Core Viewpoint - The announcement by the China Interbank Market Dealers Association regarding the low underwriting fees for bond issuance has raised significant market concerns, prompting a self-regulatory investigation into the involved institutions [1][2]. Group 1: Low Underwriting Fees - The underwriting fees for the recent bond issuance by Guangfa Bank were alarmingly low, with some institutions, such as China Galaxy and Industrial Bank, quoting fees as low as 700 RMB [1][2]. - This is not an isolated incident; previous bond issuances have also seen similarly low fees, with rates dropping below 0.0002% in past cases, leading to market astonishment [2]. Group 2: Regulatory Response - The Dealers Association has expressed ongoing concern over the phenomenon of low-price competition in the bond underwriting sector, which includes issues like low underwriting fees and potential market price distortion [3][4]. - Specific requirements have been set forth by the Association to ensure fair practices, including the prohibition of pre-agreed bond issuance rates and the necessity for underwriters to avoid quoting below cost [4]. Group 3: Self-Regulatory Measures - The Association will implement self-regulatory management and regularly monitor the bond issuance and underwriting business, with potential disciplinary actions for violations of self-regulatory rules [5]. - Violations that breach legal or administrative regulations will be referred to relevant authorities, and such incidents will be recorded in integrity archives for public disclosure [5].

德债熊市趋陡，30年期收益率势创2011年以来的最高收盘位，此前出现四个月以来的最大单周涨幅，因 财政担忧持续不散。德国30年期国债收益率上涨2个基点，至3.23%，本周累计上涨14个基点。交易员 下调欧洲央行降息预期，因政策制定者Isabel Schnabel表示，通胀必须出现重大下行转变才能为再次降 息提供依据。互换合约暗示，今年剩余时间料再降息19个基点，低于周四的21个基点和上周的27个基 点。 ...

墨西哥总统辛鲍姆：墨西哥将"很快"公布墨西哥国家石油公司的计划。墨西哥国家石油公司正在解决其 与服务提供商的债务问题。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 11, 2025, most convertible bond industries rose, and the valuation increased month - on - month. The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds decreased. The convertible bond valuation increased [2]. - In the stock market, more than half of the underlying stock industry indices rose. In the convertible bond market, 22 industries rose [3]. Summary by Directory 1. Market Main Index Performance - The CSI Convertible Bond Index rose 0.03% month - on - month, the Shanghai Composite Index rose 0.01%, the Shenzhen Component Index rose 0.61%, the ChiNext Index rose 0.80%, the SSE 50 Index fell 0.01%, and the CSI 1000 Index rose 0.85% [1]. - Small - cap growth stocks were relatively dominant. The large - cap growth index rose 0.55%, the large - cap value index fell 0.80%, the mid - cap growth index rose 0.28%, the mid - cap value index fell 0.13%, the small - cap growth index rose 0.68%, and the small - cap value index rose 0.18% [1]. 2. Market Fund Performance - The trading volume in the convertible bond market was 66.069 billion yuan, a 1.25% month - on - month decrease. The total trading volume of the Wind All - A Index was 1736.61 billion yuan, a 14.62% month - on - month increase. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 14.038 billion yuan [1]. - The yield of the 10 - year treasury bond rose 0.37bp month - on - month to 1.67% [1]. 3. Convertible Bond Valuation - After excluding convertible bonds with a closing price > 150 yuan and a conversion premium rate > 50%, the fitted conversion premium rate of 100 - yuan par value was 25.38%, a 0.08pct month - on - month increase. The overall weighted par value was 94.40 yuan, a 0.52% month - on - month decrease [2][21]. - The conversion premium rates of all types of convertible bonds (divided by stock - bond nature) increased. The conversion premium rate of equity - biased convertible bonds rose 1.23pct, that of debt - biased convertible bonds rose 0.39pct, and that of balanced convertible bonds rose 0.34pct [2]. 4. Industry Performance - In the A - share market, the top three rising industries were non - bank finance (+2.02%), computer (+1.93%), and steel (+1.93%); the top three falling industries were bank (-2.41%), building materials (-0.67%), and coal (-0.60%) [3]. - In the convertible bond market, 22 industries rose. The top three rising industries were non - bank finance (+1.97%), computer (+1.09%), and non - ferrous metals (+1.05%); the top three falling industries were bank (-0.72%), textile and apparel (-0.44%), and media (-0.27%) [3]. - In terms of closing price, the large - cycle sector rose 0.81%, the manufacturing sector rose 0.05%, the technology sector fell 0.22%, the large - consumption sector rose 0.12%, and the large - finance sector rose 0.66% [3]. - In terms of conversion premium rate, the large - cycle sector rose 0.45pct, the manufacturing sector rose 0.35pct, the technology sector fell 0.22pct, the large - consumption sector rose 0.31pct, and the large - finance sector rose 1.2pct [3]. - In terms of conversion value, the large - cycle sector rose 0.18%, the manufacturing sector fell 0.18%, the technology sector rose 0.43%, the large - consumption sector rose 0.22%, and the large - finance sector rose 0.71% [3]. - In terms of pure - bond premium rate, the large - cycle sector rose 0.53pct, the manufacturing sector rose 0.15pct, the technology sector rose 0.59pct, the large - consumption sector rose 0.13pct, and the large - finance sector rose 0.71pct [4]. 5. Industry Rotation - Non - bank finance, computer, and steel led the rise. The daily increase of non - bank finance in the underlying stock market was 2.02%, and 1.97% in the convertible bond market; the daily increase of computer was 1.93% in the underlying stock market and 1.09% in the convertible bond market; the daily increase of steel was 1.93% in the underlying stock market and 0.13% in the convertible bond market [56].

