新华财经北京8月27日电（王菁）债市周三（8月27日）延续偏强整理，期现券涨幅较前两日有所收窄， 国债期货主力普遍收涨，银行间现券收益率在1BP以内震荡、午后下行居多；公开市场单日净回笼2361 亿元，临近月末资金利率有所分化。 机构认为，股市火热引发的资金虹吸效应影响渐弱，央行持续呵护下流动性基本稳定，就目前情况看， 跨月预计也不会有太大压力。现券收益率此前的上行，为近日的表现增厚了"保护垫"，自营类资金陆续 入场，可关注债市是否会走出自己的行情。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.24%报117.4，10年期主力合约涨0.08%报108.02，5年期主 力合约涨0.07%报105.59，2年期主力合约涨0.02%报102.406。 银行间主要利率债收益率窄幅波动、午后下行居多，30年期国债"25超长特别国债02"收益率下行0.5BP 至1.9825%，10年期国开债"25国开15"收益率下行0.5BP至1.8425%，10年期国债"25附息国债11"收益率 下行0.25BP至1.7575%。 中证转债指数收盘下跌2.82%，报476.94点，成交金额1110.27亿元。振华转债、松 ...

新华财经北京8月6日电（王菁）债市周三（8月6日）偏强整理，期现券涨势有所收窄，国债期货主力多 数收涨，银行间现券收益率振幅多在0.5BP左右；公开市场单日净回笼1705亿元，短端资金利率重回上 行。 机构认为，近期在恢复征收增值税消息影响之下，部分老券反应略显过度，有资金选择止盈离场，导致 市场情绪稍有回调。目前来看，基本面、资金面和配置需求对债市仍有支撑，但交易拥挤度偏高加之扰 动因素较多，市场波动性可能进一步放大，未来一段时间债市将延续高波动震荡行情。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约跌0.04%报119.330，10年期主力合约持平于108.555，5年期主 力合约涨0.02%报105.775，2年期主力合约涨0.02%报102.370。 银行间主要利率债收益率窄幅波动，截至发稿，10年期国开债"25国开10"收益率上行0.25BP至1.797%， 10年期国债"25附息国债11"收益率下行0.5BP至1.6975%，30年期国债"25超长特别国债02"收益率下行 0.25BP至1.915%，50年期国债"25超长特别国债03"收益率持平报2.01%。 中证转债指数收盘上涨0.58 ...

国债期货收盘全线下跌，30年期主力合约跌0.46%报119.970，10年期主力合约跌0.05%报108.760，5年 期主力合约跌0.05%报105.955，2年期主力合约跌0.01%报102.420。 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1.25BP至1.8865%，10 年期国开债"25国开10"收益率上行1BP至1.7525%，10年期国债"25附息国债11"收益率上行1BP至 1.6745%，5年期国债"25附息国债03"收益率上行1.5BP至1.5175%。 中证转债指数收盘上涨0.78%，报457.41点，成交金额741.79亿元。天路转债、红墙转债、飞鹿转债、 聚隆转债、景23转债涨幅居前，分别涨20.00%、13.57%、12.11%、10.92%、8.49%。宏丰转债、惠城转 债、奥飞转债、晶瑞转债、欧通转债跌幅居前，分别跌8.01%、5.77%、2.11%、2.11%、1.90%。 【海外债市】 机构认为，市场止盈情绪阶段性释放，债市目前仍未突破窄幅波动格局短期因素或造成局部扰动，但中 长期视角下，债市面临利空风险仍相对有限，策略上建议保持仓位、 ...

Core Viewpoint - The bond market is experiencing slight differentiation in trends, with government bond futures mostly declining, while interbank cash bond yields have turned downward, indicating a potential shift in market dynamics due to continued monetary policy easing by the central bank [1][7]. Market Trends - On June 23, government bond futures closed mostly lower, with the 30-year main contract down 0.04% at 121.290, and the 10-year main contract down 0.01% at 109.155 [2]. - The interbank major rate bond yields mostly decreased, with the 10-year government bond yield down 0.1 basis points to 1.6370% [2]. - The China Convertible Bond Index rose by 0.43% to 434.97 points, with a trading volume of 543.51 billion yuan [2]. International Market Overview - In North America, U.S. Treasury yields collectively fell, with the 10-year yield down 1.59 basis points to 4.373% [3]. - In Asia, Japanese bond yields increased, with the 10-year yield rising 1.5 basis points to 1.413% [3]. - In the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain all decreased, while the UK saw a slight increase in its 10-year yield [3]. Primary Market Activity - The 10-year "Inner Mongolia 2517" bond had a winning bid rate of 1.77%, with a total bid multiple of 26.15 [4]. - Guizhou Province's five local bonds showed strong demand, with bid multiples exceeding 28 times for all issues [4]. Funding Conditions - The central bank conducted a 220.5 billion yuan reverse repurchase operation at a rate of 1.40% on June 23, with the total bid amount matching the amount accepted [5]. - Short-term Shibor rates mostly declined, with the overnight rate down 0.1 basis points to 1.367% [5]. Institutional Insights - Institutions note a current supply-demand imbalance in the bond market, with strong supply and weak demand, particularly in short-term bonds [7]. - There is potential for a shift in this dynamic due to an increase in government bond maturities and possible reductions in insurance long-term liability costs [7]. - The overall sentiment in the bond market remains cautious, with expectations of continued monetary policy easing and potential recovery in government bond trading [7].

Core Viewpoint - The bond market showed slight recovery with government bond futures rising marginally, while interbank bond yields remained stable, indicating a structural liquidity gap and limited downward movement for short-term rates [1][5]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.02% to 120.500, the 10-year main contract up 0.02% to 109.020, the 5-year main contract up 0.04% to 106.175, and the 2-year main contract up 0.03% to 102.464 [2]. - The interbank major rate bonds showed slight divergence, with the 10-year policy bank bond yield down 0.35 basis points to 1.704%, while the 30-year government bond yield rose 0.2 basis points to 1.851% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down 5 basis points to 3.897% and the 10-year yield down 6.11 basis points to 4.359% [3]. - In Asia, Japanese bond yields mostly declined, with the 10-year yield down 4.9 basis points to 1.41% [3]. - In the Eurozone, 10-year bond yields also decreased, with French yields down 4.5 basis points to 3.179% and German yields down 6.1 basis points to 2.472% [3]. Primary Market - The Ministry of Finance reported weighted average winning yields for 2-year and 10-year government bonds at 1.38% and 1.6260%, respectively, with bid-to-cover ratios of 3.27 and 4.43 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation of 2025 billion yuan at a rate of 1.40%, resulting in a net injection of 675 billion yuan for the day [5]. - Short-term Shibor rates mostly increased, with the overnight rate rising 4.4 basis points to 1.411% [5]. Institutional Insights - Citic Securities expects limited impact from short-term fundamental recovery on the bond market, suggesting a focus on the upcoming political bureau meeting and monetary policy statements [6]. - Guosheng Securities advocates for a barbell strategy, emphasizing the importance of high-rated bonds while increasing holdings in mid-to-low priced convertible bonds and quality themes [7].