债市日报：9月29日

Core Viewpoint - The bond market is under pressure due to macroeconomic data that reinforces risk appetite, leading to a decline in government bond futures and an increase in interbank bond yields [1][2]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.47% at 113.720, the 10-year down 0.01% at 107.660, the 5-year down 0.04% at 105.485, and the 2-year down 0.02% at 102.326 [2]. - The yield on the 10-year China Development Bank bond rose by 1.25 basis points to 1.9775%, while the yield on the 30-year government bond increased by 1.75 basis points to 2.1375% [2]. Funding Conditions - The central bank conducted a 7-day reverse repurchase operation with a total amount of 2886 billion yuan at a rate of 1.40%, resulting in a net injection of 481 billion yuan for the day [5]. - Short-term Shibor rates mostly increased, with the overnight rate rising by 0.1 basis points to 1.315% and the 7-day rate up by 2.6 basis points to 1.523% [5]. Economic Fundamentals - From January to August, state-owned enterprises reported total revenue of 539620.1 billion yuan, a year-on-year increase of 0.2%, while total profits decreased by 2.7% to 27937.2 billion yuan [7]. - The issuance of new local government bonds reached 38874 billion yuan, with general bonds at 6208 billion yuan and special bonds at 32666 billion yuan [7]. Institutional Insights - Huatai Fixed Income suggests that convertible bonds still have room for performance, recommending a balanced approach between equity and convertible bonds based on funding attributes and yield conditions [8]. - CITIC Securities notes a "long holiday market" trend in the bond market, indicating a potentially optimistic outlook for the last two trading days before the National Day holiday [8].