Market Performance - The majority of government bond futures closed lower, with the 30-year main contract up by 0.03%, the 10-year main contract unchanged, the 5-year main contract down by 0.01%, and the 2-year main contract down by 0.01% [1] - The yields on major interbank bonds mostly rose, with the 10-year China Development Bank bond "25国开15" yield increasing by 0.1 basis points to 1.8610%, while the 10-year government bond "25附息国债16" yield remained unchanged at 1.7900% [1] - The 30-year government bond "25超长特别国债06" yield rose by 0.1 basis points to 2.1410%, and the 1-year government bond "25附息国债13" yield increased by 1.5 basis points [1] Funding Conditions - The central bank announced a 117.5 billion yuan 7-day reverse repurchase operation on November 4, with a fixed rate of 1.40% and a bid amount of 117.5 billion yuan [2] - On the same day, 475.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 357.8 billion yuan [2] - The interbank funding conditions remained stable and loose, with overnight repurchase rates for deposit institutions slightly rising and hovering around 1.31% [2] Operational Recommendations - In October, the central bank purchased 20 billion yuan in bonds, which was below expectations, leading to a neutral impact on the bond market [3] - The bond market may enter a waiting phase due to a short-term policy vacuum, with overall market sentiment improving and bond yield fluctuation ranges expected to decrease [3] - It is suggested that investors consider buying on dips and look for opportunities in positive spread strategies due to rising IRR [3]
国债期货：央行买债规模低于预期 期债短期震荡
Jin Tou Wang·2025-11-05 01:44