Core Viewpoint - China Aviation Trust has been publicly criticized by the Fuzhou Housing and Urban-Rural Development Bureau for its passive attitude and inaction regarding the "guarantee delivery" work, which has negatively impacted the progress of housing projects in Fuzhou [1] Group 1: Company Actions and Responses - Fuzhou Housing and Urban-Rural Development Bureau reported that China Aviation Trust, holding a 60% stake in the "Rongxin Jianglai" project, has been uncooperative in advancing the "white list" financing efforts necessary for project resumption [1] - China Aviation Trust announced on April 18 that it has signed a "Trust Service Agreement" with Jianxin Trust and Guotou Taikang Trust to enhance its operational management efficiency, effective from April 18, 2025 [2] - Prior to being placed under management, China Aviation Trust had multiple projects facing payment difficulties, with reports of overdue principal and interest since January 31, 2025 [2] Group 2: Financial and Structural Context - The actual controller of China Aviation Trust is the Aviation Industry Corporation of China, a large state-owned enterprise with over 100 subsidiaries and 26 listed companies [2] - China Aviation Investment Holding Company, the largest shareholder of China Aviation Trust, is a subsidiary of China Aviation Industry Corporation and an important financial platform [2] - In March 2023, China Aviation Investment announced its voluntary delisting, becoming the first central enterprise financial holding company to do so [2]

Report Information - Report Type: Fixed Income Report - Release Date: June 26, 2025 - Analysts: Liang Weichao, Li Shukai [2] Core Viewpoints - The recent unexpected upsurge in the ultra - long - term credit bond market is mainly driven by the increasing demand from public funds and insurance funds. Short - term optimism is advisable, especially considering the potential expansion of bond ETF products and the possible improvement in the liquidity of ultra - long - term bonds. However, due to thin coupon protection and the vulnerability of public fund product liability, a quick - in - quick - out strategy may be a good choice [4][28][39] Summary by Directory 1. Ultra - long - term: How far can the market go? Market Performance - Since mid - June, the credit bond market has been on the rise, but the increase is generally lower than that of interest - rate bonds. Interest - rate bonds strengthened last week, with medium - and short - term bonds rising more and ultra - long - term bonds rising less. Credit bonds also rose, but medium - and short - term credit bonds had lower increases, while long - term credit bonds had higher increases than interest - rate bonds of the same term. Ultra - long - term credit bonds unexpectedly recovered, outperforming both same - term interest - rate bonds and general credit bonds [2][9][10] - From June 16 to June 20, 2025, the maturity yields of 1Y, 2Y, 3Y, 4Y, and 5Y treasury bonds decreased by 4.5BP, 4.7BP, 2.6BP, 2.9BP, and 4.2BP respectively. The yields of the same - term AAA medium - term notes decreased by 2.3BP, 0.1BP, 3.1BP, 3.3BP, and 2.7BP respectively, and the yields of AA+ medium - term notes decreased by 2.3BP, 0.1BP, 2.1BP, 3.3BP, and 0.6BP respectively. The yields of AAA/AA+ 10Y medium - term notes decreased by 4.0BP and 2.0BP respectively, and the yields of AAA/AA+ 10Y urban investment bonds decreased by 6.0BP and 9.0BP respectively, while the 10Y treasury bond yield only decreased by 0.4BP [9][10] Curve Shape - The steepness of the 1 - 2 - year period for medium - and high - grade bonds and the 2 - 5 - year period for low - grade bonds is the highest, but it has slightly decreased compared to the end of May, and the short - end remains relatively flat. Taking the yield term structure diagrams of AA+ medium - term notes and AA urban investment bonds as examples, the slopes of the 1 - 2 - year, 2 - 3 - year, and 3 - 5 - year intervals for AA+ medium - term notes are 0.0885, 0.0566, and 0.0603 respectively; for AA urban investment bonds, they are 0.0516, 0.0925, and 0.0775 respectively [11] Absolute Yield and Credit Spread - The coupon value remains low. In terms of credit spreads, there may be opportunities around the 3Y period. From June 16 to June 20, 2025, the estimated maturity yields of 1Y - AAA, 3Y - AAA, 1Y - AA+, 3Y - AA+, and 1Y - AA ChinaBond medium - and short - term notes are at the 7.93%, 4.48%, 5.86%, 4.13%, and 1.37% levels since 2024, at relatively low historical positions, with insufficient coupon protection. The historical quantiles of credit spreads for 1Y - AAA, 