债市日报：4月9日

Group 1 - The bond market showed a rebound on April 9, with government bond futures generally rising slightly and interbank bond yields falling by 1-2 basis points [1][2] - The People's Bank of China conducted a reverse repurchase operation of 1189 billion yuan, resulting in a net withdrawal of 1110 billion yuan for the day [5] - Analysts expect a potential acceleration in local government bond issuance in the second quarter, but the impact is likely to be limited [1][6] Group 2 - The yield on 10-year government bonds fell by 1.5 basis points to 1.648%, while the yield on 30-year government bonds decreased by 1 basis point to 1.845% [2] - The China Securities Convertible Bond Index closed up 0.84%, with significant gains in several convertible bonds, including a 20% increase in the Emergency Convertible Bond [2] - The market is experiencing a shift in risk appetite due to the implementation of U.S. tariffs, favoring bond performance [1][3] Group 3 - The Ministry of Finance's recent bond auctions saw yields lower than market expectations, indicating strong demand with bid-to-cover ratios above 2.5 for most maturities [4] - Analysts from Shenwan Hongyuan suggest that the supply rhythm of local bonds is a key factor affecting the local bond-national bond yield spread, with potential trading opportunities in local bonds [6] - CITIC Securities recommends a proactive approach to credit bonds under neutral to optimistic expectations, advocating for a comprehensive allocation strategy [7]