【债市20251205】

Group 1 - The article emphasizes the three major pitfalls for trend traders: greed, fear, and prediction. Greed and fear are human weaknesses, while prediction is a behavioral weakness. It argues against predicting the market, as the only certainty in the market is uncertainty [1] Group 2 - The bond market shows a balanced and slightly loose funding environment, with a significant decline in long-term bond yields. The central bank conducted a 139.8 billion yuan reverse repurchase operation, with 301.3 billion yuan maturing today, resulting in a net withdrawal of 161.5 billion yuan [3][5] - The interbank funding rates are stable, with DR001 around 1.30% and DR007 around 1.44% [3] - The sentiment in the bond market is stable, with the 10-year government bond yield opening at 1.85%, rising to 1.855%, and then falling back to 1.844% after the central bank's actions [5] Group 3 - The yields for various government bonds are as follows: 1Y at 1.4000%, 2Y at 1.4025%, 5Y at 1.6200%, 10Y at 1.8285%, and long-term bonds at 2.2515% [6] - The market shows a mixed performance in terms of bond yields, with some experiencing slight declines while others remain stable [6]