3Y - AAA, 1Y - AA+, 3Y - AA+, and 1Y - AA are 8.96%, 30.34%, 6.20%, 36.20%, and 4.82% respectively. After a week of adjustment, the short - end 1Y still has no cost - effectiveness, while the protection cushion for the 3Y period has strengthened [12] Perpetual Bonds - The perpetual bond market also warmed up, but the increase was not prominent. The increase of perpetual bonds within 5Y was similar to that of general credit bonds of the same term, and the performance of those with a term of 7Y and above was comparable to that of ultra - long - term credit bonds. From the perspective of the curve term structure, the curves for terms within 1 year and 7 years and above are relatively flat, and the steepness of the 2 - 6 - year curve is the highest, but the absolute slope is not extremely steep. The yields of 4 - 10Y AAA - bank secondary capital bonds decreased by 3.63BP, 2.39BP, 3.61BP, 4.07BP, 4.20BP, 4.48BP, and 5.10BP respectively. Currently, the curve is relatively close to the situation at the end of last year, and the yields of the ultra - long - term part of 7 years and above are already lower than those at the end of last year, and the gap from the lowest yield point since 2025 is less than 10BP [15] Active Trading - The trading sentiment was good throughout the week, but the market was not extremely hot. From June 16 to June 20, the proportion of low - valuation transactions of perpetual bonds was very stable, with a 100% proportion from Monday to Friday. The average trading durations were 5.08 years, 6.61 years, 6.57 years, 5.59 years, and 4.12 years respectively. The trading amplitude of perpetual bonds with low - valuation transactions was not large, generally within 3BP [18] Ultra - long - term Credit Bonds - Institutions' willingness to sell ultra - long - term credit bonds was very weak. From June 16 to June 20, the proportions of discounted transactions of ultra - long - term credit bonds were 0.00%, 7.50%, 2.50%, 0.00%, and 22.50% respectively. The discount amplitude was basically within 3BP, not a panic - selling situation. The market's willingness to buy ultra - long - term credit bonds increased significantly. The proportions of transactions below the valuation were 40.00%, 50.00%, 60.00%, 70.00%, and 60.00% respectively, making them the most popular credit products last week. Most of the transactions below the valuation were within 5BP [3][20][22] Considerations for Continuing to Participate - **Institutional Behavior**: The current market of ultra - long - term credit bonds is mainly driven by public funds, followed by insurance. Public funds have unstable liability ends, prone to a negative feedback loop. Since mid - to late May, funds and insurance have mainly been buying 7 - 10 - year credit bonds, with public funds being the most powerful buyers. The net buying scales of public funds in the second and third weeks of June were 4700 million and 5700 million yuan respectively, and those of insurance were 2000 million and 3100 million yuan respectively. However, in the short term, the buying demand and liquidity of ultra - long - term credit bonds may continue to improve, mainly due to the new forces of insurance and public ETF products [28][29] - **Product Comparison**: The yield difference between ultra - long - term credit bonds and interest - rate bonds of the same term is not sufficient, and interest - rate bonds have an obvious advantage in liquidity. As of June 20, the yield difference between 10YAAA, AA+ and 10Y treasury bonds is only about 10BP from the lowest point this year [32] - **Income Source**: Compared with the same period last year, the coupon protection of ultra - long - term bonds is significantly insufficient, but the proportion of coupon income contribution is higher than last year. However, the continuous low absolute yield weakens the anti - volatility ability of this product [35][38]

Group 1: Market Overview - The A-share market has shown an "orderly progress" this year, with an increase in IPO activity and a normalization of the delisting mechanism [2][6] - As of June 24, 50 companies have successfully listed, raising approximately 37 billion yuan, indicating growth compared to the same period last year [2][4] - 13 companies have been delisted this year, a significant decrease from 53 in the previous year, reflecting a stricter enforcement of delisting regulations [5][6] Group 2: IPO Activity - Companies such as Haiyang Technology, Yingshi Innovation, and Huazhi Jie have recently entered the A-share market, contributing to the active IPO landscape [3][4] - Haiyang Technology, which focuses on nylon 