债市早报：月初资金面恢复宽松；债市整体偏暖

Group 1: Domestic News - Xi Jinping emphasized the need to deepen the construction of a unified national market and promote high-quality development of the marine economy during the sixth meeting of the Central Financial Committee [2] - The Caixin China Manufacturing PMI for June rose to 50.4, indicating a return to the expansion zone, with new orders and production indices also showing improvement [2] Group 2: Bond Market Dynamics - The total scale of bond ETFs reached 383.98 billion yuan, with a net inflow of 175.78 billion yuan in the first half of the year, making it the most net inflow ETF category [3] - Chinese banks, particularly small and medium-sized ones, have been increasing bond investments, with the balance of bond investments for small and medium-sized banks rising to 46.41 trillion yuan, an increase of 3.6 trillion yuan since last year [3] Group 3: Policy Developments - New policy financial tools are being proposed to support technological innovation, expand consumption, and stabilize foreign trade, with a potential funding amount of 500 billion yuan [4] - The public REITs registration and settlement business guidelines have been officially implemented, aiming to optimize the business rules for public infrastructure securities investment funds [4] Group 4: International News - Federal Reserve Chairman Jerome Powell did not rule out the possibility of interest rate cuts in July, indicating that stable economic activity allows for further analysis of the impact of tariffs on prices and economic growth [5] - The US ISM Manufacturing PMI for June was reported at 49, indicating contraction for the fourth consecutive month, with significant declines in new orders and employment indices [6] Group 5: Commodity Market - International crude oil futures prices increased, with WTI crude oil for August rising by 0.52% to $65.45 per barrel, while natural gas prices continued to decline [7] Group 6: Financial Market Operations - The central bank conducted a 1.31 trillion yuan reverse repurchase operation at a rate of 1.40%, resulting in a net withdrawal of 275.5 billion yuan on that day [8][9] - Major repo rates fell significantly, with DR001 down 14.29 basis points to 1.367% and DR007 down 37.02 basis points to 1.546% [9] Group 7: Credit Market - The secondary market saw significant price deviations for certain industrial bonds, with "H1碧地03" dropping over 80% and "H1阳城01" increasing over 150% [11] - Several companies, including Evergrande and Zhengrong Real Estate, announced debt restructuring plans and financing updates amid ongoing financial challenges [12][13] Group 8: Convertible Bonds - The convertible bond market indices collectively rose, with the market transaction volume reaching 64.58 billion yuan, an increase of 6.32 billion yuan from the previous trading day [17] - Several convertible bonds are approaching early redemption conditions, indicating potential changes in investor sentiment [19]