Group 1 - The core issue of the "long bond crisis" is not just supply and demand but also the impact of currency basis swaps leading to a global bond market crash [2][5] - The Japanese long-term bonds and U.S. long-term bonds have shown unprecedented coupling, where a crisis in one country's bonds can trigger a crisis in others, indicating a high level of interconnectedness in the bond markets [12][9] - The global public debt is projected to reach a historical high of $102 trillion in 2024, up from $97 trillion in 2023, exacerbating the situation as developed countries reduce their purchases of long-term bonds due to aging populations [1] Group 2 - The recent sell-off in Japanese long-term bonds has led to a significant increase in yields, with the 30-year Japanese government bond yield rising from 2.85% to 3.10%, a 25 basis point increase [1] - The sell-off in Japanese bonds has caused a ripple effect, leading to increased yields in German and U.S. bonds, with the German 30-year bond yield rising from 3.1% to 3.21% and U.S. 30-year bonds exceeding 4.9% [1] - Historical patterns indicate that this is not the first occurrence of a "long bond crisis," as similar events were observed in April and May, highlighting the increasing sensitivity and deteriorating liquidity in long-term bond markets [8][6]

【环球网报道 记者 赵建东】美国"政治新闻网"11日报道称，根据联邦政府内部记录和匿名消息人士透 露，美政府效率部（DOGE）出现核心人员集体离职潮，过去六个月内已有至少八名核心成员离职，文 章称，这标志着DOGE已从特朗普政府的核心退出。 报道称，白宫发言人哈里森·菲尔兹在一份声明中宣称"政府效率部正全速推进工作，已为美国人节省超 过1700亿美元。"还有白宫高级官员解释称，许多DOGE离职者属于"特聘政府雇员"，其本身任命设有 期限，"DOGE高层官员从未计划在政府中谋求长期职业发展。" "政治新闻网"称，DOGE现今的工作比早期高调裁员行动更具针对性，其近期工作包括删除闲置政府网 站及电话线路、注销废弃软件许可证，协助美国国家气象局升级系统等。 今年5月30日，马斯克从政府效率部离任时，特朗普在白宫举办仪式友好相送。6月3日，马斯克突然公 开痛批"大而美"法案"令人作呕"，并在6月5日与特朗普爆发"口水战"。特朗普称马斯克"疯了"，马斯克 称特朗普"忘恩负义"。 虽然两人的关系随后一度出现缓和迹象，但随着"大而美"法案正式成法，马斯克在7月5日宣布成立新政 党"美国党"，宣称该党将参加明年中期选举，争夺 ...

