中证转债指数收盘下跌0.45%，报485.62点，成交金额703.95亿元。惠城转债、恩捷转债、新致转债、 甬矽转债、亿纬转债跌幅居前，分别跌15.74%、9.17%、7.00%、6.50%、6.41%。中环转2、天路转债、 武进转债、东风转债、利民转债涨幅居前，分别涨20.00%、6.32%、5.86%、5.62%、5.51%。 【一级市场】 财政部2年、50年期国债加权中标收益率分别为1.4526%、2.2977%，全场倍数分别为2.48、3.62，边际 倍数分别为3.02、2.04。 新华财经北京10月10日电（王菁）债市周五（10月10日）重回弱势，国债期货全线收跌，银行间现券早 间持稳、午后收益率全线上行1BP左右；公开市场单日净回笼1910亿元，资金利率月初仍延续回落。 机构认为，节后债市再度偏弱震荡，机构目前关注十五五规划、公募销售新规落地、或机构行为冲击带 来超调时的小幅反击机会，随着四季度基本面对债市的定价权逐步提升，债市在四季度大概率存在修复 机会。 【行情跟踪】 国债期货收盘全线下跌，30年期主力合约跌0.49%报113.970，10年期主力合约跌0.06%报107.980，5年 期主力 ...

新华财经北京10月9日电（王菁）国庆长假过后首个交易日（10月9日），债市期现券同步回暖，午后长 端品种表现更趋强势，国债期货主力全线收涨、银行间现券收益率下行1-2BPs；公开市场单日净回笼 14513亿元，月初资金利率普遍显著回落。 机构认为，10月流动性缺口可能季节性走阔，央行节前公告买断式逆回购释放了一定宽松信号，当前收 益率曲线较为平坦，后续或"先牛陡后牛平"的概率更大。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.46%报114.530，10年期主力合约涨0.15%报108.045，5年 期主力合约涨0.07%报105.730，2年期主力合约涨0.02%报102.394。 银行间主要利率债收益率普遍下行，30年期国债"25超长特别国债02"收益率下行1.25BP报2.117%，10年 期国开债"25国开15"收益率下行0.65BP报1.956%，10年期国债"25附息国债11"收益率下行1BP报 1.773%。 中证转债指数午盘上涨0.65%，报488.64点。万得可转债等权指数上涨0.70%，报238.03点。豪美转债、 微导转债、精达转债、雪榕转债、科达转债涨幅居前，分别涨13. ...

上证报中国证券网讯 10月9日，中证转债指数高开0.14%，报486.17点。冠中转债涨10.28%，中金转债 涨3.93%，惠城转债涨3.65%；阳谷转债跌2.85%，华懋转债跌2.70%，新23转债跌1.66%，塞力转债跌 1.46%。 来源：上海证券报·中国证券网 ...

新华财经北京9月29日电（王菁）债市周一（9月29日）重回弱势，周末公布的宏观经济数据再次强化风 险偏好，期现券再度承压调整，国债期货全线收跌，银行间现券收益率午后扩大上行幅度；公开市场单 日净投放481亿元，月末短端资金利率延续上行。 机构认为，长债在基本面持续改善等因素影响下，交投情绪谨慎偏弱。此前重启14天期逆回购，主要是 考虑到国庆长假因素，意在与近日操作的七天期逆回购到期时间错开，以避免节后资金集中到期对流动 性造成扰动。 【行情跟踪】 国债期货收盘全线下跌，30年期主力合约跌0.47%报113.720，10年期主力合约跌0.01%报107.660，5年 期主力合约跌0.04%报105.485，2年期主力合约跌0.02%报102.326。 银行间主要利率债收益率走势分化，中长券走弱，短券偏暖。10年期国开债"25国开15"收益率上行 1.25BP报1.9775%，30年期国债"25超长特别国债02"收益率上行1.75bp报2.1375%，1年期农发债"25农发 31"收益率下行1.5BP报1.565%。 中证转债指数收盘上涨0.87%，报482.19点，成交金额767.77亿元。冠中转债、景兴转债、 ...

