债市节前暖意回归：收益率下破1.8%后企稳，大行成买入主力

Group 1 - The bond market is experiencing a bullish trend supported by ample liquidity and institutional demand, with yields dropping below the critical 1.8% level as investors prefer bonds over other assets ahead of the holiday [1][3] - Major banks have become the primary buyers in the bond market, driven by a "deposit-loan mismatch" phenomenon, which has led to increased bond allocations since December [2][6] - The central bank's recent actions, including a net injection of 448 billion yuan into the market, have contributed to a favorable environment for bonds, with interbank liquidity remaining abundant [3][6] Group 2 - As of February 12, 2026, the yield on the 10-year government bond has decreased to around 1.77%, reflecting a broader trend of declining yields across various maturities [3][4] - A significant majority of bond funds have delivered positive returns since the beginning of 2026, with 3523 out of 3574 medium to long-term pure bond funds achieving positive returns [4][5] - The current market sentiment is optimistic, with expectations for a relatively mild bond market environment in 2026, as banks are likely to continue favoring long-term bonds due to improved cost structures and ample liquidity [7][8]