6 products, and Yingshi Innovation, specializing in smart imaging devices, are among the notable IPOs, with Yingshi raising 1.938 billion yuan for its projects [3][4] - The revenue projections for Yingshi Innovation from 2022 to 2024 are 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan, respectively [3] Group 3: Delisting Mechanism - The delisting process has become more routine, with 150 companies receiving ST or *ST warnings this year, indicating a focus on corporate governance and compliance [6][7] - Companies like *ST Jiyuan and Zhonghang Chanyin have faced delisting due to poor performance and non-compliance, highlighting the market's shift towards eliminating "zombie companies" [5][6] - The regulatory environment is evolving, with a push for stricter delisting standards and improved investor protection mechanisms [9] Group 4: Long-term Implications - The orderly progress in the market is expected to optimize resource allocation, directing funds to growth-oriented companies and enhancing support for the real economy [6] - The quality of listed companies is anticipated to improve as low-efficiency firms are eliminated, compelling remaining companies to strengthen compliance and core competitiveness [6] - A cleaner market ecosystem will likely enhance investor confidence and market vitality, supported by a more market-oriented and legal framework [6]

Group 1: Open Market Operations - The central bank announced a 203.5 billion yuan 7-day reverse repurchase operation on June 19, with a fixed interest rate of 1.40%, and the full bid amount was accepted [1] - On the same day, 119.3 billion yuan of reverse repos matured, resulting in a net injection of 84.2 billion yuan [1] Group 2: Funding Conditions - The funding environment appears slightly tighter, with the central bank shifting to net injections; the overnight pledged repo rate has slightly increased to around 1.37%, while the 7-day pledged repo rate rose by nearly 2 basis points [3] - The latest overnight financing guarantee rate in the U.S. is reported at 4.31% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is approximately 1.64%, showing a slight decrease from the previous day [7] Group 4: Bond Market - The closing prices for government bond futures showed a 0.16% increase for the 30-year main contract, while the 10-year main contract remained unchanged; the 5-year and 2-year main contracts saw slight declines of 0.02% and 0.01%, respectively [11] Group 5: Bond Issuance - Poly Development has received approval to register a 5 billion yuan short-term financing bond [16] - Guotai Junan has been granted approval to issue 15 billion yuan in corporate bonds for technological innovation [16] - Lanzhou Bank has been approved to issue up to 5 billion yuan in perpetual capital bonds [16] - The Export-Import Bank of China issued 10 billion yuan in bonds to support Shanghai's foreign trade and development [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed maintained the benchmark interest rate at 4.25%-4.50% in its June meeting, with reduced but still high uncertainty about the outlook. It also adjusted GDP and inflation forecasts [3]. - Multiple financial regulatory departments announced measures at the 2025 Lujiazui Forum to promote high - level opening up of the financial market [2][15]. - Various commodity markets showed different trends, including changes in inventory, production, and trading policies [5][8]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q1 2025, GDP grew by 5.4% year - on - year, unchanged from the previous quarter [1]. - In May 2025, the manufacturing PMI was 49.5%, up from 49.0% in the previous month, and the non - manufacturing PMI for business activities was 50.3%, down from 50.4% [1]. - In May 2025, M0, M1, and M2 had different year - on - year growth rates, with M0 at 12.1%, M1 at 2.3%, and M2 at 7.9% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Qualified foreign investors can participate in more domestic commodity futures and options starting from June 20 [2]. - Zhengzhou Commodity Exchange adjusted trading rules for some futures contracts [2]. - Multiple financial regulatory departments announced policies at the 2025 Lujiazui Forum to support Shanghai's international financial center construction [2][15]. 3.2.2 Metal - India restricted imports of palladium - rhodium alloys with a gold content over 1% [5]. - London Metal Exchange inventories of various metals changed, and the gold ETF's holdings increased [5]. - "New Bond King" Gundlach predicted that gold would reach $4000 [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Nippon Steel completed the acquisition of U.S. Steel for $14.9 billion [7]. 