Core Viewpoint - The bond market is experiencing fluctuations with a general trend of rising yields, while the liquidity remains ample due to central bank operations [1][5][6] Market Performance - The closing prices for government bond futures showed a decline across all maturities, with the 30-year contract down by 0.89% to 116.350, and the 10-year contract down by 0.30% to 107.950 [2] - The yields on major interbank bonds have generally increased, with the 10-year government bond yield rising by 2.15 basis points to 1.775% [2] International Market Trends - In North America, the 10-year U.S. Treasury yield decreased by 5.6 basis points to 4.1607% [3] - In Asia, the 10-year Japanese bond yield fell by 2.5 basis points to 1.58% [3] - In the Eurozone, the 10-year French bond yield dropped by 5 basis points to 3.489% [3] Primary Market Activity - The China Export-Import Bank's 1-year fixed-rate bond had a winning bid rate of 1.2905%, with a total bid-to-cover ratio of 4.04 [4] - The Ministry of Finance's 1-year and 30-year government bonds had weighted average winning yields of 1.3485% and 2.1139%, respectively [4] Liquidity and Funding - The central bank conducted a reverse repurchase operation of 1,883 billion yuan at a rate of 1.40%, resulting in a net liquidity withdrawal of 5,946 billion yuan for the day [5] - The central bank is expected to continue providing liquidity support in line with the bond issuance schedule [6] Institutional Insights - According to CITIC Securities, there is an anticipated issuance of approximately 4 trillion yuan in interest rate bonds, which is lower than the previous year's figure [6] - Shenwan Hongyuan noted that while there is still demand for credit bonds, the pressure on the liability side may limit support for credit bonds in the short term [6] - Guosheng Securities predicts a gradual recovery in the bond market, with expectations of reduced pressure from the stock market on bonds [6]