本周央行公开市场将有8582亿元逆回购到期 智通财经6月16日电，本周央行公开市场将有8582亿元逆回购到期，其中周一至周五分别到期1738亿 元、1986亿元、1640亿元、1193亿元、2025亿元。此外，周二还将有1820亿元MLF到期。 ...

周一至周五公开市场逆回购到期规模分别为1738亿元、1986亿元、1640亿元、1193亿元和2025亿元。周 二另有1820亿元1年期MLF到期。 ...

Key Points of the Research Report 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report This week, the credit spreads of different industries were generally compressed slightly, with a small number of industries experiencing significant spread widening. For urban investment bonds, the short - and medium - long - term credit spreads were slightly compressed, while those over 10Y widened slightly. For industrial bonds, the credit spreads fluctuated slightly overall, and those of 5Y and above declined slightly. For bank capital bonds, the short - term credit spreads of bank Tier 2 and perpetual bonds widened slightly, while the medium - and long - term spreads were compressed, and the yield curve flattened. It is recommended to continue to focus on 3 - 5Y industrial bonds with yields above 2% and good liquidity, as well as high - coupon urban investment bonds and bank Tier 2 and perpetual bonds [3][44]. 3. Summary by Directory 3.1 Market Overview This Week - **Negative News**: "H9 Guohou 01" issued by Guohou Asset Management Co., Ltd. was extended; the issuer ratings of Guangdong Montai High - tech Fiber Co., Ltd. and Qingdao Guanzhong Ecological Co., Ltd. were downgraded, and the ratings of "Montai Convertible Bond" and "Guanzhong Convertible Bond" were also downgraded; "H20 Tianying 1" issued by Wuhan Tianying Investment Group Co., Ltd. defaulted, and "H20 Tianying 2" was extended [3]. - **Market Analysis**: This week, 930.9 billion yuan of reverse repurchases matured in the open market, and the central bank conducted 858.2 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 72.7 billion yuan. DR001 rose from 1.33% at the beginning of the week to 1.45% [3][44]. 3.2 Primary Market - **Net Financing Scale**: The net financing of traditional credit bonds (excluding asset - backed securities) was 227.5 billion yuan, an increase of 59 billion yuan compared with last week. The net financing of asset - backed securities was 15 billion yuan, an increase of 5.3 billion yuan. Among them, the net financing of urban investment bonds was 48 billion yuan, an increase of 16.3 billion yuan; that of industrial bonds was 117.3 billion yuan, a decrease of 3.7 billion yuan; and that of financial bonds was 62.2 billion yuan, an increase of 46.4 billion yuan [7]. - **Issuance Quantity**: The issuance and redemption quantities of urban investment bonds, industrial bonds, and financial bonds all increased compared with last week [8]. - **Issuance Cost**: The issuance rate of AA - rated industrial bonds decreased significantly by 55BP, mainly due to the low - rate issuance of some bonds. The issuance rate of AA + - rated financial bonds increased significantly by 48BP, mainly due to the high - rate issuance of some bonds. The issuance rates of other bonds changed by no more than 11BP [16]. 3.3 Secondary Market - **Trading Volume**: The trading volume of credit bonds (excluding asset - backed securities) increased by 458 billion yuan compared with last week. The trading volume of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all increased [17]. - **Turnover Rate**: The turnover rate of credit bonds increased overall. The turnover rates of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all increased [18]. - **Yield**: The yields of credit bonds decreased overall, and the medium - and long - term (5 - 10Y) performance was better than the short - term. The yields of 5 - 7Y and 7 - 10Y AA - rated credit bonds decreased by 5BP respectively [23]. - **Credit Spread** - **Overall**: The credit spreads of different industries were generally compressed slightly, with a small number of industries experiencing significant spread widening. The credit spread of AA + - rated electronics industry widened by 24BP, while that of AA + - rated leisure service industry compressed by 9BP [28]. - **Urban Investment Bonds**: The short - and medium - long - term credit spreads were slightly compressed, while those over 10Y widened slightly. Most regions' credit spreads were compressed, with a small number of regions experiencing significant spread widening [31][32]. - **Industrial Bonds**: The credit spreads fluctuated slightly overall, and those of 5Y and above declined slightly [37]. - **Bank Capital Bonds**: The short - term credit spreads of bank Tier 2 and perpetual bonds widened slightly, while the medium - and long - term spreads were compressed, and the yield curve flattened [40]. 3.4 Investment Advice Continue to focus on 3 - 5Y industrial bonds with yields above 2% and good liquidity, as well as high - coupon urban investment bonds and bank Tier 2 and perpetual bonds [3][44].

