国债期货收盘全线下跌，30年期主力合约跌0.21%报119.27，10年期主力合约跌0.11%报108.52，5年期 主力合约跌0.09%报105.79，2年期主力合约跌0.03%报102.38。 银行间主要利率债收益率普遍上行，30年期国债"25超长特别国债02"收益率上行0.25BP至1.911%，10年 期国开债"25国开10"收益率上行0.5BP至1.7825%，10年期国债"25附息国债11"收益率上行0.75BP至 1.7%。 中证转债指数收盘下跌0.04%，报459.42点，成交金额859.25亿元。天路转债、塞力转债、中旗转债、 大禹转债、晶澳转债涨幅居前，分别涨20.00%、11.16%、7.85%、7.45%、6.26%。飞鹿转债、应急转 债、柳工转2、西子转债、微芯转债跌幅居前，分别跌10.52%、5.64%、5.02%、4.33%、4.31%。 【海外债市】 北美市场方面，当地时间7月22日，美债收益率全线走低，2年期美债收益率跌2.31BPs报3.8292%，3年 期美债收益率跌3.36BPs报3.7768%，5年期美债收益率跌2.99BPs报3.8833%，10年期美债收益率跌 3 ...

Market Overview - The bond market returned to a weak state on June 30, with all major government bond futures closing lower and interbank bond yields generally rising by 1-2 basis points [1][2] - The central bank conducted a net injection of 111 billion yuan in the open market, while short-term cross-quarter funding rates continued to rise [1][5] Bond Futures and Yields - The closing prices for government bond futures showed declines: 30-year futures down 0.43% to 120.420, 10-year down 0.16% to 108.895, 5-year down 0.10% to 106.160, and 2-year down 0.05% to 102.498 [2] - Major interbank bond yields increased, with the 30-year government bond yield rising by 1.05 basis points to 1.8635%, and the 10-year government bond yield increasing by 0.6 basis points to 1.728% [2] International Bond Market - In North America, U.S. Treasury yields rose across the board, with the 2-year yield increasing by 3.47 basis points to 3.746% and the 10-year yield rising by 3.13 basis points to 4.271% [3] - In Asia, Japanese bond yields showed mixed results, with the 10-year yield down 0.2 basis points to 1.428% [3] - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all increased, with the German yield rising by 2.1 basis points to 2.587% [3] Primary Market - Agricultural Development Bank's three issues of financial bonds had bidding yields lower than the China Bond valuation, with yields for 91-day, 3-year, and 5-year bonds at 1.3068%, 1.5473%, and 1.6197% respectively [4] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 331.5 billion yuan at a fixed rate of 1.40%, with a net injection of 111 billion yuan for the day [5] - Short-term Shibor rates rose across the board, with the overnight rate up 5.1 basis points to 1.422% and the 7-day rate up 9.5 basis points to 1.763% [5] Economic Indicators - The official non-manufacturing PMI for June was 50.5, up 0.2 percentage points from the previous month, indicating continued expansion in the non-manufacturing sector [6][7] - The official manufacturing PMI for June was 49.7, showing an improvement from the previous value of 49.5, indicating a slight recovery in manufacturing activity [6][7] Institutional Insights - Huatai Fixed Income noted that the bond market is currently crowded, with high leverage and low credit spreads, suggesting potential volatility risks ahead [8] - CITIC Fixed Income indicated that the central bank's net injection model may continue into July, with expectations of a better liquidity environment compared to June [8]

Market Overview - The bond market continued to show weakness, with most government bond futures closing lower and interbank bond yields rising slightly by around 0.5 basis points [1] - The central bank conducted a net injection of 58.5 billion yuan in the open market, while short-term funding rates exhibited some divergence [1] Bond Futures and Yields - The closing prices for government bond futures showed a decline, with the 30-year main contract down by 0.04% to 119.400, while the 10-year main contract remained flat at 108.730 [2] - The yields on major interbank bonds mostly continued to rise, with the 10-year government bond yield increasing by 0.75 basis points to 1.705% [2] International Bond Markets - In North America, U.S. Treasury yields collectively fell, with the 2-year yield down by 0.74 basis points to 3.974% [3] - In Asia, Japanese bond yields mostly rose, with the 10-year yield increasing by 5.3 basis points to 1.514% [3] - In the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain all decreased [3] Primary Market Activity - Agricultural Development Bank's financial bonds had successful bids with yields of 1.4792%, 1.7059%, and 1.7985% for 1.074-year, 3-year, and 10-year maturities, respectively [4] Funding Conditions - The central bank announced a 215.5 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a net injection of 58.5 billion yuan for the day [5] - The Shibor rates showed mixed performance, with the overnight rate declining by 4.1 basis points to 1.411% [5] Institutional Insights - Citic Securities indicated that uncertainty may persist in the economic landscape through 2025, with a projected GDP growth of 5% for the year [6] - China International Capital Corporation noted that credit bond supply may continue to recover, while short-term credit spreads are at historically low levels [7]

新华财经北京5月12日电（王菁）债市周一（5月12日）延续弱势情绪，长债调整幅度更大，国债期货主 力全线收跌，银行间现券收益率上行2BPs左右；公开市场单日净投放430亿元，资金利率普遍延续回 落。 机构认为，宽货币集中落地，货政报告强调灵活施策，政策或仍有空间。降准降息叠加公开市场净投放 增加，引导资金利率中枢有所降低，流动性宽松格局或延续。政策利多兑现后交易逻辑或转向基本面， 长债收益率预计维持窄幅震荡。 【行情跟踪】 国债期货尾盘受重要会谈结果公告影响大幅下挫，30年期主力合约跌1.31%，10年期主力合约跌 0.46%，5年期主力合约跌0.2%，2年期主力合约跌0.08%。 银行间现券收益率普遍上行，长债弱势更明显。截至发稿，10年期国开债"25国开05"收益率上行2BPs至 1.7175%，30年期国债"23附息国债23"收益率上行2.6BPs至1.902%，5年期国债"25附息国债03"收益率上 行1BP至1.475%，5年期国开债"25国开03"收益率持平报1.5425%。 中证转债指数收盘涨0.6%，40只可转债涨幅超2%，红墙转债、豪美转债、福立转债、亿田转债、中旗 转债涨幅居前，分别涨10 ...

新华财经北京4月16日电（王菁）债市周三（4月16日）偏强整理，日内特别国债发行安排短暂扰动市 场，部分投机机构止盈离场，午后逐渐趋稳，银行间现券收益率多数延续回落，整体幅度在1BP以内； 公开市场单日净回笼144亿元，资金利率转为上行。 机构认为，二季度外需或是基本面的拖累项，降准可期、降息仍需要时间，而对冲政策力度相机抉择， 债市机会仍大于风险，但下行空间有限。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.13%报120.040，10年期主力合约涨0.15%报109.135，5年 期主力合约涨0.10%报106.39，2年期主力合约涨0.02%报102.562。 银行间主要利率债收益率普遍下行，截至发稿，10年期国开债"25国开05"收益率下行1.25BP报 1.6925%，10年期国债"25附息国债04"收益率下行2BPs报1.635%，30年期国债"24特别国债06"收益率下 行0.25BP报1.8525%。 中证转债指数收盘下跌0.55%，报417.68点，成交金额492.25亿元。京源转债、欧通转债、震裕转债、 天路转债、奥飞转债跌幅居前，分别跌7.59%、6.96%、5.66%、4 ...