（来源：票风笔记） 在春节后首个工作日票据利率走平之后，票据利率已连续两个工作日大幅上行，2026年2月26日，票据利率继续全线攀升，6个月期限国股银票转贴现利率 单日上行9BP至1.33%，创年内新高，而且年内首次来到国债利率上方。 一、日内行情（2-26） | qeubee | | | | 票据双国股报价参考 | | 2026/02/26 | | --- | --- | --- | --- | --- | --- | --- | | 期限 | 到期日 | 全天价格区间 | 11 | 较昨日 (bp) | 昨日收盘价 | 今日收盘价 | | 托收 | 26年02月 | 1.18 - 1.18 | - | 0 | 1.18 | 1.18 | | 1M | 26年03月 | 1.05 - 1.50 | | 50 | 1.00 | 1.50 | | 2M | 26年04月 | 1.25 - 1.50 | 9 | 25 | 1.25 | 1.50 | | 3M | 26年05月 | 1.25 - 1.50 | 9 | 25 | 1.25 | 1.50 | | 4M | 26年06月 | 1.15 - 1.43 | ...

| | | （来源：票风笔记） 2026年2月24日，春节后的第一个工作日，票据利率基本走平，日内微降后回弹。从昨日至今投票来看，市场对于2月底票据利率存在较大分歧。 一、日内行情（2-24） 二、历史行情 2026年2月首个工作日，票据利率大幅低开，7月到期国股银票转贴现利率大幅下行28BP至0.83%，8月到期国股银票则成交于0.85%附近。次日票据利率开 始触底反弹，随后票据利率逐步回升，春节前一周上行幅度尤为明显，2月14日，8月到期国股银票转贴现利率已上升至1.15%。2月24日，春节后的第一 个工作日，票据利率基本保持平稳，8月到期国股银票转贴现利率继续保持在1.15%。 上午，市场交投清淡，买卖双方处于观望状态，部分大行出票，临近中午标杆大行抬价入场收8月票据，买盘主要为以农商行为代表的中小机构，期 限集中在3月和8月到期票据，带动对于期限票据利率小幅下行，7月到期票据买盘不多略有上行。截至午盘，3月到期国股银票下降5BP至0.85%，7 月到期国股银票上升1BP至1.07%，8月到期国股银票下降1BP至1.14%。 下午，6月、8月票据卖盘增多，利率临近尾盘略有上行，8月国股银票利率回到开盘利 ...

| qeubee | | | | 票据双国股报价参考 | | 2026/02/12 | | --- | --- | --- | --- | --- | --- | --- | | 期限 | 到期日 | 全天价格区间 | 11 | 较昨日 (bp) | 昨日收盘价 | 今日收盘价 | | 托收 | 26年02月 | 1.18 - 1.18 | - | 0 | 1.18 | 1.18 | | 1M | 26年03月 | 0.50 - 1.00 | 个 | 50 | 0.50 | 1.00 | | 2M | 26年04月 | 1.10 - 1.18 | ﮯ | 8 | 1.10 | 1.18 | | 3M | 26年05月 | 1.07 - 1.18 | 1 | 11 | 1.07 | 1.18 | | 4M | 26年06月 | 1.05 - 1.10 | 个 | 5 | 1.05 | 1.10 | | 5M | 26年07月 | 0.95 - 1.01 | e- | ត្រី | 0.95 | 1.01 | | 6M | 26年08月 | 1.07 - 1.14 | | 5 | 1.07 | 1.12 | 二、 ...

（来源：票风笔记） 一、资金面情况 本周为2026年2月第一周（2026年2月2日-2月6日），央行逆回购到期17615亿元，买断式逆回购到期7000亿元；央行开展逆回购操作10055亿 元，开展买断式逆回购8000亿元，本周实现净回笼6560亿元。月初资金面趋于宽松，周五，DR001较上周五下降5BP至1.28%，DR007较上周 五下降13BP至1.46%，略高于7天逆回购利率1.40%。 源：qeubee 数据来 二、票据市场行情 周一，2月第一个交易日，在市场预期票据利率大幅低开的情绪下，早盘国有大行降价入场收票，带动票据利率开盘走低，7月到期国股银票 开盘于0.88%，国有大行和城商行积极收票，买盘需求旺盛，卖盘主要为非银，卖盘惜售，供不应求下票据利率日内继续下行，7月到期国股 银票最终下行至0.83%收盘。5月到期国股银票转贴现利率下降55BP至0.90%；7月到期国股银票转贴现利率下降28BP至0.83%；8月到期国股银 票少量成交于0.85%附近。 周二，早盘多家国有大行继续降价收票，部分卖盘仍捂盘惜售，各期限票据利率继续惯性下行，7月到期国股银票利率最低下降至0.75%。但 大行并未跟随继续 ...

