债市日报：10月24日

Core Viewpoint - The bond market is experiencing a weak consolidation, influenced by important meeting content that boosts market risk sentiment, with slight declines in government bond futures and a majority of interbank bond yields rising by 0.5-1 basis points [1] Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.25% at 115.01, the 10-year main contract down 0.06% at 108.005, the 5-year main contract down 0.05% at 105.615, and the 2-year main contract down 0.01% at 102.332 [2] - Interbank major rate bond yields saw slight increases, with the 10-year policy bank bond yield rising by 0.6 basis points to 1.912% and the 30-year government bond yield rising by 0.35 basis points to 2.097% [2] International Bond Market - In North America, U.S. Treasury yields collectively rose, with the 2-year yield increasing by 4.82 basis points to 3.489% and the 10-year yield rising by 5.35 basis points to 4.001% [3] - In Asia, Japanese bond yields mostly increased, with the 10-year yield rising by 0.1 basis points to 1.659% [4] - In the Eurozone, 10-year bond yields also rose, with French yields up by 2.7 basis points to 3.380% and German yields up by 2 basis points to 2.582% [4] Primary Market - The Ministry of Finance reported weighted average winning yields for 5-year and 7-year government bonds at 1.63% and 1.7324%, respectively, with bid-to-cover ratios of 2.64 and 3.24 [5] - The China Export-Import Bank's 3-year floating rate bond had a winning rate of 1.8049% with a bid-to-cover ratio of 3.36 [6] Liquidity and Policy - The central bank conducted a 7-day reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 3.2 billion yuan for the day [7] - The 20th Central Committee's Fourth Plenary Session emphasized high-quality development and technological self-reliance as key goals for the 14th Five-Year Plan, aiming for significant improvements in various sectors by 2035 [8][9] Institutional Perspectives - China International Capital Corporation (CICC) anticipates that medium to long-term economic growth will remain robust, with a focus on technology and consumption as central to domestic demand [10] - CITIC Securities highlights that the core of the 14th Five-Year Plan is high-quality development, with a focus on technology, real economy, and consumption, while cautioning against expectations of large-scale stimulus in the real estate sector [10]