PMI数据提振债市情绪 部分公募“抢跑”跨月行情

Group 1 - The official manufacturing PMI for April fell by 1.5 percentage points to 49%, indicating a contraction in the manufacturing sector, while the Caixin manufacturing PMI recorded 50.4, down 0.8 percentage points from March, marking the lowest in three months [2] - The central bank has maintained a net injection of over 1 trillion yuan in the past five trading days to stabilize the funding environment, with the latest reverse repo operation amounting to 530.8 billion yuan at a rate of 1.50% [2] - Public funds have actively participated in the bond market, with net purchases of interest rate bonds reaching 44.4 billion yuan on April 29, indicating a shift in sentiment compared to a net sell-off of 3 billion yuan on April 28 [3] Group 2 - The recent PMI data highlights the impact of tariffs and trade tensions, leading to an expected acceleration in government bond issuance, particularly supporting technology, consumption, and foreign trade sectors [2] - The 10-year government bond yield is anticipated to decline to around 1.5%, with a potential interest rate cut of approximately 20 basis points expected in May or June [2] - The overall trading theme in the bond market is influenced by macroeconomic data and stable funding prices, with mixed performance observed in government bond futures on April 30 [1]