Macro market:
The central bank realized a net repurchase of RMB 190 billion on March 21, due to the reverse repurchase operation of RMB 150 billion by the central bank on March 21. This week (from March 28 to April 1), the central bank will have 190 billion yuan of reverse repo due in the open market, including 30 billion yuan, 20 billion yuan, 20 billion yuan and 100 billion yuan due from Monday to Friday. The interest rate quotation of LPR in the current week remains unchanged, with 1-year LPR of 3.7% and over 5-year LPR of 4.6%.
[finance] from March 21 to March 25, 93 interest rate bonds were issued in the primary market, with a total amount of 459.81 billion yuan and a net financing of 357.38 billion yuan, including 116.0 billion yuan of national debt, 153.68 billion yuan of local government debt and 87.7 billion yuan of government financial debt. 58 interest rate bonds are waiting to be issued in the subsequent primary market, with a planned issuance amount of 120.44 billion yuan. The secondary market fluctuated greatly on Tuesday. Throughout the week, treasury bond futures closed down. Specifically, the closing prices of treasury bond futures in 2, 5 and 10 years changed weekly by - 0.09%, - 0.13% and - 0.12%. Treasury yields fluctuated, rising at the short end and falling at the medium and long end.
[finance] from March 21 to March 25, interbank certificates of deposit issued 505.7 billion yuan, with a net financing of 167.3 billion yuan; The issuance volume decreased compared with last week (628.9 billion yuan), but the net financing volume rebounded compared with last week (96.2 billion yuan). The weighted issuance interest rate of interbank certificates of deposit was 2.54%, up 1bp from the previous week. The weighted issuance period of certificates of deposit is 7.4 months, compared with 7.2 months in the previous week. Near the end of the month, short-term funds and medium-term interest rates rose slightly. In terms of short-term capital price, R001 was 0.68bp higher than last Friday, and R007 was 70.09bp higher than last Friday. In terms of medium term, 3mshibor rose slightly by 0.10bp this week and 0.10bp compared with last Friday. During the week, the trading volume of inter-bank pledged repo was between 4.53-4.72 trillion, and the overnight trading volume was between 3.73-4.12 trillion.
[enterprise] from March 21 to March 25, a total of 270612 billion yuan of credit bonds were issued, down 49.3 billion yuan from last week; The net financing of credit bonds in that week was 8.392 billion yuan, a sharp decrease of 18.714 billion yuan compared with the previous week. The issuance cost of credit bonds in the primary market increased month on month, with the weighted coupon rate of 3.57%, compared with 3.48% last week; The issuance period of credit bonds increased month on month, with a weighted issuance period of 2.54 years, compared with 2.43 years last week. The yield of credit bonds mostly rose in that week; At the same time, the quantile level of urban investment credit spread of each term and level is differentiated.
[enterprise] on March 27, it was announced that from January to February, industrial enterprises above Designated Size nationwide realized a total profit of 115756 billion yuan, a year-on-year increase of 5.0%. Among the 41 major industries, the total profits of 21 industries increased year-on-year, 19 industries decreased and 1 industry reduced losses. Specifically, industrial enterprises above Designated Size achieved an operating income of 19.40 trillion yuan, a year-on-year increase of 13.9%; The operating cost was 16.28 trillion yuan, an increase of 15.0%; The profit margin of operating revenue was 5.97%, a year-on-year decrease of 0.50 percentage points.
[residents] from March 21 to March 25, the turnover of first-hand houses in key cities decreased year-on-year and month on month, with a turnover area of 2.243 million square meters, a year-on-year decrease of 60.12% and a month on month decrease of 5.9%. Among them, the transaction area of first tier and second tier cities increased by 22% and 5.9% month on month respectively, and the transaction area of third tier cities decreased by 32.4% month on month. The transaction area of second-hand houses reached 583000 square meters, down 59.4% year-on-year and 8.3% month on month. When Zhou Baicheng's new land supply area increased year-on-year and month on month, the new land supply area was 12.32 million square meters, up 370.6% year-on-year and 92.9% month on month.
