30年期英债收益率跌8.1个基点，5.338%，16:16刷新日低至5.299%；50年期英债收益率跌8.3个基点，报 4.684%，16:16跌至4.649%刷新日低。 2/10年期英债收益率利差跌3.126个基点，报+69.779个基点。 周四（7月3日）欧市尾盘，英国10年期国债收益率下跌7.1个基点，报4.542%，"跳空低开"后全天处于 下跌状态，整体交投于4.603%-4.512%区间，北京时间20:30发布美国非农就业报告带来大约4个基点的 升幅。 两年期英债收益率跌4.1个基点，报3.841%，16:15刷新日低至3.808%，随后低位震荡——非农就业报告 带来超过3个基点的回升幅度。 ...

德国商业银行策略师Christoph Rieger表示，近年已大幅收窄的意大利和法国10年期国债利差将抹平。意 大利利差已受益于德国财政计划，德国的计划提振了对欧元区深化融合的憧憬。尽管如此，德国以外地 区的债务可持续性可能面临挑战，因为该地区明年债券发行量增加，在债券市场环境不再宽松之际利差 扩大。Rieger认为，鉴于法国"充满挑战"的财政和政治背景，法国国债"尤其容易受到影响"。意大利10 年期国债收益率目前比法国高出17个基点，低于一年前逾70个基点的水平。 ...

Group 1 - The yield on Germany's 10-year government bonds decreased by 4.9 basis points, settling at 2.615%, with trading throughout the day between 2.660% and 2.610% [1] - The 2-year German bond yield fell by 2.9 basis points to 1.834%, trading within a range of 1.875% to 1.829% [1] - The 30-year German bond yield dropped by 4.0 basis points, reaching 3.077%, with a slight recovery following the release of U.S. non-farm payroll data [1] Group 2 - The yield spread between the 2-year and 10-year German bonds decreased by 1.689 basis points, now at +77.735 basis points [1]

美股"妖股"狂飙。 受一系列超预期的宏观数据推动，美股三大指数全线走强，纳指、标普500指数盘中均创出历史新高，道指逼 近历史新高。其中，脑再生科技再度爆发，盘中一度暴涨超170%，多次触及熔断。 有分析称，最新发布的一系列宏观数据缓解了市场对美国经济增速放缓的担忧。其中，美国6月非农就业数据 预示着美国劳动力市场仍具备较强的韧性。另外，美国6月ISM非制造业指数报50.8，略高于预期。 与此同时，美国与欧盟的关税谈判也传来最新消息。美国财长贝森特称，今天与欧盟谈判代表会面。欧盟委员 会主席冯德莱恩则表示，欧盟希望在下周的最后期限前与美国达成一项原则性的贸易协议。 受独立日休假影响，今夜美股将提前3小时于北京时间周五凌晨1点休市（盘后交易时段为1点至5点），周五全 天休市。 全线大涨 北京时间7月3日晚间，美股三大指数集体高开高走，截至23:00，纳指涨0.97%，标普500指数涨0.81%，均创出 历史新高；道指涨0.83%，逼近历史新高。 美股大型科技股亦全线上涨，英伟达一度涨超2%，盘中总市值最高达到3.92万亿美元；微软、亚马逊、博 通、台积电ADR均涨超1%。 值得一提的是，在美上市的中概股公司—— ...

Core Viewpoint - The article highlights the accelerated issuance of local government bonds in China during the first half of the year, with a total issuance of approximately 5.5 trillion yuan, reflecting a year-on-year growth of about 57% [1][2]. Group 1: Bond Issuance Overview - In the first half of the year, local government bonds were issued at a rapid pace, with new bonds accounting for approximately 2.6 trillion yuan, a year-on-year increase of 43%, while refinancing bonds reached about 2.9 trillion yuan, growing by approximately 73% [1][2]. - More than half of the funds from local government bonds were used for refinancing old debts, which alleviated current fiscal pressures and allowed local governments to focus more on development and public welfare [2]. Group 2: Fund Allocation and Project Focus - The newly issued special bonds, totaling around 2.2 trillion yuan, were primarily directed towards infrastructure and public welfare projects, with significant allocations to municipal and industrial park infrastructure (28%), transportation projects (19%), and land reserve projects (11%) [3]. - The government has allowed special bonds to be used for land reserve projects to stabilize the real estate market, leading to increased funding in this area [3]. Group 3: Debt Management and Financial Health - The average issuance term of local government bonds has extended to 16.4 years, with an average interest rate of 1.95%, lower than the previous year's rate of 2.29%, which helps reduce financing costs [4]. - As of May 2025, the total local government debt stood at 51.25 trillion yuan, remaining within the limit of 57.99 trillion yuan, indicating that debt risks are generally manageable [4]. - The Ministry of Finance plans to expedite the issuance of long-term special bonds to support economic stability and growth, with expectations for increased issuance in the third quarter [4].

Core Insights - The winning bid rate for U.S. Treasury auctions as of July 3rd is 4.24%, an increase from the previous rate of 4% [1] Group 1 - The current winning bid rate reflects a rise in interest rates, indicating potential shifts in investor sentiment and market conditions [1]

Group 1 - The core point of the article indicates that the winning bid rate for U.S. Treasury auctions as of July 3 has decreased to 41% from a previous value of 56.11% [1]

Group 1 - The core point of the article indicates that the bid-to-cover ratio for U.S. Treasury auctions has increased to 3.26 from a previous value of 3.06, suggesting a higher demand for government debt securities [1]

美国劳动力市场展现出强劲韧性。六月份美国就业增长连续第四个月超出预期，失业率进一步下降。这可能促使美联储在决定下一步利率行动时 采取更为谨慎的态度。 7月3日，美国劳工统计局公布的数据显示： 美国6月非农就业人口增加 14.7万人，预期 10.6万人，4月和5月非农就业人数合计上修1.6万人。 失业率 4.1%，预期 4.3%，前值 4.2%。 美国六月就业数据"爆表"：新增14.7万岗位远超预期，失业率骤降至4.1% 在昨日ADP就业数据意外录得负3.3万人的"爆冷表现后，市场普遍对今日的非农就业报告做好了最坏打算，甚至有传言称新增岗位可能跌破10 万，至9.6万人，远低于10.6万人的市场共识，引发了对"滞胀型衰退"的担忧。然而，事实再次证明ADP可能只是"虚晃一枪。 美国劳工统计局公布的数据显示，上个月非农就业人数增加14.7万人，不仅大幅超出10.6万人的市场预期中值，也高于向上修正后的五月数据 （14.4万人）。其中，州和地方政府就业的显著增长是此次数据超出预期的主要驱动力。私人部门就业仅增加7.4万人，创下去年十月以来的最低 增幅，这主要归因于医疗保健行业的招聘放缓。 在媒体调查的79位经济学家中 ...

Group 1 - The core point of the article indicates that after the release of U.S. employment data, the gains in German and UK government bonds have diminished [1] Group 2 - The article highlights the impact of U.S. employment data on international bond markets, specifically noting the reaction in Germany and the UK [1]