财政部拟发行2025年记账式附息（二十四期）国债。本期国债为2年期固定利率附息债。本期国债竞争 性招标面值总额1045亿元，进行甲类成员追加投标。本期国债票面利率通过竞争性招标确定。本期国债 自2025年12月15日开始计息，每年支付利息，付息日为每年12月15日（节假日顺延），2027年12月15日 偿还本金并支付最后一次利息。招标时间为2025年12月12日上午10:35至11:35。 ...

人民财讯12月3日电，财政部拟发行2025年记账式贴现(七十六期)国债。本期国债为期限91天的贴现 债。本期国债竞争性招标面值总额600亿元，进行甲类成员追加投标。本期国债发行价格通过竞争性招 标确定，以低于票面金额的价格贴现发行。本期国债自2025年12月4日开始计息，于2026年3月5日(节假 日顺延)按面值偿还。招标时间为2025年12月3日上午10:35至11:35。 ...

财政部拟发行2025年记账式贴现（七十五期）国债。现就本次发行工作有关事宜通知如下：一、债券要 素（一）品种。本期国债为期限63天的贴现债。（二）发行数量。本期国债竞争性招标面值总额400亿 元，进行甲类成员追加投标。（三）发行价格。本期国债发行价格通过竞争性招标确定，以低于票面金 额的价格贴现发行。（四）本息兑付日期。本期国债自2025年12月4日开始计息，于2026年2月5日（节 假日顺延）按面值偿还。二、竞争性招标安排（一）招标时间。2025年12月3日上午10:35至11:35。 （二）招标方式。本次发行竞争性招标采用修正的多重价格招标方式，标的为价格。（三）发行系统。 通过财政部政府债券发行系统进行招标发行。（四）标位限定。投标标位变动幅度0.001元，投标剔 除、中标剔除和每一承销团成员投标标位差分别为90个、75个和75个标位。三、发行款缴纳中标承销团 成员于2025年12月4日前（含12月4日），将发行款缴入财政部指定账户。缴款日期以财政部指定账户收 到款项日期为准。收款人名称：中华人民共和国财政部开户 银行：国家金库总库账号：270-25275-1汇 入行行号：011100099992四、分 ...

Group 1 - The ruling coalition led by Prime Minister Sanna Takashi has increased its seats in the House of Representatives from 230 to 233, ensuring a slim majority ahead of two key budget votes [1][2] - The coalition, formed by the Liberal Democratic Party (LDP) and the Japan Innovation Party, now holds a total of 233 out of 465 seats in the House of Representatives, which is crucial for legislative stability [1][2] - This development is expected to facilitate the passage of the supplementary budget announced on Friday and the annual budget scheduled for December [2] Group 2 - The Japanese government has finalized a comprehensive economic strategy with a total scale of approximately 21.3 trillion yen (about 965.6 billion yuan), primarily funded by the supplementary budget for fiscal year 2025 [2] - The supplementary budget is projected to have general account expenditures of about 18.3 trillion yen, with over 11 trillion yen in new government bonds issued to raise funds [2] - Despite efforts to control borrowing, the new debt issuance is significantly higher than the 6.7 trillion yen required under the previous administration's economic plan, marking a 75% increase [2] Group 3 - Concerns about Japan's long-term fiscal situation under Prime Minister Takashi continue to unsettle investors, with long-term government bond yields reaching over 20-year highs and the yen remaining weak [3] - As of the latest report, the USD/JPY exchange rate is at 156.362, with the 20-year government bond yield at 2.83% and the 30-year yield at 3.347% [3] - To stabilize market sentiment, Prime Minister Takashi indicated that the total amount of government bonds issued this fiscal year will be lower than the previous year, with a total issuance of 40.3 trillion yen projected for fiscal year 2025, a reduction of about 4.3% from the previous year [3]

Core Points - The Japanese government plans to increase the issuance scale of 2-year and 5-year government bonds in the revised debt issuance plan for the fiscal year 2025 to fund economic stimulus measures [1] - The total planned government bond issuance for the current fiscal year, ending in March, will increase by approximately 7 trillion yen (about 44.7 billion USD) from the original 171.8 trillion yen [1] - The issuance amounts for 10-year, 20-year, 30-year, and 40-year government bonds will remain unchanged [1] - The government is expected to increase the issuance scale of discount treasury bills by about 6 trillion yen and may raise the monthly issuance of 2-year and 5-year bonds by 100 billion yen each starting in January [1] - The revised issuance plan will be submitted for discussion at the government bond market underwriting meeting and then presented for cabinet review [1]