Core Viewpoint - The article discusses the cautious expectations for credit growth in January, highlighting the unusual decline in bill rates as a potential indicator of weaker credit demand [2][4]. Group 1: January Credit Market Overview - January is traditionally a strong month for credit issuance, but expectations for this year are subdued due to factors like the smoothing of credit issuance ahead of 2025 [2][5]. - A senior financial analyst predicts that new credit in January will be roughly in line with last year, with some institutions forecasting it to be below 5 trillion yuan [2][8]. - The bill rates showed an unusual downward trend in January, with the six-month bill rate dropping from 1.29% to a low of 1.07%, indicating weaker credit demand [3][4]. Group 2: Bill Rate Trends - The trend of bill rates in January has been declining over the years, with the six-month bill rate decreasing from around 2.5% in 2023 to below 2% in 2025 [3]. - The last week of January saw a notable decline in bill rates, which is interpreted as a sign of insufficient credit demand [3][4]. - The report suggests that the decline in bill rates, coupled with falling interbank certificate of deposit rates, indicates that banks may have sufficient liabilities but are lacking in assets [5]. Group 3: Future Outlook - Looking ahead to February, historical trends suggest that bill rates typically rise before falling back [6]. - Regulatory guidance has encouraged banks to maintain balanced loan issuance, which has led to a more stable growth in credit volume [6][7]. - The article notes that the first month of the year usually sees the highest credit issuance, with January data often serving as a peak for the year [7][8].

Core Viewpoint - The article discusses the significant fluctuations in bill discount rates at the beginning of 2026, highlighting a sharp increase in rates compared to the end of 2025, driven by changes in credit supply and demand dynamics in the banking sector [1][2][3]. Group 1: Bill Discount Rate Trends - As of January 8, 2026, the 6-month and 3-month national bank bill discount rates rose to 1.24% and 1.50%, respectively, marking increases of 29 basis points (BP) and 100 BP from December 31, 2025 [1]. - On December 30, 2025, the 6-month and 3-month national bank bill discount rates hit their lowest points at 0.6% and 0.3%, respectively, before experiencing a rebound at the end of the year [2]. - The 6-month bill discount rate increased by 60 BP to 1.20% on January 4, 2026, and the 3-month rate rose by 100 BP to 1.30% on the same day, indicating a strong recovery in the market [3]. Group 2: Market Dynamics and Influences - In December 2025, banks proactively adjusted their configurations, leading to a buyer-dominated market and a subsequent decline in bill prices, which were later slightly supported by year-end trading [1][2]. - The performance assessment of banks is shifting from a focus on quantity to quality, which may reduce the impact of volume-driven factors on bill discount rate trends in the future [4]. - The structure of social financing is evolving from being primarily credit-based to incorporating bonds and equity financing, suggesting a potential decrease in the influence of credit volume on bill rates [4].

Group 1 - The core viewpoint of the article highlights the significant fluctuations in the bill discount rates at the beginning of 2026, with a notable increase in rates following a sharp decline at the end of 2025 [2][3] - As of January 6, 2026, the 6-month and 3-month national bank bill discount rates rose to 1.29% and 1.47%, respectively, marking an increase of 69 basis points (BP) and 117 BP from the low points at the end of December 2025 [3] - The volatility in bill rates is attributed to the imbalance in supply and demand, particularly influenced by the pressure of bank credit expansion at year-end [2][3] Group 2 - Historical data indicates that the beginning of the year often sees a pattern of rising bill rates, with the first half of January typically experiencing a consistent upward trend [3] - The demand for bills is expected to remain cautious due to the anticipated credit "opening red" effect, which may lead to a decrease in the supply of lower-yielding bill assets as institutions focus on higher-yield loans [4] - Market participants are closely monitoring the upcoming financial data for December 2025, with conservative expectations for credit demand recovery and bill financing increments [5][6] Group 3 - The forecast for December indicates a bill financing increment of 0.35 trillion yuan, a year-on-year decrease of 0.1 trillion yuan, while the increment for real entity loans is expected to be 0.44 trillion yuan, showing a year-on-year increase of 0.05 trillion yuan [6] - The relationship between credit indicators and bill rates may shift, as the significance of credit metrics compared to overall social financing data diminishes, potentially altering the dynamics of bill demand and pricing [6] - Analysts suggest that if social financing data meets expectations, the necessity for banks to increase bill allocations may decrease, limiting the downward pressure on bill rates [6]

