债市日报：9月3日

Market Overview - The bond market continued to recover on September 3, with government bond futures rising across the board and interbank bond yields falling by 1-2 basis points [1][2] - The central bank conducted a net withdrawal of 150.8 billion yuan in the open market, indicating a mixed trend in funding rates [1][5] Bond Futures Performance - The 30-year government bond futures rose by 0.46% to 117.150, while the 10-year futures increased by 0.21% to 108.160 [2] - The yields on major interbank bonds mostly declined, with the 10-year government bond yield falling by 1.25 basis points to 1.755% [2] International Bond Market - In North America, U.S. Treasury yields rose collectively, with the 10-year yield increasing by 3.5 basis points to 4.260% [3] - In the Eurozone, the 10-year French bond yield rose by 4.6 basis points to 3.581% [3] Primary Market - The Ministry of Finance's three types of government bonds had weighted average yields lower than the market estimates, with the 182-day bond yield at 1.3101% [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 229.1 billion yuan at a rate of 1.40%, with a net withdrawal of 150.8 billion yuan for the day [5] - The Shibor rates showed mixed performance, with the overnight rate rising by 0.2 basis points to 1.316% [5] Institutional Insights - The "fixed income +" products faced significant redemption pressure recently, indicating a shift in market dynamics [6] - The basic economic recovery is in line with market consensus, suggesting a capped range for interest rates, while the current market conditions may limit sustained increases in government bonds [7]