Group 1 - The duration of medium to long-term pure bond funds has increased, while short-term bond funds have decreased. The median duration of all medium to long-term pure bond funds reached 2.58 years, up 0.08 years week-on-week, placing it at the 80.40th percentile over the past three years [1][9][18] - The median duration of short-term pure bond funds decreased to 0.95 years, down 0.02 years week-on-week, which is at the 83.50th percentile over the past three years [1][9][18] - The median duration of medium to long-term interest rate bond funds reached 3.69 years, up 0.12 years week-on-week, at the 84.50th percentile, while the standard deviation increased to 2.72, at the 97.10th percentile [1][9][18] Group 2 - The turnover rate of interest rate bonds has decreased, while the turnover rate of credit bonds has increased. The turnover rate of 10-year and above government bonds decreased to 1.92%, at the 49.6th percentile over the past three years [1][9][18] - The turnover rate of 5-7 year medium-term notes increased to 1.23%, at the 28.7th percentile [1][9][18] - Local government bonds in Qingdao, Jiangxi, and Jiangsu have high turnover rates, with valuation spreads of 13.81 bps, 10.93 bps, and 11.36 bps respectively [1][9][18] Group 3 - The leverage ratio in the interbank bond market increased by 0.12 percentage points to 107.17%. The leverage ratio for insurance companies rose by 0.12 percentage points to 128.87%, while the leverage ratio for banks increased by 0.03 percentage points to 102.66% [1][9][18] - The leverage ratio for securities companies decreased by 0.94 percentage points to 224.13%, and the leverage ratio for broad-based funds increased by 0.42 percentage points to 111.89% [1][9][18] Group 4 - The total scale of wealth management products in the market increased by 30.25 billion yuan week-on-week, consistent with seasonal levels, while the net value of wealth management products remained stable at 0.73% [1][9][18] - The scale of fixed-income wealth management products saw significant growth, while other investment types experienced slight changes [1][9][18] - The performance comparison benchmarks for wealth management products showed a decline for those with a duration of one month or less and one to three years, while others remained stable or increased [1][9][18]

Report Investment Rating - The report is bullish on the bond market, predicting that the yield of the 10Y Treasury bond will return to around 1.65%, the 30Y Treasury bond to 1.9%, and the 5Y large - bank secondary capital bond to 1.9% (all referring to non - VAT bonds) by the end of the year [24]. Core Viewpoints - In October 2025, the wealth management scale increased more than seasonally, with the total scale reaching 33.6 trillion yuan at the end of October, up 3.7 trillion yuan from the end of the previous year and 1.5 trillion yuan from the end of the previous month [3][6]. - The average monthly annualized yield of pure fixed - income wealth management products of wealth management companies significantly rebounded in October. The average performance comparison benchmark of newly issued RMB fixed - income wealth management products of wealth management companies has been declining since the beginning of 2022, and the lower limit may reach 2.0% in the future [3]. - The interest - bearing liability cost rate of A - share listed banks has declined rapidly in the past two years. It is expected to fall below 1.60% in Q4 2025, and the liability cost of commercial banks will decline year by year in the next three to five years, supporting the downward trend of bond yields [3]. - The report is bullish on the bond market in the short term. Factors such as high equity positions of institutions like annuities, rapid decline in bank liability costs, loose liquidity, and seasonal patterns are expected to support the bond market [3]. Summary by Directory 10 - month Wealth Management Scale - As of the end of October 2025, the wealth management scale reached 33.6 trillion yuan, hitting a historical high. The increase in October was 1.5 trillion yuan, higher than the average increase of 0.87 trillion yuan from 2021 - 2024. Even with a strong stock market in Q3 2025, the wealth management scale increased by 1.46 trillion yuan, higher than the same period from 2022 - 2024 [6][7][9]. Fixed - income Wealth Management Yield in October 2025 - The performance comparison benchmark of newly issued RMB fixed - income wealth management products has been declining since 2022. In October 2025, the upper limit was 2.61% and the lower limit was 2.13%, and the lower limit may drop to around 2.0% in the future [12][17]. - The average 7 - day annualized yield of cash - management wealth management products was 1.26% as of November 9, 2025, and that of money market funds was 1.11%. The yield of cash - management products was stable at a low level in October [13][15]. - The fixed - income wealth management yield significantly rebounded in October. The average monthly annualized yield of pure fixed - income wealth management products was 3.53% in October, up from 2.15% in September [18]. Investment Advice - The interest - bearing liability cost rate of A - share listed banks decreased to 1.63% in Q3 2025, and it is expected to fall below 1.60% in Q4 2025. In the next three to five years, the liability cost of commercial banks will decline year by year, supporting the downward trend of bond yields [19]. - Given high equity positions of institutions like annuities, rapid decline in bank liability costs, loose liquidity, and expected policy rate cuts, the report is bullish on the bond market. Wealth management products may increase their allocation of credit bonds with a remaining maturity of 3 years or less and long - term industrial and urban investment bonds [24].

