日本20年期国债收益率升至1999年以来的最高水平。 ...

2年期日本国债收益率升至0.786%，为今年4月初以来的最高水平。 ...

至于数据对市场的具体影响，LPL Financial首席固定收益策略师劳伦斯·吉勒姆指出，市场参与者对CPI 数据的反应，将取决于商品领域中通胀压力的广度。"债券市场存在风险，如果我们确实看到通胀重新 加速，我们可能会因为错误的原因看到更高的收益率……如果美债收益率在通胀压力重新加速的背景下 走高，那么被定价的降息幅度可能会减少，这也可能渗透到股市……"吉勒姆说。 不过，他同时表示，"我认为，从通胀互换和盈亏平衡通胀率的走势来看，债券市场并不真正预期通胀 会重新加速。" 新华财经北京7月15日电美国国债收益率周一（7月14日）普遍上涨1BP左右，10年期美债收益率报 4.425%，2年期报3.896%。美国总统特朗普上周末宣布将自8月1日起对从欧盟、墨西哥进口的商品分别 征收30%关税，再度引发对通胀担忧。市场焦急等待将于周二公布的美国6月CPI数据。 分析师认为，在经历了几个月的低通胀之后，美国消费者6月份经历的物价涨幅可能略有加快，原因是 企业开始将与关税相关的进口商品成本上升转嫁给消费者。机构对经济学家的调查显示，预计不包括波 动较大的食品和能源成本在内的商品和服务价格将在6月上涨0.3%，达5个月来最 ...

10年期日本国债收益率升至1.595%，创2008年10月以来最高。 ...

7月15日消息，日本10年期国债收益率升至2008年以来最高水平。 ...

日本10年期国债收益率升至2008年以来最高水平，日内上行2.5bp至1.595%。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes that China does not seek to gain international competitive advantages through currency devaluation, maintaining a stable and reasonable level for the RMB exchange rate [1][3]. Exchange Rate and Economic Context - The RMB has been appreciating against the USD, with the dollar index dropping from above 109 to around 97, a decline of 11% [2]. - The 10-year US Treasury yield peaked at over 4.8% but has recently retreated to about 4.4% [2]. - China's economic fundamentals remain strong, with a GDP growth of 5.4% year-on-year in Q1, and the market is expected to stabilize with a balanced international payment situation [3]. Bond Market and Investment Policies - The PBOC acknowledges that some small and medium-sized banks are adopting aggressive bond investment strategies, which can be reasonable within regulatory limits [4]. - Bond investments constitute a significant part of banks' assets, with loans and bonds making up 60% and 25% of total assets, respectively [4]. - In the first half of 2025, the bond market issued 44.3 trillion yuan, a 16% increase year-on-year, with net financing of 8.8 trillion yuan, accounting for 38.6% of the social financing increment [5]. Risk Management and Regulatory Oversight - The PBOC stresses the need for small and medium-sized banks to maintain a reasonable balance in bond investments, considering both returns and risks [5]. - The central bank will enhance market monitoring and share information on high-risk institutions with regulatory bodies to mitigate financial market risks [5].

Core Viewpoint - The company anticipates a significant increase in net profit for the first half of 2025 compared to the same period last year, despite a decline in operating income due to market conditions [2][3][9]. Financial Performance Summary - The company expects a net profit attributable to shareholders of the parent company to be between 13.31 million and 14.31 million yuan, representing an increase of 4.61 million to 5.61 million yuan, or a growth of 53.02% to 64.52% year-on-year [3][5]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 9.95 million and 10.95 million yuan, which indicates a decrease of 1.92 million to 2.91 million yuan, or a decline of 14.89% to 22.66% year-on-year [3][5]. Previous Year Comparison - In the first half of 2024, the total profit was 10.14 million yuan, with a net profit attributable to shareholders of the parent company at 8.70 million yuan, and a net profit after deducting non-recurring gains and losses at 12.87 million yuan [7]. Reasons for Profit Increase - The increase in net profit is primarily attributed to the recovery of the securities market, which has positively impacted the investment income and fair value changes of the company's financial assets [9]. - However, the operating income has slightly decreased due to the impact of consumer upgrades and channel transformations in retail products [9].

Core Viewpoint - The U.S. Treasury yields experienced a notable increase, indicating a shift in market sentiment and potential implications for investment strategies [1] Group 1: Treasury Yield Movements - The 10-year benchmark U.S. Treasury yield rose by 1.60 basis points, reaching 4.4253%, with intraday trading between 4.4014% and 4.4432% [1] - The 2-year Treasury yield increased by 1.06 basis points, settling at 3.8956%, with a trading range of 3.8726% to 3.9082% during the day [1] Group 2: Market Reactions - A significant V-shaped reversal occurred in the U.S. stock market around the time of the opening, suggesting a volatile trading environment influenced by the changes in Treasury yields [1]

| | | 关键期限国债 | | | | --- | --- | --- | --- | --- | | 品种 | 买人 | 藝冊 | 现价 | 涨跌BP | | 3M 美国国债 | 4.338 | 4.327 | 4.327 | -1.08 | | 4M 美国国债 | 4.352 | 4.342 | 4.342 | 0.09 | | 6M 美国国债 | 4.271 | 4.260 | 4.260 | 0.15 | | 1Y 美国国债 | 4.068 | 4.057 | 4.057 | -0.04 | | 2Y 美国国债 | 3.896 | 3.894 | 3.894 | 0.85 | | 3Y 美国国债 | 3.872 | 3.869 | 3.869 | 1.67 | | 5Y 美国国债 | 3.982 | 3.980 | 3.980 | 1.06 | | 7Y 美国国债 | 4.190 | 4.188 | 4.188 | 1.85 | | 20Y 美国国债 | 4.973 | 4.971 | 4.971 | 2.86 | | 30Y 美国国债 | 4.981 | 4.979 | 4.979 | 3.31 ...