华福证券 2026 年 03 月 01 日 固 定 收 益 2 月跨月资金平稳 1Y 存单续创近一年新低 —— 流动性与机构行为周度跟踪 260301 投资要点： 固 定 收 益 定 期 报 货币市场：本周（2 月 24 日至 2 月 28 日）央行 OMO 合计净回笼 6114 亿，周三有 1500 亿元国库现金定存到期，当日央行开展 6000 亿元 1 年期 MLF 操作，较到期超额续作 3000 亿。节后逆回购大规模到期，缴税截止 日也延迟到 24 日，叠加周三后政府债净缴款规模也有所回升，尽管有节后 现金回流的补充，上半周资金仍边际收紧，周三 DR001 一度升至 1.38%上 方，但随着央行 3000 亿 MLF 净投放以及 OMO 的积极对冲，下半周资金 逐步转松，周六 DR001 回落至 1.32%。 告 假期及调休因素带来扰动，本周质押式回购成交量先升后降，全周日 均成交量环比下降 0.02 万亿至 6.71 万亿；质押式回购整体规模同样先升后 降，周六再度回落至 12 万亿下方。大型银行净融出周四前震荡回升，临近 月末有所回落但仍高于节前；中小型银行净融出在节后首日显著回升后持 续小幅回落， ...

证券研究报告|宏观跟踪周报 [Table_Date] 2026 年 2 月 28 日 [Table_Title] 月初，资金面或回归宽松 [Table_Title2] 流动性跟踪 [Table_Summary] ►概况：三重压力下，资金面平稳跨月 春节后首周，受税期（24-26 日）与跨月需求（24-28 日）叠加影响，节后首日 资金面显著收敛。随着走款开启及前两日逾 2.3 万亿元的公开操作集中到期，资金 利率持续走高，24-25 日 R001、R007 分别达到 1.47%、1.61%，均高于跨节前水 平。对此，央行连续开展大额逆回购，24-27 日日均投放规模达 3800 亿元，叠加净 投放 3000 亿元 MLF，有力对冲了流动性压力，资金面逐步转松，至 27 日 R001已 回落至 1.36%，再度低于 OMO 利率，R007 也逐步下行至 1.53%，实现平稳跨月。 ►展望：3 月中上旬资金面大概率维持均衡宽松 往后看，3 月作为季末月，资金面的主要扰动将切换至跨季因素，月内或呈"上 中旬平稳、月末略紧"的格局。除季节性因素以外，今年 3月资金面还有两重利好。 一方面，节后 M0资金将逐步回流，或 ...

佳兆业集团(01638)发布公告，根据同意征求声明，本公司保留延长届满期限、终止同意征求或以其他 方式修改同意征求条款的权利。为给予持有人更多时间以就同意征求交付同意，本公司谨此宣布，根据 同意征求声明的条款，已将届满期限由2026年2月23日下午四时正(伦敦时间)进一步延长至2026年3月9 日下午四时正(伦敦时间)(其将取代同意征求声明内的现有届满期限)，并即时生效。根据同意征求声明 的条款及条件，于届满期限或之前有效交付同意的各合资格持有人将根据同意征求声明详述的条款收取 同意费。此外，本公司保留权利接纳持有人(可能非合资格持有人)提交的同意，并向彼等支付同意费。 各票据持有人务请尽快就同意征求提交同意。倘于2026年2月26日或之前，未收到必要同意及相关利息 支付未通过以股份支付的利息或其他方式履行，则将构成本公司若干债务工具(包括票据)项下的违约事 件，直至其被弥补、豁免或以其他方式终止。本公司将于签立使建议修订生效的补充契约及履行相关利 息支付时作出公告。 ...

智通财经APP讯，佳兆业集团(01638)发布公告，根据同意征求声明，本公司保留延长届满期限、终止同 意征求或以其他方式修改同意征求条款的权利。为给予持有人更多时间以就同意征求交付同意，本公司 谨此宣布，根据同意征求声明的条款，已将届满期限由2026年2月23日下午四时正(伦敦时间)进一步延 长至2026年3月9日下午四时正(伦敦时间)(其将取代同意征求声明内的现有届满期限)，并即时生效。根 据同意征求声明的条款及条件，于届满期限或之前有效交付同意的各合资格持有人将根据同意征求声明 详述的条款收取同意费。此外，本公司保留权利接纳持有人(可能非合资格持有人)提交的同意，并向彼 等支付同意费。各票据持有人务请尽快就同意征求提交同意。倘于2026年2月26日或之前，未收到必要 同意及相关利息支付未通过以股份支付的利息或其他方式履行，则将构成本公司若干债务工具(包括票 据)项下的违约事件，直至其被弥补、豁免或以其他方式终止。本公司将于签立使建议修订生效的补充 契约及履行相关利息支付时作出公告。 ...