Investment Rating - The report indicates a focus on high-quality corporate long-duration bonds and suggests a flexible investment strategy to adapt to market conditions. Core Insights - The Chinese credit bond market has formed with non-financial credit bonds accounting for approximately 32 trillion RMB, presenting potential arbitrage opportunities, particularly in medium-term notes and corporate bonds [1][2] - Historical asset shortages have occurred during periods of loose monetary policy and insufficient real financing demand, with the current environment requiring close attention to policy changes [1][5] - Key investment strategies include focusing on high-quality long-duration products, exploiting regulatory arbitrage opportunities, and increasing allocations to high-grade products for stable returns [1][9] Summary by Sections Current Market Changes - The credit bond market has seen significant changes, with credit spreads remaining low amid an asset shortage and a decrease in default events, limiting trading opportunities based on spread fluctuations [2][11] Major Categories and Characteristics - Credit bonds are categorized into financial and non-financial types, with non-financial bonds primarily comprising short-term financing, medium-term notes, and corporate bonds, which may present arbitrage strategies [3][4] Rating Agency Impact - Rating agencies operate under issuer-paid and investor-paid models, with the latter primarily covering certain bonds in the interbank market. The actual practice still favors rated bonds despite regulatory changes allowing for the cancellation of mandatory ratings [4] Historical Asset Shortages - Four historical phases of asset shortages are identified, characterized by loose monetary policy and insufficient real financing demand, with varying influences from demand and supply factors [5] Feasible Investment Strategies - Current feasible investment strategies include focusing on high-quality long-duration bonds, utilizing arbitrage opportunities between different regulatory systems, and considering undervalued assets during severe asset shortages [7][9] Indicators of Rate Downturn Reversal - Key indicators for potential reversals during rate downturns include changes in fundamentals, stringent financial regulations, and institutional behaviors [8] Credit Spread Volatility - Credit spread volatility is influenced by central bank monetary policy, fundamental changes, and institutional behaviors, with historical events illustrating these impacts [10][12] Future Influencing Factors - Future factors affecting the credit bond market include central bank monetary policy changes, actual or expected fundamental changes, and institutional behaviors such as potential redemption waves [12] Risk Preference Influences - In adverse market conditions, risk preferences for credit bonds are influenced by default events, investor characteristics, liquidity compensation, and leverage operation convenience [13][14] Supply Pressure Impact - Credit bond supply pressure is influenced by corporate financing willingness, cost advantages of financing channels, and regulatory policies, with recent trends indicating a shift towards bond financing due to cost advantages [19][20] Common Investment Strategies - Common investment strategies in the credit bond market include regional and industry rotation, product selection based on market volatility, duration selection based on interest rate trends, and monitoring changes in wealth management product behaviors [21][22]

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding the market benchmark index by over 15% in the next 6-12 months [1]. Core Insights - The third quarter report reveals that despite market fluctuations, the banking wealth management scale has achieved a year-on-year increase, with an estimated scale reaching 33 trillion yuan [4]. - The report highlights three anomalies in the wealth management data, prompting further analysis of the underlying factors affecting asset allocation and market dynamics [7]. Summary by Sections Wealth Management Scale and Growth - As of the end of Q3 2025, the wealth management scale recorded 32.13 trillion yuan, with a quarterly increase of 1.46 trillion yuan, reflecting a year-on-year growth of 9.4%, which is an improvement of 1.9 percentage points compared to the end of Q2 2025 [4][18]. Product Structure and Asset Allocation - The structure of wealth management products remains stable, with fixed-income products maintaining a 97% share. As of Q3 2025, the balance of fixed-income products was 31.21 trillion yuan, with open-ended and closed-end products maintaining an 80:20 ratio [5][20]. - The asset allocation as of Q3 2025 shows a significant