债市日报：5月29日

Market Performance - The bond market showed a more subdued performance on May 29, with government bond futures closing lower across the board, and interbank bond yields generally rising by 1-2 basis points [1][2] - The 30-year main contract fell by 0.65% to 118.690, while the 10-year main contract decreased by 0.26% to 108.475 [2] Yield Movements - The yield on the 10-year government bond "25附息国债11" rose by 1.25 basis points to 1.695%, and the yield on the 10-year policy bank bond "25国开10" increased by 2.5 basis points to 1.7385% [2] - In the North American market, U.S. Treasury yields collectively rose, with the 10-year yield increasing by 3.37 basis points to 4.477% [3] Monetary Policy Insights - Institutions believe that monetary policy will maintain a moderately loose orientation and flexible operations, with room for both reserve requirement ratio cuts and interest rate reductions [1][7] - The 10-year government bond yield is expected to fluctuate within the range of 1.5%-1.8% in the second half of the year [1][7] Market Activity - The central bank conducted a 7-day reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 111.5 billion yuan on that day [5] - The Shibor short-term rates mostly increased, with the overnight rate remaining flat at 1.411% and the 7-day rate rising by 2.4 basis points to 1.602% [5] Investment Strategies - Xiangcai Securities recommends a dual-low strategy focusing on dividend assets and technology sectors, particularly in robotics, to achieve higher risk-adjusted returns [6][7] - CITIC Securities anticipates a GDP growth target of around 5.0% for the year, but expects marginal slowing of economic growth momentum in the second half [7]