债市日报：12月5日

Core Viewpoint - The bond market showed a "weak then strong" performance on December 5, with government bond futures rising slightly across the board, and interbank bond yields declining in the afternoon, although long-term yields remained lower than medium and short-term yields [1] Market Performance - Government bond futures closed higher, with the 30-year main contract up 0.06% to 112.51, the 10-year main contract up 0.16% to 107.87, the 5-year main contract up 0.11% to 105.755, and the 2-year main contract up 0.04% to 102.418 [2] - The interbank major interest rate bonds showed slight differentiation, with short-term bonds recovering in the afternoon. The yield on the 30-year government bond rose by 0.75 basis points to 2.2625%, while the yield on the 10-year policy bank bond fell by 0.6 basis points to 1.9345% [2] Overseas Bond Market - In North America, U.S. Treasury yields rose collectively on December 4, with the 2-year yield up 3.71 basis points to 3.521% and the 10-year yield up 3.48 basis points to 4.098% [3] - In Asia, Japanese bond yields saw short-term increases and long-term decreases, with the 3-year yield up 1.8 basis points to 1.177% and the 30-year yield down 2.9 basis points to 3.362% [3] - In the Eurozone, 10-year French, German, Italian, and Spanish bond yields all increased, while the 10-year UK bond yield decreased by 1.3 basis points to 4.433% [3] Funding Conditions - The central bank conducted a 139.8 billion yuan 7-day reverse repurchase operation at a rate of 1.40%, with a net withdrawal of 161.5 billion yuan for the day [5] - The Shibor short-term rates mostly declined, with the overnight rate down 0.1 basis points to 1.301%, marking a new low since August 2023 [5] Institutional Views - Guosheng Fixed Income suggests that as year-end bank pressure eases and demand from funds and insurance recovers, the long-term bond yield spread may repair again, but short-term risks remain uncertain [6] - CITIC Construction Investment notes that November convertible bond assets significantly smoothed out equity market fluctuations, recommending active allocation within the price range of 128-136 yuan for December [6]