国债期货：银行间资金面有所改善 期债多数上行

Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.09%, the 10-year main contract up by 0.02%, the 5-year main contract increasing by 0.03%, and the 2-year main contract gaining 0.01% [1] - The yields on major interbank bonds mostly declined, with the 10-year policy bank bond "25国开15" yield down by 0.3 basis points to 1.8720%, the 10-year treasury bond "25附息国债16" yield down by 0.2 basis points to 1.8020%, and the 30-year treasury bond "25超长特别国债06" yield down by 0.75 basis points to 2.1450% [1] Funding Conditions - The central bank announced a fixed-rate, quantity tender operation of 195.5 billion yuan for a 7-day reverse repurchase on November 12, with a bid amount of 195.5 billion yuan and a winning amount of 195.5 billion yuan, resulting in a net injection of 130 billion yuan for the day [2] - The overnight repurchase rate for deposit institutions fell by 9 basis points to around 1.41%, indicating an improvement in the interbank funding conditions, while the overnight quotes in the anonymous click (X-repo) system also decreased to 1.43% [2] - The funding conditions continue to improve, with prices gradually declining, although they remain relatively high; expectations for a second buyout reverse repurchase operation this month persist, and funding conditions may ease following the end of the tax period [2] Operational Recommendations - Recent easing of funding pressure has led to a strong oscillation in bond prices; the market currently lacks a clear direction due to competing factors [3] - Future trading focus will be on the implementation of new redemption fee regulations for bond funds and whether expectations for loose monetary policy will materialize, with potential strengthening of these expectations awaiting the release of October credit financial data [3] - Given the overall improvement in market sentiment, bond yield volatility is expected to decrease, with the short-term 10-year treasury bond active bond 250016.IB's volatility range likely between 1.75% and 1.82% [3] - The resumption of central bank treasury bond transactions and a bias towards loose monetary policy are expected to solidify the interest rate ceiling and bond market bottom; investors are advised to consider buying on dips [3]