3.2.4 Energy and Chemicals - China's May imports and exports of energy and chemical products showed different trends, such as a 10.4% increase in gaseous natural gas imports [8]. - Russia and some OPEC+ countries may increase crude oil production [8][9]. - EIA data showed changes in U.S. oil and gas inventories and production [10]. 3.2.5 Agricultural Products - The government planned to reduce the inventory of breeding sows by about 1 million [12]. - As of June 18, the national "Three Summers" wheat harvest was 96% complete [12][13]. - The global cotton market may see increased production, and domestic cotton fundamentals are improving [13]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 77 billion yuan [14]. - The central bank issued 30 billion yuan of central bank bills in Hong Kong on June 18 [14]. 3.3.2 Key News and Information - Multiple financial regulatory departments announced policies at the 2025 Lujiazui Forum to promote high - level opening up [15]. - The Fed maintained the benchmark interest rate, adjusted GDP and inflation forecasts, and influenced financial markets [16]. - Various domestic and international economic and political events occurred, such as government officials' investigations and international trade disputes [17][18] 3.3.3 Bond Market Summary - The Chinese bond market showed narrow fluctuations, with different trends in bond yields and futures [25]. - European bond yields generally declined, while U.S. bond yields rose [29]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down, and the US dollar index rose [30]. 3.3.5 Research Report Highlights - Guosheng Fixed Income believed that the 10 - year Treasury bond has high investment value [31]. - Yangtze River Fixed Income expected the June capital market to remain stable [31]. - CITIC Securities analyzed the possible nomination of the next Fed Chairman [32]. 3.4 Stock Market Key News - The CSRC announced policies to support the listing of unprofitable enterprises on the Sci - tech Innovation Board and ChiNext [35]. - The A - share market had a narrow range of fluctuations, while the Hong Kong stock market declined [35]. - Multiple companies' IPO progress was reported, such as Moore Threads and MiniMax [37]

Open Market Operations - The central bank announced a reverse repurchase operation of 156.3 billion yuan for 7 days at an interest rate of 1.40% on June 18, with 164 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 7.7 billion yuan [1]. Funding Conditions - The impact of the tax period is nearing its end, leading to a stable funding environment. The overnight pledged repo rate for deposit-taking institutions slightly decreased to around 1.37%, while the 7-day pledged repo rate saw a slight increase. In the overseas market, the latest overnight financing rate in the US is 4.32% [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.65%, showing little change from the previous day [6]. Government Bond Futures - The closing prices for government bond futures are as follows: the 30-year main contract increased by 0.09%, the 10-year main contract decreased by 0.01%, the 5-year main contract decreased by 0.01%, and the 2-year main contract increased by 0.01% [10]. Key Financial Policies - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of a trading report database for the interbank market and a digital RMB international operation center, among others [11]. - The Chairman of the China Securities Regulatory Commission emphasized enhancing the inclusiveness and adaptability of the system, focusing on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [11]. Bond Market Events - The 2025 Lujiazui Forum opened with announcements of major financial policies, including the development of Sci-Tech bonds and the acceleration of the launch of Sci-Tech bond ETFs [15]. - Recent negative events in the bond market include downgrades in ratings for several companies, indicating potential risks in the non-standard assets of local government financing vehicles [16].

金融界、东方金诚联合推出《债市早报》栏目，为您提供最全最及时债市信息。 【内容摘要】6月16日，央行连续净投放，税期资金面保持宽松；债市以震荡为主，短券表现稍强；转 债市场主要指数集体跟涨，转债个券多数上涨；各期限美债收益率普遍上行，主要欧洲经济体10年期国 债收益率普遍下行。 一、债市要闻 （一）国内要闻 【5月经济运行总体平稳，消费市场延续向好势头】国家统计局6月16日发布的数据显示，5月全国规模 以上工业增加值同比增长5.8%，社会消费品零售总额同比增长6.4%，1-5月全国固定资产投资（不含农 户）同比增长3.7%。国家统计局新闻发言人付凌晖表示，5月，随着政策组合效应持续释放，稳经济促 发展效果显现，国民经济保持总体平稳、稳中有进发展态势，充分展现了我国经济的韧性和活力。下阶 段，要统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，把扩大内需、做强国内大循环摆到 更加突出的位置，着力稳就业稳经济推动高质量发展，推动经济持续健康发展。 【国家统计局：5月份各线城市商品住宅销售价格同比降幅继续收窄】6月16日，国家统计局公布70城房 价数据，5月份，各线城市房价环比下降，一线、二线城市新房价格均环比 ...

