银行间主要利率债收益率涨跌不一，截至下午16:30，10年期国债活跃券240011收益率持平报2.1375%，30年期国债活跃券2400001收益率下行0.55bp报2.3275%，10年期国开活跃券240210收益率持平报2.22%。Traders said that the equity market performed poorly, which is bullish for the bond market. The main contract of government bond futures TL opened high and rose 0.22%, with noticeable rotation in bond maturities. After consecutive declines in the short and medium term, the long and ultra-long term show higher cost-effectiveness.
Caixin's public market operation continues to shrink to 0.7 billion, and the Caixin China comprehensive PMI remains at 51.2, the lowest in nearly ten months since July. The active coupon rates for 2-5-year medium and short-term government bonds have all rebounded by more than 1.25bp.
Government bond futures closed with mixed changes, with the 30-year block orders rising by 0.22%, the 10-year block orders rising by 0.05%, the 5-year block orders falling by 0.03%, and the 2-year block orders falling by 0.04%.
The yields of the major interest rate bonds in the interbank market are mixed. As of 16:30 in the afternoon, the yield of the active 10-year government bond (240011) remained unchanged at 2.1375%, the yield of the active 30-year government bond (2400001) declined by 0.55bp to 2.3275%, and the yield of the active 10-year policy bank bond (240210) remained unchanged at 2.22%.
(Data source: QB, compiled by Caixin)
Traders expressed that the equity market performance was poor, with the SSE Composite Index falling below 2800, which is bullish for the bond market. The TL block orders of government bond futures opened high and closed up by 0.22%. There was a clear rotation of term bonds, with the long and ultra-long end showing higher cost-effectiveness after days of decline in the medium and short end. The lowest yield of the active 10-year government bond reached 2.128%.
In terms of research reports and strategies, Huatai Fixed Income believes that the direct reason for this round of credit bond adjustment is the precautionary redemption of wealth management, and the core factor is the relatively low cost-effectiveness of credit bonds. Looking ahead to the fourth quarter, the bond market fundamentals are positive but face headwinds. The bond market exhibits 'three lows and one high', with policy variables, bond supply, and redemption risks easily causing disturbances. In terms of strategy, variety selection + band operations > duration > leverage > credit sinking are emphasized, with a focus on anti-decline varieties such as commercial gold and ABS, to seize the allocation opportunities brought about by the adjustment of high-quality issuers.
In terms of macroeconomic data, in August, the Caixin China General Services Business Activity Index (Service PMI) recorded 51.6, a decrease of 0.5 percentage points from July, marking the second lowest level this year. The Caixin China comprehensive PMI remains at 51.2, the lowest in nearly ten months since July.
In terms of open market operations, the central bank conducted a 7-day reverse repurchase operation of 0.7 billion yuan with an operation rate of 1.70%. Wind data shows that 277.3 billion yuan of reverse repurchase expired on the same day.
In terms of liquidity, Shibor short-term varieties performed differently. The overnight variety fell by 3.9 basis points to 1.529%; the 7-day variety fell by 1.0 basis point to 1.67%; the 14-day variety rose by 4.8 basis points to 1.831%; the 1-month variety rose by 0.1 basis point to 1.823%.
Most of the interbank repo fixing rates have risen. FR001 reported 1.7000%, unchanged from the previous trading day; FR007 reported 1.9000%, up 4.00 basis points; FR014 reported 1.9000%, up 2.00 basis points.
Interbank repo fixing rates have fluctuated. FDR001 reported 1.5500%, down 3.00 basis points; FDR007 reported 1.7500%, unchanged from the previous trading day; FDR014 reported 1.8400%, up 2.00 basis points.
The bond market of the exchange closed, with mixed performance in real estate bonds.
According to Choice data statistics, the top five decliners in non-gold credit bonds in the exchange market today are: H0 Zhongjun 02, H1 Longkong 01, H1 Rongchuang 03, 24 Guizheng 03, 24 Zhangjia 01. Specifically as follows:
According to Choice data statistics, the top five gainers in non-gold credit bonds in the exchange market today are: H0 Rongchuang 03, 23 Yugao 02, 22 Changtong 02, 21 Longhu 04, Huadian YK08. Specifically as follows:
Most of the interbank repo rates have risen, specifically as follows:
(Data Source: Wind, compiled by Caixin)
As for structured deposits, today's 3M period national bonds are in demand at 1.85%-1.9%, up 0.5bp from the previous day, and the 1Y period national bonds are reported at 1.9625%-2.03%, down 0.75bp from the previous day. As for AAA-rated structured deposits, the 9M transaction is at 2%, and the 1Y transaction is at 2.0%.
(Data Source: Choice, compiled by Caixin)
