中信建投证券固定收益首席分析师曾羽表示，国债做市支持操作长期定时开展。从今年操作情况看，每 次操作券种均为2只，方向均为随卖。8月拟开展的做市支持操作属于常规举措，对当前市场收益率影响 不大。 (责任编辑：朱赫) 在随卖券上市安排和操作款缴纳方面，财政部明确，随卖券2025年8月22日起与同期国债合并上市交 易。中标参与机构不迟于2025年8月20日，将随卖操作款缴入财政部指定资金账户，缴款日期以财政部 指定账户收到款项为准。 国债做市支持机制是指财政部在全国银行间债券市场运用随买、随卖等工具，支持银行间债券市场做市 商对新近发行的关键期限国债做市的市场行为。当某只关键期限国债在国债二级市场上乏人问津，呈现 明显供大于求现象时，财政部从做市商手中予以买回，即随买操作；当某只关键期限国债在国债二级市 场出现明显供小于求现象时，财政部向做市商卖出适量国债以供流通，即随卖操作。 财政部8月18日消息，为支持国债做市，提高国债二级市场流动性，健全反映市场供求关系的国债收益 率曲线，财政部决定开展国债做市支持操作。 本次操作方向为随卖，操作券种为2025年记账式附息(十期)国债和2025年记账式附息(十二期)国债，操 ...

Group 1 - The Ministry of Finance announced on August 18 the implementation of treasury bond market-making support operations to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [1] - The operation will involve selling two types of treasury bonds: 2.7 billion yuan of the 2025 coupon-bearing bond (10th issue) and 2.8 billion yuan of the 2025 coupon-bearing bond (12th issue), with a competitive bidding time set for August 19 from 11:05 to 11:35 [1] - The treasury bonds involved in the operation will be merged for trading starting August 22, 2025, and the payment for the operation must be made by participating institutions by August 20, 2025 [1] Group 2 - The chief fixed income analyst at CITIC Securities, Zeng Yu, indicated that the treasury bond market-making support operations are conducted regularly and that the current operation is a routine measure with minimal impact on market yields [2]