1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report suggests that local bonds may be approaching an allocation window. It analyzes the primary and secondary market conditions of local bonds, including net financing, issuance terms, issuance spreads, secondary spreads, and trading volume and turnover rates [1]. 3. Summary by Directory 3.1 Primary Market Conditions - **Net Financing**: This week, local bond issuance was 107.8 billion yuan, with a net repayment of 43 billion yuan. Next week, the planned issuance is 261.8 billion yuan, with a net financing of 124.3 billion yuan, a significant increase compared to this week [1][3]. - **Issuance Terms**: The issuance proportion of 10 - year local bonds was the highest this week (47%), and the proportion of 10 - year and above bonds reached 76%, an increase from last week. The 10 - year bond issuance proportion increased by about 24 percentage points [1]. - **Debt - Resolution - Related Local Bonds**: This week, special refinancing bonds worth 26.7 billion yuan were issued. In 2025, 33 regions have disclosed plans to issue special bonds for replacing hidden debts, totaling 1.7362 trillion yuan. Special special bonds worth 1.5 billion yuan were issued this week, and as of the end of this week, the disclosed and issued scales in 2025 were 273 billion yuan and 245.4 billion yuan respectively [2]. - **Issuance Spreads**: The weighted average issuance spread of local bonds this week was 12bp, wider than last week. The 30 - year local bond had the highest weighted average issuance spread at 19.3bp. Except for the 5 - year, 20 - year, and 30 - year bonds, the spreads of other terms widened [1]. - **Fund - Raising Allocations**: As of the end of this week, the main allocation directions of newly - added special bond funds in 2025 were cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), social undertakings (12%), and affordable housing projects (12%). The proportion of land reserve allocations increased by 7.7% compared to 2024 [2]. - **Issuance Plan**: In the second quarter of 2025, 36 regions have disclosed local bond issuance plans, with an estimated total issuance of 2.48 trillion yuan. In June, the planned issuance is 1007.6 billion yuan [30]. 3.2 Secondary Market Conditions - **Secondary Spreads**: This week, the secondary spreads of 15 - year and 30 - year local bonds were advantageous, and the secondary spread of 10 - year local bonds narrowed significantly. The secondary spreads of 15 - year and 30 - year bonds were 21bp and 20bp respectively. The historical quantile of the 30 - year bond's secondary spread was 87% [4]. - **Trading Volume and Turnover Rates**: This week, both the trading volume and turnover rate of local bonds increased. Tianjin, Shenzhen, and Ningbo had relatively high turnover rates. The trading volume reached 598.3 billion yuan, and the turnover rate was 1.17%. Tianjin, Jiangsu, and Sichuan had large trading volumes [5].

证 券 研 究 报 告 【债券周报】 6 月中，债市抢筹——债券周报 20250615 ❖ 一、债市看多，为何涨不动？ 近期央行展现资金面呵护态度，但债市收益率下行幅度有限。6 月存单到期规 模接近 4 万亿，为缓解银行负债压力，央行展现出对资金面的呵护态度，且近 期大行买入 3Y 以内短期限国债规模持续增加，市场预期央行国债买卖或迎来 重启。多重利好因素叠加，6 月首周曲线小幅走陡，但本周行情表现一般，1y、 10y 国债下行幅度明显较前周明显偏窄。 市场表现看，5 月中旬以来资金价格有所放松，但存单在较大的续发压力下， 定价依旧偏高，进一步限制长端收益率的下行空间。月初资金扰动相对有限， 央行操作较积极，DR001 在 1.4%附近运行，周二最低触及 1.3631%，DR007 在 1.5%附近位置震荡。但存单较大的到期压力下，定价偏高或也构成 10 年国 债下行的约束，本周 1y 国股行存单在 1.67-1.68%附近，10y 国债收益率维持 在 1.65%附近盘整，未形成有效突破。 （1）月末资金跨季压力释放完毕后，存单收益率或自然下行。6 月央行呵护 资金态度明确，加之月末 MLF 到期或续作，资金 ...

