债市日报：9月4日

Market Performance - The bond market showed mixed performance on September 4, with interbank cash bonds initially strong but yields rising in the afternoon, while government bond futures mostly closed higher [1] - The 30-year main contract rose by 0.26% to 117.330, the 10-year main contract increased by 0.13% to 108.260, and the 5-year main contract went up by 0.06% to 105.755, while the 2-year main contract fell by 0.01% to 102.432 [2] Yield Movements - The yield on the 10-year China Development Bank bond rose by 1.1 basis points to 1.857%, while the 10-year government bond yield increased by 0.5 basis points to 1.7525% [2] - In the Eurozone, the 10-year French bond yield fell by 4.2 basis points to 3.538%, and the 10-year German bond yield decreased by 4.6 basis points to 2.737% [3] - In Asia, the 10-year Japanese bond yield dropped by 3.7 basis points to 1.593% [4] Primary Market - The China Development Bank's three financial bonds had winning yields mostly below the China Bond valuation, with yields of 1.3519%, 1.6702%, and 1.87% for 1-year, 5-year, and 10-year bonds respectively [5] - The bidding multiples for Hebei Province's local bonds exceeded 20 times, with a 10-year bond yield of 1.99% and a 15-year bond yield of 2.22% [5] Liquidity and Monetary Policy - The central bank conducted a 7-day reverse repurchase operation of 2126 billion yuan at a rate of 1.40%, with a net withdrawal of 2035 billion yuan for the day [6] - Short-term Shibor rates mostly rose, with the overnight rate unchanged at 1.316% and the 7-day rate up by 0.4 basis points to 1.437% [6] Institutional Insights - Citic Securities noted that the liquidity gap in September may narrow compared to August, with limited government bond supply disturbances and a supportive monetary policy [7] - Shenwan Hongyuan pointed out that the low interest rate environment has led to significant changes in asset allocation behavior, with funds seeking better alternatives due to low returns on deposits and pure bonds [8]