Di Yi Cai Jing·2025-11-27 12:17Group 1 - The domestic bond market is under pressure, with long-term bond yields rising, particularly the 10-year government bond yield approaching 1.84% [2][3] - Concerns about the redemption of "fixed income +" funds and the implementation of new public fund sales regulations are contributing to market anxiety [2][4] - The recent debt extension issues faced by Vanke have negatively impacted market sentiment, primarily affecting credit bonds but also influencing interest rate bonds due to redemption pressures [2][5] Group 2 - Analysts suggest that the bond market's incremental positive factors are limited, and the direction of monetary policy remains unclear, leading to weak overall market sentiment [4][6] - The People's Bank of China (PBOC) has been conducting net withdrawals in the open market, but overall liquidity remains ample, with a recent net injection of 564 billion yuan [4][5] - Expectations for interest rate cuts are diminishing, with analysts indicating that if the Federal Reserve cuts rates in December, it could provide more room for domestic rate cuts [6][7] Group 3 - The adjustment of banks' deposit structures, particularly the removal of 5-year fixed deposit products, may signal a shortening of the duration of bank liabilities, impacting their bond holding behavior [7][8] - The PBOC's emphasis on maintaining reasonable interest rate relationships is seen as a key reference for the trend of long-term bond yields [8]