【笔记20251219— 日债交易员，扛住！】

Core Viewpoint - The article emphasizes that no one is an investment genius and that every investment requires continuous practice in real scenarios, advocating for the mindset that each investment is a trial and error process [1] Group 1: Market Conditions - The central bank conducted a reverse repurchase operation of 562 billion yuan for 7-day and 1000 billion yuan for 14-day terms, resulting in a net injection of 357 billion yuan today [3] - The funding environment is balanced and slightly loose, with the DR001 rate around 1.27% and DR007 around 1.44% [4] - The central bank raised interest rates by 25 basis points, leading to a slight increase in the stock market, while the bond market saw interest rates fluctuate downwards [6] Group 2: Bond Market Insights - Concerns among bond market bears are growing as year-end approaches, with factors such as the low probability of LPR rate cuts, central bank bond purchases, and new redemption regulations potentially impacting the market [7] - The yield on Japan's 10-year government bonds has risen nearly 90 basis points this year, surpassing 2.0% following a 25 basis point rate hike by the Bank of Japan [7]