国债期货：央行“双降”落地 止盈压力下长债回调

Market Performance - Treasury futures closed lower across the board, with the 30-year main contract down 0.62%, the 10-year main contract down 0.19%, the 5-year main contract down 0.08%, and the 2-year main contract down 0.01% [1] - The yield on the 10-year government bond "24附息国债11" rose by 1.70 basis points to 1.6380%, while the yield on the 3-year government bond "25附息国债05" fell by 1.25 basis points to 1.4750% [1] Funding Conditions - The central bank announced a 195.5 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.50%, with a total bid amount of 195.5 billion yuan [2] - On the same day, 530.8 billion yuan in reverse repos matured, resulting in a net withdrawal of 335.3 billion yuan [2] - Overnight and 7-day pledged repo rates for deposit institutions both fell by over 4 basis points [2] Policy Measures - The central bank announced three categories of ten policies, including a 50 basis point reduction in the reserve requirement ratio, releasing approximately 1 trillion yuan in liquidity [3] - The 7-day reverse repurchase rate was lowered by 10 basis points to 1.4%, which also led to a 10 basis point decrease in the Loan Prime Rate (LPR) [3] - Structural policies include increasing the re-lending for technological innovation and technical transformation to 800 billion yuan and establishing a 500 billion yuan re-lending for consumption recovery and elderly care [3] Operational Recommendations - The recent announcement of reserve requirement and interest rate cuts aligns with expectations, suggesting that while bond supply may increase in May, the central bank's measures could stabilize the funding environment [4] - The short-term impact of the interest rate cut is expected to be limited, as long-term bond yields have already adjusted to reflect previous rate cut expectations [4] - The focus for the bond market will remain on funding conditions, fundamentals, and trade negotiations, with a recommendation to consider long positions after corrections [4]