increase in cash and deposits, contributing to a total asset allocation of 34.33 trillion yuan, with cash and deposits accounting for 27.5% of the total, marking a recent high [6][27]. Market Position and Distribution Channels - Wealth management companies have strengthened their market position, with a scale of 29.28 trillion yuan, representing 91.1% of the market share, an increase of 1.5 percentage points from Q2 2025 [7]. - The number of distribution channels for wealth management products has expanded to 583, reflecting a year-on-year increase of 35 channels [7]. Anomalies in Wealth Management Data - The report raises questions regarding the increase in wealth management scale despite pressures on net asset values and declining yields in the bond market, suggesting a "price comparison effect" leading to a shift from deposits to wealth management products [9][10]. - Despite a bullish stock market, the allocation to equity assets in wealth management decreased, attributed to the need for companies to dispose of older products and the common practice of investing through public funds [11][12]. Future Outlook - The report suggests that as the valuation rectification approaches completion, wealth management products will need to enhance their strategies to manage net value volatility while capitalizing on market opportunities [14].

Group 1: Market Dynamics - Since October, the main pricing themes in the bond market have been influenced by the fluctuating U.S.-China relations, particularly regarding tariffs, with the U.S. showing a tendency to extend tariff delays[2] - The recent discussions around public fund redemption fees have intensified, with potential adjustments to the proposed regulations, although no official confirmation has been made yet[2] - The People's Bank of China (PBOC) may not restart bond purchases if the liquidity remains ample, as indicated by the recent behavior of major banks shifting their focus back to shorter-term bonds[2] Group 2: Government Debt Supply - The Ministry of Finance has approved an additional 500 billion yuan in local government bond quotas for Q4, which is expected to have a limited impact on the market due to historical precedents[3] - The net supply of government bonds for October to December is projected to be 10,200 billion, 10,900 billion, and 4,500 billion yuan respectively, indicating a significant reduction in pressure compared to the previous quarter[3] - Concerns about a substantial decline in fiscal stimulus have been alleviated with the approval of the bond quota, reducing fears of liquidity withdrawal by the central bank[3] Group 3: Investment Strategies - Various negative factors have been released continuously, suggesting limited upward movement in yields, with the duration of medium to long-term bond funds decreasing to 3.39 years, close to the low point observed in March[4] - Investors are advised to consider increasing duration positions cautiously, with recommendations to buy during market corrections to mitigate the risk of being trapped in rising markets[4] - For those seeking lower volatility, 10-year government bonds are recommended, while those looking for higher returns may consider 10-year policy bank bonds and 30-year government bonds, which have shown greater yield spread expansion[4]

Core Viewpoint - The report from CITIC Securities indicates a projected decline in bank wealth management scale by 850 billion yuan, reaching 32.11 trillion yuan by the end of September 2025, primarily due to seasonal factors and short-term market dynamics [1] Group 1: Wealth Management Scale - The bank wealth management scale is expected to decrease by 850 billion yuan to 32.11 trillion yuan by September 2025 [1] - The decline is attributed to seasonal withdrawal for parent bank assessments, increased cash demand from investors before the National Day holiday, and capital diversion to equity markets [1] - The drop is larger than the average decline of 660 billion yuan from 2018 to 2024 but lower than the average of 1.1 trillion yuan from 2023 to 2024 [1] Group 2: Future Outlook - After October, the wealth management scale is anticipated to recover as the pressure from quarterly assessments eases and liquidity demand from the holidays decreases [1] - In the long term, the low-interest-rate environment suggests that "fixed income plus" wealth management products will remain a key growth driver for the scale [1] - The monthly scale in October is expected to rebound by over 1 trillion yuan, with the annual peak potentially exceeding 33.5 trillion yuan [1]

