Core Viewpoint - The bond market showed slight weakness on November 13, with government bond futures declining across the board, while interbank bond yields rose by approximately 0.5 basis points. The central bank's latest monetary policy report emphasizes stable growth and removes the "preventing capital outflow" statement, maintaining a favorable outlook for the bond market [1][8]. Market Performance - Government bond futures closed lower, with the 30-year main contract down 0.26% at 116.13, the 10-year main contract down 0.1% at 108.41, the 5-year main contract down 0.08% at 105.885, and the 2-year main contract down 0.01% at 102.462 [2]. - Interbank bond yields generally increased slightly, with the 30-year "25 Super Long Special Government Bond 06" yield rising by 0.5 basis points to 2.15%, and the 10-year "25 National Development Bank 15" yield up by 0.35 basis points to 1.876% [2]. International Market Trends - In North America, U.S. Treasury yields varied, with the 2-year yield up 1.67 basis points to 3.568%, and the 30-year yield down 0.29 basis points to 4.665% [3]. - In Asia, Japanese bond yields mostly rose, with the 10-year yield increasing by 1.2 basis points to 1.697% [4]. - In the Eurozone, yields on 10-year bonds generally fell, with the French yield down 4.7 basis points to 3.375% and the German yield down 1.5 basis points to 2.642% [4]. Funding Conditions - The central bank conducted a 1900 billion yuan 7-day reverse repurchase operation at a rate of 1.40%, resulting in a net injection of 972 billion yuan for the day [7]. - Short-term Shibor rates mostly declined, with the overnight rate down 10.0 basis points to 1.315% [7]. Institutional Insights - Huatai Fixed Income noted that recent regulatory measures by the central bank could help open up space for easing and improve the transmission of interest rates from short to long [8]. - CITIC Securities suggested that in the current environment of fluctuating long-term rates, investors should focus on coupon strategies and maintain a flexible approach to enhance returns [9].