风险资产强势，10年国债收益率上行0.4BP

Market Overview - The Shanghai Composite Index closed at a new high, influenced by the strong performance of risk assets [1] - Bond market yields rose, with the 5-7 year government bond yields increasing significantly, and the 10-year yield up by 0.4 basis points [1] Bond Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down by 0.26%, the 10-year down by 0.10%, the 5-year down by 0.08%, and the 2-year down by 0.01% [1] - As of 16:30, the yield on the 10-year government bond was reported at 1.805%, up by 0.4 basis points, while the 10-year policy bank bond yield was at 1.8765%, also up by 0.4 basis points [1] Auction Results - The weighted average rates for recent bond auctions were as follows: 1-year government bond at 1.4847%, 5-year at 1.7201%, and 10-year at 1.8921% [3] - The bid-to-cover ratios for these auctions were 2.86 for the 1-year bond, 2.82 for the 5-year bond, and 4.03 for the 10-year bond, indicating strong demand [3] Credit Bond Market - The top five gainers in the non-financial credit bond market included H0中骏02, 23万科01, and 23产融06, with respective price increases of 4.29% and 3.25% [4] - Conversely, the top five losers included 24金隅K1 and 22万科04, with declines of 5.77% and 4.99% respectively [4] Monetary Policy and Liquidity - The central bank conducted a 190 billion yuan reverse repo operation at a fixed rate of 1.40%, resulting in a net injection of 972 billion yuan for the day [5] - Overnight SHIBOR fell to 1.3150%, down by 10 basis points, while the 7-day SHIBOR remained unchanged at 1.4740% [5] Interbank Rates - Most interbank repo rates declined, with FR001 down by 8 basis points to 1.4% and FR007 down by 1 basis point to 1.5% [5] - The rates for various tenors showed a general downward trend, indicating easing liquidity conditions in the market [5]