2025年07月03日申万期货品种策略日报-国债 | | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | tanggh@sywgqh.com.cn 021-50586292 | | | | | | | | | TS2509 | TS2512 | TF2509 | TF2512 | T2509 | T2512 | TL2509 | TL2512 | | | 昨日收盘价 前日收盘价 | 102.512 102.488 | 102.642 102.632 | 106.250 106.205 | 106.345 106.295 | 109.130 109.005 | 109.210 109.040 | 121.18 120.74 | 121.04 120.6 | | | 涨跌 | 0.024 | 0.010 | 0.045 | 0.050 | 0.125 | 0.170 | 0.440 | 0.44 ...

证券研究报告·固定收益·固收深度报告 固收深度报告 20250703 日本居民财富配置 30 年变迁—低利率时代 系列（六） [Table_Tag] [Table_Summary] 观点 ◼ 日本自 1990 年代泡沫破裂后，长期陷入低利率甚至负利率环境，居民 财富配置经历从非金融资产主导转向金融资产多元化、从保守储蓄向逐 步接受风险资产的深刻演变。其变迁过程与宏观经济周期、政策工具创 新和人口结构调整紧密结合。 ◼ 日本低利率环境下的居民财富配置变迁 ◼ 2000-2010 年代：老龄化加剧，保险类资产占比提高 2025 年 07 月 03 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐沐阳 执业证书：S0600523060003 xumy@dwzq.com.cn 相关研究 《伯 25 转债：汽车制动系统国产龙 头》 2025-07-03 《债券"科技板"他山之石：我国与 海外科创债的机构持仓结构及策略有 何异同？》 2025-07-01 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 1990 ...

英国10年期国债收益率下跌6个基点至4.56%。 ...

智通财经7月3日电，英国10年期国债收益率下跌6个基点至4.56%。 ...

英国国债开盘上涨，英国10年期国债收益率下跌6个基点至4.56%。 ...

Group 1 - The core viewpoint of the article indicates that German government bonds may perform poorly due to the issuance of a large amount of government bonds by Spain and France [1] - Eurozone bonds were sold off on Wednesday, influenced by negative trends from the UK, although German bonds still performed relatively better compared to similar Eurozone bonds [1] - The sell-off of UK bonds led to a 5 basis point increase in the yield of 10-year German government bonds and caused the spread between 10-year UK and German bonds to widen [1]

Core Point - The yield on Japan's 40-year government bonds has increased by 8 basis points to 3.14% [1] Group 1 - The rise in yield indicates a shift in investor sentiment towards long-term government debt in Japan [1] - The increase of 8 basis points reflects broader trends in the bond market and potential inflationary pressures [1]

Core Viewpoint - The yield on Japan's 40-year government bonds has increased by 4 basis points to 3.1% [1] Group 1 - The rise in yield indicates a shift in investor sentiment towards long-term government debt in Japan [1] - The increase of 4 basis points reflects broader trends in the bond market and potential inflationary pressures [1] - The current yield level of 3.1% is significant as it marks a notable point in Japan's long-term interest rate environment [1]

Core Viewpoint - Japan's 40-year government bond yield has increased by 4 basis points to 3.1% [1] Group 1 - The rise in the 40-year bond yield indicates a potential shift in investor sentiment towards long-term government debt [1] - The increase of 4 basis points reflects broader trends in the bond market and may influence future borrowing costs for the government [1]

Group 1 - The yield on Japan's 40-year government bonds increased by 4 basis points to 3.1% [1] - The yield on Japan's 30-year government bonds rose by 5 basis points to 2.935% [1]