Monetary Policy and Financial Data - The central bank reported that as of the end of May 2025, the broad money supply (M2) reached 325.78 trillion yuan, a year-on-year increase of 7.9% [1] - The narrow money supply (M1) stood at 108.91 trillion yuan, with a year-on-year growth of 2.3% [1] - In the first five months of 2025, RMB loans increased by 1.068 trillion yuan, while RMB deposits rose by 1.473 trillion yuan [1] - The total social financing stock at the end of May 2025 was 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [1] - The net financing of corporate bonds was 908.7 billion yuan, a decrease of 288.4 billion yuan year-on-year, while government bonds saw a net financing of 6.31 trillion yuan, an increase of 3.81 trillion yuan year-on-year [1] Market Dynamics - The Beijing Stock Exchange announced a continuation of the exemption from bond trading fees to stimulate market activity, effective until December 31, 2026 [4] - The central bank will conduct a 400 billion yuan reverse repurchase operation on June 16, 2025, to maintain liquidity in the banking system [5] - A 2,025 billion yuan reverse repurchase operation was conducted, resulting in a net injection of 675 billion yuan [6] Regional Developments - Hunan Province approved a budget adjustment plan that includes issuing 20 billion yuan in special bonds to address overdue payments to enterprises [7] - Qingdao City is restructuring several state-owned enterprises, planning to invest approximately 30 billion yuan in 87 major projects [9] Bond Issuance - Henan Capital Group has been approved to register 2 billion yuan in medium-term notes, with a validity period of two years [10] - Zhengzhou Development Investment Group has two bond projects under review by the Shenzhen Stock Exchange, totaling 5 billion yuan [11] - The issuance of 5 billion yuan in corporate bonds by Shangqiu Railway Investment Company was completed at an interest rate of 2.47% [13] - Luoyang Urban-Rural Construction Investment Group completed the issuance of 3 billion yuan in corporate bonds at an interest rate of 2.78% [14] - Jiyuan Jikang Technology Company plans to issue 1.5 billion yuan in corporate bonds [15] Credit Ratings and Regulatory Actions - The central bank approved the issuance of technology innovation bonds by several financial institutions, including CICC and CITIC Securities, with amounts up to 150 billion yuan [16] - The China Interbank Market Dealers Association has reduced or canceled 6.16 billion yuan in debt financing tool quotas for three companies [21] Market Sentiment - According to CITIC Research, the average issuance interest rate for technology innovation bonds in May was 1.77%, marking a new low and indicating high investor sentiment [24]

股 指 行 情 綜 述 投资咨询业务资格:证监许可【2012】31号 == 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | | 2025/6/13 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 较前值变动 | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | (bp) | | | DR001 | 1.37 | 0.47 | DR007 | 1.54 | 1.10 | | हूं | GC001 | 1.49 | -4.50 | GC007 | 1.57 | -1.00 | | ਜ | SHBOR 3M | 1.64 | -0.30 | LPR 5年 | 3.50 | -10.00 | | 市 | 1年期国债 | 1.41 | 0.00 | 5年期国债 | 1.51 | 0.50 | | 场 | 10年期国债 | 1.65 | 0.30 | 10年期美债 | 4.41 | -6.00 | 回顾:央行昨日开展了1 ...

国债期货日报 | 2025-06-13 政策呵护延续，国债期货涨跌分化 市场分析 宏观面：（1）宏观政策：5月7日国新办发布会上，央行宣布落实适度宽松政策，推出涵盖数量型、价格型和结构 型在内的一揽子十项措施，包括降准0.5个百分点、政策利率与结构性工具利率分别下调0.1和0.25个百分点、公积 金贷款利率同步下调，同时增设及扩容科技、养老、消费、涉农等领域专项再贷款，强化资本市场支持和创新债 券风险缓释机制，旨在提升信贷投放、稳定市场预期，推动经济高质量发展；5月10日，中美双方在日内瓦举行经 贸高层会谈，为时两天；5月12日，中美联合发布《中美日内瓦经贸会谈联合声明》，声明指出中美双方 "24%的关 税在初始的90天内暂停实施，对这些商品加征剩余10%的关税。" ；5月20日，中国人民银行公布LPR下调：1年期 LPR由3.1%降至3.0%，5年期以上品种由3.6%降至3.5%，为近半年首次下调。同日，多家国有大行与部分股份制银 行同步下调存款挂牌利率，涵盖活期、整存整取及通知存款等多类型产品。此次降息与降存款利率同步实施，延 续了央行5月初提出的 "政策利率—LPR—存款利率" 联动调控路径。 2）通胀 ...

