债市做多情绪还在持续吗？：债券研究周报-20251110

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report From November 4th to November 10th, the bond market seller sentiment declined slightly, the buyer sentiment turned negative, the divergence of seller views decreased, the bond market lacked a main driving force, and the sentiment was cautious [4]. 3. Summary by Relevant Catalog 3.1 Seller Market Sentiment - Seller Market Interest - Rate Bond Sentiment Index: From November 4th to November 10th, the unweighted sentiment index was 0.48, a decrease of 0.06 compared to October 28th - November 3rd. Most institutions held a bullish view, with 15 bullish, 10 neutral, and 2 bearish. 56% of institutions were bullish, believing in monetary policy easing and a decline in investor risk - appetite; 37% were neutral, seeing a tug - of - war between factors and range - bound bond yields; 7% were bearish, citing economic improvement and stock market pressure on bonds [5][12]. - Buyer Market Interest - Rate Bond Sentiment Index: From November 4th to November 10th, the unweighted sentiment index was - 0.04, lower than the previous period. Institutions were neutral - bearish overall, with 3 bullish, 20 neutral, and 4 bearish. 11% of institutions were bullish, based on weak economic data expectations and reasonable bond value; 74% were neutral, concerned about policy uncertainties; 15% were bearish, due to expected economic improvement and supply pressure [6][13].