债市早报：6月PMI数据出炉；季末资金面边际收紧，债市偏弱震荡

Group 1: Domestic Market Insights - The People's Bank of China conducted a 7-day reverse repurchase operation of 331.5 billion yuan at a fixed rate of 1.40%, resulting in a net cash injection of 111 billion yuan after 220.5 billion yuan of reverse repos matured on the same day [7][8] - The manufacturing PMI for June was reported at 49.7%, while the non-manufacturing PMI was at 50.5%, indicating a slight recovery in economic activity compared to May [2] - The bond market showed weakness with the 10-year government bond yield rising to 1.6490%, reflecting a tightening liquidity environment at the end of the quarter [9][10] Group 2: International Market Developments - U.S. Treasury yields generally declined, with the 10-year yield falling by 5 basis points to 4.24% [26] - The European bond market exhibited mixed trends, with Germany's 10-year yield remaining stable at 2.60%, while yields in France, Italy, and Spain increased slightly [29] Group 3: Corporate Debt and Restructuring - CIFI Holdings announced that its overseas debt restructuring plan was approved by the court, effective from June 27 [12] - Kaisa Group extended the deadline for its overseas debt restructuring plan to September 30, with a hearing postponed to October 6 [13] - Country Garden indicated that its overseas debt restructuring is expected to be completed by the end of 2025, with over 75% of existing offshore noteholders joining the restructuring agreement [14]