Report Industry Investment Ratings No relevant content provided. Core Views - The short - term price of iron ore is expected to fluctuate strongly, gold may oscillate at a high level in the medium - term, and the price of rebar is expected to oscillate widely at a low level [1][3]. - Coking coal is expected to oscillate, while the LH2601 contract of live pigs is under downward pressure and will adjust weakly [4]. - Palm oil is running weakly after breaking through the support level, and the price of soybean meal's 01 contract will decline and oscillate weakly in the short - term [5]. - The bond market will oscillate slightly more in the medium - term, and silver is bearish in the short - term but bullish in the medium - term [7]. - The 01 contract of methanol is expected to oscillate weakly in the short - term, and the 01 contract of soda ash will run weakly [8][9]. - The L2601 contract of plastic will run weakly in the short - term, and the price of crude oil is weakly running in stages [10][11]. - The asphalt market is weak, and the price of synthetic rubber will oscillate weakly [11][12]. Summary by Variety Iron Ore - Mysteel statistics show that the total inventory of imported iron ore at 45 ports is 15,054.65 tons, a week - on - week decrease of 75.06 tons; the daily average port clearance volume is 3.2992 million tons, an increase of 29,700 tons; the number of ships at ports is 120, an increase of 4. Shipping is increasing, and the arrival volume is fluctuating. The molten iron output is expected to decline seasonally, but there is short - term support, and the restocking demand has not been released. The short - term price will oscillate strongly [1]. Gold - Multiple Fed officials signaled interest rate cuts, but due to the lack of employment data, the decision to cut rates is still highly uncertain. Gold is under pressure and may oscillate at a high level in the medium - term [1]. Rebar - As of the week of November 20, rebar production was 2.0796 million tons, a week - on - week increase of 79,600 tons or 3.98%; factory inventory was 1.5332 million tons, a week - on - week decrease of 71,000 tons or 4.43%; social inventory was 4.0002 million tons, a week - on - week decrease of 157,300 tons or 3.78%; apparent demand was 2.3079 million tons, a week - on - week increase of 144,200 tons or 6.66%. The demand has recovered, the fundamentals have improved, but the inventory is still relatively high year - on - year. The price is expected to oscillate widely at a low level [3]. Coking Coal - The utilization rate of the approved production capacity of 523 coking coal mine samples is 86.9%, a week - on - week increase of 0.7%. The daily average output of raw coal is 1.934 million tons, a week - on - week increase of 15,000 tons; the daily average output of clean coal is 758,000 tons, a week - on - week increase of 1,000 tons. The supply is tight, the demand is weakening, and the price is expected to oscillate [4]. Live Pigs - As of November 21, the average slaughter weight of live pigs is 123.6 kg, an increase of 0.07 kg; the weekly slaughter start - up rate is 34.06%, an increase of 0.11%; the profit of purchasing piglets for breeding is - 164.92 yuan per head, a decrease of 43.13 yuan per head; the profit of self - breeding and self - raising is - 81.351 yuan per head, a decrease of 17.42 yuan per head; the price of piglets is 210 yuan per head, an increase of 0.95 yuan per head. The market supply is large, and the LH2601 contract is under downward pressure [4]. Palm Oil - From November 1 - 20, 2025, the yield per unit of Malaysian palm oil increased by 7.96% month - on - month, the oil extraction rate increased by 0.45% month - on - month, and the output increased by 10.32% month - on - month. The demand for biodiesel is expected to weaken significantly, and palm oil is running weakly [5]. Soybean Meal - As of November 21, the physical inventory days of soybean meal in feed enterprises is 7.98 days, a decrease of 0.25 days from the previous period and the same as the same period last year. The supply of imported soybeans is sufficient, the demand is stable, and the price of the 01 contract will decline and oscillate weakly [5]. Long - term Treasury Bonds - The intensive issuance of treasury bonds is an important manifestation of the continuous implementation of proactive fiscal policies, which may lead to the early implementation of fiscal easing policies next year. The bond market is expected to oscillate slightly more in the medium - term [7]. Silver - The US economic data shows certain resilience, which boosts risk appetite. There are differences in the market's expectation of an interest rate cut in December, but the expectation still exists. Silver is bearish in the short - term and bullish in the medium - term [7]. Methanol - The market price of methanol in Jiangsu Taicang is 2,000 yuan/ton, and the price is stable. The weekly utilization rate of domestic methanol production capacity is 88.75%, an increase of 1.8%. The downstream utilization rate is 74.77%, a weekly increase of 0.42%. The port inventory has decreased. The 01 contract is expected to oscillate weakly in the short - term [8]. Soda Ash - The mainstream price of heavy soda ash nationwide is 1,260 yuan/ton, and the price is relatively stable. The weekly output is 739,200 tons, a week - on - week decrease of 1.02%. The total inventory of manufacturers is 1.7073 million tons, a weekly increase of - 0.4%. The 01 contract is expected to run weakly [9]. Plastic - The mainstream price of LLDPE in North China is 6,939 yuan/ton, a decrease of 17 yuan/ton from the previous day. The weekly output is 304,600 tons, a week - on - week decrease of 1.19%. The production enterprise inventory is 197,700 tons, a weekly decrease of 4.4%. The L2601 contract is expected to run weakly in the short - term [10]. Crude Oil - OPEC+ maintains its stance of increasing production, the global economy and demand are poor, and the new peace talks between Russia and Ukraine have attracted market attention. The price of crude oil is weakly running in stages [11]. Asphalt - The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises is 24.8%, a week - on - week decrease of 4.2%. The sample shipment volume of 54 domestic asphalt enterprises is 370,000 tons, a week - on - week increase of 2.2%. The market is weak, and it is advisable to sell short at high prices [11]. Synthetic Rubber - The output of butadiene in October is 457,300 tons, a year - on - year increase of 14.49%, and the output from January to October is 4.472 million tons, a year - on - year increase of 15.46%. The import in October is 35,000 tons, a year - on - year decrease of 35.00%. The supply pressure on the raw material side is increasing, and the demand lacks substantial benefits. The price is expected to oscillate weakly [12].

