【笔记20250523— 日本失去30年，我们只需要3年？】

Core Viewpoint - The article discusses the impact of market rumors and the behavior of investors in response to these rumors, emphasizing the importance of following market trends regardless of the truth behind the rumors [1]. Group 1: Market Conditions - The central bank conducted a 1,425 billion yuan reverse repurchase operation, with 1,065 billion yuan maturing today, resulting in a net injection of 360 billion yuan [2]. - The interbank funding market showed a slight increase in funding prices, with DR001 around 1.57% and DR007 around 1.59% [2]. - The morning saw a tightening of the funding environment, while the afternoon experienced a loosening, leading to mixed movements in the bond market [3]. Group 2: Bond Market Dynamics - The issuance scale of government bonds was relatively high today, with the 10-year government bond rate opening slightly higher at 1.6875% before fluctuating downwards [4]. - The 10-year government bond rate reached around 1.7% during the day, influenced by tax payments and market sentiment [4]. - The 30-year Japanese government bond yield has surged by 85 basis points to 2.96% since early April, raising concerns about potential impacts on the domestic bond market [4]. Group 3: Revenue Comparisons - From January to April, the national non-tax revenue reached 1.5 trillion yuan, a year-on-year increase of 7.7%, marking a historical high for the same period [4]. - In contrast, local land transfer revenue was 934 billion yuan, which is half of the historical high in 2021 (2,138.3 billion yuan), representing the lowest level since 2015 for the same period [4].