债市日报：2月24日

Market Overview - The bond market experienced a strong start after the Spring Festival, with government bond futures closing higher across the board, and interbank bond yields declining by approximately 0.5 basis points [1][2] - The People's Bank of China (PBOC) maintained a stable attitude towards liquidity management, indicating that interbank market liquidity will remain at a reasonable and ample level rather than becoming excessively loose [1][7] Bond Market Performance - The 30-year government bond futures rose by 0.20% to close at 112.96, while the 10-year futures increased by 0.02% to 108.5 [2] - The yield on the 10-year China Development Bank bond decreased by 0.25 basis points to 1.9405%, and the yield on the 30-year government bond fell by 0.5 basis points to 2.2195% [2] International Bond Market - In North America, U.S. Treasury yields fell across the board, with the 10-year yield dropping by 4.98 basis points to 4.031% [3] - In Asia, Japanese bond yields also declined, with the 10-year yield down by 3.3 basis points to 2.076% [3] - In the Eurozone, the 10-year French bond yield decreased by 2.4 basis points to 3.274% [3] Funding Conditions - The PBOC conducted a 7-day reverse repurchase operation of 526 billion yuan at a fixed rate of 1.40%, resulting in a net withdrawal of 926.4 billion yuan for the day [5] - The Shibor rates for short-term instruments mostly increased, with the overnight rate rising by 4.64 basis points to 1.362% [5] Institutional Insights - Recent trends in the Chinese dollar bond market show a stable overall performance, with a recommendation to prioritize coupon strategies while remaining cautious about lower-rated bonds [7] - The recent U.S. tariff policy changes have introduced uncertainty, but the impact on Chinese exports is expected to be relatively limited [7] - The PBOC's actions indicate a commitment to maintaining liquidity stability, with expectations for the 10-year government bond yield to fluctuate between 1.77% and 1.85% in the short term [7]