新华财经北京9月25日电（王菁）债市周四（9月25日）延续弱势，银行间现券收益率上行1-2BPs，国债 期货多数收跌，超长端品种尾盘稍有平复；MLF增量续做流动性改善有限，供给尚可回购利率未脱高 位，公开市场单日净回笼35亿元，短端及跨月资金利率仍上行。 【资金面】 公开市场方面，央行公告称，9月25日以固定利率、数量招标方式开展了4835亿元7天期逆回购操作，操 作利率1.40%，投标量4835亿元，中标量4835亿元。数据显示，当日4870亿元逆回购到期，据此计算， 单日净回笼35亿元。 央行连续七个月加量续做MLF。央行9月24日发布公告称，将在25日以固定数量、利率招标、多重价位 中标方式开展6000亿元中期借贷便利（MLF）操作，期限为1年期。鉴于9月有3000亿元MLF到期，本 月央行MLF净投放将达到3000亿元，为连续第7个月对MLF加量续作。综合来看，MLF与买断式逆回购 两项政策工具在9月合计释放中期流动性6000亿元，与8月净投放规模持平，继续展现央行适度宽松的货 币政策取向。 机构认为，MLF续做对债市情绪安抚有限，而公开市场则继续净回笼，季末资金面仍承压不减，现券 期货整体偏弱。午后 ...

Market Overview - The bond market experienced fluctuations with long-term bonds leading the decline, as the main government bond futures closed lower across the board [1][2] - The interbank bond yield rose by 1-2 basis points, with the 10-year government bond yield increasing by 1.35 basis points to 1.801% [2] Monetary Policy and Liquidity - The central bank conducted a net withdrawal of 10.9 billion yuan in the open market, indicating a gradual increase in liquidity after the mid-month tax period [1][5] - The short-term Shibor rates mostly declined, with the overnight rate falling by 1.4 basis points to 1.413% [5] Institutional Insights - Citic Securities noted that the urgency for the central bank to initiate government bond trading is not strong in the short term, but the increased bond purchases by state-owned banks reflect a relatively loose liquidity environment [6] - China International Capital Corporation (CICC) observed increased volatility in the bond market due to funding disturbances and expectations of wider credit, with credit bonds performing relatively well [7] International Bond Market Trends - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 2.12 basis points to 4.147% [3] - In Asia, Japanese bond yields also increased, with the 10-year yield rising by 1.2 basis points to 1.651% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all saw slight increases [3] Primary Market Activity - The China Development Bank's financial bonds had a competitive bidding yield of 1.6011% for 2-year bonds, 1.7430% for 5-year bonds, and 1.9881% for 10-year bonds, with strong bid-to-cover ratios [4]

Core Viewpoint - The bond market showed slight strengthening on September 22, with a focus on macroeconomic policies aimed at stabilizing growth, while the stock market remains favored [1][8]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.22% to 115.130, the 10-year main contract up 0.20% to 107.975, and the 5-year main contract up 0.13% to 105.770 [2]. - The yields on major interbank bonds generally declined, with the 10-year government bond yield down 1 basis point to 1.785% [2]. International Market Trends - In North America, U.S. Treasury yields rose collectively, with the 10-year yield increasing by 2.49 basis points to 4.125% [3]. - In Asia, Japanese bond yields increased, with the 10-year yield rising by 1.5 basis points to 1.654% [4]. Monetary Policy and Liquidity - The People's Bank of China (PBOC) resumed 14-day reverse repo operations, injecting 2,605 billion yuan into the market, marking the first such operation in nearly eight months [6]. - The Shibor rates showed mixed performance, with the overnight rate down 3.4 basis points to 1.427% [6]. Economic Indicators - The LPR remained stable in September, with the 1-year LPR at 3% and the 5-year LPR at 3.5%, indicating a cautious approach to monetary policy amid economic pressures [7]. - As of June 2023, China's banking sector assets reached nearly 470 trillion yuan, ranking first globally, with significant achievements in green finance and digital finance [8]. Institutional Insights - Huatai Securities suggests that the 10-year government bond yield may reach a short-term ceiling of 1.8-1.9%, recommending cautious positioning [9]. - Guotai Junan Securities notes that the current yield spread between local and national bonds does not offer significant value, while the yield spread for 20-year bonds is at a historically low level [9].

