新一批消费品以旧换新资金7月下达，资金面均衡偏宽，债市整体偏暖震荡

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On June 26, the central bank increased its reverse repurchase operations in the open - market to maintain stability, resulting in a balanced and slightly loose capital market. Market sentiment improved, and the bond market showed a generally warm and volatile trend. The main indices of the convertible bond market declined in tandem, with most individual convertible bonds falling. Yields of U.S. Treasury bonds across various maturities generally decreased, while the yields of 10 - year government bonds in major European economies showed divergent trends [1]. 3. Summary by Relevant Catalogs 3.1 Bond Market News 3.1.1 Domestic News - Financial regulators and the central bank jointly issued a plan to basically establish a high - quality comprehensive inclusive financial system in the next five years, aiming to promote common prosperity through inclusive finance [3]. - The State Council's General Office deployed the improvement of the credit repair system, proposing ten key tasks to address difficulties and pain points in credit repair [4]. - The National Development and Reform Commission announced that new funds for consumer goods trade - in programs will be allocated in July, and the "two new" policies have been intensified and expanded. The support from ultra - long - term special treasury bonds for equipment renewal is 200 billion yuan, with the first batch of about 173 billion yuan already allocated [5][6]. - The Shanghai Stock Exchange will release a series of convertible and exchangeable bond indices based on refined credit ratings [6]. 3.1.2 International News - The final value of the U.S. GDP in the first quarter was revised down to - 0.5%, and personal consumption had its weakest performance since the COVID - 19 pandemic. However, the order for durable goods in May had a significant increase, with a month - on - month initial value of 16.4% [7][8]. - International crude oil futures prices continued to rise, while the decline of international natural gas prices widened [9]. 3.2 Capital Market 3.2.1 Open - Market Operations On June 26, the central bank conducted 509.3 billion yuan of 7 - day reverse repurchase operations, resulting in a net capital injection of 305.8 billion yuan after deducting the maturing reverse repurchases [11]. 3.2.2 Capital Interest Rates On June 26, the central bank's open - market reverse repurchase operations maintained stability, leading to a balanced and slightly loose capital market. DR001 and DR007 decreased by 0.19bp and 0.86bp respectively [12]. 3.3 Bond Market Dynamics 3.3.1 Spot Bond Yield Trends On June 26, due to the stock market decline and the lack of incremental policies in the NDRC press conference, market sentiment improved, and the bond market showed a generally warm and volatile trend. Yields of 10 - year treasury bonds and 10 - year CDB bonds decreased [14]. 3.3.2 Bond Tendering No treasury bonds or CDB bonds were issued on June 26 [16]. 3.3.3 Credit Bonds - In the secondary market, the trading price of "24 Oceanwide Holdings PPN001 (Reorganization)" increased by more than 10% [17]. - Guangzhou Metro Group cancelled the issuance of "25 Guangzhou Metro MTN002", and Zhongzheng Pengyuan downgraded the credit rating of Suzhou Keda and its "Keda Convertible Bonds" [18]. 3.3.4 Convertible Bonds - On June 26, the three major A - share indices closed down, and the main indices of the convertible bond market also declined. The trading volume of the convertible bond market increased compared to the previous trading day, with most individual convertible bonds falling [19]. - Credit ratings of Diou Home and Beijing Keland Software and their convertible bonds were downgraded. The deadline for the overseas debt restructuring support agreement of Fantasia Holdings was extended, and the coupon rate of "20 Longfor 06" was to be raised [21]. 3.3.5 Overseas Bond Markets - On June 26, yields of U.S. Treasury bonds across various maturities generally decreased, and the yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year U.S. Treasury bonds widened. The break - even inflation rate of 10 - year U.S. inflation - protected Treasury bonds remained unchanged [22][23][24]. - Yields of 10 - year government bonds in major European economies showed divergent trends [25]. - There were price changes in Chinese - funded U.S. dollar bonds, with some bonds rising and others falling [27].