Group 1 - The core point of the article is that Canada's 10-year government bond yield reached its highest level since January 15, hitting 3.487% with an intraday increase of 7.8 basis points [1]

0:00 这些天，马斯克要建"美国党"的事炒得沸沸扬扬。他不仅扬言要给美国人民自由，代表80%中间选民， 还要搅局明年中期选举。 在美国，理论上注册成立政党门槛较低。而实际上美国目前也有着数百个小党，但规模和影响力同民 主、共和两大党相比，差距巨大。有句话这样形容：在美国成立一个全国性的"第三党"，可能比把人送 上火星还难。 那马斯克建"第三党"是一场儿戏吗？还是美国社会的深层次矛盾和各派的利益之争已经激烈到他必须另 起炉灶？ 作为亿万富翁、科技圈层的顶流，马斯克是近年来崛起的"科技工业复合体"的代表人物。 他拥有的社交媒体X、特斯拉、SpaceX，背后都是和美国国家利益紧密捆绑的高科技资产。甚至可以 说，他本人就是"美式资本主义"的一个符号。 马斯克成立"美国党"的直接原因是总统特朗普力推的"大而美"法案。法案取消了购买电动汽车的税收减 免。这对作为美国电动汽车制造商特斯拉老板的马斯克而言非常不利。 在"大而美"法案的财富分配之争的表象下，马斯克与特朗普的利益之争，实际上是MAGA派，也就 是"让美国再次伟大"派同科技资本的对立，核心是新老资本的博弈。 特朗普的MAGA阵营代表的是一部分传统产业、白人工薪阶 ...

股市冲高回落，股债跷跷板效应明显，尾盘数据显示债基延续净赎回，利率微幅上行。 早盘债市延续昨日偏谨慎情绪，10Y国债利率基本平开在1.657%后围绕1.66%震荡。上午股市表现强 势、涨超1%，利率最高上至1.67%。午后股市回落、基本收平，利率震荡下至1.66%附近。尾盘或对下 周一的一级发行与传闻的地产会议有所担忧，利率回升至1.666%（六六六）。 市场没有什么不可能，再完美的预测 体系都是不完美的，因为预测本身就不完美，因为市场最大的魔 力就在于它的不可预测性。 ——笔记哥《分析》 【笔记20250711— 免费过山车，包吐包尖叫（-上午股市涨超1%+午后股市回落-债基延续净赎回+资金 面均衡偏松=微上)】 资金面均衡偏松，长债收益率微幅上行。 央行公开市场开展847亿元7天期逆回购操作，今日有340亿元逆回购到期，净投放507亿元。 资金面均衡偏松，资金利率平稳，DR001在1.34%附近，DR007在1.47%附近。 | | | | 银行间资金 | (2025. 07. 11) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

截至 7 月 4 日，二级资本债重仓策略显著修复，二级债子弹型、产业超长型策略周度收益趋近于近三个月最高。信用 风格二级资本债重仓组合收益均值回升 28bp 至 0.27%附近，其中，久期及混合哑铃型策略修复力度较大。超长债重仓 策略平均收益则出现 38bp 左右的大幅回升，二季度产业、二级超长型策略累计收益不及城投超长型，而本周收益几 乎位于近三个月最高点。超长端策略超额收益回升至 6 月初水平，近期久期策略从城投轮动至产业、二级债品种，特 别是上周二级超长型策略组合超额升至 17bp 以上，与此前连续三周的负项读数形成对比。 一般商金债久期从上周 2.1 年快速拉长至本周 3.3 年，逼近历史最高水平。截至 7 月 4 日，城投债、产业债成交期限 分别加权于 2.27 年、3.27 年，均处于 2021 年 3 月以来 90%以上分位数水平，商业银行债中，二级资本债、银行永续 债以及一般商金债加权平均成交期限分别为 4.28 年、3.73 年、3.27 年，其中银行永续债处于较低历史水平；从其余 金融债来看，证券公司债、证券次级债、保险公司债、租赁公司债久期分别为 1.52 年、1.69 年、3.33 年 ...