8238.170, Germany DAX 24491.060, Spanish stock index 17746.300, Russian stock index (not available), Nikkei 53818.040, Hang Seng Index 26885.240, Shanghai Composite Index 4075.917, Taiwan stock index 31801.270, South Korean stock index 5163.570, Indian stock index 8103.879, Thai stock index 1346.230, Malaysian stock index 1731.020, Australian stock index 9154.855, emerging - economy stock index 1507.530 [3] - The latest values of credit - bond indices are: US investment - grade credit - bond index 3561.790, euro - zone investment - grade credit - bond index 267.919, emerging - economy investment - grade credit - bond index 291.120, US high - yield credit - bond index 2927.790, euro - zone high - yield credit - bond index 413.450, emerging - economy high - yield credit - bond index 1846.721 [3] Group 2: Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 4075.92, 4670.42, 3059.01, 3260.28, and 8146.11 respectively, with percentage changes of - 0.64%, - 0.60%, - 0.33%, - 1.55%, and - 1.84% [4] - The PE (TTM) values of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.08, 11.64, 36.92, 27.25, and 19.00 respectively, with环比 changes of - 0.05, - 0.02, - 0.68, - 0.24, and - 0.09 [4] - The risk premium (1/PE - 10 - year interest rate) of S&P 500 is - 0.51 with a环比 change of 0.13, and that of Germany DAX is 2.42 with a环比 change of 0.04 [4] - The latest fund - flow values for A - shares, the main board, the SME board, ChiNext, and CSI 300 are - 909.73, - 607.84, (not available), - 237.79, and - 34.01 respectively, and the 5 - day average values are - 447.20, - 349.02, (not available), - 69.06, and - 76.03 [4] Group 3: Other Trading Data - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, the SME board, and ChiNext are 21762.20, 5504.33, 1479.97, 4377.19, and 5522.89 respectively, with环比 changes of - 3047.51, - 855.86, - 218.85, - 414.09, and - 1233.00 [5] - The basis and basis percentage of IF, IH, and IC are - 5.22 (- 0.11%), 2.39 (0.08%), and - 25.91 (- 0.32%) respectively [5] - The closing prices of T2303, TF2303, T2306, and TF2306 in treasury - bond futures are 108.32, 105.91, 108.33, and 105.94 respectively, with percentage changes of 0.07%, 0.06%, 0.08%, and 0.04% [5] - The current R001, R007, and SHIBOR - 3M in the money market are 1.3926%, 1.5522%, and 1.5805% respectively, with daily changes of - 17.00 BP, - 1.00 BP, and 0.00 BP [5]

Group 1 - The People's Bank of China conducted a net injection of 645 billion yuan into the market through reverse repos, with 1,185 billion yuan in 7-day reverse repos and 3,000 billion yuan in 14-day reverse repos on February 5 [1] - On the same day, 3,540 billion yuan in 7-day reverse repos matured, indicating a significant liquidity management effort by the central bank [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the 14-day Shibor rising above 1.6% [1][2] Group 2 - The overnight Shibor increased by 0.10 basis points to 1.3190%, while the 7-day Shibor decreased by 0.90 basis points to 1.4640% [2] - The 14-day Shibor rose by 3.10 basis points to 1.6140%, reflecting a tightening in the short-term funding market [2] - The overall trend in the interbank pledged repo market showed minor fluctuations in short-term funding prices, with varying changes in weighted average rates for different maturities [5] Group 3 - The funding environment on February 5 was characterized as balanced and slightly loose, with overnight rates fluctuating between 1.45% and 1.53% [10] - The secondary market for negotiable certificates of deposit remained active, with stable pricing and slight declines in long-end yields [11] - The Ministry of Finance and the People's Bank of China announced a cash management operation scheduled for February 10, with an operation volume of 1,500 billion yuan for a one-month term [14]