Core Viewpoint - The bond market is experiencing a mixed performance with medium to long-term bonds showing slight strength while short-term bonds remain weak, amid strong expectations for monetary easing [1][5]. Market Performance - Government bond futures closed mostly higher, with the 30-year main contract up 0.38% at 115.270, and the 10-year main contract up 0.06% at 107.710 [2]. - The yield on the 30-year special government bond decreased by 1.5 basis points to 2.0825%, while the yield on the 10-year government bond remained stable at 1.7975% [2]. International Bond Market - In North America, U.S. Treasury yields showed mixed results, with the 10-year yield down 2.29 basis points to 4.024% [3]. - In Asia, Japanese bond yields increased for shorter maturities while longer maturities decreased, with the 30-year yield down 0.7 basis points to 3.223% [3]. - In the Eurozone, the 10-year French bond yield fell by 2 basis points to 3.439%, while the 10-year German bond yield rose by 0.4 basis points to 2.653% [3]. Primary Market - The Ministry of Finance's weighted average bid rates for 2-year and 7-year government bonds were 1.44% and 1.78%, respectively, with bid-to-cover ratios of 2.59 and 3.79 [4]. Funding Conditions - The central bank conducted a 230 billion yuan reverse repurchase operation at a rate of 1.40%, resulting in a net injection of 41.7 billion yuan for the day [5]. - Shibor rates showed mixed performance, with the overnight rate down 0.2 basis points to 1.367% and the 14-day rate up 1.4 basis points to 1.524% [5]. Institutional Perspectives - Huatai Securities noted that the recent bond market adjustment has fundamental backing, but institutional behavior has a more direct impact, suggesting potential opportunities for rebound after October [6][7]. - CITIC Securities indicated that the risks in the bond market have been significantly released, and there is a more optimistic outlook for bonds based on the current fundamental environment [7].