Core Viewpoint - The bond market continues to experience narrow fluctuations, with recent adjustments in LPR and deposit rates not significantly impacting market sentiment [1][2] Market Performance - As of May 21, the interbank bond market showed slight fluctuations in yield rates, with the 3-month government bond yield stable at 1.43%, the 2-year yield down 1 basis point to 1.48%, and the 10-year yield up 1 basis point to 1.71% [2] - The recent adjustments in LPR and deposit rates were anticipated and did not lead to significant market changes, as the market had already priced in the current easing measures [2][3] Institutional Perspectives - Some institutions maintain a bullish outlook on the bond market, suggesting that the current environment allows for active bond allocation and potential capital gains through extending duration [5] - The consensus among institutions is that the broad trend of declining interest rates remains intact, although the current sentiment is somewhat weak due to limitations on the downward movement of long-term rates [4][5] Future Expectations - The expectation is that the decline in deposit rates will lead to a decrease in other cash-like rates, which is crucial for managing banks' funding costs and stabilizing the financial system [4] - The market anticipates that as currency constraints ease, there will be continued downward adjustments in short-term rates, which could subsequently lead to declines in medium to long-term bond yields [4] Investment Strategies - The prevailing strategy among investors is to engage in wave trading, with 83% of surveyed investors favoring this approach, while others are considering duration adjustments and selective exposure to equity [6] - Institutions recommend focusing on medium to short-term bonds with positive carry, while also exploring opportunities in municipal private placement bonds and stable ABS valuations [6]

据国家统计局5月19日发布的数据，2025年1月至4月，新建商品房销售面积28262万平方米，同比下降 2.8％，降幅比1至3月收窄0.2个百分点。房地产开发企业到位资金32596亿元，同比下降4.1％，其中个 人按揭贷款4518亿元，同比下降8.5％。 21世纪经济报道记者 林秋彤 北京报道 5月20日，人民银行授权全国银行间同业拆借中心公布了新一期贷款市场报价利率（LPR）。1年期LPR 为3％，5年期以上LPR为3.5％，两个品种的报价均较上个月下降了10个基点。 同日，六大国有银行和招商银行、光大银行等股份行集体下调存款利率，其中活期存款利率下调了5个 基点，定期存款整存整取三个月期、半年期、一年期、二年期均下调了15个基点，三年期和五年期均下 调了25个基点。 民生银行首席经济学家温彬指出，今日（5月20日）大行和股份行牵头开启第七轮存款挂牌利率下调， 且本次存款利率下调幅度大于LPR降幅，有助于降低商业银行的负债成本。东方金诚宏观团队研究指 出，下调政策利率并引导LPR下行，将带动企业和居民贷款利率更大幅度下调，降低实体经济融资成 本，这是现阶段扩投资、促消费的一个重要发力点。 随着提振消费政策齐 ...