Xin Lang Cai Jing·2025-12-08 09:52Core Viewpoint - The yield on 30-year government bonds continues to rise, with fluctuations observed throughout the day, indicating a bearish trend in the bond market [1][3]. Group 1: Government Bond Market - The yield on the 30-year government bond active coupon rose by over 2 basis points during the day, with a slight narrowing of the increase in the afternoon [1]. - The closing prices for government bond futures showed a mixed performance, with the 30-year main contract down by 0.29% to 112.240, while the 10-year main contract increased by 0.02% to 107.910 [1]. - As of 16:30, the yield on the 10-year government bond active coupon rose by 0.55 basis points to 1.834%, while the 30-year government bond yield increased by 0.45 basis points to 2.256% [1][2]. Group 2: Market Sentiment and Technical Analysis - Analysts indicate that the 30-year government bond futures have technically broken down, confirming a downward trend, with trading firms continuing to follow this trend [3]. - The market sentiment was slightly calmed by a political bureau meeting, but the bond market still lacks direction, suggesting potential further weakness influenced by upcoming news [3]. Group 3: Central Bank Operations - The central bank conducted a reverse repurchase operation of 122.3 billion yuan at a fixed rate of 1.40%, with a net injection of 14.7 billion yuan for the day [4]. - Short-term Shibor rates have collectively risen, with the overnight rate up by 0.1 basis points to 1.302% and the 7-day rate up by 1.0 basis points to 1.426% [4]. Group 4: Secondary Market Performance - In the secondary market, Vanke bonds showed significant rebounds, with "21 Vanke 04" rising over 31% and "21 Vanke 02" increasing over 23% [2]. - Conversely, some bonds like "22 Vanke 06" and "24 Industrial Integration 08" experienced declines of over 4% [2].