突发！债市，全线下跌

Group 1 - The bond market has experienced a significant decline, with the 30-year government bond futures contract dropping by 0.78% and the 10-year contract falling by 0.25% as of July 29 [1][2] - Since early July, the 30-year government bond futures have seen a cumulative decline of over 2%, while the 10-year futures have decreased by nearly 1% [2][4] - The rise in bond yields is attributed to a tightening liquidity environment and strong performance in equity and commodity markets, which has pressured bond market sentiment [1][4] Group 2 - The increase in inflation expectations and the high level of positioning in the bond market have contributed to the recent adjustments in bond yields [4][5] - There has been a notable rise in redemption pressure on bond funds, with over ten funds adjusting their net asset values due to large redemptions in the past week [5][6] - The scale of bond ETFs has surged, reaching over 500 billion yuan by July 18, although recent adjustments in bond fund net values have led to a slowdown in growth and some outflows from certain credit bond ETFs [6][7] Group 3 - Analysts suggest that the current redemption pressure is more about proactive profit-taking rather than a panic sell-off similar to late 2022, indicating that the overall sell-off scale remains manageable [7][8] - The tightening of liquidity and the strong performance of the equity market have significantly impacted bond market sentiment, leading to increased caution among credit bond investors [7][8]