Report Industry Investment Rating No relevant content provided. Core Viewpoints - The science and technology innovation bond (Sci - tech Bond) market is at the stage of policy support and market demand superposition. The launch of Sci - tech Bond ETF and the landing of risk - sharing tools will provide more diversified and stable funding sources for science and technology innovation enterprises and enrich investors' asset allocation options [3][12]. - From January to May, the national real estate market continued to adjust, with real estate development investment and sales declining year - on - year, and the market still at the bottoming stage [5][18]. - In the money market, the central bank conducted open - market operations, with net capital withdrawal last week, but carried out large - scale buy - out reverse repurchase operations to ensure a stable end - of - quarter capital situation. Interest rates showed a mixed trend [6][21]. - In the primary market of credit bonds, issuance cooled last week, with a decrease in the issuance scale. The average issuance interest rates of most bonds with different maturities and ratings increased. In the secondary market, trading activity increased, and bond yields generally declined [7][36]. Summary by Directory Market Dynamics - On June 18, 10 public fund companies submitted applications for the first batch of Sci - tech Bond ETF products, marking the product - based implementation stage of the bond market serving science and technology innovation. The Sci - tech Bond market is in a stage of policy support and market demand superposition, and the development of related innovative products will provide more diversified and stable funding sources for science and technology innovation enterprises [3]. - On June 18, the first batch of projects using Sci - tech Bond risk - sharing tools were launched. Five private equity investment institutions successfully issued Sci - tech Bonds with a total scale of 1.35 billion yuan. The mechanism design introduced multiple arrangements such as credit risk mitigation vouchers, guarantee enhancement, and cornerstone investment [4][14]. Macroeconomic Data - From January to May, real estate development investment totaled 3.62 trillion yuan, a year - on - year decrease of 10.7%, with the decline widening by 0.4 percentage points compared to the first four months. New commercial housing sales area was 353 million square meters, a year - on - year decrease of 2.9%, with the decline widening by 0.1 percentage points [5][18]. - Other macroeconomic data include GDP quarterly year - on - year growth rate, official manufacturing PMI, social consumer goods retail year - on - year growth rate, etc. For example, in the first quarter of 2025, the GDP quarterly year - on - year growth rate was 5.40%, and in May 2025, the official manufacturing PMI was 49.50% [19][20]. Money Market - Last week, the central bank conducted open - market operations and net withdrew 7.99 billion yuan. On June 16, the central bank carried out a 40 - billion - yuan 6 - month buy - out reverse repurchase operation. Near the end of the quarter, the central bank carried out two buy - out reverse repurchase operations, totaling 1.4 trillion yuan, to ensure a stable end - of - quarter capital situation [6][21]. - The 14 - day and 21 - day pledged repurchase rates increased by 13bp and 3bp respectively, while the other term pledged repurchase rates decreased. The 3 - month and 1 - year Shibor both decreased compared to the previous week, and the spread between them narrowed to 4bp [6][21]. Primary Market of Credit Bonds - Last week, the issuance of credit bonds cooled, with the issuance scale at 333.68 billion yuan, a decrease of 15.161 billion yuan compared to the previous period. The infrastructure investment and financing industry and industrial bonds both saw a decrease in issuance scale [7][25]. - In terms of net financing, most industries in industrial bonds showed net financing inflows. In terms of issuance costs, the average issuance interest rates of most bonds with different maturities and ratings increased by 2 - 40bp [7][25]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 1,023.5849 billion yuan, and the average daily trading volume increased by 8.0377 billion yuan compared to the previous period, indicating increased trading activity [36]. - The yields of interest - rate bonds and credit bonds generally declined. The credit spreads of 1 - year and 5 - year AAA - rated bonds widened by 1 - 8bp, while the other term spreads narrowed, with a change of no more than 10bp. The rating spreads fluctuated, with a change of no more than 5bp [36][43].