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Bond market closing | The central bank and the Ministry of Finance exchanged views on the operation of the bond market, the sentiment of treasury bonds warmed up, and the 30-year national bond interest rate fell more than 4 basis points.
The stock market is pulling back, with long-term bond bullish sentiment being released, yields significantly down, but the short end may be affected by precautionary redemptions, with political and financial bonds within 2 years seeing a sharp increase.
Yield approaching key levels, increased necessity of central bank buying and selling government bonds.
The 10-year government bond yield has reached 2.1191%, approaching the key level of 2.1%; Experts point out that at the current moment, facing the low yield of the bond market, it is necessary for the central bank to conduct government bond transactions.
Daily profit loss, monthly rate of return decline. The bond market is volatile and some banks' wealth management net asset values fluctuate significantly. Should investors stay or leave?
① The bond market has upward support logic, and it is highly unlikely that the bond market will experience a widespread and sustained decline like the "breaking point" period. ② Since the "breaking point" period in 2022, financial management companies have paid more attention to overall risk management of their products.
In the past five years, the average annual compound growth rate of residents' total assets is 9.3%. Asset management industry is discussing residents increasing their financial asset allocation. Will deposits enter the capital markets again?
①Since 2023, the proportion of residents' financial asset allocation in China has slightly declined, and the scale of the asset management market has increased by a small margin of 3.41% to 138.38 trillion yuan. ②Experts believe that in a low-yield environment, the proportion of residents' financial asset structure between assets with different risk-return characteristics may return to balance, and deposits are expected to re-enter the capital markets.
Bond Market Closing | Government Bond Market Term Rotation, Mid-term Varieties Interest Rates Rise More Than 1bp
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.
Cross-month fund injection is in a two-tiered state, with insurance funds having a net purchase of over 100 billion yuan in a single week.
Long-term bond pricing rights may be mainly in the hands of insurance and rural commercial banks, and their institutional trading behavior is worthy of attention.