周五欧市尾盘，英国10年期国债收益率下跌4.4个基点，刷新日低至4.231%，本周累计下跌12.1个基 点，2月25-27日持续走低两年期英债收益率跌2.5个基点，报3.525%，本周累跌5.5个基点。30年期英债 收益率跌3.6个基点，报5.040%，本周累跌11.7个基点；50年期英债收益率跌2.9个基点，报4.612%，本 周累跌9.7个基点。2/10年期英债收益率利差跌1.774个基点，报+70.545个基点，本周累跌6.788个基点。 ...

在近期由人工智能（AI）引发的股市动荡中一度成为"避风港"的投资级债券市场，开始显现压力。 交易员称，亚洲投资级美元债的收益率溢价周五扩大约2个基点。若这一幅度得以维持，本周利差将录 得自去年11月以来最大升幅。彭博一项指数显示，全球同类债券的收益率溢价本周已走阔近4个基点， 为11月初以来最大周度变动，因越来越多投资者警告称，AI可能抬高软件行业部分领域的违约风险， 尤其是杠杆较高的借款人。 投资者担心，软件行业的风险以及私募信贷领域的问题 —— 后者是科技公司重要的融资来源 —— 可能 打破公共债市相对平静的态势。就在上月，利差还曾触及数十年来低位。本周早些时候，瑞银集团信用 策略师表示，如果AI在企业借款人中引发"激烈"的冲击，私募信贷违约率可能攀升至15%。 尽管近期出现走阔，高评级信用指标的波动幅度仍小于股市以及信用风险更高的债券板块。彭博指数显 示，投资级公司债风险溢价过去一个月累计扩大约8个基点，至82个基点，仍显著低于10年均值119个基 点。 不过，估值水平、对通胀可能回升的担忧以及AI相关风险交织，正令投资者更趋谨慎 —— 即便在亚 洲，私募信贷与软件板块在较高风险债务市场中的占比并不大。 ...

全球投资级债券市场在近期由人工智能驱动的股市波动中曾被视为避风港，但如今正显现出承压迹象， 信用利差出现数月来的最大幅度扩大。 据彭博汇编的指数显示，本周全球同类投资级债券的收益率溢价已走阔近4个基点，创下自去年11月初 以来的最大变动幅度。此外，交易员表示，周五亚洲投资级美元债券的收益率溢价也扩大了约2个基 点，若该趋势维持，将创下去年11月以来的最大单周走阔幅度。 投资者愈发担忧，AI的快速发展可能推高软件行业尤其是高杠杆借款人的违约风险，加之私募信贷领 域面临的挑战，或将打破公开债务市场此前相对平静的局面。 私募信贷一直是科技企业重要的资金来源，而该领域的潜在问题正引发市场高度关注。据彭博报道，瑞 银集团的信用策略师本周早些时候表示，如果AI对企业借款人造成"激进"的颠覆性影响，私募信贷的 违约率最高可能攀升至15%。 与此同时，贝恩公司也发出警告称，软件行业的违约率风险有可能达到双位数。越来越多的投资者警 告，技术的快速迭代正在改变企业的竞争格局，从而直接影响其偿债能力。 估值压力与违约案例引发警惕 就在上个月，投资级债券的信用利差曾触及数十年来的低点。据彭博指数显示，在过去一个月中，投资 级企业债券 ...

Core Insights - The 30-year government bond ETF (511090) has seen active trading, with a turnover of 13% and a transaction volume of 2.871 billion yuan as of February 27, 2026, at 14:09 [1] - Over the past year, the average daily trading volume of the 30-year government bond ETF has been 8.108 billion yuan [1] - In the last 13 trading days, there have been net inflows on 9 days, totaling 819 million yuan [1] Market Trends - The 30-year government bond futures saw a slight decline of 0.01%, while the 10-year, 5-year, and 2-year contracts experienced minor increases of 0.02%, 0.01%, and 0.01% respectively as of February 27 [1] - The RMB exchange rate has entered a rapid appreciation phase, with both onshore and offshore RMB surpassing the 6.84 mark, reaching a nearly three-year high [1] - The strengthening of the RMB has positively impacted the offshore bond issuance environment, making offshore RMB bonds (dim sum bonds) increasingly attractive due to their local currency denomination, lower costs, and reduced exchange rate risks [1] Issuance Dynamics - In February alone, the issuance scale of dim sum bonds has exceeded 120 billion yuan [1] - Although Chinese dollar bonds benefit from lower repayment costs, they face rising hedging costs and exchange rate exposure risks, especially with the Federal Reserve entering a rate-cutting cycle [1] - The restructuring of the offshore debt market for Chinese entities has become a clear trend [1][2]

