According to the Shanghai Securities News, the national bond futures hit a new record high due to the news that the state-owned big banks lowered deposit rates and the central bank lowered the MLF operation rate by 20 basis points. Yesterday (25th), the 30-year national bond futures block orders rose by 0.4%, hitting a new closing high, while the 10-year national bond futures block orders fell slightly, but also reached a historical high during the trading day.

Analysts believe that after the rate cut, short-term interest rates have significantly declined, while long-term interest rates remain relatively restrained, but fundamental factors still support further downward movement of bond yields. In the current market sentiment and policy environment, institutions suggest investors to operate cautiously in bond investments, avoid excessive extension of duration, and pay attention to PBOC's possible policy direction and market adjustment opportunities.