Group 1 - The core announcement indicates that Yongtai Bio-B (06978) has fulfilled or waived all conditions precedent under the subscription agreement [1] - The company has issued new convertible bonds totaling RMB 270 million and notes amounting to RMB 30 million to investors according to the terms and conditions [1] - The proceeds from the subscription are specifically designated for the full and final repayment of the principal amount of the 2023 convertible bonds, which are due on February 20, 2026 [1]

Group 1 - The company Yongtai Bio-B (06978) announced that all conditions precedent under the subscription agreement have been met or waived, if applicable [1] - The company has issued new convertible bonds with a total principal amount of RMB 270 million and notes with a principal amount of RMB 30 million to investors according to the terms and conditions [1] - The proceeds from the subscription will be used exclusively for the full and final repayment of the principal amount of the 2023 convertible bonds, which are due on February 20, 2026 [1]

2月13日标普授予中国西部水泥有限公司（West China Cement Ltd.简称"西部水泥"02233.HK）"B+"发行 人信用评级。 同时标普授予该公司新发行的2028年到期、4亿美元票据和2029年到期、3亿美元票 据"B"发行信用评级。 ...

Group 1 - The core announcement from Yongtai Bio (stock code: 6978) is regarding the financing through the issuance of new convertible bonds and notes, raising a total of approximately 300 million RMB [1] - The total principal amount of the new convertible bonds issued is 270 million RMB, while the principal amount of the notes is 30 million RMB [1] - The initial conversion price for the new convertible bonds is set at 2.92 HKD, representing a premium of about 18.2% over the previous trading day's closing price of 2.47 HKD [1] Group 2 - Upon full conversion, the company will issue 102,880,787 shares, which accounts for approximately 16.7% of the existing issued share capital [1] - The funds raised will be specifically used for the full and final repayment of the principal amount of the 2023 convertible bonds, which are due on February 20, 2026 [1] - The issuance is conducted under the general authorization granted by the shareholders' meeting and is expected to be completed after certain conditions of the subscription agreement are met or waived [1]

Core Viewpoint - Yongtai Bio-B (06978) has announced a conditional agreement to issue new convertible bonds worth RMB 270 million and notes worth RMB 30 million, aimed at repaying existing convertible bonds due on February 20, 2026 [1] Group 1: Convertible Bonds and Notes - The new convertible bonds will have an initial conversion price of HKD 2.92 per share, equivalent to RMB 2.62 [1] - Upon full exercise of the conversion rights attached to the new convertible bonds, a maximum of 103 million shares will be issued, representing approximately 16.66% of the existing issued shares and about 14.28% of the enlarged issued shares after the conversion [1] Group 2: Use of Proceeds - The proceeds from the subscription will be exclusively used for the full and final repayment of the outstanding principal amount of the 2023 convertible bonds [1] Group 3: Conditions and Guarantees - The new convertible bonds and notes will be secured by collateral as outlined in the relevant documentation [1] - Upon receipt of the new convertible bonds and notes, and after the company has paid the accrued unpaid interest on the 2023 convertible bonds, the investors will sign a repayment deed confirming the full and final repayment of the 2023 convertible bonds [1]

Core Viewpoint - Yongtai Bio-B (06978) has announced a conditional agreement to issue new convertible bonds worth RMB 270 million and notes worth RMB 30 million, aimed at repaying existing convertible bonds due on February 20, 2026 [1] Group 1: Convertible Bonds and Notes - The new convertible bonds will have an initial conversion price of HKD 2.92 per share, equivalent to RMB 2.62 [1] - Upon full exercise of the conversion rights attached to the new convertible bonds, a maximum of 103 million shares will be issued, representing approximately 16.66% of the existing issued shares and about 14.28% of the enlarged issued shares after the conversion [1] Group 2: Use of Proceeds - The proceeds from the subscription will be exclusively used for the full and final repayment of the 2023 convertible bonds [1] - The issuance of the new convertible bonds and notes will be secured by collateral as per the relevant documentation [1] Group 3: Conditions and Agreements - The investors are required to sign a repayment deed in favor of the company, confirming the full and final repayment of the 2023 convertible bonds upon receipt of the new convertible bonds and notes [1]