Core Viewpoint - The recent increase in the discount rate for government bonds and bank bills has exceeded market expectations, with the rate for June 2024 government bank bills reaching 0.80% [1][11]. Market Trends - On December 4, the discount rate for June 2024 government bank bills rose by 5 basis points (BP) to 0.80%, following a significant increase in supply and demand dynamics in the market [4][15]. - The market saw a daily discount volume of 150 billion yuan, indicating a robust supply side, while demand from major banks remained limited [5][13]. - The rates for different maturities showed varied movements, with the 3-month bill rate slightly decreasing by 1 BP to 0.42%, while the 5-month and 6-month rates increased to 0.91% and 0.80%, respectively [5][13]. Historical Context - The ticket rates at the beginning of December showed a significant increase compared to the end of November, with the 5-month bill rate rising by 8 BP to 0.81% and the 6-month bill rate trading around 0.75% [4][15]. - The overall trend in December appears to mirror that of the previous year, with initial increases followed by potential fluctuations towards the end of the month, influenced by credit and supply factors [9][19]. Interest Rate Differentials - As of December 4, the interest rate differential between tickets and government bonds was -62 BP, while the differential with interbank certificates of deposit was -84 BP [7][17].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In early October, the bill rate dropped rapidly. The transfer and discount yield of 3M state-owned and joint-stock bank drafts across the year was only 0.47%. The expectation of real - economy credit supply within the year still needs to be boosted, and narrow - sense liquidity has an endogenous basis for loosening [1][2][10]. - Although narrow - sense liquidity has an endogenous basis for loosening, the central bank still emphasizes "preventing capital idling" in the third - quarter monetary policy meeting. The situation of a "lower limit" for repo rates still holds, and the yield range of 1 - year state - owned and joint - stock bank inter - bank certificates of deposit may be between 1.6% - 1.65% [3][11]. Summary by Directory 1. 10 - early - October Bill Rate Rapid Decline - The "five - factor method" shows that central bank investment, commercial bank credit supply, and fiscal factors may all be favorable to the capital market in the fourth quarter, indicating an endogenous basis for loosening of narrow - sense liquidity. The rapid decline in the transfer and discount yield of 3M state - owned and joint - stock bank drafts across the year in early October implies poor expectations for real - economy credit supply in the fourth quarter by commercial banks, which is favorable to narrow - sense liquidity. On October 9, the transfer and discount yields of overnight, 7 - day, 1M, 3M, and 6M state - owned and joint - stock bank drafts were 1.28%, 1.28%, 1.19%, 0.47%, and 0.77% respectively [2][10]. 2. Narrow - sense Liquidity 2.1 Central Bank Operations: Continuous Net Investment in Outright Repos - Short - term liquidity: In the past week (October 9 - 10), the central bank's pledged repos had a net withdrawal of 16423 billion yuan. As of October 10, the central bank's repo balance was 10210 billion yuan, significantly lower than on September 30 but still slightly higher than the seasonal level in previous years. The commercial bank system's excess reserves still depend on central bank investment [12]. - Medium - term liquidity: In October, the total maturity amount of outright repos was 13000 billion yuan, and the MLF maturity was 7000 billion yuan. On October 9, the central bank renewed 11000 billion yuan of 3M outright repos, with an excess renewal of 3000 billion yuan [13]. 2.2 Institution's Fund Lending and Borrowing Situation: Strong Supply and Demand - Fund supply: On October 10, large - scale banks' net fund lending (flow concept) was 38608 billion yuan, an increase of 14269 billion yuan compared to September 30. The net lending balance of large - scale banks was 45983 billion yuan, an increase of 3652 billion yuan compared to September 30. The net lending balance of money market funds was 18758 billion yuan, a decrease of 437 billion yuan compared to September 30. In early October, joint - stock commercial banks had large - scale net borrowing, and the net borrowing amount was at a relatively high level in the same period of previous years [16]. - Fund demand: On October 10, the balance of inter - bank pledged repurchase of bonds in the whole market was about 11.7 trillion yuan, an increase of 3358 billion yuan compared to September 30. The whole - market leverage ratio was 107%, an increase of 0.15 percentage points compared to September 30. The leverage ratio of non - legal person products was 112%, a decrease of 0.44 percentage points compared to September 30 [26]. 2.3 Repo Market Transaction Situation: Volume Increase and Price Decrease at the Beginning of the Month - Fund volume and price: In the past week, the volume of the inter - bank pledged repo market increased while the price decreased, in line with the seasonal pattern at the beginning of the month. The median daily trading volume of inter - bank pledged repos was 7.5 trillion yuan, an increase of 24969 billion yuan compared to September 29 - 30. The median R001 was 1.37%, a decrease of 9bp compared to September 29 - 30. The median spread between R001 and DR001 was 4.4bp, a decrease of 6.3bp; the median spread between GC001 and R001 was 13.2bp, an increase of 2.3bp, indicating small liquidity friction [28][30]. - Fund sentiment index: At the beginning of the month, the fund market was seasonally loose, and the fund sentiment index was around 50, generally loosening in the afternoon [32]. 2.4 Interest Rate Swaps: Slight Increase The 1 - year FR007 IRS interest rate decreased compared to last week. The median 1 - year FR007 IRS this week was 1.56%, a decrease of 2bp compared to last week, and the interest rate was at the 12% quantile since 2020 [33]. 3. Government Bonds: Low Net Payment Pressure for Government Bonds in the Coming Week 3.1 Next Week's Net Payment of Government Bonds - Affected by the holiday, the net payment of government bonds was small in the past week. In the coming week, the expected net payment of government bonds is 852 billion yuan, with a relatively low overall net payment pressure. Among them, the net payment of treasury bonds is 1261 billion yuan, and local bonds have a net repayment of 409 billion yuan. The net payment pressure is relatively large on Monday, and small on other weekdays [37]. 3.2 Current Issuance Progress of Government Bonds - As of October 11, the net financing progress of treasury bonds was 83.8%, an increase of 2.8% in the past week, with about 1.08 trillion yuan of remaining net financing space in 2025. The issuance progress of new local bonds was 83.6%, with 0.85 trillion yuan of remaining issuance space in 2025. The issuance progress of refinancing special bonds was 99.8%. Recently, the net supply scale of treasury bonds and special refinancing bonds has slowed down, but the issuance rhythm of new local bonds may still be relatively fast in October [38]. 4. Inter - bank Certificates of Deposit: Significant Decline in Net Financing Scale, and the Pressure on Banks' Long - term Liabilities May Be Controllable 4.1 Absolute Yield - On October 10, the SHIBOR quotes for overnight, 7 - day, 1M, 3M, 6M, 9M, and 1Y were 1.32%, 1.45%, 1.56%, 1.58%, 1.64%, 1.67%, and 1.68% respectively. Among them, overnight, 7 - day, and 1M increased by - 6bp, 5bp, and - 1bp respectively compared to September 30, and other terms remained unchanged. The yields to maturity of 1M, 3M, 6M, 9M, and 1Y inter - bank certificates of deposit of AAA - rated commercial banks on October 10 were 1.84%, 2.07%, 2.19%, 2.27%, and 2.33% respectively. Among them, 1M and 3M decreased by 1bp and 6bp respectively compared to September 30, and other terms remained unchanged [42]. 4.2 Issuance and Stock Situation - In the past week (October 9 - 10), the total primary issuance volume of inter - bank certificates of deposit was 16.52 billion yuan. In terms of issuance terms, the proportions of 1M, 3M, 6M, 9M, and 1Y were 70%, 7%, 5%, 8%, and 10% respectively. Among them, 1M increased by 59.19 percentage points compared to last week, while 3M, 6M, 9M, and 1Y decreased by 16.75 percentage points, 13.39 percentage points, 13.11 percentage points, and 15.93 percentage points respectively compared to last week [46]. 4.3 Relative Valuation - On October 10, the spread between the yield to maturity of 1 - year AAA - rated inter - bank certificates of deposit and R007 was 18bp, at the 37% quantile since 2020. The spread between the yield to maturity of 10 - year treasury bonds and 1 - year AAA - rated inter - bank certificates of deposit was 18bp, at the 41% quantile since 2020 [49].

