债市日报：12月11日

Group 1 - The bond market continues to show a warming trend, with government bond futures rising across the board and interbank bond yields declining, indicating a stable liquidity environment [1][2] - The People's Bank of China (PBOC) is expected to maintain a relatively loose monetary policy framework, with a net withdrawal of 62.2 billion yuan in the open market on December 11 [1][6] - Market expectations for monetary easing have decreased, suggesting that significant increases in bond purchases by the central bank in December may be unlikely [1][7] Group 2 - In the primary market, the China Development Bank's financial bonds had winning yields of 1.5295%, 1.7571%, and 1.9358% for 1-year, 5-year, and 10-year terms, respectively, with bid-to-cover ratios indicating strong demand [5] - The short-term Shibor rates mostly declined, with the overnight rate dropping to 1.283%, the lowest since August 2023, reflecting a shift in market liquidity conditions [6] - Analysts from Huafu Securities and Huatai Fixed Income highlight a structural transformation in the economy, moving from "city investment-real estate" to "industry-consumption" driven growth, which may require adjustments in analytical frameworks [7][8]