固定收益丨深度报告 [Table_Title] 化债见效，地方国企首发债有何特点?——"源 头活水"地方政府转型系列报告（二） %% %% %% %% research.95579.com 1 [Table_Summary] 2025 年，在中央"积极有序化解地方政府债务风险"的部署下，城投债市场迎来转型的关键期。 虽然城投类主体融资环境整体依然严格，但 2025 年却出现值得关注的现象：以城投为代表的 地方国企首次发债主体、债券数量及规模较 2024 年有所增长，这可能表明地方国企融资环境 出现积极信号。未来，地方国企新增债券以及城投平台转型后发行的债券或将成为信用债增量， 有助于缓释目前利差大幅收敛的压力，但区域禀赋差异、发行主体资质分化，或将重塑原有城 投债定价逻辑，以城投为代表的地方国企债券或迎来分化及重定价。 分析师及联系人 [Table_Author] 赵增辉 熊锋 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 SFC：BWI629 请阅读最后评级说明和重要声明 2 / 22 %% %% 丨证券研究报告丨 报告要点 %% %% research. ...

每经AI快讯，周四(2月26日)欧市尾盘，法国10年期国债收益率跌0.7个基点；意大利10年期国债收益率 跌0.7个基点；西班牙10年期国债收益率跌1.3个基点；希腊10年期国债收益率跌0.9个基点。 ...

英国国债引领欧债牛平，主要股指大幅下挫刺激了对政府债券的需求。德国国债表现略优于其他欧元区 市场。 英国国债表现出色，推动30年期收益率降至4月以来最低水平，交易员加大了对英国央行降息的押注。 交易员目前预计今年将累计降息约51个基点，高于周三时约48个基点的预期。 市场还关注下周公布的英国国债发行计划。 曼彻斯特郊区居民周四前往投票站参加选举，此次选举可能会暴露英国首相基尔·斯塔默领导的工党正 面临来自左右翼势力的双重威胁。 欧洲央行行长克里斯蒂娜·拉加德表示，欧洲央行将密切关注人工智能在经济领域的应用是否开始导致 失业的任何迹象。 比利时2月份消费者价格同比上涨1.45%，而1月份为1.1%。 市场： 德国10年期国债收益率下跌1个基点，报2.70%，德国国债期货上涨13.00点，报129.76%。 意大利10年期国债收益率基本持平，报3.31%，意大利与德国国债利差扩大1个基点，报61个基点。 法国10年期国债收益率基本持平，报3.26%。 10年期英国国债收益率下跌3个基点，报4.28%。 责任编辑：王许宁 英国国债引领欧债牛平，主要股指大幅下挫刺激了对政府债券的需求。德国国债表现略优于其他欧元区 市 ...

1. Report's Investment Rating for the Industry No information provided in the content. 2. Core View of the Report The report tracks the supply and trading of local government bonds, covering the issuance rhythm, pricing, regional differences in the primary market, and trading characteristics in the secondary market. It shows that the issuance and trading of local government bonds have certain regional characteristics, and their performance in the secondary market lags behind that of treasury bonds and high - grade credit bonds [3][4]. 3. Summary According to the Directory 3.1 Primary Supply Rhythm - During the week before the festival (2026.2.9 - 2026.2.13), local government bonds issued a total of 322.136 billion yuan, including 195.074 billion yuan of new special bonds and 44.645 billion yuan of refinancing special bonds. The main investment areas of special bond funds are "ordinary/project income" and "replacing implicit debts". As of now, about 429.07 billion yuan of special refinancing special bonds have been issued in February, accounting for 37.05% of the local bond issuance scale in that month [3][10]. - In terms of issuance pricing, the issuance rates of 10 - year, 20 - year, and 30 - year local bonds decreased by 0.8BP, 2.2BP, and 2.8BP respectively. The spread between new bonds and treasury bonds of the same term was slightly compressed, with a decline of less than 1bp, but the spread of the 30 - year variety was still similar to the reading in mid - January [3][17]. - Regionally, Hebei and Jiangxi were the main regions for local bond issuance in February. Among the regions with large issuance scales, the proportion of local bonds with a term of over 10 years issued in Henan and Zhejiang exceeded 80%, and the average coupon rates of the two regions were above 2.3%. In particular, the issuance rate of local bonds in Henan reached 2.4% [3][19]. 3.2 Secondary Trading Characteristics - The increase of local bonds was less than that of treasury bonds of the same term. During the week before the festival, the indices of 7 - 10 - year and over 10 - year local bonds rose by 0.13% and 0.16% respectively. With the entry of funds holding bonds for the festival, treasury bonds with stronger liquidity were easier to obtain, and long - term credit bonds were also favored by some institutions due to their absolute returns. Local bonds failed to outperform treasury bonds of the same term and high - grade credit bonds [4][23]. - In terms of different provinces, government bonds in Jiangsu and Guangdong were actively traded, and the trading volumes in Jiangsu, Jiangxi, and Henan increased by more than 40 transactions compared with the previous period. In addition, in regions where the average yield was above 2.25%, the trading terms were mostly extended to over 20 years. Notably, the average trading yields of local bonds in Henan and Guangxi reached 2.27% and 2.35% respectively, with average terms of 19.9 years and 18.8 years [4][23].

