债市日报：5月27日

Core Viewpoint - The bond market is experiencing a weak performance with government bond futures slightly declining, and interbank bond yields rising, indicating a shift away from previous easing expectations [1][2]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.26% to 119.460, the 10-year main contract down 0.11% to 108.735, and the 5-year main contract down 0.03% to 106.030 [2]. - Interbank bond yields generally increased, with the 10-year policy bank bond yield rising by 0.75 basis points to 1.7025% [2]. - The China Convertible Bond Index fell by 0.24% to 426.29 points, with significant declines in several convertible bonds [2]. Monetary Policy and Liquidity - The central bank conducted a 7-day reverse repurchase operation of 448 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 91 billion yuan for the day [5]. - Short-term Shibor rates showed mixed performance, with the overnight rate down 5.4 basis points to 1.452% and the 7-day rate up 1.9 basis points to 1.598% [5]. Economic Indicators - From January to April, the total profit of large-scale industrial enterprises reached 21,170.2 billion yuan, a year-on-year increase of 1.4%, while profits of state-controlled enterprises fell by 4.4% [6]. - The manufacturing sector showed resilience, with growth in general equipment manufacturing and computer-related sectors, while the automotive sector experienced a decline of 5.1% [6]. Institutional Insights - Huatai Securities suggests focusing on non-bank allocations, PMI data, and bond supply, maintaining a judgment of 1.5%-1.8% fluctuation for 10-year government bonds [8]. - CITIC Securities indicates that the basic risk pricing is temporarily paused, with expectations of continued monetary easing, suggesting a challenging environment for bond market stability in the near term [8].