【固收】同业存单集中到期，非法人类产品大幅增持利率品——2025年6月份债券托管量数据点评（张旭）

Group 1 - The total amount of bonds under custody has slightly increased, reaching 171.29 trillion yuan as of June 2025, with a net increase of 1.30 trillion yuan compared to the previous month [3] - The custody of interest rate bonds is 117.40 trillion yuan, accounting for 68.54% of the total, with a net increase of 1.67 trillion yuan [3] - The custody of credit bonds is 18.51 trillion yuan, representing 10.81% of the total, with a net increase of 0.17 trillion yuan [3] Group 2 - Policy banks and insurance institutions have increased their holdings of major bond types, while commercial banks have increased their holdings of interest rate products but reduced their holdings of interbank certificates and major credit bonds [4] - Non-legal person products have significantly increased their holdings of government bonds and medium-term notes, while commercial banks have reduced their holdings of corporate bonds and non-public directed tools [5] Group 3 - The leverage ratio in the bond market has slightly increased, with the estimated balance of repurchase agreements reaching 121.51 trillion yuan, resulting in a leverage ratio of 107.64%, which is an increase of 0.90 percentage points from the previous month [6]