债市日报：2月26日

Market Overview - The bond market continues to face pressure, with yields on medium to long-term bonds rising by over 2 basis points, and the main contracts for government bond futures closing lower, with the 30-year contract down by 0.53% [1][2] - The overall liquidity in the market is expected to stabilize, with cash returning after the holiday and the central bank providing support [1] Bond Yield Movements - The 10-year government bond yield rose by 2.4 basis points to 1.9810%, while the 30-year government bond yield increased by 2.2 basis points to 2.2530% [2] - The China Convertible Bond Index fell by 1.03%, with significant declines in several convertible bonds, while others saw notable increases [2] International Bond Market Trends - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 2.1 basis points to 4.052% [3] - In the Eurozone, the 10-year French bond yield decreased by 1.2 basis points, while the German bond yield rose slightly [3] Primary Market Activity - The China Development Bank issued financial bonds with yields of 1.6295% for 3-year bonds and 1.8327% for 7-year bonds, with bid-to-cover ratios of 3.3 and 2.2 respectively [4] Liquidity and Funding Conditions - The central bank conducted a reverse repurchase operation of 320.5 billion yuan at a rate of 1.40%, with a net withdrawal of 79.5 billion yuan for the day [5] - Short-term Shibor rates mostly declined, with the overnight rate down by 1.0 basis point to 1.368% [5] Institutional Insights - Long-term strategies involving leveraged investments in the bond market are being discussed, emphasizing the importance of market conditions [6] - There is a focus on convertible bonds, with a recommendation to pay attention to sectors like chemicals, construction materials, and power equipment due to potential recovery opportunities [6]