Group 1: Wealth Management Scale - The wealth management scale decreased by CNY 744 billion to CNY 30.92 trillion during the week of July 28 to August 1[1] - In July, the total growth was only CNY 2,469 billion, significantly lower than the historical average of over CNY 10 trillion for the same month[1] - The decline in scale is attributed to ongoing net value decreases and redemption pressures, with short-term and medium-term debt products experiencing maximum drawdowns of 8bp and 6bp respectively[1] Group 2: Leverage Rates - The average leverage level in the interbank market decreased from 107.41% to 107.34% during the week of July 28 to August 1[3] - Non-bank institutions saw a rebound in leverage rates, increasing from 112.10% to 112.34%[3] - Exchange leverage rates also declined slightly from 122.47% to 122.43% during the same period[3] Group 3: Bond Fund Duration - The duration of interest rate-based medium and long-term bond funds decreased from 5.49 years to 5.45 years[4] - Credit bond fund duration reached a historical high of 2.81 years, up from 2.78 years[4] - Short and medium-term bond fund durations decreased to 1.01 years and 1.65 years respectively[4] Group 4: Government Debt Issuance - The planned issuance of government bonds increased to CNY 5,785 billion for the week of August 4-8, up from CNY 5,174 billion[47] - Net issuance of government bonds rose from CNY 2,876 billion to CNY 3,390 billion, primarily due to a significant increase in national bond net issuance[47] - Local government bond issuance for the week of July 28 to August 1 was CNY 3,372 billion, with a net issuance of CNY 2,360 billion[50]

Report Investment Rating - No information regarding the industry investment rating is provided in the report. Core Viewpoints - In the first half of 2025, the growth of wealth management scale slowed down due to the high base in the same period last year and the weakened income advantage. Looking ahead to the second half of the year, wealth management may face greater challenges, but its ability to handle redemptions has increased [3][7]. Summary by Directory I. Wealth Management Product End: Weakened Income Advantage and Slowed Scale Growth - Affected by the high base in the first half of 2024, the scale of wealth management, money market funds, and bond funds all increased less year-on-year in the first half of 2025. In the first half of 2025, deposits increased by 17.92 trillion yuan, wealth management increased by 0.72 trillion yuan, money market funds increased by 0.62 trillion yuan, and bond funds increased by 0.44 trillion yuan. Among them, deposits increased by 6.47 trillion yuan year-on-year, while wealth management increased 1.0 trillion yuan less year-on-year, money market funds increased 1.29 trillion yuan less year-on-year, and bond funds increased 1.13 trillion yuan less year-on-year [14][15]. - The decline in wealth management income was significantly greater than that of deposits and money market funds, and the weakened income advantage was another important reason for the slowed scale growth in the first half of this year. The average monthly yield of wealth management in the first half of 2025 further dropped to 2.12%, a decrease of 53 bps compared to the end of last year. In the first half of this year, the reduction in the listed deposit interest rate was between 5 bps - 25 bps, and the average seven-day annualized yield of money market funds only decreased by 22 bps [15]. II. Wealth Management Asset End: Reduced Bond Holdings, Increased Deposits and Public Fund Investments - In terms of asset allocation structure, bond investments decreased in the first half of the year, while deposits and public fund investments increased significantly. The proportions of public funds and cash and bank deposits increased the most, with the proportion of public funds rising by 1.3 pct to 4.2%, and the proportion of cash and bank deposits rising by 0.9 pct to 24.80%. The proportion of bonds decreased by 2.3 pct to 55.60%. In terms of scale, cash and bank deposit investments increased by 0.5 trillion yuan, public fund investments increased by 0.45 trillion yuan, and bond investment scale decreased by 0.27 trillion yuan [4]. - In the first half of 2025, wealth management reduced its total bond holdings by 0.27 trillion yuan, mainly reducing credit bonds and certificates of deposit, and increasing interest rate bonds. As of June 2025, wealth management held 18.33 trillion yuan of bonds, including 12.79 trillion yuan of credit bonds, 0.99 trillion yuan of interest rate bonds, and 4.55 trillion yuan of interbank certificates of deposit. In terms of increments, in the first half of 2025, bond holdings decreased by 0.27 trillion yuan, among which interest rate bonds increased by 0.24 trillion yuan, credit bonds decreased by 0.42 trillion yuan, and certificates of deposit