中国央行今日开展2025亿元7天逆回购操作，操作利率持平于1.40%。今日1350亿元逆回购到期。本 周，中国央行进行8582亿元逆回购操作，因本周有9309亿元逆回购到期，本周实现净回笼727亿元。 ...

Group 1 - The State Council Information Office will hold a press conference regarding the 2025 Multinational Corporation Leaders Summit in Qingdao, with officials from the Ministry of Commerce and Shandong Province providing details [2] - The China Securities Index Company announced adjustments to the sample stocks of various indices including the CSI 300 and CSI 500, with the changes to take effect after market close on June 13 [3] - A total of 20 companies will have their restricted shares unlocked today, amounting to 832 million shares with a total market value of 17.498 billion yuan, with significant unlocks from companies like Shen Sanda A and Xiamen Tungsten [3] Group 2 - Sixteen companies disclosed progress on stock repurchase plans, with seven companies announcing new repurchase proposals and one company having its plan approved by shareholders [4] - Among the newly disclosed repurchase plans, five companies have proposed amounts exceeding 10 million yuan, with the highest being Zhongtai Securities at 500 million yuan [5] - The People's Bank of China has a 135 billion yuan 7-day reverse repurchase operation maturing today, with an operation rate of 1.40% [6]

国债期货日报 | 2025-06-10 政策呵护延续，国债期货全线收涨 市场分析 宏观面：（1）宏观政策：5月7日国新办发布会上，央行宣布落实适度宽松政策，推出涵盖数量型、价格型和结构 型在内的一揽子十项措施，包括降准0.5个百分点、政策利率与结构性工具利率分别下调0.1和0.25个百分点、公积 金贷款利率同步下调，同时增设及扩容科技、养老、消费、涉农等领域专项再贷款，强化资本市场支持和创新债 券风险缓释机制，旨在提升信贷投放、稳定市场预期，推动经济高质量发展；5月10日，中美双方在日内瓦举行经 贸高层会谈，为时两天；5月12日，中美联合发布《中美日内瓦经贸会谈联合声明》，声明指出中美双方 "24%的关 税在初始的90天内暂停实施，对这些商品加征剩余10%的关税。" ；5月20日，中国人民银行公布LPR下调：1年期 LPR由3.1%降至3.0%，5年期以上品种由3.6%降至3.5%，为近半年首次下调。同日，多家国有大行与部分股份制银 行同步下调存款挂牌利率，涵盖活期、整存整取及通知存款等多类型产品。此次降息与降存款利率同步实施，延 续了央行5月初提出的 "政策利率—LPR—存款利率" 联动调控路径。 2）通胀 ...

今日看点 经济观察网讯6月10日重点关注的财经要闻与资本市场大事： 1、国新办将举行进一步保障和改善民生有关政策情况新闻发布会 2、2025年中国网络文明大会将举行 6月10日至11日，2025年中国网络文明大会将举行。结合网络文明建设重点领域、民众关心的热点问 题，分论坛将设置"智慧赋能文明培育""体育文化""弘扬优良家风 培育时代新人"等多个话题，通过思想 碰撞、经验交流，推动网站平台、网络媒体、社会组织及广大网民积极投身网络文明建设，共同营造文 明有序的网络环境。 3、第二届"一带一路"科技交流大会将举行 5、18家公司披露回购进展 6月10日，18家公司共发布21个股票回购相关进展。其中，6家公司首次披露股票回购预案，2家公司披 露股票回购实施进展，11家公司回购方案已实施完毕。 从首次披露回购预案来看，若羽臣、杰克股份、万安科技回购预案金额最高，分别拟回购不超2.0亿 元、1.5亿元、4000.0万元。从回购实施进展来看，公牛集团、江瀚新材分别回购1967.12万元、265.38万 元。从已完成回购来看，海亮股份、中炬高新、徐工机械已完成回购金额最高，分别回购5.0亿元、 5834.78万元、164 ...