20231103-西南证券-机构行为跟踪周报_继续增持短端信用_9页_1mb

Summary of Fixed Income Institutional Behavior Tracking Report (1030-113)

The report analyzes institutional behavior in various fixed income markets during the specified period. Key findings from the summary include:

• Rate Government Bonds: Banks continued net selling, driven by rural institutions and state-owned banks reducing holdings in specific maturities. Other entities like securities firms, insurance companies, funds (excluding money funds), and trusts showed net buying, with funds exerting the strongest buying power, focusing on short-to-medium term bonds and government finance bonds.

• Credit Bonds: Multiple institutions, including funds, money funds, trusts, and insurance, engaged in net buying. Funds led with increased purchases of short-term credit bonds, while others primarily bought ultra-short-term bonds.

• Interbank Certificates of Deposit: Net selling was observed in state-owned, joint-stock, city commercial, and securities-based institutions, with money funds showing the strongest selling effect. Rural institutions, insurance companies, funds, and trusts were net buyers, led by rural entities and insurers.

• Perpetual and Subordinated Bonds: Banks, securities firms, insurance, and trusts net sold these assets, mainly due to state-owned bank减持 in specific maturities. Funds and money funds showed net buying, with funds increasing purchases across different maturities, indicating a slight shift towards longer terms.

Additional highlights include risk warnings as data may be biased, and the report references related studies and contacts for further details.