债市日报：9月22日

Core Viewpoint - The bond market showed slight strengthening on September 22, with a focus on macroeconomic policies aimed at stabilizing growth, while the stock market remains favored [1][8]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.22% to 115.130, the 10-year main contract up 0.20% to 107.975, and the 5-year main contract up 0.13% to 105.770 [2]. - The yields on major interbank bonds generally declined, with the 10-year government bond yield down 1 basis point to 1.785% [2]. International Market Trends - In North America, U.S. Treasury yields rose collectively, with the 10-year yield increasing by 2.49 basis points to 4.125% [3]. - In Asia, Japanese bond yields increased, with the 10-year yield rising by 1.5 basis points to 1.654% [4]. Monetary Policy and Liquidity - The People's Bank of China (PBOC) resumed 14-day reverse repo operations, injecting 2,605 billion yuan into the market, marking the first such operation in nearly eight months [6]. - The Shibor rates showed mixed performance, with the overnight rate down 3.4 basis points to 1.427% [6]. Economic Indicators - The LPR remained stable in September, with the 1-year LPR at 3% and the 5-year LPR at 3.5%, indicating a cautious approach to monetary policy amid economic pressures [7]. - As of June 2023, China's banking sector assets reached nearly 470 trillion yuan, ranking first globally, with significant achievements in green finance and digital finance [8]. Institutional Insights - Huatai Securities suggests that the 10-year government bond yield may reach a short-term ceiling of 1.8-1.9%, recommending cautious positioning [9]. - Guotai Junan Securities notes that the current yield spread between local and national bonds does not offer significant value, while the yield spread for 20-year bonds is at a historically low level [9].