债市日报：1月5日

Core Viewpoint - The bond market is currently experiencing weakness, with yields rising and limited positive factors supporting the market [1] Market Performance - The majority of government bond futures closed lower, with the 30-year main contract down 0.05% at 111.32, while the 10-year main contract rose 0.03% to 107.855 [2] - The interbank major interest rate bond yields mostly increased, with the 10-year policy bank bond yield rising by 1.9 basis points to 1.9490% and the 30-year government bond yield increasing by 3.05 basis points to 2.282% [2] Primary Market - The China Development Bank's 181-day and 3-year financial bonds had winning yields of 1.5239% and 1.68%, respectively, with bid-to-cover ratios of 3.28 and 3.62 [3] - Agricultural Development Bank's financial bonds for 1.0356 years, 3 years, and 10 years had winning yields of 1.50%, 1.6468%, and 1.9846%, with bid-to-cover ratios of 3.19, 3.09, and 3.81 [3] Funding Conditions - The central bank conducted a 135 billion yuan 7-day reverse repo operation at a rate of 1.40%, with a net withdrawal of 4688 billion yuan for the day [4] - Short-term Shibor rates mostly declined, with the overnight rate rising by 0.6 basis points to 1.264% [4] Institutional Views - CITIC Securities suggests that the new fund sales regulations may have exhausted their negative impact on the bond market, but significant changes in supply and demand dynamics are needed for a trend reversal [5] - Guotai Junan believes that the bond market may face pressure from supply in January, but there could be a smoother recovery after late January [6]