新华财经上海10月8日电（记者杨溢仁）7月以来，随着权益市场持续上涨，债市迎来回调。目前，30年 期国债活跃券与10年期国债活跃券的利差已升至2023年以来75%分位数以上，整体而言，纯债资产的配 置性价比有所提升。 不过不少业内人士也认为，当前债市正逐步修正过度透支的宽松预期，鉴于四季度政策性金融工具、促 消费等宽信用政策可能继续出台，则债市面临的扰动因素依旧较多，短期内"防御为主"或是更稳妥的策 略，但考虑到央行呵护资金面、重启国债买卖的可能性增大等偏多因素的存在，机构在适当控制久期水 平的同时，也可把握超跌反弹的交易机会。 债市不改弱震荡行情 "十一"长假前，银行间利率债市场收益率展开弱势震荡。 中央国债登记结算有限责任公司提供的数据显示，截至9月30日收盘，银行间利率债市场收益率涨跌互 现。举例来看，中债国债收益率曲线3M期限下行4BP至1.34%；2年期收益率微跌1BP至1.49%；10年期 收益率行至1.86%附近。 "9月以来，债市利率不改震荡上行走势，收益率曲线走陡，主要的利空因素为中美谈判超预期、债基赎 回费面临上调促赎回压力加剧和'反内卷'情绪的阶段性升温。"财通证券研究所首席经济学家孙彬 ...

Core Insights - The interbank major bond yields continue to rise, with the 10-year government bond active yield increasing by 5 basis points and the 30-year government bond active yield rising by 6.4 basis points [1] Summary by Category Government Bonds - The 10-year government bond yield has increased by 5 basis points [1] - The 30-year government bond yield has increased by 6.4 basis points [1] Yield Data - The yield data for various maturities shows a consistent upward trend across different types of government bonds, indicating a tightening in the bond market [2]

Group 1 - The interbank major interest rate bond yields have risen sharply, with the 10-year government bond active yield increasing by 3.4 basis points and the 30-year government bond active yield rising by 5.15 basis points [1] - The current yields for various government bonds are as follows: 3Y at 1.4050, 5Y at 1.4200, 10Y at 1.4400, 30Y at 1.9275, indicating a general upward trend in yields across different maturities [2]