短期债市顺风条件仍在，机构建议把握1.85%关键点位的配置机会

Group 1 - The central bank announced a fixed-rate reverse repurchase operation of 482.3 billion yuan for a 7-day term on December 29, with an operation rate of 1.4% [1] - The total bidding amount was 482.3 billion yuan, with the same amount being awarded, resulting in a net injection of 415 billion yuan after accounting for 67.3 billion yuan of reverse repos maturing on the same day [1] - According to Galaxy Securities, the overall decline in bond market yields last week was mainly influenced by a balanced and loose funding environment and expectations of interest rate cuts [1] Group 2 - The 10-year government bond yield decreased, with the central bank maintaining liquidity through reverse repos [1] - Production indicators have rebounded, but demand has declined, leading to rising inflation and prices [1] - It is expected that the year-end funding environment will remain balanced, with a focus on institutional behavior and changes in the ultra-long bond spread [1] Group 3 - Short-term favorable conditions in the bond market are still present, with a recommendation to seize allocation opportunities at the key level of 1.85% [1] Group 4 - Related products include the benchmark government bond ETF (511100) with a latest scale of 11.231 billion yuan, the credit bond ETF fund (511200) with a scale of 17.654 billion yuan, and the Sci-Tech bond ETF (551550) with a scale of 15.14 billion yuan [2]