债市日报：9月1日

Market Overview - The bond market showed a strong consolidation on September 1, with overall minor fluctuations in the morning and a recovery in the afternoon, leading to a slight decline in interbank bond yields [1] - The central bank conducted a net withdrawal of 105.7 billion yuan in the open market, with significant drops in funding rates at the beginning of the month [1] Bond Futures - All major bond futures closed higher, with the 30-year main contract rising by 0.30% to 116.910, the 10-year main contract up by 0.17% to 108.000, and the 5-year main contract increasing by 0.08% to 105.595 [2] - The yield on the 30-year government bond rose by 0.25 basis points to 2.02%, while the yields on the 10-year government bonds showed a slight decline [2] International Bond Market - In North America, U.S. Treasury yields were mixed, with the 10-year yield increasing by 2.31 basis points to 4.224% [3] - In Asia, Japanese bond yields generally rose, with the 10-year yield up by 1.9 basis points to 1.627% [3] - In the Eurozone, yields on 10-year bonds also increased, with French bonds rising by 3.4 basis points to 3.512% [3] Primary Market - The Agricultural Development Bank of China issued financial bonds with yields of 1.3785% for 91-day, 1.6741% for 3-year, and 1.7824% for 5-year bonds, with strong bid-to-cover ratios [4] Funding Conditions - The central bank conducted a 1,827 billion yuan reverse repo operation at a fixed rate of 1.40%, resulting in a net withdrawal of 105.7 billion yuan for the day [5] - Short-term Shibor rates fell across the board, with the overnight rate down by 1.6 basis points to 1.315%, marking a new low since September 2022 [5] Institutional Insights - There has been limited capital flow from the bond market to the stock market, with some redemption in pure bond funds but a general trend towards "fixed income plus" strategies [6] - The capital market's gradual improvement is expected to shift wealth allocation from deposits and fixed income towards equity assets, indicating a potential new cycle in wealth distribution [7]