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【笔记20250811— 每调买机,去年债今年股】
债券笔记· 2025-08-11 15:53
Core Viewpoint - The market often does not replicate previous fluctuations simply, especially on the third occurrence, leading to unexpected outcomes contrary to common expectations [1] Group 1: Market Conditions - The funding environment is balanced and slightly loose, with long-term bond yields rising significantly [3][5] - The central bank conducted a 112 billion yuan reverse repurchase operation, with 544.8 billion yuan of reverse repos maturing today, resulting in a net withdrawal of 432.8 billion yuan [3] - The overnight anonymous quote returned to 1.3%, indicating a volatile upward trend in interest rates [5][6] Group 2: Economic Indicators - July's Consumer Price Index (CPI) was slightly above expectations, while the Producer Price Index (PPI) was slightly below expectations, contributing to strong performances in both the stock and commodity markets [5][6] - The "stock-bond seesaw" effect is evident, with the stock market showing resilience while the bond market faces pressure [6] Group 3: Trading Performance - The 10-year government bond yield opened at 1.6875% and fluctuated, closing at 1.7175%, reflecting a 2.65 basis point increase [6] - The trading volume for R001 was 74,543.21 million yuan, with a slight decrease of 135.63 million yuan, while R007 saw a volume of 6,707.92 million yuan, increasing by 160.03 million yuan [4]