新华财经北京8月28日电（王菁）债市周四（8月28日）震荡回调，午后期现券基本回吐前两日涨幅，国 债期货主力全线收跌，超长端尤其走弱，银行间现券收益率回升2BPs左右；公开市场单日净投放1631 亿元，资金利率月末普遍走高。 【海外债市】 北美市场方面，当地时间8月27日，美债收益率集体下跌，2年期美债收益率跌6.19BPs报3.611%，3年期 美债收益率跌3.64BPs报3.583%，5年期美债收益率跌3.84BPs报3.700%，10年期美债收益率跌2.72BPs报 4.234%，30年期美债收益率跌0.10BP报4.919%。 亚洲市场方面，日债收益率多数回落，10年期日债收益率下行0.9BP至1.619%，3年期和5年期日债收益 率分别走低0.5BP和0.2BP。 欧元区市场方面，当地时间8月27日，10年期法债收益率涨2BPs报3.516%，10年期德债收益率跌2.3BPs 报2.698%，10年期意债收益率涨1.6报3.571%，10年期西债收益率跌0.1BP报3.318%。其他市场方面，10 年期英债收益率跌0.5BP报4.733%。 【一级市场】 国开行3年、7年期金融债中标收益率分别为1. ...

Group 1 - The core strategy for Q3 focuses on building a short-end position while exploring the "convex points" of the yield curve, emphasizing the need to maintain duration and avoid overly short positions [7][11] - The report highlights that the short-end strategy is the most certain, but it lacks significant yield enhancement potential, necessitating a continued extension of duration to contribute to returns [11][12] - The performance of credit bonds in Q2 was influenced by unstable funding conditions, with a shift to a more optimistic sentiment in May and June, leading to a rapid compression of liquidity premiums in ultra-long credit bonds [7][11] Group 2 - For bonds with maturities within 3 years, it is recommended to focus on areas with good liquidity, as high-yield issuers are scarce and low-rated municipal bonds are already undervalued [12][14] - The report suggests that the yield curve steepens beyond 3 years, indicating opportunities to extend duration in the 3-5 year segment, particularly in regions with acceptable liquidity [7][12] - The supply-demand dynamics support the continued exploration of niche products, with perpetual bonds in the 4-5 year range being a good choice for enhancing portfolio yields [7][12] Group 3 - The Q2 review indicates a shift in market sentiment from cautious to optimistic, with a decrease in the issuance of municipal bonds and a monthly net financing scale of approximately 500 billion yuan [7][8] - The report notes that the trading environment for short-end bonds has become crowded, with the market increasingly seeking returns from liquidity [7][8] - Credit risk perceptions have lightened, with a decrease in new public sentiment points related to credit risk in Q2, suggesting a stable risk environment [7][8]