国债期货：期债窄幅震荡 关注跨半年资金压力

Market Performance - The majority of government bond futures closed lower, with the 30-year main contract down 0.04% at 121.290, and the 10-year main contract down 0.01% at 109.155 [1] - The yields on major interbank bonds mostly increased, with the 30-year government bond yield rising by 0.1 basis points to 1.8380%, and the 10-year government bond yield increasing by 0.15 basis points to 1.7070% [1] Funding Situation - The central bank announced a 7-day reverse repurchase operation of 220.5 billion yuan at a fixed rate of 1.40%, with the same amount being the winning bid [2] - The overall funding situation is relatively loose, with overnight pledged repo rates slightly declining but remaining around 1.37%, while the 7-day pledged repo rate increased by over 1 basis point [2] News Developments - Recent reports indicate that the scope of special bonds is expanding, with new uses including investment in government investment funds [3] - The new special bond issuance is expected to accelerate in the second half of the year, focusing on land acquisition and settling local government debts [3] Operational Suggestions - Recent high-frequency data shows signs of weakening in exports, while the central bank's signals of support and declining funding rates are favorable for the bond market [4] - The overall bond rates are expected to maintain a downward trend, with a potential breakthrough at the 1.6% level for the 10-year government bond yield if the central bank resumes bond purchases [4]