Core Viewpoint - The Hong Kong government aims to enhance its status as an international financial center through four main themes: "Promote Reform," "Expand Infrastructure," "Increase Capacity," and "Build Connectivity," aligning with the national "14th Five-Year Plan" to drive economic development [1]. Group 1: Promote Reform - The Hong Kong Stock Exchange (HKEX) has implemented measures to ensure market liquidity, generating approximately HKD 2.5 billion in stamp duty revenue during adverse weather conditions [2]. - HKEX plans to consult on revising listing requirements for companies with dual-class shares and facilitate secondary listings for overseas issuers [2]. - The Securities and Futures Commission (SFC) and HKEX will introduce a paperless securities market system and optimize the regulatory framework for listed companies [2]. Group 2: Expand Infrastructure - The Hong Kong Monetary Authority (HKMA) and HKEX are researching a one-stop multi-asset trading post-trade infrastructure to enhance collateral interoperability [4]. - The Central Moneymarkets Unit (CMU) aims to establish a digital asset platform by the end of the year to support the issuance and settlement of digital bonds [4]. - HKEX's comprehensive fund platform will expand its functionalities to include payment and settlement processes, improving market efficiency [4]. Group 3: Increase Capacity - The government has doubled the total quota for RMB business funding arrangements to RMB 200 billion [5]. - A third issuance of tokenized bonds amounting to HKD 10 billion has been completed, with plans for regular issuance and encouragement of more digital bond offerings [5]. - The asset and wealth management sector will benefit from optimized tax incentives, including the inclusion of digital assets and specific commodities as eligible investments for tax relief [5]. Group 4: Build Connectivity - The government supports the Asian Infrastructure Investment Bank (AIIB) in establishing an office in Hong Kong and will host the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting [7]. - Hong Kong has signed 55 comprehensive double taxation agreements and will continue to expand its network of agreements [8].

智通财经APP获悉，随着人工智能交易出现动摇，全球投资者正蜂拥涌入澳大利亚债券市场，寻求这个 全球最安全且收益率最高的主权债市场之一的庇护。 晨星公司追踪的数据显示，去年流入澳大利亚债券基金的资金超过40亿澳元(合28亿美元)，创下四年来 最高水平。目前澳大利亚10年期基准国债收益率为4.72%，在发达市场中位居榜首。 澳大利亚的吸引力在于，与美国和亚洲部分地区不同，其以银行和资源股为主的市场对人工智能主题的 敞口最小。与此同时，澳大利亚储备银行成为2026年首个加息的主要央行，交易员已押注其至少还将加 息一次以遏制通胀。 管理约20亿美元资产的Vantage Point Asset Management首席投资官尼克·费雷斯便是买家之一。他已将宏 观基金中的股票敞口大幅削减，并将部分资金转投短期澳大利亚国债，后者目前占投资组合的近三分之 一。 近期一场国债拍卖中，投资者对2029年4月到期的8亿澳元债券认购倍数接近四倍，远超该券种2012年发 行以来的平均需求。1月份，新南威尔士州为2037年11月到期债券发行吸引了94亿澳元订单，其中逾半 数分配给离岸投资者。 交易员对澳元的情绪也日渐乐观。对冲基金看涨情 ...