股市10年来首次站上3800点，10年期国债上行逼近1.8%关口

Market Overview - The bond futures market closed lower across the board, with major interbank interest rate bond yields mostly rising, indicating a deep adjustment in the bond market amid a bullish stock market [1][3] - The 10-year government bond yield rose by 2.1 basis points to 1.782%, while the 30-year government bond yield increased by 1.9 basis points to 2.03% [1][3] Bond Market Dynamics - The 10-year and 30-year government bonds had weighted average bidding rates of 1.83% and 2.15%, respectively, both higher than the market estimates, reflecting a decrease in institutional subscription enthusiasm compared to earlier in the year [3][5] - The current bond market is viewed as having relatively high cost-effectiveness, with a recommendation for investors to focus on short-duration, high-liquidity assets [1][3] Monetary Policy and Liquidity - The People's Bank of China conducted a reverse repurchase operation of 361.2 billion yuan at a fixed rate of 1.40%, with a net injection of 123.2 billion yuan for the day [3] - Short-term Shibor rates fell across the board, indicating a loosening of the funding environment [4] Credit Market Performance - Non-financial credit bonds showed varied performance, with notable gains in specific bonds such as 19 Keqiao 02 and 21 Vanke 04, while others experienced declines [5][7] - The secondary market for certificates of deposit showed stable demand, with 6-month and 1-year national bank CDs trading at 1.64% and 1.65%, respectively [8][9]