债市日报：12月26日

Market Overview - The bond market showed slight recovery on December 26, with government bond futures rising across the board and interbank bond yields mostly falling by 0.5-1 basis points [1] - The People's Bank of China conducted a net injection of 36.8 billion yuan in the open market, with short-term funding rates rising as the month-end approaches [1] Bond Futures and Yields - The closing prices for government bond futures were as follows: 30-year contract up 0.36% to 112.96, 10-year contract up 0.10% to 108.3, 5-year contract up 0.05% to 106.05, and 2-year contract up 0.03% to 102.548 [2] - Major interbank bond yields saw slight declines, with the 30-year government bond yield down 0.2 basis points to 2.223%, and the 10-year government bond yield down 0.4 basis points to 1.835% [2] International Bond Markets - In North America, U.S. Treasury yields fell collectively, with the 2-year yield down 2.45 basis points to 3.506% and the 10-year yield down 2.73 basis points to 4.136% [3] - In Asia, Japanese bond yields also decreased, with the 10-year yield down 1.2 basis points to 2.037% [4] Funding Conditions - The central bank announced a 930 billion yuan reverse repo operation at a fixed rate of 1.40%, resulting in a net injection of 36.8 billion yuan for the day [5] - Shibor rates for short-term instruments mostly increased, with the overnight rate down 0.4 basis points to 1.258%, while the 7-day rate rose by 4.8 basis points to 1.448% [5] Institutional Insights - CITIC Securities noted increased volatility in long-term bond rates since mid-November, influenced by factors such as long-term liability gaps and seasonal liquidity assessments [6] - Huatai Securities highlighted structural differentiation in regional investment bonds, indicating that valuation volatility and liquidity risks are becoming more prominent [7]