Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On April 2, the liquidity at the beginning of the month gradually eased, with major repo rates declining. Coupled with the impending implementation of the US reciprocal tariffs, the bond market strengthened. The main indices of the convertible bond market followed suit and closed higher, with most individual convertible bonds rising. Overseas, yields on US Treasuries across various tenors generally increased, and yields on 10 - year government bonds of major European economies also generally rose [1]. 3. Summary by Relevant Catalogs 3.1 Bond Market News - Domestic News - The General Office of the CPC Central Committee and the General Office of the State Council issued the "Opinions on Improving the Price Governance Mechanism", aiming to build a high - level price governance mechanism and improve resource allocation efficiency. Over the past 10 years, price reforms have achieved remarkable results, with 97.5% of goods and services prices determined by the market [3]. - Multiple departments detailed the improvement of the social credit system, including promoting the development and utilization of credit information, expanding and enhancing the public credit reporting system, and improving the credit repair mechanism. The financial regulatory authorities will support small and micro - enterprise financing [4]. - The inter - ministerial joint meeting on reducing enterprise burdens in 2025 will focus on issues such as "four types of irregularities", overdue payments to enterprises, and high enterprise costs, and take multiple measures to reduce enterprise burdens [4][5]. - International News - On April 2 (Eastern Time), US President Trump signed two executive orders on "reciprocal tariffs", setting a 10% "minimum benchmark tariff" on trading partners and imposing higher tariffs on some. The 10% benchmark tariff will take effect at 00:01 on April 5 (Eastern Time), and higher reciprocal tariffs on countries with the largest trade deficits with the US will take effect at 00:01 on April 9 (Eastern Time). Trump also announced a 25% tariff on imported cars effective April 3 [6]. - Commodities - On April 2, international crude oil futures prices rose, with WTI May crude futures up 0.71% to 74.95 per barrel. COMEX gold futures for June rose 1.41% to 4.016 per ounce [7]. 3.2 Liquidity - Open Market Operations - On April 2, the central bank conducted 229.9 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender basis, with an operating rate of 1.50%. There were 455.4 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 225.5 billion yuan [9][10]. - Funding Rates - Despite the central bank's large - scale net withdrawal, the liquidity at the beginning of the month gradually eased, and major repo rates declined. DR001 dropped 9.27bp to 1.739%, and DR007 dropped 0.03bp to 1.842% [11]. 3.3 Bond Market Dynamics - Interest - Rate Bonds - Spot Bond Yield Trends: On April 2, due to the easing of liquidity at the beginning of the month and the impending implementation of US reciprocal tariffs, the bond market strengthened. By 20:00, the yield of the 10 - year Treasury active bond 250004 dropped 2.20bp to 1.7860%, and the yield of the 10 - year CDB active bond 250205 dropped 2.80bp to 1.8170% [14]. - Bond Tendering: Information on the tendering of multiple bonds such as 25贴现国债19, 25附息国债06 (re - issued), etc., including term, issuance scale, winning yield, over - subscription ratio, and marginal ratio, was provided [16]. - Credit Bonds - Secondary Market Transaction Anomalies: On April 2, the transaction prices of two industrial bonds deviated by more than 10%, with "17 阳光城 MTN001" down more than 40% and "H0 宝龙 04" down more than 49% [16]. - Credit Bond Events: Events such as the proposed delisting of AVIC Industry Finance, the update of the rights issue funds distribution by Yuzhou Group, and the written warning to Neijiang Investment Holding by the Shanghai Stock Exchange were reported [17]. - Convertible Bonds - Equity and Convertible Bond Indices: On April 2, the three major A - share indices closed higher, and the main indices of the convertible bond market also followed suit. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose 0.20%, 0.16%, and 0.23% respectively. The trading volume of the convertible bond market was 63.06 billion yuan, an increase of 2.552 billion yuan from the previous trading day [18]. - Convertible Bond Tracking: News such as the listing of Zhengfan Convertible Bond, the proposed downward revision of conversion prices by some convertible bonds, and the early redemption announcements of some convertible bonds were reported [25]. - Overseas Bond Markets - US Bond Market: On April 2, yields on US Treasuries across various tenors generally increased. The 2 - year US Treasury yield rose 4bp to 3.91%, and the 10 - year US Treasury yield rose 3bp to 4.20%. The yield spread between 2 - year and 10 - year US Treasuries narrowed by 1bp to 29bp, and the yield spread between 5 - year and 30 - year US Treasuries narrowed by 2bp to 59bp. The break - even inflation rate of the 10 - year US Treasury Inflation - Protected Securities (TIPS) dropped 1bp to 2.32% [22][23][24]. - European Bond Market: On April 2, yields on 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield rose 4bp to 2.72%, and the 10 - year government bond yields of France, Spain, Italy, and the UK rose 3bp, 2bp, 3bp, and 1bp respectively [26]. - Price Changes of Chinese - Issued US Dollar Bonds: The daily price changes of Chinese - issued US dollar bonds as of the close on April 2 were presented, including the daily change rate, credit entity, bond code, bond balance, maturity date, yield, and monthly change rate [28].
美国对等关税政策落地，资金面转松，债市走强
东方金诚·2025-04-03 05:38