Core Viewpoint - The recent adjustments in the central bank's monetary policy, particularly the changes in the 14-day reverse repurchase operations, aim to enhance liquidity management and stabilize the yield curve in the bond market [1][12][16]. Market Overview - The bond market experienced a divergence in performance, with short-term rates slightly declining while long-term rates fluctuated due to various factors, including U.S.-China trade talks and expectations of central bank bond purchases [1][5]. - The yield on the 10-year government bond rose by nearly 1 basis point to 1.80% during the week [1][2]. Yield Curve Changes - The yield curve for government bonds showed mixed movements from September 12 to September 19, with notable changes in various maturities, such as a 5.64 basis point increase in the 2-year yield and a 1.19 basis point increase in the 10-year yield [2][3]. Primary Market Activity - A total of 85 bonds were issued in the previous week, amounting to 664.54 billion yuan, with government bonds accounting for 32.75 billion yuan [7]. - For the upcoming week, 85 bonds are planned for issuance, totaling 447.05 billion yuan, including 21.70 billion yuan in government bonds [7]. International Market Context - The U.S. Treasury market weakened following the Federal Reserve's decision to cut rates by 25 basis points, with the 10-year U.S. Treasury yield rising by 6 basis points to 4.13% [8][11]. - The Fed's recent rate cut is seen as a risk management decision amid economic uncertainties, with expectations of further rate cuts later in the year [9][10]. Institutional Insights - Financial institutions suggest that the recent changes in the central bank's operations could lead to a more effective liquidity management strategy, potentially lowering banks' funding costs and stabilizing the bond market [16][17]. - Analysts predict that bond yields may continue to decline in the coming months due to factors such as slowing economic growth and increased demand for bonds amid a weaker dollar [17][18].

Market Overview - On September 19, the A-share market continued to consolidate at high levels, with the Shanghai Composite Index closing at 3820.09 points, down 0.30% [1] - Major Asia-Pacific indices mostly declined, with the Nikkei 225 down 0.57% at 45045.81 points and the Korean Composite Index down 0.46% at 3445.24 points [1] - Hong Kong's three major indices experienced slight gains, with the Hang Seng Index closing at 26545.10 points, up 0.25% [1] Currency and Bonds - On September 19, the onshore RMB against the USD closed at 7.1125, a decrease of 46 basis points from the previous trading day [2] - Domestic government bond futures collectively fell, with the 30-year main contract down 0.76%, the 10-year down 0.21%, the 5-year down 0.13%, and the 2-year down 0.05% [3] ETFs and Sector Performance - On September 19, the China Securities Convertible Bond Index fell by 0.54% to 473.61 points [4] - The performance of ETFs was mixed, with the S&P Biotechnology ETF rising by 2.92% and the Coal ETF up by 2.52%, while the China A50 ETF fell by 9.35% [4] Institutional Insights - According to Industrial Bank Fund, the impact of the Federal Reserve's interest rate cuts on domestic policy is minimal, with a low probability of following suit in the short term [5] - The robotics sector recently experienced a pullback after a period of gains, primarily driven by Tesla's overseas developments [5] - HSBC's Chief Asian Economist noted that declining U.S. interest rates may pressure the USD against other currencies, including the RMB [5] - CICC's research suggests that most companies may limit their applications to specific vertical scenarios, while a few may define standards for "embodied intelligence" through technology integration [5]

Market Overview - The bond market showed stability in the morning but weakened in the afternoon, with all major government bond futures closing down [1] - The yield on interbank bonds generally rose by about 2 basis points [1] - The central bank conducted a net injection of 124.3 billion yuan in the open market, indicating that liquidity conditions have not significantly improved [1][5] Bond Futures Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.76% to 114.800, the 10-year down 0.21% to 107.835, the 5-year down 0.13% to 105.675, and the 2-year down 0.05% to 102.364 [2] - The yield on the 10-year government bond rose by 2.15 basis points to 1.804% [2] International Bond Market - In North America, U.S. Treasury yields rose collectively, with the 10-year yield increasing by 1.15 basis points to 4.101% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield up 3.6 basis points to 1.636% [3] - In the Eurozone, the 10-year French bond yield rose by 6.1 basis points to 3.543% [3] Primary Market - The Ministry of Finance's auction results for two issues of government bonds showed a weighted average yield of 1.8321% for the 10-year bond and 2.1725% for the 30-year bond, with bid-to-cover ratios of 3.32 and 3.34 respectively [4] Liquidity Conditions - The central bank announced a 7-day reverse repurchase operation of 354.3 billion yuan at a rate of 1.40%, with a net injection of 124.3 billion yuan for the day [5] - Shibor rates showed mixed performance, with the overnight rate down 5.3 basis points to 1.461% and the 14-day rate up 6.6 basis points to 1.647% [5] Institutional Insights - Long-term bond funds have not seen a significant reduction in duration despite market adjustments, with the median duration remaining around 2.5 years [6] - There is an expectation of continued government bond net financing decline, with fiscal spending intensity showing a downward trend [7] - Market expectations for the central bank to resume government bond purchases have increased, providing some support for interest rates [7]