国债期货：资金继续收敛债市情绪仍弱 期债延续下行

Market Performance - The futures market saw a decline in government bond futures, with the 30-year main contract dropping by 0.86% to 114.760, marking a new closing low since March 19 [1] - The 10-year main contract fell by 0.27% to 107.490, while the 5-year and 2-year contracts decreased by 0.15% and 0.04% respectively [1] - The yield on major interbank bonds increased, particularly for mid to long-term bonds, with the 10-year government bond yield rising nearly 4 basis points [1] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation on September 10, with a fixed rate of 1.40% and a total of 304 billion yuan, resulting in a net injection of 749 billion yuan for the day [2] - The overnight repurchase weighted rate for deposit institutions slightly increased, remaining above 1.42%, while non-bank institutions saw rates for pledged certificates and credit bonds rise close to 1.50% [2] - Despite the central bank's shift to net injections, liquidity remains tight due to factors like maturing certificates and government bond issuances [2] Operational Suggestions - The recent increase in redemption fees for bond funds has contributed to a weak sentiment in the bond market, which may remain sensitive to negative news in the short term [3] - Investors are advised to observe funding trends and await clearer positive signals from the central bank, particularly after the release of August economic data [3] - The bond market sentiment is currently weak, with the 10-year government bond yield not stabilizing at 1.8%, suggesting potential further declines in bond prices [3]