Market Performance - The majority of government bond futures closed higher, with the 30-year main contract down 0.11% at 114.740, the 10-year main contract up 0.07% at 107.580, the 5-year main contract up 0.14% at 105.590, and the 2-year main contract up 0.06% at 102.410 [1] - The yield on 2-5 year government bonds decreased by 1-2 basis points, while the yield on the 30-year government bond increased by over 1 basis point [1] - The 30-year "25 Super Long Special Government Bond 02" yield is reported at 2.105%, the 10-year "25 Coupon Government Bond 11" at 1.805%, and the same maturity "25 National Development Bond 15" at 1.962% [1] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 292 billion yuan at a fixed rate of 1.40%, with a total bid amount of 292 billion yuan and a successful bid amount of 292 billion yuan [2] - On the same day, 212.6 billion yuan of reverse repos matured, resulting in a net injection of 79.4 billion yuan [2] - The overnight repurchase weighted average rate for deposit institutions fell over 5 basis points back below 1.4%, while the rates for non-bank institutions' pledged certificates and credit bonds hovered around 1.45% [2] Operational Suggestions - The easing of the funding environment supports the recovery of mid-term bonds, but the impact of increased redemption fees for bond funds is still being felt, alongside a strong stock market putting pressure on long-term bonds [3] - The overall yield curve is steepening, and short-term bond market bullish sentiment remains insufficient, indicating a sensitivity to negative news [3] - Investors are advised to remain cautious and observe market conditions, particularly focusing on funding trends and the central bank's reverse repurchase operations, as well as the potential impact of August economic data on market expectations for monetary easing [3]
国债期货：资金面改善期债走势分化 长端偏弱短端偏强
Jin Tou Wang·2025-09-12 02:07