债市日报：8月21日

Core Viewpoint - The bond market showed signs of recovery with increased buying from funds, as liquidity conditions improved following the end of the tax payment period, leading to a decrease in funding costs [1][5]. Market Performance - The majority of government bond futures closed higher, with the 30-year main contract rising by 0.34%, and the 10-year and 5-year contracts both increasing by 0.06% [2]. - The interbank market saw a slight divergence in early trading, but yields generally declined in the afternoon, with the 30-year government bond yield decreasing by 2.45 basis points [2]. Overseas Market Trends - In North America, most U.S. Treasury yields fell, with the 10-year yield down by 1.94 basis points to 4.287% [3]. - In Asia, Japanese bond yields mostly rose, while in the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain all decreased [3]. Primary Market Activity - The Export-Import Bank's 1-year fixed-rate bond had a winning bid rate of 1.2991%, with a total bid-to-cover ratio of 2.44 [4]. - The China Development Bank's 3-year and 7-year financial bonds had winning bid rates of 1.6599% and 1.8451%, respectively, with bid-to-cover ratios of 2.89 and 4.61 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation with a total amount of 2,530 billion yuan, resulting in a net injection of 1,243 billion yuan for the day [5]. - Short-term Shibor rates mostly declined, with the overnight rate down by 0.7 basis points to 1.466% [5]. Institutional Insights - Institutions noted that while bond fund shares may decrease temporarily, they are expected to rebound as the stock market matures [6]. - The trading volume of convertible bonds has significantly increased, indicating heightened market activity, although high valuations may suppress further buying [7]. - The current focus in the bond market is on defensive strategies, with a recommendation to avoid certain long-duration bonds while considering short to medium-term opportunities [7].