【笔记20250630— 债农“坐等”利率破前低】

Core Viewpoint - The article discusses the current state of the financial market, highlighting a balanced but tight funding environment, slight increases in long-term bond yields, and the implications for bond traders and investors as they await lower interest rates [1][3]. Group 1: Market Conditions - The funding environment is described as balanced but tight, with a slight upward movement in long-term bond yields [1]. - The central bank conducted a 7-day reverse repurchase operation of 331.5 billion, with a net injection of 111.0 billion after 220.5 billion matured [1]. - The overnight funding rates (DR001 and DR007) increased by 14 basis points to approximately 1.51% and 22 basis points to approximately 1.92%, respectively [1]. Group 2: Economic Indicators - The official manufacturing PMI for June met expectations at 49.7, which is consistent with the previous value of 49.5 [3]. - The stock market showed strong performance amid the tight funding conditions, with interest rates peaking at 1.653% during the day [3]. Group 3: Bond Market Sentiment - Bond traders are adopting a "wait and see" approach, anticipating a drop in interest rates below previous lows [3]. - The sentiment in the bond market remains stable, with the 10-year government bond yield fluctuating around 1.6475% [3].