Financial Services Association, March 18 (Editor Liu Chen) Real estate development investment fell 9% year-on-year in the first two months of this year. Treasury bond futures made up the rise, and the 30-year term rose 0.38%.

Treasury bond futures closed up collectively. The 30-year main contract rose 0.38%, the 10-year main contract rose 0.07%, the 5-year main contract rose 0.07%, and the 2-year main contract rose 0.05%.

The yield on major interbank interest rate bonds declined across the board. As of 16:30 Beijing time, the yield of 10-year active treasury bonds declined by 1.25 bp to 2.33%, the yield of active 5-year treasury bonds fell by 3.5 bp to 2.21%, and the yield of 10-year CDB 230210 active bonds declined by 2.25 bp to 2.4425%.

(Data source: QB, compiled by the Financial Federation)

Traders said that last Friday's financial data and this morning's economic data were favorable to the bond market. Coupled with the weekly bond market correction, some room was freed up. Today, futures made up the rise, and there was also a certain decline in current securities.

At the macro level, China's fixed asset investment (excluding rural households) was 5084.7 billion yuan in January-February 2024, up 4.2% year on year, 1.2 percentage points faster than the full year of 2023. The value added of industries above scale increased 7% year-on-year in January-February. On a month-on-month basis, the value added of large-scale industries increased by 0.56% in February. In January-February, total retail sales of consumer goods amounted to 813.7 billion yuan, an increase of 5.5% over the previous year. In January-February, investment in real estate development was 1184.2 billion yuan, a year-on-year decrease of 9%; of these, residential investment was 882.3 billion yuan, a decrease of 9.7%.

On the primary market side:

The exchange bond market closed, and real estate bonds had mixed ups and downs.

According to Choice statistics, the top five declines in non-financial credit bonds in the exchange market today are: 19 Dragon Holdings 01, H1 Jinke 01, 18 Dragon 05, 20 Xuhui 02, and 19 Jinke 03. The details are as follows:

According to Choice statistics, the top five non-financial credit bond gains in the exchange market today are: 20 Yangcheng 01, 20 Gui'an G1, 200,000 Ke 08, 23 Shouguang 01, and 21 Sunac 01. The details are as follows:

On the open market side, the central bank announced that in order to maintain reasonable and abundant liquidity in the banking system, a 7-day reverse repurchase operation of 10 billion yuan was launched on March 18 through interest rate tenders, and the winning bid interest rate was 1.80%. According to Wind data, a reverse repurchase of 10 billion yuan expired on the same day, so the amount due was completely hedged in a single day.

On the financial side, the performance of the Shibor short-end product is divided. Overnight varieties reported a downward 2.0BP report of 1.746%; a 7-day downtrend of 3.6BP of 1.854%; a 14-day upward 8.8 BP report of 2.127%; and a 1-month upward 0.5BP report of 2.106%.

Interbank repurchase interest rates have mostly risen:

(Data source: Choice, compiled by the Financial Federation)

Interbank repurchase fixed interest rates have fluctuated. FR001 reported 1.8500%, down 3.00 basis points; FR007 reported 2.0000%, the same as yesterday; FR014 reported 2.3000%, up 26.00 basis points.

Most fixed interest rates for bank-to-bank repurchases have declined. FDR001 reported 1.7500%, down 2.00 basis points; FDR007 reported 1.9000%, down 5.00 basis points; FDR014 reported 2.1500%, up 15.00 basis points.

In terms of deposits, today's 3M Chinese stocks are in good demand at 2.16%-2.24%. Compared with the previous day, the 1Y China Stock Report is in the 2.25%-2.3% position, down 1.5 bps from the previous day. In terms of AAA-level deposits, 9M transactions are at 2.24%, and 1Y transactions are at 2.34%.

(Data source: Choice, compiled by the Financial Federation)