证券研究报告 固收定期报告 hyzqdatemark 2025 年 06 月 15 日 收益率小幅下行，5Y 表现较好 ——信用分析周报（2025/6/9-2025/6/13） 投资要点： 本周（6/9-6/13）市场概览： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 3）负面舆情：国厚资产管理股份有限公司所发行的"H9 国厚 01"展期；广东蒙泰 高新纤维股份有限公司主体评级调低，其所发行的"蒙泰转债"债项评级调低；青 岛冠中生态股份有限公司主体评级调低，其所发行的"冠中转债"债项评级调低； 武汉天盈投资集团有限公司所发行的"H20 天盈 1"发生实质违约，所发行的"H20 天盈 2"展期。 本周市场分析：本周公开市场共有 9309 亿元逆回购到期，本周央行累计开展 8582 亿元逆回购操作，实现全周净回笼 727 亿元。本周 DR001 由周初的 1.33%回升至 1.45%。 投资建议：总体来看，本周不同行业信用利差整体小幅压缩，少部分行业利差大幅 走扩。城投债方面，本周城投债信用利差短端和中长端小幅压缩，10Y 以上城投利 差小幅 ...

资金面部分，未来一周，政府债净缴款规模下降，税期扰动资金面，考虑到央行对资 金面的呵护态度，工具箱的充裕程度，资金面预计维持均衡偏松运行。 存单部分，未来一周，存单到期规模超万亿，供给压力不小，央行二次投放中长期资 金，存单的发行压力预计边际减弱，存单收益率或呈现震荡下行走势。 证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 06 月 15 日 央行呵护资金面态度明确 ——流动性与机构行为跟踪 核心观点 机构行为部分，基金切换为利率债主要买盘，过去一周净买入规模放量明显；农商行 切换为主要卖盘。 ❑ 流动性：央行二次预告投放中长期流动性，呵护态度坚定 1、资金面部分：如何看待央行二次提前公告买断式逆回购操作？ 5 月社融数据显示居民及企业信贷需求环比 4 月均有所回暖，整体信贷需求弱企 稳。政府债供给放量驱动社融增速保持稳定，有望支撑 6 月的财政支出发力关键 期。5 月存款利率调降后，存款搬家现象显现，非银存款高增。 央行月中公告二次投放 6M 买断回购 4000 亿元，结合之前投放的 1 万亿 3M 买断 回购，结合本月共有 1.2 万亿到期量，全月实现买断式逆 ...

Core Viewpoint - Xinhua Insurance has acquired 329.6 million shares of Hangzhou Bank from the Commonwealth Bank of Australia for a total price of 4.32 billion yuan, making it the fourth largest shareholder with a 5.09% stake [2][3]. Group 1: Transaction Details - The share acquisition was completed at a price of 13.095 yuan per share, totaling 4.32 billion yuan [3]. - Following the transaction, the Commonwealth Bank no longer holds shares in Hangzhou Bank, which maintains no controlling shareholder or actual controller [3]. - The top three shareholders of Hangzhou Bank as of Q1 2025 are Hangzhou Financial Investment Group (18.2%), Red Lion Holdings Group (11.1%), and Hangzhou Urban Construction Investment Group (6.9%) [3]. Group 2: Investment Rationale - Analysts believe Xinhua Insurance's investment reflects confidence in Hangzhou Bank's long-term development prospects, given its strong performance and strategic location in the economically vibrant Yangtze River Delta [3]. - Hangzhou Bank reported a revenue of 38.38 billion yuan in 2024, a year-on-year increase of 9.6%, and a net profit of 16.98 billion yuan, up 18.1%, maintaining a leading growth rate in the industry [3]. Group 3: Broader Industry Trends - Since 2025, several insurance companies, including China Life and Ping An, have increased their holdings in bank stocks, indicating a positive outlook for the banking sector [5]. - The banking sector index has risen over 12% year-to-date, with several bank stocks reaching historical highs [5]. - The trend of insurance capital investing in bank stocks is driven by the need for asset allocation optimization and recognition of the long-term value of bank stocks [6]. Group 4: Future Outlook - High-quality banks are expected to become a priority for insurance capital in equity investments, providing a continuous source of incremental capital for the sector [7].

