债市日报：7月1日

Group 1 - The bond market continued to show strength on July 1, with most government bond futures closing higher and interbank bond yields slightly declining, indicating a generally favorable environment for bonds in the second half of the year [1][2] - The People's Bank of China conducted a 7-day reverse repurchase operation of 131 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 275.5 billion yuan for the day, reflecting a significant drop in funding rates at the beginning of the month [5][1] - The issuance of special government bonds is expected to be completed in July, with an estimated issuance scale of around 2 trillion yuan, leading to a net financing scale of approximately 900 billion yuan, which is relatively low for the year [6][1] Group 2 - In the North American market, U.S. Treasury yields fell across the board, with the 2-year yield down by 2.87 basis points to 3.717%, indicating a trend of declining yields [3] - The Asian market saw mixed results, with Japanese 10-year bond yields decreasing by 0.7 basis points to 1.426%, while shorter-term yields increased slightly [3] - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all increased, reflecting a divergence in bond market trends across regions [3] Group 3 - The China Securities Index for convertible bonds rose by 0.48%, with significant trading volume of 62.777 billion yuan, indicating a positive sentiment in the convertible bond market [2] - The issuance of Panda bonds has significantly increased since the end of 2022, with total issuance surpassing 1 trillion yuan, although foreign investment in these bonds remains limited [7] - The PMI data has shown signs of recovery, but the overall demand outlook remains weak, suggesting that while the fundamentals are supportive for the bond market, caution is warranted due to potential volatility [7]