英国十年期国债收益率下降约6个基点，至4.427%，为五月以来的最低水平。 ...

Group 1 - The yield on UK two-year government bonds fell by approximately 5 basis points to 3.772%, marking the lowest level since May [1]

智通财经7月1日电，英国两年期国债收益率当日下跌约5个基点至3.772%，创5月以来最低水平。 ...

智通财经7月1日电，英国10年期国债收益率降至8周低点，报4.436%。 ...

Group 1 - The core point of the article is that India's 5-year government bond yield has decreased by 6 basis points to 6.04% [1]

Group 1 - The core point of the article is that the yield on India's 5-year government bonds has decreased by 6 basis points to 6.04% [1]

Core Viewpoint - The yield on India's 5-year government bonds has decreased by 6 basis points to 6.04% [1] Group 1 - The decline in the 5-year government bond yield indicates a potential shift in investor sentiment towards lower interest rates or increased demand for government securities [1]

Group 1 - The yield on Japan's 20-year government bonds has decreased by 2.5 basis points, reaching 2.325% [1]

| | 1、央行公告称，6月30日以固定利率、数量招标方式开展了3315亿元7天期逆回购操作，操作利率1.40%，投标量3315 | | --- | --- | | | 亿元，中标量3315亿元。Wind数据显示，当日2205亿元逆回购到期，据此计算，单日净投放1110亿元。 | | | 2、央行年中精准调控，资金面有望平稳跨季。近段时间以来，央行精准调控护航年中资金面。在5月降准释放长期流 | | | 动性10000亿元的基础上，6月以来，央行多次开展买断式逆回购净投放，以及加量续做MLF，为市场注入充裕的流动 | | | 性。展望7月跨月及半年度资金面，市场既抱有谨慎乐观态度，也存在一定担忧，主要在于财政因素对于资金面可能 | | | 会形成较大的干扰。 | | | 3、国家统计局公布，6月份，我国制造业、非制造业和综合PMI分别为49.7%、50.5%和50.7%，比上月上升0.2、0.2和 | | | 0.3个百分点，三大指数均有所回升。装备制造业、高技术制造业和消费品行业PMI均连续两个月位于扩张区间。 | | 宏观 | 4、财政部、国家税务总局、商务部发布公告，明确在2025年1月1日至2028年 ...

Core Viewpoint - In the first half of the year, government bond yields experienced a rise and subsequent decline, influenced by monetary policy adjustments and market conditions [1] Market Performance - In Q1, the bond market faced a correction due to three main factors: market adjustments to the "moderately loose" monetary policy expectations, tight funding conditions due to restrained monetary operations, and better-than-expected fundamental data from January to February [1] - By the end of June, the yields for 2-year, 5-year, 10-year, and 30-year government bonds were 1.36%, 1.51%, 1.65%, and 1.85% respectively, showing changes of 22.35 basis points, 9.13 basis points, -2.90 basis points, and -6.25 basis points compared to December 31 [1] Policy Dynamics - The first half of the year saw the implementation of interest rate cuts and reserve requirement ratio reductions. On May 8, the 7-day reverse repurchase rate was lowered by 10 basis points to 1.4%, leading to a corresponding 10 basis point drop in the Loan Prime Rate (LPR) [1] - On May 15, the reserve requirement ratio was reduced by 0.5 percentage points, releasing approximately 1 trillion yuan in long-term liquidity, with the average reserve requirement ratio for financial institutions dropping from 6.6% to 6.2% [1] Bond Supply and Demand - As of June 27, the issuance of special bonds accelerated, with a total of 20,973 billion yuan in new special bonds issued, achieving 47% of the issuance target [1] - The refinancing of special replacement bonds reached a cumulative issuance of 18,031 billion yuan, with a progress rate of 90% [1] - The net issuance of government bonds was 33,802 billion yuan, with a progress rate of 50.7%, including the early issuance of 1.3 trillion yuan in ultra-long special government bonds compared to the previous year [1] Strategy Outlook - The current funding conditions are loose, with the overnight DR dropping below the policy rate to 1.4%, but the bond market lacks strong upward momentum [1] - In the absence of further interest rate cuts, the bond market is expected to remain in a volatile pattern, with an optimistic forecast for the 10-year government bond yield's low point at 1.50% [1] - If interest rates are cut by 10-20 basis points, the low point could potentially drop to 1.3% - 1.4% [1]