【笔记20250605— 中美通话，股债起飞】

Core Viewpoint - The article emphasizes that market information is abundant and both positive and negative signals coexist, making it problematic to directly correlate events with outcomes [1]. Group 1: Market Conditions - The central bank conducted a 126.5 billion yuan 7-day reverse repurchase operation, with 266 billion yuan of reverse repos maturing today, resulting in a net withdrawal of 139.5 billion yuan [1]. - The funding environment is balanced and slightly loose, with stable funding rates; DR001 and DR007 remained around 1.41% and 1.55% for three consecutive days [1]. - The 10-year government bond yield opened slightly lower at 1.669% and fluctuated around 1.67% throughout the day [3]. Group 2: Economic Indicators - The Caixin Services PMI for May was reported at 51.1, slightly above the previous value of 50.7, indicating a modest expansion in the services sector [3]. - The central bank's early announcement of a 1 trillion yuan reverse repurchase operation was seen as a protective measure ahead of a significant maturity of 4.2 trillion yuan in interbank certificates of deposit [3]. Group 3: Market Reactions - Following the news of a potential China-US dialogue, the stock market experienced a slight uptick, while the bond market showed minimal volatility with the 10-year bond yield fluctuating only 1 basis point [3]. - The article suggests that the real dynamics are occurring in the "dark card" area, where the implications of the China-US handshake and the central bank's bond purchases are closely intertwined [3].