"Government bond futures hit a new high of the year, long-term interest rates release a "bullish" signal"

Since April, the bond market has been consistently strong, with the performance of ultra-long-term interest rate bonds being particularly outstanding. On April 21st, the main contract of 30-year Treasury futures continued to hit new highs for the year, reaching a peak of 113.79 yuan. With factors such as loose liquidity and institutional allocation forces returning, Treasury futures have taken the lead in strength, further heating up market expectations for the bond market. Several institutions interviewed indicated that the core contradiction in the current operation of the bond market has shifted from "whether liquidity is sufficient" to "how much further interest rates can decline". In the context of loose liquidity and expectations of fundamental recovery, ultra-long-term interest rate bonds still have some trading space, but the short-term downward slope may slow down.