新华财经北京12月26日电（王菁）债市周五（12月26日）小幅回暖，国债期货主力全线收涨，银行间现 券收益率多数回落0.5-1BP；公开市场单日净投放368亿元，临近月末短端资金利率有所回升。 机构认为，临近年底，市场交投渐趋清淡，预计短期震荡格局难改，后续仍需关注资金面变化及政策信 号。结构性货币政策将继续巩固低利率运行格局，但期限利差或阶段性波动。明年政府债券供给料维持 高位，可能对流动性形成扰动。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.36%报112.96，10年期主力合约涨0.10%报108.3，5年期主 力合约涨0.05%报106.05，2年期主力合约涨0.03%报102.548。 银行间主要利率债收益率普遍小幅下行，30年期国债"25超长特别国债06"收益率下行0.2BP报2.223%， 10年期国开债"25国开15"收益率下行0.2BP报1.905%，10年期国债"25附息国债16"收益率下行0.4BP报 1.835%，7年期国债"25附息国债18"收益率下行1.1BP报1.6865%。 中证转债指数收盘下跌0.04%，报493.25点，成交金额928.25亿元。万得可转债等 ...

Core Viewpoint - The bond market showed signs of recovery after the National Day holiday, with government bond futures rising across the board and interbank bond yields declining by 1-2 basis points [1][2]. Market Performance - Government bond futures closed higher, with the 30-year main contract up 0.46% at 114.530, the 10-year main contract up 0.15% at 108.045, the 5-year main contract up 0.07% at 105.730, and the 2-year main contract up 0.02% at 102.394 [2]. - Major interbank bond yields generally decreased, with the 30-year government bond yield down 1.25 basis points to 2.117%, the 10-year policy bank bond yield down 0.65 basis points to 1.956%, and the 10-year government bond yield down 1 basis point to 1.773% [2]. Liquidity and Monetary Policy - The central bank announced a net withdrawal of 14,513 billion yuan in a single day, indicating a seasonal widening of liquidity gaps in October [1][4]. - The central bank conducted a 61.2 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a total of 20,633 billion yuan in reverse repos maturing on the same day [4]. - The central bank's announcement of a buyout reverse repurchase operation before the holiday signals a commitment to maintaining ample liquidity in the banking system [4]. Institutional Insights - Huatai Securities believes that the fundamentals and supply conditions are favorable for bonds in October, with stable liquidity and potential for interest rate cuts and bond purchases [7]. - CITIC Securities notes that seasonal cash demand and increased fiscal deposits may lead to a significant liquidity gap, prompting the central bank's actions to signal a supportive monetary policy [7].

Core Points - The China Securities Convertible Bond Index decreased by 0.03%, closing at 428.92 points [1] - The Wind Convertible Bond Equal-weighted Index fell by 0.41%, ending at 204.01 points [1] Performance Summary - The top gainers in convertible bonds included Zhongqi Convertible Bond, Liming Convertible Bond, Jingzhuang Convertible Bond, Xiaoming Convertible Bond, and Hangyang Convertible Bond, with increases of 8.24%, 6.49%, 4.82%, 3.52%, and 3.30% respectively [1] - The largest decliners were Zhengyu Convertible Bond, Yanggu Convertible Bond, Fuxin Convertible Bond, Henghui Convertible Bond, and Jingda Convertible Bond, with decreases of 5.35%, 5.33%, 4.69%, 4.51%, and 4.34% respectively [1]