Core Viewpoint - The bond market is showing a strong consolidation trend, with government bond futures mostly rising, while the interbank bond yields are exhibiting a mixed performance, indicating a short-term impact from tax payments but an overall stable liquidity environment supported by the central bank [1][6]. Market Performance - Government bond futures closed mostly higher, with the 30-year main contract down 0.21% at 115.87, while the 10-year and 5-year contracts rose by 0.06% to 108.485 and 105.935 respectively [2]. - The interbank major interest rate bonds showed a mixed performance, with long-term bonds weaker and medium-short bonds slightly stronger. The 30-year government bond yield increased by 0.95 basis points to 2.1555% [2]. International Bond Market - In the Eurozone, the 10-year French bond yield rose by 0.3 basis points to 3.459%, while the German bond yield increased by 0.5 basis points to 2.710% [3]. - In Asia, the 10-year Japanese bond yield surged by 5.6 basis points to 1.819% [4]. - In North America, U.S. Treasury yields collectively rose, with the 10-year yield increasing by 2.52 basis points to 4.137% [4]. Primary Market - The Export-Import Bank's 1.2521-year and 3-year financial bonds had winning yields of 1.3836% and 1.5434%, with bid-to-cover ratios of 2.28 and 7.28 respectively [5]. - The China Development Bank's 1-year, 5-year, and 10-year financial bonds had winning yields of 1.4699%, 1.7101%, and 1.8961%, with bid-to-cover ratios of 2.75, 2.86, and 3.25 respectively [5]. Liquidity Conditions - The central bank conducted a 3000 billion yuan 7-day reverse repo operation at a rate of 1.40%, resulting in a net injection of 1100 billion yuan for the day [6]. - The November LPR remained stable, with the 1-year LPR at 3% and the 5-year LPR at 3.5%, reflecting a lack of adjustment momentum due to stable reverse repo rates [6]. Institutional Perspectives - Huatai Fixed Income anticipates a friendly environment for bonds and stocks through 2026, with "fixed income +" products expected to be a core growth area for public funds, projecting returns between 2-5.5% [8]. - CITIC Securities notes that the offshore RMB bond market is likely to see increased liquidity and reduced liquidity premiums due to the expansion of investment institutions [8]. - Guosheng Macro predicts that bond yields will remain volatile, with the 10-year government bond yield expected to fluctuate between 1.5%-1.9% [8].