Group 1 - The bond market has accelerated its correction since early September, with 10-year and 30-year treasury yields falling below 1.80% and 2.10% respectively as of September 10 [1] - Short-term treasury yields have seen a marginal increase of around 1 basis point, supported by a slight easing in the funding environment [1] - The yield curve for treasury bonds exhibits a pronounced bear steepening characteristic [1] Group 2 - The China Securities Regulatory Commission (CSRC) has released a draft regulation on the management of public fund sales fees, aiming to lower investment costs and encourage long-term value investing [2] - The new regulation increases the punitive redemption fee rates for bond funds, leading some institutions to sell bonds as a precautionary measure [2][3] - The existing redemption fee structure for bond funds is being simplified, with new minimum rates set for different holding periods, requiring investors to hold for at least six months to avoid high fees [2] Group 3 - Recent economic data shows a marginal improvement in fundamentals, with August CPI down 0.4% year-on-year and PPI down 2.9%, but the decline in PPI has narrowed [4] - The central bank is expected to maintain a relatively stable funding environment, with a focus on protecting liquidity [5] - The bond market sentiment remains cautious, with yields breaking through key levels, and further declines in yields will require more positive developments such as new monetary policies or resumption of central bank bond transactions [5]
债市定价围绕风险偏好及机构行为展开
Qi Huo Ri Bao·2025-09-12 22:28