债市日报：12月24日

Core Viewpoint - The bond market is experiencing fluctuations influenced by the stock market, with short-term bonds performing slightly better than long-term bonds, and the overall liquidity remaining manageable under the central bank's guidance [1] Market Performance - The closing prices for government bond futures showed a slight increase, with the 30-year main contract up by 0.02% to 112.84, and the 10-year main contract also up by 0.02% to 108.23 [2] - The yield on the 30-year government bond decreased by 0.2 basis points to 2.2210%, while the yield on the 10-year government bond increased by 0.4 basis points to 1.9020% [2] International Bond Market - In North America, U.S. Treasury yields varied, with the 2-year yield rising by 3.18 basis points to 3.532% and the 30-year yield falling by 1.12 basis points to 4.824% [3] - In Asia, Japanese bond yields generally increased, with the 10-year yield rising by 0.8 basis points to 2.047% [4] Primary Market - The Ministry of Finance reported weighted average winning yields for 91-day, 182-day, and 7-year government bonds at 1.2352%, 1.3121%, and 1.66% respectively, with bid-to-cover ratios of 2.36, 2.64, and 3.22 [5] Liquidity Conditions - The central bank conducted a 260 billion yuan reverse repurchase operation at a rate of 1.40%, resulting in a net withdrawal of 208 billion yuan for the day [6] - The Shibor rates showed mixed performance, with the overnight rate falling to 1.267%, the lowest since August 2023, while the 1-month rate rose to 1.579%, the highest since July 2025 [6] Institutional Insights - CITIC Securities noted an improvement in bond market sentiment, with the 10-year government bond yield stabilizing below 1.85%, and expectations for a "cross-year market" revival [8] - China International Capital Corporation highlighted that credit bond demand may remain stable despite potential pressures on wealth management products as the year-end approaches [8]