Group 1 - The recent decline in the national bond market has led to the main contract of bond futures hitting a six-month low, with the 30-year bond futures weighted index nearing its yearly low [1] - The yield on the 10-year active bond has risen above 1.8%, increasing from 1.63% to a peak of 1.83% over two months, marking a 20 basis points rise [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 continuous bull run in the stock market, which has increased investor risk appetite, and the implementation of anti-involution policies that have raised inflation expectations [1] - The equity market's rising risk appetite is expected to continue, with the Shanghai and Shenzhen stock exchanges seeing over 10 trillion yuan in trading volume for 76 consecutive trading days [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]
债市延续震荡格局 投资者应保持定力
Sou Hu Cai Jing·2025-09-11 22:10