银行间主要利率债收益率盘初普遍下行，30年期国债"25超长特别国债02"收益率下行2bp报1.9275%，10 年期国开债"25国开10"收益率下行1.75bp报1.81%。 ...

银行间主要利率债收益率盘初普遍上行，10年期国开债"25国开10"收益率上行1.25bp，10年期国债"25 附息国债11"收益率上行1bp，30年期国债"25超长特别国债02"收益率上行1.2bp。 ...

银行间主要利率债收益率盘初普遍上行，30年期国债"25超长特别国债02"收益率上行1.05bp，10年期国 开债"25国开10"收益率上行1bp，10年期国债"25附息国债11"收益率上行0.6bp。 ...

Core Viewpoint - The bond market is experiencing a strong consolidation, with expectations that the central bank will maintain its current policy on reverse repos to ensure liquidity in the banking system [1][5][7]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.35% to 119.780, and the 10-year main contract increasing by 0.17% to 108.925 [2]. - The yields on major interbank bonds mostly declined slightly, with the 10-year government bond yield down by 0.25 basis points to 1.6655% [2]. Monetary Policy Actions - The central bank conducted a 1350 billion yuan reverse repo operation at a fixed rate of 1.40%, with a total of 2911 billion yuan in reverse repos maturing on the same day, resulting in a net withdrawal of 1561 billion yuan [5][6]. - The central bank is set to conduct a 10,000 billion yuan buyout reverse repo operation for three months, marking the first public operation of this kind at the beginning of the month [5][7]. Institutional Insights - Citic Securities suggests that the buyout reverse repo operations will continue to be a channel for medium to long-term liquidity, with pricing becoming more market-oriented [7]. - Dongfang Jincheng notes that the central bank's announcement of large-scale buyout reverse repos is likely related to the peak of interbank certificate maturities in June, which amounts to 4.16 trillion yuan [7]. - Huachuang Fixed Income indicates that the central bank's approach to announcing operation scales in advance will help institutions manage liquidity better [7].