在配置需求支撑和外资流入的共同作用下，国债期货市场近日明显走强，超长端品种表现尤为突出。30 年期国债期货主力合约大幅反弹，并创下开年以来新高，市场对人民币资产避险属性的关注度同步升 温。 不过，多家机构提示，随着政策预期趋稳、前期逻辑逐步消化，债券市场短期内难以形成单边趋势，后 续或更多以震荡运行、等待新的定价主线为主。 30年期国债期货强势反弹 ◎记者 张欣然 值得注意的是，近期人民币汇率走强，进一步提升了我国债券市场对境外资金的吸引力。多位机构人士 认为，近期债市的走强并非完全由境内因素驱动，境外避险资金的持续流入也是重要支撑。 从外部环境看，开年以来全球金融市场波动明显加大。特别是最近几个交易日，美国、欧洲等主要经济 体国债收益率出现较为明显的反弹，市场一度担忧海外利率上行可能通过比价效应对我国国债收益率形 成牵引。 不过，机构普遍认为，这一影响相对有限。华创证券资管团队在研报中认为，海外市场波动反而可能强 化"利率西升东落"的格局。在海外长端利率抬升、波动加大的背景下，中国利率中枢更可能呈现逐步寻 顶、趋于稳定的特征。 更重要的是，人民币资产的避险属性正在被市场重新定价。华创证券认为，2020年以来 ...

Group 1 - As of the end of February 2022, foreign institutions reduced their holdings of bonds in the Central Clearing Company for the first time in over three years, with a decrease of nearly 67 billion yuan, totaling 3.6665 trillion yuan [1] - In February, foreign institutions reduced their holdings of government bonds by 35.42 billion yuan and policy financial bonds by 28.53 billion yuan, with total holdings of various bond types reported [1] - The data indicates that foreign institutional investors bought 523.4 billion yuan and sold 507.9 billion yuan of bonds in February, resulting in a net purchase of 15.5 billion yuan, with government bonds accounting for 60% of the purchases [1][2] Group 2 - The number of foreign institutional investors entering the Chinese bond market is increasing, with 512 institutions participating through the settlement agency model and 738 through the Bond Connect model as of the end of February 2022 [2] - In February, the trading volume of foreign institutional investors decreased by 28% to 1.0312 trillion yuan, accounting for approximately 6% of the total market trading volume [2] - The Bond Connect's northbound trading was active in February, with a total transaction volume of 540.1 billion yuan, where government bonds and policy financial bonds were the most actively traded [2] Group 3 - The attractiveness of RMB-denominated assets for international investors is increasing due to reasonable stock valuations, higher bond yields, and low correlation with overseas assets [3] - The geopolitical conflicts have highlighted the safe-haven properties of the RMB, contributing to a more stable allocation of RMB bonds by international investors [3]