利率市场周度回顾：流动性呵护下短端占优，而长端走势略显纠结

Market Overview - The yield of the 10Y government bond remained stable at 1.7880% compared to the previous week[2] - The net financing amount of interest rate bonds decreased significantly to 1182.79 billion CNY, down by 2461.51 billion CNY from the previous week[33] Liquidity and Monetary Policy - The central bank conducted a net liquidity withdrawal of 17634 billion CNY in the open market this week[11] - Despite the liquidity withdrawal, the market remains in a loose state, with the DR007 rate down by 8.85 basis points to 1.41%[23] Supply and Demand Dynamics - The net financing scale of negotiable certificates of deposit (NCD) increased to 315.80 billion CNY, up by 1950.50 billion CNY from the previous week[33] - The net supply of government bonds was -10.00 billion CNY, a decrease of 3710.00 billion CNY week-on-week[33] Yield Curve and Market Trends - The yield curve for government bonds is becoming steeper, while the yield curve for policy financial bonds is showing a bull steepening trend[43] - Short-term yields are performing better than long-term yields, with the 1Y government bond yield at 1.29% and the 10Y yield at 1.78%[45] Risk Factors - Key risk factors include unexpected monetary and fiscal policy changes, better-than-expected economic recovery, and geopolitical conflicts[3]