每经AI快讯，12月25日，银行间主要利率债中长端转强，10年期活跃券"25国开15"收益率下行0.15bp报 1.896%，同期限"25附息国债16"下行0.2bp报1.833%；30年期"25超长特别国债06"下行0.3bp报 2.2155%。 ...

Market Overview - The bond market experienced a "strong then weak" trend on December 12, with yields initially declining after the release of important meeting content, but later weakening as the day progressed [1] - The sentiment in the bond market showed a brief recovery in the morning, but momentum weakened by noon, leading to a decline in bond prices in the afternoon [1] - The central bank conducted a net withdrawal of 19.3 billion yuan in the open market, with most funding rates rising [1] Interest Rates and Yields - The main contracts for government bond futures closed down across the board, with the 30-year contract falling by 0.71% to 112.47, and the 10-year contract down by 0.13% to 107.985 [2] - The yields on major interbank bonds rose by approximately 2 basis points, with the 7-year active bond yield at 1.72% and the 10-year active bond yield at 1.835% [2] - The central government's 2-year and 10-year bond weighted average bidding yields were 1.36% and 1.8090%, respectively, with bid-to-cover ratios of 2.69 and 3.58 [5] Global Bond Market - In North America, U.S. Treasury yields varied, with the 10-year yield rising by 0.78 basis points to 4.155% [3] - In Asia, Japanese bond yields mostly continued to rise, with the 10-year yield increasing by 2.2 basis points to 1.952% [4] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, with the French yield at 3.551% [4] Monetary Policy and Economic Outlook - The Central Economic Work Conference emphasized the continuation of a more proactive fiscal policy and a moderately loose monetary policy, with a focus on addressing local fiscal difficulties [7][8] - The meeting outlined eight key tasks, including promoting investment stabilization and expanding the scale of central budget investments [7] - Institutions predict that the timing for potential rate cuts may occur sooner than market expectations, possibly by the end of this year or the first quarter of next year [1][9]

每经AI快讯，12月12日，银行间主要利率债收益率多数上行，7年期活跃券"25附息国债18"收益率上行 1.75bp报1.7175%；10年期活跃券"25附息国债16"上行1.7bp报1.832%，同期限"25国开15"上行1.2bp报 1.895%；30年期"25超长特别国债06"上行1.1bp报2.219%。 ...

每经AI快讯，12月12日，银行间利率债中长期转弱，30年期活跃券"25超长特别国债06"收益率下行 0.05bp报2.2075%，盘初一度下行超1bp；10年期活跃券"25附息国债16"转为上行1bp报1.825%，同期限 活跃券"25国开15"上行0.3bp报1.886%。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月3日，银行间主要利率债收益率午间多数下行，30年期国债"25超长特别国债06"收益 率上行0.1bp报2.2060%，10年期国开债"25国开15"收益率下行0.35bp报1.9045%，10年期国债"25附息国 债16"收益率下行0.7bp报1.8290%。 ...

Core Viewpoint - The interbank major interest rate bond yields have collectively risen, indicating a shift in market sentiment towards higher yields [1] Group 1: Yield Changes - The 30-year "25 Super Long Special Government Bond 06" yield increased by 0.75 basis points to 2.1525% [1] - The 10-year "25 National Development 15" yield rose by 0.55 basis points to 1.878% [1] - The same maturity "25 Coupon Government Bond 16" yield went up by 0.65 basis points to 1.8075% [1]

Core Viewpoint - The interbank major bond yields have experienced a rapid increase, indicating a shift in the bond market dynamics [1] Group 1: Yield Changes - The yield on the 10-year policy bank bond "25国开15" rose by 1.5 basis points to 1.9580% [1] - The yield on the 10-year government bond "25附息国债11" increased by 1.4 basis points to 1.77580% [1] - The yield on the 30-year government bond "25超长特别国债02" went up by 1.6 basis points to 2.13% [1]

Core Viewpoint - The bond market continues to experience a downturn, with government bond futures showing a significant decline and a tightening liquidity environment affecting market sentiment [1][2][5]. Market Performance - Government bond futures closed lower across the board, with the 30-year main contract down 0.86% to 114.76, marking the lowest close since March 19 [2]. - The yield on the 10-year government bond increased by 2.75 basis points to 1.822%, while the yield on the 30-year bond rose by 2.5 basis points to 2.096% [2]. - The China Convertible Bond Index fell by 0.63% to 474.4 points, with a trading volume of 724.47 billion [2]. Overseas Market Trends - In North America, U.S. Treasury yields rose collectively, with the 2-year yield increasing by 7.41 basis points to 3.560% [3]. - Asian markets saw most bond yields rise, with the 5-year and 10-year yields increasing by 1.5 basis points and 0.4 basis points, respectively [3]. - In the Eurozone, most bond yields also increased, with the UK 10-year yield rising by 1.7 basis points to 4.621% [3]. Primary Market - The weighted average yield for the 91-day Treasury bond was 1.2745%, with a bid-to-cover ratio of 3.04 [4]. - The 5-year fixed-rate bond had a weighted average yield of 1.5973% and a bid-to-cover ratio of 3.24 [4]. - The 50-year special treasury bond had a yield of 2.2227% with a bid-to-cover ratio of 4.18 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation with a total of 3,040 billion at an interest rate of 1.40%, resulting in a net injection of 749 billion for the day [5]. - Short-term Shibor rates mostly increased, with the overnight rate rising by 0.6 basis points to 1.425% [5]. Economic Indicators - August CPI decreased by 0.4% year-on-year, while PPI fell by 2.9%, indicating a narrowing decline compared to the previous month [7]. - The core CPI has shown an expanding growth rate for four consecutive months, reflecting the effectiveness of policies aimed at boosting domestic demand [7]. Institutional Insights - Long-term liquidity is expected to remain stable, with the central bank likely to continue providing support for government bond issuance [8]. - The new regulations on public fund sales fees are anticipated to enhance the stability of public bond funds, potentially leading to increased inflows into bond ETFs [8].