在政治不确定性与财政担忧双重夹击下，日本国债市场的风暴正在加剧，核心10年期债券收益率升破警戒线，市场神经高度紧绷。 7月15日周二，日本10年期国债收益率一度上行2.5个基点触及1.595%，创下2008年以来最高水平。同时，日本20年期收益率攀升3.5个基点至 2.64%，30年期收益率上涨4个基点至3.195%，均创1999年以来新高。而20年期及以上期限债券本月已累计上涨至少20个基点。 此次收益率飙升发生在日本参议院选举前夕，市场担忧执政联盟可能失利，财政政策或将大幅转向，进一步加剧债市抛售压力。分析人士警告， 若"债券义警"大规模抛售，日债市场或重演英国"特拉斯时刻"式的剧烈动荡。2022年，英国前首相特拉斯因激进减税计划引发债市暴跌，最终被 迫下台。 而与超长期国债不同，10年期国债收益率的上行对实体经济影响更为直接。明治安田研究所经济学家Yuichi Kodama指出，10年期收益率是固定房 贷利率的定价基准，其上升将推高企业和家庭的融资成本，进而影响经济活动。 伊藤忠研究所首席经济学家Atsushi Takeda补充称，虽然超长期国债对企业融资影响有限，但10年期收益率的持续攀升值得高度关注 ...

Core Viewpoint - The three major airlines in China reported significant losses for the first half of 2025, with noticeable performance differentiation among them. While Air China and China Eastern Airlines managed to reduce their losses, China Southern Airlines faced an increase in losses due to various challenges, including slow recovery of international routes and competitive disadvantages [1][3]. Group 1: Financial Performance - Air China is expected to report a net loss of 17 billion to 22 billion yuan, a reduction of 5.82 billion to 10.82 billion yuan compared to the previous year [2][3]. - China Eastern Airlines anticipates a net loss of 12 billion to 16 billion yuan, reducing losses by 11.68 billion to 15.68 billion yuan year-on-year [2][3]. - China Southern Airlines, however, is projected to incur a net loss of 11.68 billion to 15.68 billion yuan, an increase in losses by 1.1 billion to 5.28 billion yuan compared to the previous year [2][3]. Group 2: Market Conditions - The domestic passenger market is showing signs of steady recovery, but factors such as declining ticket prices and competition from high-speed rail continue to pressure airline revenues [1][6]. - The average ticket price for domestic economy class in the first half of 2025 was 740 yuan, a decrease of 6.9% year-on-year [6][7]. - The competitive landscape is shifting, with high-speed rail increasingly attracting high-end travelers away from airlines, while discounted airfares are drawing ordinary travelers to aviation [7][9]. Group 3: Operational Strategies - The three major airlines are focusing on expanding their routes in 2025, with Air China emphasizing the importance of both domestic and international route growth for profitability [5][10]. - Air China and China Eastern Airlines reported increases in passenger capacity and turnover, with Air China's capacity up by 3.5% and passenger turnover up by 5.5% in the first five months of the year [5][10]. - China Southern Airlines is also working to enhance its business travel market and international routes to mitigate its geographical disadvantages [10][13]. Group 4: Challenges and Outlook - China Southern Airlines faces significant operational challenges due to its geographical position, which has hindered the recovery of its international routes and increased competition in the domestic market [10][12]. - The airline's performance is further impacted by structural changes in passenger demographics and external factors such as international uncertainties and supply chain disruptions [10][12]. - As the critical summer travel season begins, all three airlines must navigate the dual challenges of revenue management and capacity allocation to improve their financial standings [1][13].

日本首席贸易谈判代表、经济再生大臣赤泽亮正：我们正在关注债券市场进展，拒绝就日本国债收益率 走势置评。 ...

周二（7月15日）亚洲时段，现货黄金震荡上涨，刚刚站上3350美元/盎司，周一金价上演"过山车"行 情，现货黄金高开低走，盘中再创三周新高后回吐日内全部涨幅，最终收跌，本交易日重点关注美国6 月CPI年率及月率等数据。 此外，美联储主席鲍威尔的去留问题也开始牵动市场神经。特朗普政府近期频频对美联储施压，要求降 低利率。特朗普还对美联储总部大楼翻修超支问题提出质疑。白宫经济顾问哈西特甚至将超支7亿美元 的责任归咎于美联储。虽然直接解雇鲍威尔的可能性不大，但这种政治干预已经让市场感到不安。 现货黄金周一早盘高开，冲高3375一线受阻回落，日线收长上影阴线。单看日线今天倾向反弹空，但是 结合周线，今天金价暂时倾向震荡为主。日线阻力3365附近，小时线在3354也是日内多空分水，不过凌 晨反弹高点在3351，也就是黄金行情要想下跌，倾向3351附近回落。下方目标先看昨天低点3341附近， 破位看3334-30附近。 特朗普周一表示，美国才刚刚开始征收关税，并声称仅汽车和钢铁关税就为美国带来了1880亿美元的收 入。 周一美国30年期国债收益率一度升至五周最高，略低于5%；10年期国债收益率也攀升至4.447%，触及 ...

智通财经7月15日电，20年期日本公债收益率升至2.64%，创1999年11月以来最高。 ...

智通财经7月15日电，30年期日本公债收益率升至3.195%的纪录高位。 ...

30年期日本公债收益率升至3.195%的纪录高位。 ...

日本30年期国债收益率升至3.195%的历史新高。 ...

日本30年期国债收益率创1999年首次发行以来的新高。 ...

日本20年期国债收益率升至1999年以来的最高水平。 ...