债市盘中大幅调整

Core Viewpoint - The bond market experienced a significant decline on August 18, primarily driven by rising stock market performance which increased risk appetite among investors [1] Bond Market Performance - Major government bond futures saw substantial declines, with the 30-year bond futures contract dropping by 1.01%, the 10-year contract down by 0.27%, and the 5-year and 2-year contracts falling by 0.18% and 0.14% respectively [1] - In the cash market, yields on key interbank bonds rose sharply, with the yield on the 30-year special government bond increasing by 4 basis points to 2.03%, and the 10-year bond yield rising by 2 basis points to 1.77% [1] Analyst Insights - Yang Yewei, Chief Analyst of Fixed Income at Guosheng Securities, indicated that the bond market's decline is mainly due to the stock market's rise, which has heightened risk appetite and led to concerns among investors holding long-duration bonds [1] - Despite the bond market's adjustment, Yang noted that the space for further declines is limited, as certain variables in the bond market will remain unchanged regardless of stock market performance [1] - The current liquidity in the market is expected to remain loose, and the demand from banks for bonds will not diminish due to the stock market's rise, providing a fundamental support for bond market stability [1]