Core Insights - The launch of the "Technology Board" in the bond market on May 7 has generated significant interest, with over 190 technology innovation bonds issued by June 6, totaling approximately 374.5 billion yuan [1][2] - The market consensus is that the scale of the "Technology Board" will continue to expand, with expectations for more small and medium-sized private technology enterprises to enter the market [1][4] - The introduction of innovative bond types and risk-sharing mechanisms is essential to attract long-term capital and support the financing needs of technology enterprises [2][3] Market Overview - As of June 6, the total issuance includes 2.958 billion yuan from the interbank market and approximately 787 million yuan from the exchange market [1] - There are 32 technology innovation bonds currently in the issuance process, with a proposed issuance scale of 475.5 million yuan [1] - The average coupon rate for technology innovation bonds is 1.95%, with an average maturity of 3.3 years, indicating a trend towards longer-term financing [5][6] Issuer Diversity - The "Technology Board" features a diverse range of issuers, including financial institutions, technology companies, private equity, and venture capital firms, creating a comprehensive financing chain for technology innovation [2][7] - Financial institutions have played a significant role, accounting for approximately 60% of the total issuance, with a focus on supporting private technology enterprises [7][8] Innovation in Bond Products - The market has introduced various innovative bond products, such as intellectual property pledge bonds and green bonds, to meet the diverse financing needs of technology enterprises [2][3] - The flexibility in setting bond terms, including options for equity conversion and interest rate linkage to project performance, enhances the attractiveness of these bonds [3][4] Future Expectations - There is a strong expectation for increased participation from private technology enterprises in the bond market, supported by favorable policies and market conditions [8][9] - The ongoing development of the "Technology Board" is anticipated to improve market liquidity and pricing efficiency, providing robust financial support for national technology innovation strategies [10]

Group 1 - The China Convertible Bond Index opened up by 0.04% [1] - Kenen Convertible Bond and Bojun Convertible Bond rose over 3% [1] - Jinling Convertible Bond and Baiyang Convertible Bond increased by more than 2% [1] Group 2 - Dongshi Convertible Bond fell by over 3% [1] - Jinjiji Convertible Bond and Mengsheng Convertible Bond declined by more than 1% [1]

日度报告——综合晨报 洛杉矶骚乱事件持续发酵 [T报ab告le_日R期an：k] 2025-06-11 宏观策略（外汇期货(美元指数)） 美总统特朗普：洛杉矶骚乱事件是"外国入侵" 特朗普把洛杉矶骚乱事件定义为外国入侵，这意味着短期内事 态可能进一步升级，美元指数短期震荡。 宏观策略（国债期货） 央行开展了 1986 亿元 7 天期逆回购操作 后续债市走牛已经成为市场一致预期，若资金面持续处于均衡 偏松的状态上，市场可能会抢跑。 综 宏观策略（股指期货） 合 国家领导人同韩国总统李在明通电话 晨 报 6 月 10 日下午 A 股突发跳水，股债商汇均有所表现。市场对于 中美会谈的预期有所恶化。当期阶段，由于估值水平较高，因 此利空扰动带来的波动将加大。 农产品（生猪） 傲农生物：2025 年 5 月生猪销量同比增加 9.38% 从中长期视角来看，能繁母猪存栏与仔猪落地情况均指向养殖 行业仍处于中长期过剩的格局，除非重大疫病冲击。 黑色金属（铁矿石） 郑州：将暂停消费品以旧换新家电产品补贴申领 需求下滑可控下短期下跌急速预计较为平缓。整体工业品情绪 低迷，叠加自身季节性压力，预计矿价延续弱势。 能源化工（PTA） ...