Core Viewpoint - The article discusses the significant fluctuations in the bill discount rates in the market, particularly highlighting the sharp decline on July 30, 2023, and the implications for credit demand and supply dynamics in the banking sector [1][2][3]. Group 1: Market Dynamics - On July 30, the central bank conducted a reverse repurchase operation of 309 billion yuan, resulting in a net injection of 158.5 billion yuan after accounting for maturing reverse repos [1]. - The bill discount rates experienced a dramatic drop, with the 6-month bill discount rate falling to 0.2%, marking a 30 basis point decrease from the previous day [2]. - The 3-month and 6-month bill discount rates rebounded significantly in the afternoon after reaching historical lows, indicating a volatile supply-demand balance in the market [2][3]. Group 2: Seasonal Trends - July is traditionally a "small month" for credit, leading to expectations of a seasonal decline in credit issuance, which is reflected in the lower bill discount rates [4][5]. - The 6-month bill discount rate has shown a downward trend throughout July, dropping from 1.19% at the end of June to 0.41%, a decrease of 78 basis points [3][4]. Group 3: Credit Demand and Supply - The article notes that the bill discount rates have been influenced by banks' shifting preferences towards short-term loans, which have reduced the demand for bills [5][6]. - The analysis indicates that the recent fluctuations in bill rates are symptomatic of a broader imbalance in supply and demand within the market, exacerbated by seasonal factors and changing lending practices [5][6]. Group 4: Financial Data Insights - In June, the total new corporate loans reached 1.77 trillion yuan, with short-term loans contributing significantly to this figure, reflecting a trend towards short-term financing over bill financing [5][6]. - The current spread between bill rates and other financial instruments, such as government bonds and interbank certificates of deposit, has reached new highs, indicating a potential misalignment in market pricing [6].