Core Points - The Ministry of Finance announced the first re-issuance of the 2025 book-entry interest-bearing government bonds on November 18 [1] - The re-issued bonds have a fixed interest rate of 1.63%, consistent with previously issued bonds of the same term [1] - The total competitive bidding amount for the re-issuance is set at 99 billion yuan [1] Summary by Category Bond Details - The re-issued bonds are 5-year fixed-rate interest-bearing bonds [1] - Interest will start accruing from October 25, 2025, with annual interest payments on October 25 each year [1] - The principal will be repaid on October 25, 2030, along with the final interest payment [1] Auction Information - The bidding time for the re-issuance is scheduled for November 19, 2025, from 10:35 AM to 11:35 AM [1]

Core Points - The U.S. Treasury issued $42 billion in 10-year bonds, with a bid-to-cover ratio of 2.43, indicating stable demand despite a slight decrease from the previous auction [1][2] - The 10-year bond yield closed at 4.0713%, down 4.47 basis points, while the 2-year bond yield fell to 3.5659%, down 2.49 basis points [1] - The Senate passed a temporary funding bill to end the government shutdown, which has delayed the release of key economic data [1] Group 1 - The 10-year bond auction yield was 4.074%, slightly above the pre-auction level of 4.068% but lower than the previous auction's yield of 4.117% [2] - The indirect bid ratio, reflecting foreign demand, was 67.0%, slightly up from 66.8% in the last auction, while the direct bid ratio from domestic investors was 22.6%, down from 24.1% [2] - Treasury Secretary Yellen indicated that the department is prepared to adjust bond issuance based on investor demand to avoid market disruption [2] Group 2 - The Treasury is closely monitoring potential long-term changes in demand for specific U.S. government bonds and will adjust issuance accordingly [2] - The stablecoin market is expected to grow tenfold over the next decade, potentially increasing demand for short-term bonds [2]

Core Points - The Ministry of Finance plans to issue a 2025 book-entry discount treasury bond with a term of 182 days [1] - The total amount for competitive bidding is set at 60 billion yuan, allowing for additional bids from Class A members [1] - The issuance price of the treasury bond will be determined through competitive bidding at a discount to the face value [1] - The bond will start accruing interest on November 13, 2025, and will be repaid at face value on May 14, 2026, with adjustments for holidays [1] - The bidding time is scheduled for November 12, 2025, from 10:35 AM to 11:35 AM [1]

Group 1 - The Ministry of Finance plans to issue a 5-year fixed-rate bond, specifically the 2025 book-entry interest-bearing government bond [1] - The total amount for competitive bidding is set at 129 billion yuan, with additional bids from Class A members [1] - The bond will start accruing interest from October 25, 2025, with annual interest payments on October 25 each year, and the principal will be repaid on October 25, 2030 [1] Group 2 - The bidding for this bond will take place from 10:35 AM to 11:35 AM on October 24, 2025, using a modified multiple-price bidding method [1] - Distribution of the bond will occur from October 27, 2025, and it will be listed for trading starting October 29, 2025 [1]