// 债市综述 // （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金依旧宽松，存款类机构隔夜质押式回购利率再度下行超 1 个 bp ，至 1.36% 附近，七天质押式回购利率下行不足 1 个 bp 。 （IMM） 海外方面，最新美国隔夜融资担保利率为 4.29% 。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 1. 公开市场操作 央行公告称， 6 月 10 日以固定利率、数量招标方式开展了 1986 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1986 亿元，中标 量 1986 亿元。 Wind 数据显示，当日 4545 亿元逆回购到期，据此计算，单日净回笼 2559 亿元。 全国和主要股份制银行一年期同业存单最新成交在 1.67% 附近，较上日有所下行。 4. 银行间主要利率债收益率 （*数据来源：Wind-同业存单-发行结果） | | 1Y | | 2Y | | 3Y | | 5Y | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - Multiple bond funds have announced the suspension of large subscriptions to protect the interests of existing fund holders and ensure stable fund operations [1][2][3] Group 1: Fund Suspension Details - Over 10 public fund institutions, including China Merchants Fund and Orient Fund, have issued announcements regarding the suspension of large subscriptions for certain bond funds [1] - Specific limits vary by fund; for instance, Orient Fund has set a limit of 10,000 yuan for single subscriptions and total daily subscriptions [1] - ICBC Credit Suisse Fund has limited large subscriptions for four of its bond funds to 10 million yuan [1] Group 2: Market Impact and Investor Behavior - As of June 10, 669 out of 3,842 bond funds are in a suspended large subscription status, with 952 funds completely halting subscriptions [2] - The majority of suspended funds are medium to long-term pure bond funds, indicating a trend towards cautious management in the bond market [2] - The surge in investor interest in bond funds has led to increased issuance and growth in bond ETFs [3] Group 3: Rationale Behind Suspension - Fund managers cite the need to protect existing investors' interests and maintain stable fund operations as primary reasons for the suspension [2][3] - Limiting large subscriptions helps prevent dilution of existing fund holders' returns and allows fund managers to execute investment strategies effectively [3] - The suspension also aims to mitigate risks associated with large capital inflows that could lead to increased volatility in fund net values [3] Group 4: Future Outlook - The macroeconomic environment is expected to remain supportive, with a low interest rate level likely to persist, enhancing the value of bond market allocations [3] - Investment strategies are advised to focus on medium-term credit bonds and dynamic management of interest rate bonds to navigate market fluctuations [4]

英国债务管理局（DMO）：国内投资者占新发行的英国2028年9月指数挂钩国债需求的89.6%。 跟踪国债市场动态 +订阅 ...

新华财经上海6月10日电（记者杨溢仁）在央行呵护资金面态度愈发明确、关税调整不确定性尚存的大 背景下，债市多头情绪开始逐渐占据上风。 分析人士认为，6月仍可保持看多方向不变，10年期国债收益率的下限或在1.5%附近，各机构可继续关 注久期策略。 多重利好叠加发酵 近期，债市迎来多重利好"加持"。 首先，是来自基本面的支撑依旧未曾缺席。根据国家统计局公布的数据，2025年5月，CPI同比下降 0.1%，1月至5月CPI累计同比下降0.1%；5月PPI同比下降3.3%，1月至5月PPI累计同比下降2.6%。 "CPI同比持续处于1.0%以下的低位，表明当前国内物价水平稳中偏弱，这为下半年货币政策持续加力 提供了充分的政策空间。"一位机构交易员向记者表示，"此外，5月PPI同比跌幅较上月大幅扩大0.6个 百分点，一方面是由于新涨价动能持续减弱，另一方面也因翘尾因素对PPI同比的拖累有所加深。鉴于 基本面的复苏难言一蹴而就，则当前债市所处环境依旧'友好'，仍可保持'看多'方向。" "利率下行最主要的驱动力为实体回报率的下行，未来几个月物价走弱决定了实体能够接受的融资成本 还将下降。"国盛证券研究所固收首席分析师杨业伟 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - In the past week (20250602 - 20250608), US stocks, the Hang Seng Index, and the FTSE China A50 Index all rose. The Nasdaq, S&P 500, and Dow Jones Industrial Average increased by 2.18%, 1.50%, and 1.17% respectively, and the Nasdaq China Technology Index rose 3.76%. Meanwhile, the Hang Seng Index climbed 2.16%, and the FTSE China A50 Index went up 0.58% [2]. - Most A - share sectors rose, with technology and non - ferrous metals leading the gains. The wind all - A index increased by 1.61%, and 23 out of 30 CITIC industries advanced, with communication, non - ferrous metals, electronics, and computers having weekly gains of over 3% [3]. - Interest - rate bond prices rose, and the yield curve steepened in a bullish manner. The 10 - year Treasury bond futures main contract rose 0.18% compared to May 30, 2025, and the yield of the 10 - year Treasury bond active bond dropped 1.65 BP to 1.6547% [4]. - The capital price declined, and the central bank advanced the placement of outright reverse repurchases. The R007 and DR007 decreased by 18.88 BP and 10.07 BP respectively, and the central bank net - injected 3283 billion yuan this week [5]. - The bond market leverage level slightly increased. The 5 - day average of inter - bank pledged repurchase volume rose from 6.50 trillion yuan on May 30, 2025, to 6.99 trillion yuan on June 6, 2025 [6]. - US Treasury yields mostly increased, and the curve became steeper. The 10 - year US Treasury yield rose 10 BP to 4.51% as of June 6, 2025 [7]. - The US dollar depreciated, and the gold price rose. The US dollar index fell 0.24%, and the prices of London gold spot, COMEX gold futures, Shanghai gold spot, and futures all increased [8]. - The US May non - farm payrolls increased less year - on - year but exceeded expectations, and the probability of the Fed cutting interest rates in September decreased. The probability dropped from 74.3% to 59.3% as of June 7 [9]. - Looking ahead, the domestic broad - money expectation and external uncertainties still exist. The equity and bond markets may benefit from the broad - money expectation, but the equity market may be negatively affected by external tariff uncertainties, while gold is expected to gain [10]. 3. Summary by Related Content Stock Market - US stocks: The Nasdaq, S&P 500, and Dow Jones Industrial Average rose by 2.18%, 1.50%, and 1.17% respectively, and the Nasdaq China Technology Index increased by 3.76% [2]. - Hong Kong stocks: The Hang Seng Index rose 2.16% [2]. - A - shares: The wind all - A index rose 1.61%. Most sectors advanced, with communication, non - ferrous metals, electronics, and computers having significant gains [3]. Bond Market - Domestic bonds: Interest - rate bond prices rose, the yield curve steepened bullishly, the capital price declined, the central bank net - injected funds, and the bond market leverage level slightly increased [4][5][6]. - US bonds: US Treasury yields mostly increased, and the curve became steeper [7]. Currency and Commodity Markets - Currency: The US dollar depreciated against most major currencies, including the euro, pound, and the Chinese yuan [8]. - Commodity: Gold prices rose both internationally and domestically [8]. Macroeconomic Data - US non - farm payrolls: In May, the US added 13.9 million non - farm jobs, exceeding expectations but increasing less year - on - year. The unemployment rate remained at 4.2%. The probability of the Fed cutting interest rates in September decreased [9].

