【笔记20250623— 50年国债卷起来】

Core Viewpoint - The article discusses the current state of the bond market, highlighting the impact of liquidity conditions and geopolitical events on bond yields and market sentiment [1][3]. Group 1: Market Conditions - The liquidity in the market is slightly tightening, with long-term bond yields experiencing a minor increase [1]. - The central bank conducted a 22.05 billion yuan reverse repurchase operation, with a net withdrawal of 12.15 billion yuan due to maturing reverse repos and treasury cash deposits [1]. - The interbank funding rates remain stable, with DR001 around 1.37% and DR007 around 1.51% [1]. Group 2: Bond Market Performance - The 10-year government bond yield opened slightly lower at 1.636% and fluctuated to a low of 1.632% before recovering to around 1.64% [3]. - Recent reports indicate that the yields on 20-year and 50-year government bonds have decreased by 5 basis points over the past week, with the 50-year bond yield dropping by 12 basis points in June [4]. - The average wealth per capita in China is projected to grow by approximately 5% year-on-year in 2024, while the median wealth is expected to decline by 6.3% [4]. Group 3: Geopolitical Impact - The article notes concerns over escalating tensions in the Middle East, particularly following U.S. airstrikes on Iranian nuclear facilities, which have influenced market sentiment [3]. - The overall sentiment across various asset classes remains stable despite these geopolitical tensions, with the stock market showing a low open but recovering throughout the day [2][3].