债市日报：8月8日

Core Viewpoint - The bond market shows a mixed trend with government bond futures mostly rising, while interbank cash yields exhibit a "short-term decline and long-term rise" pattern, indicating strong profit-taking sentiment in the long end, especially in ultra-long bonds [1][2]. Market Performance - Government bond futures closed mostly higher, with the 30-year main contract down 0.02% at 119.320, while the 10-year main contract rose 0.03% to 108.640 [2]. - In the interbank market, the yield on the 30-year government bond rose by 0.5 basis points to 1.917%, while the 10-year government bond yield increased by 0.25 basis points to 1.689% [2]. - The China Securities convertible bond index rose by 0.08% to 467.77 points, with notable gains in several convertible bonds [2]. Primary Market - The first batch of local government bonds after tax policy adjustments showed stable bidding results, with the 10-year "25 Hebei Bond 42" at a winning rate of 1.87% and a total multiple of 23.38 [4]. Liquidity and Funding - The central bank conducted a 1220 billion yuan reverse repurchase operation at a rate of 1.40%, resulting in a net withdrawal of 40 billion yuan for the day [5]. - Shibor rates for short-term products mostly declined, with the overnight rate down 0.06 basis points to 1.3144% [5]. Institutional Insights - Current convertible bond valuations are at historical highs, with a strong pricing expectation for equity upside, but lower pure bond yields compared to previous peaks [6]. - The focus on "anti-involution" in the macroeconomic context raises questions about the appropriateness of interest rate cuts, suggesting that structural policies will become the main focus moving forward [7]. - The implementation of the new value-added tax regulations on bonds has decreased the relative attractiveness of government and financial bonds, while enhancing the comparative advantage of credit bonds, particularly urban investment and industrial bonds [7].