【笔记20250603— 利率债，“半新不旧”经济的代表】

Group 1 - The market is experiencing a slight upward trend due to a balanced and loose funding environment, with long-term bond yields rising slightly [1][2][4] - The People's Bank of China conducted a 454.5 billion yuan reverse repurchase operation, with a net withdrawal of 375.5 billion yuan today [2] - The interbank funding rates have shown a decline, with DR001 around 1.41% and DR007 around 1.55% [2][3] Group 2 - The 10-year government bond yield opened slightly lower at 1.67% but rebounded to around 1.675%, indicating a narrow fluctuation [4] - The Caixin Manufacturing PMI for May was below expectations, contributing to a slight increase in the stock market [4] - Different sectors are showing divergent trends, with "new consumption" and "hard currency" stocks reaching new highs, while "old economy" sectors like coking coal continue to decline [4]