新华财经北京6月10日电债市周二（6月10日）延续横盘整理，银行间现券走势小幅分化，振幅基本在 1BP以内；公开市场单日净回笼2559亿元，资金利率多数下行。 机构认为，下半年核心CPI通胀或较上半年小幅改善，价格对债市整体偏有利，不过短期有大国博弈进 展与资金面等因素扰动，债市仍处于多空力量均衡的震荡态势。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约涨0.07%报120.160，10年期主力合约涨0.01%报108.995，5年 期主力合约涨0.01%报106.135，2年期主力合约持平于102.442。 银行间主要利率债表现稍有分化，整体振幅不大，10年期国开债"25国开10"收益率上行0.2BP至 1.702%，10年期国债"25附息国债11"收益率下行0.2BP至1.654%，30年期国债"25超长特别国债02"收益 率下行0.75BP至1.861%。 中证转债指数收盘下跌0.28%，报434.44点，成交金额741.00亿元。新致转债、集智转债、天路转债、 豪24转债、正裕转债跌幅居前，分别跌5.26%、4.83%、4.77%、4.76%、4.56%。塞力转债、金陵转债、 中宠转2、联得转 ...

证券研究报告 | 固收定期报告 | | --- | hyzqdatemark 2025 年 06 月 10 日 经济修复分化，债市或窄幅震荡 ——利率周报（2025.6.2-2025.6.8） 投资要点： 证券分析师 本周（6/2-6/8）市场概览： 请务必仔细阅读正文之后的评级说明和重要声明 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 联系人 宏观要闻：6 月 6 日，中国人民银行将以固定数量、利率招标、多重价位中标方式开 展 1 万亿元买断式逆回购操作，期限为 3 个月（91 天）。截至 5 月末，我国外汇储 备规模实现"五连升"至 3.29 万亿美元，较 4 月末上升 36 亿美元，升幅为 0.11%。 截至 5 月末，央行连续 7 个月增持黄金，储备规模报 7383 万盎司（约 2296.37 吨）， 环比增加 6 万盎司。美国东部时间 6 月 3 日，美国总统特朗普签署行政令，将进口 钢铁和铝及其衍生制品的关税从 25%提高至 50%。 中观高频数据：本周消费韧性凸显，生产分化加剧，地产承压。截至 5 月 31 日，乘 用车当周厂家日均零售 ...