11月,中国10年期国债延续大跌之势,现券收益率逼近3%,创6月以来新高。与此同时,国债期货跌幅扩大,中国10年期国债期货主力合约T1612跌0.27%,创10月底以来最大跌幅。随着大宗商品价格再次上涨,房地产市场繁荣逐步向二三线城市传递,国外美元加息预期和国内金融去杠杆的担忧不断上升,债券市场再次陷于震荡调整期。中国债券市场的长期慢牛格局没有发生根本性变化,但国内外经济政策环境的变化也可能导致债 In November, the 10-year treasury bond in China continued to plunge. The spot bond yield approached 3%, the highest level since June. At the same time, the declines of treasury bond futures expanded. The main contract of China’s 10-year treasury bond futures dropped 0.27%, the largest decline since the end of October. As commodity prices rose again, the real estate market boom gradually passed to second and third tier cities. Expectations of foreign dollar interest rate hike and domestic financial de-leveraging continued to rise. The bond market was once again in a period of shock adjustment. The long-term slow-buffalo pattern in the Chinese bond market has not undergone fundamental changes, but changes in the economic and environmental environment at home and abroad may also lead to debt