Group 1: Open Market Operations - The central bank conducted a reverse repurchase operation of 242 billion yuan at a fixed rate with an interest rate of 1.40% on June 16, resulting in a net injection of 68.2 billion yuan for the day after accounting for 173.8 billion yuan of reverse repos maturing [2][3] Group 2: Funding Conditions - The central bank's net injection led to a decline in overnight pledged repo rates by over 2 basis points, currently around 1.39%, while the seven-day pledged repo rate increased by over 2 basis points [4] - The latest one-year interbank certificates of deposit transactions among major banks are around 1.67%, showing little change from the previous day [6] Group 3: Bond Market Performance - The closing prices of government bond futures mostly increased, with the 30-year main contract rising by 0.05%, the 10-year main contract by 0.01%, and the 2-year main contract by 0.02%, while the 5-year main contract remained unchanged [11] Group 4: Economic Indicators - In May, China's industrial added value increased by 5.8% year-on-year, slightly above the expected 5.7%, while the retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year, exceeding the expected 4.9% [12]

Group 1 - The China Interbank Market Dealers Association has issued a notice to strengthen the issuance and underwriting norms in the interbank bond market, emphasizing market-oriented principles and fair treatment of all investors [1] - The notice prohibits pre-agreed bond issuance rates and practices that distort market prices, such as "rebates" and improper benefits through holding arrangements [1] - Underwriting practices must not occupy the subscription scale of effective investors, and the balance underwriting rate must not be lower than the upper limit of effective subscription rates [1] Group 2 - The National Bureau of Statistics reported that the real estate market is generally stable, with a continued narrowing of the year-on-year decline in housing prices across 70 major cities and a decrease in inventory [3] - The government aims to adapt to significant changes in supply and demand in the real estate market by promoting urban renewal and the renovation of dilapidated housing [3] - There is an emphasis on increasing the supply of quality housing to stimulate both rigid and improved housing demand, fostering a new model for real estate development [3] Group 3 - The Ministry of Finance announced support operations for government bond market making to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [4] - The operations will involve 2.8 billion yuan for two types of government bonds, with competitive bidding scheduled for June 17 [4] Group 4 - The People's Bank of China conducted a 2,420 billion yuan reverse repurchase operation with a net injection of 682 billion yuan, indicating active liquidity management [5][6] - The operation had a bidding amount of 2,420 billion yuan at an interest rate of 1.40%, with a significant amount of reverse repos maturing on the same day [6] Group 5 - Anhui Province plans to issue 30 billion yuan in refinancing special bonds to replace existing hidden debts, with issuance scheduled for June 23 [8] - Yunnan Province has allocated 35.6 billion yuan in special debt to address local government arrears to enterprises, supporting debt resolution and project construction [8] Group 6 - Hebi State-owned Capital Operation Group successfully issued 800 million yuan in corporate bonds with an interest rate of 2.85%, set to be listed on the Shanghai Stock Exchange [9] - Luoyang Urban Development Investment Group completed the issuance of 700 million yuan in corporate bonds at a rate of 2.83%, with funds aimed at repaying maturing bonds [10] Group 7 - The market for credit bonds, including financial bonds, reached a total outstanding scale of 43.42 trillion yuan, with 77% of bonds yielding below 2.1% [21] - Among credit bonds yielding above 2.1%, municipal investment bonds accounted for 55%, indicating a higher yield environment for this category [21] - The majority of municipal investment bonds with yields above 2.1% are concentrated in provinces like Shandong, Jiangsu, and Zhejiang, with significant amounts exceeding 300 billion yuan [21]

退市整理期间公司股票继续在风险警示板交易。公司股票终止上市后，将转入全国中小企业股份转 让系统进行股份转让。 AI制图 触及财务类退市情形 IPO日报发现，这两家公司均是触及财务类退市情形。 具体来看，2024年5月，鹏博士因2023年财报被审计机构出具"无法表示意见"，已于2024年被实 施退市风险警示（*ST）。 根据《上海证券交易所股票上市规则》，如果*ST鹏博2024年度财务会 计报告被出具保留意见、无法表示意见或否定意见的审计报告，以及财务报告内部控制被出具无法 表示意见或者否定意见的审计报告，*ST鹏博股票同样将面临被终止上市的风险。 星标 ★ IPO日报 精彩文章第一时间推送 5月30日晚间，又有两家上市公司收到股票终止上市决定，分别是*ST鹏博(600804.SH)、*ST龙 宇(603003.SH)。 两家公司均发布公告称，公司于2025年5月30日收到上海证券交易所出具的自律监管决定书，决定 终止公司股票上市。公司股票进入退市整理期的起始日为2025年6月10日，预计最后交易日期为 2025年6月30日，退市整理期的交易期限为15个交易日。 4月29日，*ST鹏博发布公告称，公司2024年 ...