Group 1 - The market experienced a significant increase in equity assets while bond market sentiment was suppressed, leading to a steepening yield curve with long-term yields rising sharply [1] - The 2-year, 5-year, 10-year, and 30-year government bond yields were recorded at 1.40%, 1.63%, 1.84%, and 2.14% respectively, with changes of -1.53, 6.12, 13.35, and 19.25 basis points compared to the end of July [1] - The "stock-bond" effect has shifted to a "double bull" market due to rising interest rate cut expectations and improved economic conditions, with the 10-year government bond yield approaching 1.8% [1] Group 2 - The funding environment remained reasonably ample, with short-term performance expected to be relatively stable as the central bank continued to support liquidity [2] - The central bank conducted a 600 billion yuan medium-term lending facility (MLF) operation in August, with a net injection of 300 billion yuan, and maintained flexible short-term liquidity tools [2] - Government bond issuance has progressed rapidly, with net issuance of 4.67 trillion yuan in national bonds and 5.7 trillion yuan in local bonds by the end of August, leading to a decrease in net financing impact on the funding environment [2] Group 3 - The stock market showed strong performance driven by low interest rates and a significant inflow of funds, with a notable increase in financing balances and daily trading volumes [3] - The "anti-involution" narrative has gained traction, with the PMI raw material purchase price index rising to 53.3% and the factory price index at 49.1%, indicating a positive shift in pricing dynamics [3] - The bond market's long-end is under pressure due to the steepening yield curve and improved trading sentiment, suggesting a return to a range-bound trend in the absence of significant changes in funding and economic fundamentals [3]
债市 调整行情结束
Qi Huo Ri Bao·2025-09-03 01:07