当地时间周四，美国财政部拍卖220亿美元30年期国债，整体来说，拍卖亮眼，尤其是海外买家需求强劲。 本次30年期美债拍卖的得标利率为4.844%，为今年1月以来最高，此前5月8日为4.819%。这次拍卖的中标利率比预发行利率4.859%低了1.5个基点，没有产生 体现需求疲软的尾部利差，而上个月是产生了2.6个基点的尾部利差，这次拍卖的中标利率与预发行利率之差，也是去年11月以来的第二大。 市场最关注的是拍卖内部数据： 间接认购比例为65.2%，创1月以来最高，上个月为58.9%。间接竞标者通常由外国央行等机构通过一级交易商或经纪商参与竞标，是衡量海外需 求的指标。 本周的美债拍卖，以一场表现平平的3年期美债拍卖开场，紧随其后的是昨天表现稳健的10年期美债拍卖，周四的30年期长期美债拍卖是本周最后一场、也 是最具挑战性的美债拍卖。最终的拍卖结果缓解了市场担忧。 30年期美债拍卖结果出炉后，市场对此反应积极，10年期美债收益率一度跌至4.34%的日内低点，低于上周强劲非农就业报告发布前的水平，尽管随后有所 回升。 不过分析指出，尽管这场拍卖表现出色，美国依然面临大量长期国债供应的压力——因为特朗普推动的"大而美 ...

Core Points - The company announced a cash dividend of 0.50 CNY per share (before tax) for its A shares [1] - The total cash dividend distribution amounts to 60 million CNY (before tax) based on a total share capital of 120 million shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 19, 2025 [1] Dividend Distribution Dates - The record date for the dividend is June 18, 2025, with the last trading day on June 19, 2025, and the ex-dividend date also on June 19, 2025 [1] Taxation Policies - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax [2] - For shares held for one month or less, the entire dividend income is subject to tax, while shares held between one month and one year are taxed at 50% of the income [2] - The actual cash dividend received by individual shareholders is 0.50 CNY per share, with tax obligations calculated upon the transfer of shares [2] Special Cases for Different Shareholders - For shareholders holding restricted shares, a 10% tax rate applies, resulting in a net dividend of 0.45 CNY per share [3] - Qualified Foreign Institutional Investors (QFII) also face a 10% tax rate, leading to a net dividend of 0.45 CNY per share [4] - Other institutional investors and corporate shareholders are responsible for their own tax obligations, receiving a net dividend of 0.50 CNY per share [4]

欧洲央行执委施纳贝尔：欧元汇率走强主要由欧洲的积极信心冲击所推动，而非利差。 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 票息为盾，提前"卡位"利差压缩行情 报告要点 [Table_Summary] 当前债市震荡环境下应优先布局高票息资产获取确定性收益，同时为 7 月理财季节性进场驱动 的利差压缩行情提前蓄力。多空因素交织导致信用利差被动走阔，投资者需在票息保护下把握 定价偏差机会：短期聚焦城投、央国企地产等高票息品种，负债稳定型资金可拉长久期；7 月 理财进场窗口需重点关注中西部城投、央国企地产债及银行二级资本债等结构性机会，利用当 前市场分歧布局超调品种。央行流动性呵护与季节性资金缺口等因素共同作用下，利率波动或 持续，票息策略成为震荡市最优解。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 票息为盾，提前"卡位"利差压缩行情 [Table_Summa] 在债市震荡、信用利差被动走阔的背景下，当前应优先 ...

你有没有发现，只要美联储一眨眼，全世界都要跟着抖三抖？ 我昨天在地铁上刷到一个新闻，直接愣住。花旗说，美联储接下来要连着降息三次，每次25个基点，合起来75基点，时间线都列好了：9月、10月、12月各 来一次，然后2026年再补两刀。不是预测模糊喊口号，是直接写明了预计将降息75基点。这跟我们平时听那种可能或许完全不是一个语气，花旗是拿真金白 银押的判断。 你说，这是不是有点意思了？ 说白了，这轮降息风声，其实早就有苗头了。去年的9月18号，美联储四年来首次降息，直接砍了50个基点，把利率打回5%以下。当时不少人还在纳闷是不 是一次性骚操作，结果紧接着，东大也跟进，降息、降准一波操作猛如虎。直接把A股从2689点救到3674，差不多一周时间拉了快1000点。那时候不少人朋 友圈刷屏说ICU抬到舞池，虽然说得夸张点，但你去看K线是真实的。 再来看东大。如果你还记得去年9月的走势，就知道全球资本动向对A股的影响有多大。当时正是中美利差开始收窄，人民币压力缓解，外资一周净流入超 400亿。那波行情不只是技术反弹，背后其实是全球资金在找下一站收益地。而且讲真，去年那次反弹，很多人是后知后觉，等到3700才想进，结果又 ...