Group 1 - The Ministry of Finance plans to issue a second tranche of the 2025 book-entry interest-bearing government bonds with a total competitive bidding face value of 124 billion yuan [1] - The bonds are fixed-rate interest-bearing bonds with a maturity of 3 years [1] - The coupon rate for this issuance is set at 1.46%, the same as the previously issued bonds of the same maturity [1]

Group 1 - The core point of the article is the successful completion of the second re-issuance of the 2025 book-entry interest-bearing government bonds, with a planned re-issuance amount of 131 billion yuan and an actual re-issuance face value of 131 billion yuan [1] - The determined re-issuance price is 100.66 yuan, which corresponds to an annual yield of 1.62% [1] - The re-issuance portion will be distributed from the end of the bidding until July 7, and will be merged for trading with the original issuance of 340 billion yuan starting from July 9 [1]

财政部拟第二次续发行2025年记账式附息（十一期）国债 招标面值总额1310亿元 智通财经7月1日电，财政部拟第二次续发行2025年记账式附息（十一期）国债。本次续发行国债为10年 期固定利率附息债。本次续发行国债竞争性招标面值总额1310亿元，进行甲类成员追加投标。本次续发 行国债票面利率与之前发行的同期国债相同，为1.67%。招标时间为2025年7月4日上午10:35至11:35。 ...

Core Viewpoint - The first re-issuance of the 2025 book-entry interest-bearing government bonds (11th phase) has been successfully completed, with a total face value of 170 billion yuan re-issued [1] Group 1 - The planned re-issuance amount for the government bonds was 170 billion yuan, and the actual re-issuance amount matched this plan at 170 billion yuan [1] - The re-issuance price determined through the bidding process was 100.50 yuan, which corresponds to an annual yield of 1.63% [1] - The distribution of the re-issued bonds will take place from the end of the bidding until June 16, and from June 18, it will be merged with the original issuance of 170 billion yuan for trading [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For soda ash, the supply has decreased and demand has recovered, but there is still inventory accumulation. In the medium - short term, production is under downward pressure, with insufficient downstream procurement potential and weak demand. In the long - term, there is an oversupply situation. The futures price lacks continuous upward momentum, and the price will re - enter a downward channel with a likely weak and volatile trend [8]. - For glass, the supply has significantly declined and may continue to fall. The demand is in a traditional off - season with weak cyclical demand, and downstream procurement enthusiasm is difficult to improve. With the deep adjustment of the real estate industry, the demand for glass is not effectively boosted. In the short term, as it enters the traditional off - season, the overall enterprise inventory is slightly decreasing, and the price may show a strong and volatile trend, with short - term rebound opportunities [9]. 3. Summary by Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market on May 27**: The main futures contract SA509 fluctuated downward, hitting a new contract low. The closing price was 1231 yuan/ton, down 29 yuan/ton or 2.30%, with an increase of 56,719 lots in positions. The spot price of heavy - quality soda ash in the central China region was 1380 - 1460 yuan/ton, with a change of 0/-20 yuan/ton compared to the previous day, and the light - quality soda ash price remained unchanged. As of May 22, the weekly production of soda ash in China dropped to 663,800 tons, a month - on - month decrease of 2.04%, and the capacity utilization rate dropped to 78.63%. The enterprise shipment volume was 699,000 tons, a month - on - month increase of 4.81%, and the weekly enterprise inventory of heavy - quality soda ash remained at 860,000 tons with a slight reduction [7][8]. - **Glass Market on May 27**: The main futures contract FG509 had an opening price of 1022 yuan/ton, a closing price of 1031 yuan/ton, up 12 yuan/ton or 1.17%, with a decrease of 28,030 lots in positions. The FG601 contract had a closing price of 1084 yuan/ton, up 6 yuan/ton or 0.55%, with an increase of 6745 lots in positions. In the future, the glass supply has dropped significantly to the level of February this year and may continue to fall. The demand is in a traditional off - season, and downstream procurement enthusiasm is difficult to improve in the short term [7][9]. 3.2 Industry News - The Ministry of Finance plans to re - issue the 2025 Special Treasury Bonds (Phase II) for Capital Injection into Central Financial Institutions on June 4. The re - issued bonds are 7 - year fixed - rate coupon - bearing bonds with a competitive tender face value of 105 billion yuan and no additional bids from Class A members. The coupon rate is the same as the previously issued bonds of the same period, at 1.57%. - According to Zhuochuang Information, the market price of baking soda in Henan is stable with average trading. The mainstream ex - factory price of food - grade baking soda is estimated at 1180 - 1260 yuan/ton. - The domestic float glass market is generally stable with minor fluctuations. Some factories slightly lowered their prices, and the trading atmosphere is average. In North China, the price is stable with weak demand support; in East China, some factories lowered the price by 1 yuan per weight box; in Central China, the price is stable with strong downstream wait - and - see sentiment; in South China, factories adjusted their ex - factory policies for shipment at the end of the month, with some offering discounts and others planning price increases; in Southwest China, the price is stable with average trading [14].