机构行为周度跟踪20250701：机构做多但不“定价”多的背后-20250701

Group 1 - The report indicates a slight decrease in leverage in the interbank bond market, with a mixed performance in the primary market and overall positive sentiment in the secondary market, leading to an increase in bond duration and active trading of ultra-long bonds [2][4][7] - In the funding market, the demand for expansion has cooled, with a decrease in net inflow for major borrowing parties and an increase in net inflow for major lending parties. The total balance of repos in the interbank market has risen, while the leverage ratio has slightly decreased [4][7][8] - The primary market saw a divergence in bidding multiples, with a rise in the bidding multiple for 10-year government bonds, while the multiples for policy bonds decreased. The spread between primary and secondary prices has widened [17][19] Group 2 - The secondary market has shown active trading in ultra-long bonds, with an increase in turnover rates for 30-year government bonds and a rise in the average duration of medium- and long-term pure bond funds. The total borrowing volume for bonds has decreased, and the proportion of active bonds has also declined [26][30] - Major buyers have increased net purchases of ultra-long bonds, while net purchases of short, medium, and long-term bonds have decreased. Major sellers have increased net sales of medium and long-term bonds, while the selling pressure on short and ultra-long bonds has weakened [26][30][33] - The report highlights that large commercial banks have continued to net buy short-term bonds within 3 years, while maintaining significant net selling pressure on ultra-long bonds of 10 years and above [34][36] Group 3 - In June, the data on wealth management did not show a significant seasonal decline, with a slight increase in wealth management scale during the week of June 22. The total wealth management scale decreased by 204.2 billion yuan, primarily due to a reduction in fixed-income products [34][36] - The fund scale increased by 299.9 billion yuan in June, with both equity and bond funds seeing significant increases. However, the issuance of new bond funds saw a slight decline compared to the previous week [36][37]