债市日报：11月10日

Core Viewpoint - The bond market showed signs of recovery on November 10, with government bond futures increasing and interbank bond yields slightly declining, indicating a supportive liquidity stance from the central bank [1][6]. Market Performance - Government bond futures closed mostly higher, with the 30-year main contract rising by 0.22% to 116.28, and the 10-year main contract increasing by 0.01% to 108.485 [2]. - The interbank major interest rate bond yields mostly decreased, with the 30-year government bond yield down by 0.9 basis points to 2.147% [2]. Overseas Market Trends - In North America, U.S. Treasury yields collectively rose, with the 10-year yield increasing by 1.54 basis points to 4.097% [3]. - In Asia, Japanese bond yields increased, with the 10-year yield rising by 2 basis points to 2.592% [4]. Primary Market Activity - Agricultural Development Bank's financial bonds had bidding yields of 1.4118%, 1.6604%, and 1.7536% for 1.074-year, 3-year, and 5-year terms, respectively, with bid-to-cover ratios of 3.72, 2.68, and 2.64 [5]. - Chongqing's local bonds showed strong demand, with bid-to-cover ratios exceeding 21 times for all maturities [5]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation of 119.9 billion yuan at a rate of 1.40%, resulting in a net injection of 41.6 billion yuan for the day [6]. - Short-term Shibor rates mostly increased, with the overnight rate rising by 15.2 basis points to 1.479% [6]. Institutional Insights - Institutions suggest that the bond market is experiencing fluctuations, emphasizing the need to balance credit bond yields with liquidity [7]. - Expectations for core inflation to weaken may lead to further declines in nominal interest rates, with a potential downward trend in bond yields anticipated by year-end [8].