Group 1 - Recent decline in the bond market, with the main contract for government bond futures hitting a six-month low and the 30-year bond futures index nearing its yearly low [1] - The yield on the 10-year government bond has risen above 1.8%, increasing from 1.63% to a peak of 1.83% over two months, representing a 20 basis points increase [1] - The cumulative yield of the China Securities Comprehensive Bond Index for the year is only 0.33%, with passive index bond funds and medium-to-long-term pure bond funds showing negative average net values in August [1] Group 2 - The current adjustment in the bond market is driven by two main factors: the sustained bull market in equities increasing investor risk appetite, and the implementation of anti-involution policies raising inflation expectations [1] - The equity market's risk appetite is expected to continue, with significant trading volumes in the Shanghai and Shenzhen markets and a notable increase in the non-ferrous metals industry index [2] - Despite the bullish expectations, the real economy still requires further improvement, with weak demand in real estate and exports limiting the upward pressure on prices [2]
时报观察 债市延续震荡格局 投资者应保持定力
Zheng Quan Shi Bao·2025-09-11 17:52