国泰海通｜固收：交易盘做多情绪已浓

Group 1: Core Insights - The report indicates a significant increase in net buying of 7-10 year long-term bonds and bonds over 10 years, with weekly net buying intensity reaching the second highest and highest levels of the year respectively [1] - The overall funding market has warmed up, with both net inflow and outflow amounts rising, and an increase in the leverage ratio in the interbank bond market [2] - The secondary market shows improved activity, particularly in ultra-long bonds, with a rise in turnover rates for 30-year government bonds and an increase in average duration for medium to long-term pure bond funds [3] Group 2: Market Dynamics - In the primary market, there was a noticeable "marginal" sentiment, with an increase in the issuance of government bonds and a rise in the bid-to-cover ratio for government bonds, while the ratio for policy financial bonds decreased [2] - Major institutional behaviors indicate that funds are aggressively allocating to long-term and ultra-long-term bonds, while rural commercial banks are selling off across all maturities, particularly in the 7-10 year and over 10-year segments [3] - The scale of wealth management products in June did not show the typical seasonal decline, with a slight overall decrease in the week of June 15, while fund sizes increased significantly compared to previous months [4]