债市日报：5月19日

Core Viewpoint - The bond market is experiencing a strong fluctuation with slight increases in government bond futures and a majority of interbank bond yields declining by 1 basis point, indicating a mixed outlook for the market in the short term [1][2]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.37% to 119.320, the 10-year main contract up by 0.13% to 108.605, and the 5-year main contract increasing by 0.04% to 105.735 [2]. - The interbank major interest rate bond yields mostly decreased slightly, with the 10-year government bond yield down by 0.75 basis points to 1.67% [2]. Fund Flow - The central bank conducted a 1350 billion yuan reverse repurchase operation on May 19, with a fixed rate of 1.40%, resulting in a net injection of 920 billion yuan for the day [5]. - The Shibor short-term rates showed mixed performance, with the overnight rate down by 11.7 basis points to 1.537% and the 7-day rate up by 1.7 basis points to 1.562% [5]. Economic Indicators - In April, the industrial added value above designated size increased by 6.1% year-on-year, exceeding the expected growth of 5.2% [7]. - Fixed asset investment from January to April grew by 4%, slightly below the expected 4.3% [7]. - The unemployment rate in urban areas was reported at 5.1%, down from 5.2% in the previous period [7]. Institutional Views - Huatai Fixed Income suggests that the short-term upper and lower limits for the 10-year government bond yield are between 1.6% and 1.8%, recommending a strategy of increasing holdings during adjustments [8]. - Xingzheng Fixed Income indicates that the bond market has shifted from a bearish to a neutral stance, with a preference for long-duration strategies, particularly in 30-year government bonds [8].