Core Viewpoint - The trading of 21国债14 was temporarily suspended due to a significant price drop of 10% caused by a single transaction, highlighting the low liquidity of this bond [1][3][5]. Group 1: Trading Suspension Details - On April 8, 21国债14 experienced a 10% drop, leading to a temporary trading suspension by the Shanghai Stock Exchange from 13:42 to 14:12 [1][3]. - A specific transaction at 13:42:46, involving 33 lots at a price of 90 yuan, resulted in a total transaction amount of 29,700 yuan, which triggered the price drop [3][5]. - The trading rules state that if the price of government bonds fluctuates by 10% or more, a temporary suspension of 30 minutes is enacted [4]. Group 2: Market Context - Despite the suspension of 21国债14, the overall bond market remained bullish on April 8, with 30-year and 10-year government bond futures rising by 0.15% and 0.04%, respectively [4]. - The yield on the 10-year government bond was reported at 2.28%, while the 30-year bond yield was at 2.47%, both down by 1 basis point [4]. - 21国债14 is a 30-year bond issued on October 20, 2021, with a total issuance of 26 billion yuan and a coupon rate of 3.53% [4].

Core Viewpoint - The recent 10% drop in the trading price of "21 Government Bond 14" is considered a normal market fluctuation, with minimal impact on overall bond valuation and institutional product valuations [1][2][3]. Group 1: Market Reaction - On April 8, "21 Government Bond 14" experienced a 10% drop in price, trading at 90 yuan, leading to a temporary suspension of trading due to abnormal fluctuations [3]. - The bond had a total transaction amount of 29,700 yuan with a trading volume of 33 lots, indicating limited trading activity [3]. Group 2: Valuation Impact - The valuation of bonds is primarily determined by factors such as coupon rates, duration, and risk-free interest rates, making the impact of small transactions on overall bond valuation negligible [2]. - Despite the significant drop in price, it is expected that the bond's valuation may slightly increase compared to the previous day, reflecting stability in the bond market [2]. Group 3: Trading Dynamics - The bond market operates differently from the stock market, with bond pricing being more influenced by daily valuations rather than individual small transactions [1][2]. - Large holders of bonds make investment decisions based on overall bond valuations, thus minimizing the effect of sporadic small trades on market perception [2].