2025年，中国外贸信托凭借在债券交易、ESG实践及综合竞争力领域的卓越表现，连续斩获三项行业重 磅荣誉，以实力诠释信托行业标杆企业的责任与担当。 创新公益模式 乡村振兴实践获国际认可 以专业为帆 擘画高质量发展蓝图 在社会责任领域，中国外贸信托首度参评即摘得"金蜜蜂ESG竞争力·乡村振兴奖"，成为唯一获奖信托 机构。公司创新"慈善信托+基金会"双平台模式，累计设立慈善信托55单，备案数量居北京首位。2024 年，"中国中化乡村振兴慈善信托"覆盖教育、医疗等29个帮扶项目；2025年追加资金5610万元，累计受 托规模突破1.5亿元。通过与股东产业协同，公司打造出"圆梦行动""星火计划"等品牌公益项目，构建 跨地域乡村振兴网络，实现社会价值与乡村发展的长效共振。 面向未来，中国外贸信托表示，将始终以服务国家战略为己任，深化信托制度优势，在债券交易、ESG 实践、财富管理等领域持续创新，为实体经济注入金融活水，为乡村振兴凝聚公益力量，在信托行业转 型浪潮中勇立潮头，书写高质量发展的新篇章。 深耕债券市场 交易能力持续领跑 五年蝉联金誉奖 综合实力再获权威认证 在证券信托领域，中国外贸信托连续三年入选深交所、上交 ...

Group 1 - The core viewpoint is that investors are increasingly favoring short-term bonds, as evidenced by the performance of BlackRock's 0-3 month Treasury ETF (SGOV), which has surpassed the assets of the long-term Treasury ETF (TLT) [1] - SGOV has become a safe haven for cautious cash holders, reflecting a shift towards low-volatility short-term bonds while moving away from the pricing difficulties associated with long-term monetary policy risks [1] - The appeal of cash has driven money market fund assets to a historic high of over $7 trillion, contrasting with TLT's significant value decline of approximately 40% despite attracting hundreds of billions in inflows [1] Group 2 - Strategas' senior ETF strategist Todd Sohn notes a growing preference for low volatility and stable returns, as many investors recognize the substantial volatility associated with holding long-term bonds [2] - Sohn emphasizes that the volatility level of long-term bond funds is comparable to that of the S&P 500 index, suggesting that unless one is extremely pessimistic about the economy and believes interest rates will collapse, the additional volatility of TLT is not justified [3]

黑龙江发行10年期普通专项地方债，规模93.1374亿元，发行利率1.7400%，边际倍数1.55倍，倍数预期 1.75。 ...

黑龙江发行10年期其他专项地方债，规模89.0000亿元，发行利率1.7400%，边际倍数13.40倍，倍数预 期1.75； 黑龙江发行10年期一般债地方债，规模59.6794亿元，发行利率1.7000%，边际倍数6.26倍，倍数预期 1.74。 黑龙江发行5年期一般债地方债，规模12.2382亿元，发行利率1.5500%，边际倍数3.91倍，倍数预期 1.57； ...

进出口行发行3年期债券，规模40亿元，发行利率1.4000%，预期1.5200%，投标倍数4.22倍，边际倍数 1.29倍。 ...

今日重点推荐 2025 年 07 月 10 日 债券基金的指数化投资浪潮：产品战略、管理人策略以及应用 场景分析——金融产品每周见 20250702 债券基金的指数化投资浪潮： 2018 年 4 月，自广发 1-3 年农发债指数基 金成功发行开始，债券指数基金进入常态化发展新篇。当前指数型债券基 金共 341 只、规模合计 1.42 万亿元，债券基金中指数产品规模占比达到 16%，其中场外债券指数基金、利率债指数基金仍占主导地位。 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3493 | -0.13 | 2.74 | 1.11 | | 深证综指 | 2102 | -0.04 | 3.72 | 1.77 | | 风格指数 | 昨日表现 | 1 个月表现 | 6 个月表现 | | --- | --- | --- | --- | | | （％） | （％） | （％） | | 大盘指数 | -0.18 | 2.63 | 5.49 | | 中盘指数 | -0.32 | 3 ...

Core Viewpoint - The article discusses the implications of Alibaba's recent issuance of zero-coupon convertible bonds, highlighting both the short-term costs and long-term benefits for the company and its subsidiaries, particularly Alibaba Health. Group 1: Financing and Capital Structure - Alibaba has completed a private placement of zero-coupon convertible bonds totaling HKD 120.23 billion, maturing in 2032, which will not bear interest and are unsecured [2] - The net proceeds from the bond issuance are estimated to be approximately HKD 119 billion, intended for general corporate purposes, including investments in cloud infrastructure and international business expansion [6] - The issuance is seen as a way to alleviate cash pressure while allowing Alibaba to maintain flexibility in its capital structure [6] Group 2: Market Reactions and Analyst Opinions - Analysts view the premium pricing of the bonds positively, noting that the lack of periodic interest payments saves Alibaba on interest expenses and reduces potential disputes with minority shareholders [3] - The bond's conversion price represents a 48% premium over the placement price of Alibaba Health shares, providing an investment opportunity for those optimistic about Alibaba Health's future [3] - However, the issuance of convertible bonds is rare and typically only feasible for large corporations, indicating Alibaba's strong market position [4] Group 3: Impact on Alibaba Health - The use of Alibaba Health shares as the conversion target reflects a consolidation of resources within the Alibaba Group, with expectations of further integration across its business segments [11] - Alibaba Health reported a revenue of approximately RMB 30.598 billion for the fiscal year ending March 31, 2025, marking a 13.2% year-on-year increase, with adjusted net profit rising by 35.6% [11] - Despite the growth, analysts caution that the increased competition and marketing expenses may pressure Alibaba Health's profitability in the near term, making the bond issuance a double-edged sword [11][13]

日本7月4日当周外资净买进日本债券 -1646亿日元，前值 10526亿日元。 ...

日本至7月4日当周买进外国债券 16568亿日元，前值1828亿日元。 ...

广西柳州市轨道交通投资发展集团有限公司债券主承销商备选库入库公告 各债券主承销商： 1.具备公司债券与企业债券主承销商资质，上一年证监会证券公司分类评级结果为BB及以上； 2.近三年期间任意一年在全国公司债券与企业债券承销规模排名为前60名（wind口径）； 3.具备良好的团队协调能力和服务质量，具有良好的销售能力及销售资源，广西地区公司债券承销规模排名靠前的优先； 4.如主承销商具有优质战略资源并提供服务，可适当放宽入库标准。 为规范广西柳州市轨道交通投资发展集团有限公司（以下简称"市轨道集团"）及下属企业委托债券主承销商管理工作，确保债券主承销商为企业提供高效、 优质的服务，市轨道集团将进一步完善债券主承销商备选库，组织开展2025年债券主承销商备选库增选工作，现将有关事项公告如下： 一、入库选聘资格 （一）拟入库的公司债券及企业债券主承销商应当满足以下条件： （二）拟选聘的中国银行间市场交易商协会产品主承销商应当具备以下条件： 1.具备中国银行间市场交易商协会产品承销商资质； 2.具备良好的团队协调能力和服务质量，在广西地区协会债券承销排名靠前的优先； 3.在广西地区设有分支机构的优先； （二）申请中国 ...