债市日报：7月8日

Core Viewpoint - The bond market continues to show weakness due to a lack of downward pressure on short-term funding rates and the strength of the A-share market, leading to a slight increase in yields on major interbank bonds and a decline in government bond futures [1] Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.22% at 120.920, the 10-year main contract down 0.08% at 109.020, the 5-year main contract down 0.08% at 106.135, and the 2-year main contract down 0.03% at 102.466 [2] - Major interbank bond yields increased, with the 30-year government bond yield rising by 0.55 basis points to 1.8605%, the 10-year policy bank bond yield rising by 0.55 basis points to 1.7220%, and the 10-year government bond yield rising by 0.3 basis points to 1.6430% [2] Funding Conditions - The central bank conducted a 690 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a net withdrawal of 620 billion yuan for the day, as 1,310 billion yuan in reverse repos matured [4] - Short-term Shibor rates mostly declined, with the overnight rate unchanged at 1.312%, the 7-day rate down 0.3 basis points to 1.455%, and the 1-month rate down 1.1 basis points to 1.546%, marking a new low since September 2022 [4] Institutional Insights - Citic Securities noted that while there is a certain degree of preemptive positioning in the bond market, the overall trading congestion has decreased compared to June, although institutions maintain a high duration preference [5] - Guosheng Fixed Income pointed out that the current 50-30 year bond yield spread is at a neutral level, with limited room for further compression, but also minimal adjustment pressure [5] - Changjiang Fixed Income suggested that the credit bond market is driven by ample liquidity and incremental funds, recommending investors to focus on opportunities in 5-year AA+ credit bonds while controlling risk levels [5]