decreased by 0.08 trillion yuan [5][25]. III. Wealth Management Operation Mode: Continued Contraction of Cash - Type Products and Significant Growth of Other Open - Ended Products - The proportion of closed - end products and cash management products decreased, while the scale and proportion of other open - ended products increased. In the first half of the year, the scale of closed - end products increased by 0.1 trillion yuan to 5.85 trillion yuan, the scale of cash management products decreased by 0.9 trillion yuan to 6.4 trillion yuan, and the scale of other open - ended products increased by 1.52 trillion yuan to 18.42 trillion yuan. The proportions of closed - end products and cash management products decreased by 0.13% and 3.51% respectively, and the proportion of other open - ended products rose from 56.43% at the end of 2024 to 60.06% in June 2025 [6][31]. - In terms of the term of closed - end products, the term of newly issued closed - end products in the first half of 2025 was extended. As of the end of June 2025, the proportion of the outstanding scale of closed - end products with a term of more than one year in all closed - end products was 72.86%, an increase of 5.71 percentage points compared to the beginning of the year and an increase of 4.99 percentage points compared to the same period last year [31]. Outlook for the Second Half of 2025 - Wealth management yields may decline further. With the decline in the yields of underlying asset bonds and the gradual release of retained earnings, wealth management yields may decline trend - wise. Coupled with the maturity of previously allocated relatively high - yield assets, the downward pressure on wealth management yields will be more obvious [7][36]. - There may be some pressure on the expansion of wealth management scale. As the advantage of wealth management product yields over deposits weakens, especially for products like cash management products that invest more in short - term assets, the advantage over deposits is limited, which may lead to a slowdown in the growth rate of wealth management scale [7][36]. - The net value fluctuations of wealth management may increase, but the ability to handle redemptions has increased. Although the means of smoothing the valuation of wealth management products are restricted, and as the proportion of open - ended products in the wealth management product structure rises, the exposure level of products to fluctuations has further increased, the net value fluctuations of wealth management may increase. However, the significant increase in deposit investment scale in the wealth management asset allocation structure has enhanced the liquidity management ability of wealth management, giving it a strong ability to handle redemptions [7][36]. - High - interest assets are becoming scarcer, and wealth management may rely more on trading and entrusted investments to obtain returns. From the wealth management investments in the first half of 2025, the proportion of bond investments decreased, and among bonds, interest rate bonds were mainly increased while credit bonds were reduced. Against the background of an asset shortage, the supply of high - coupon assets is decreasing, and there are certain challenges in diversified investments in the future. Wealth management may rely more on interest rate trading and entrusting public fund investments to obtain higher returns [8][37].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The potential negative factors for the current bond market come from the fundamentals, including economic data disclosure and the progress of Sino-US negotiations. Under the consensus expectation, it is difficult to say that the bond market will reverse. Attention should be paid to the changes in bond market expectations caused by event shocks [2]. - The sentiment index of fixed-income sellers has reached a new high this year, while buyers mainly expect the market to fluctuate, and their sentiment has declined for three consecutive weeks [2]. Summary by Relevant Catalogs 1. Seller and Buyer Markets 1.1 Seller Market Sentiment Index and Interest Rate Bonds - This week, the weighted tracking index was 0.47, showing a mostly bullish view but lower than last week. The unweighted tracking index was 0.68, up 0.09 from last week. Currently, institutions generally hold a neutral-to-bullish view, with 18 bullish, 6 neutral, and 1 bearish [10]. - 72% of institutions are bullish, with keywords such as weak credit, slow economic recovery, external demand shocks, loose monetary policy, low supply pressure in July, and opportunities for a bullish flattening of the curve after the short end declines [4][10]. - 24% of institutions are neutral, with keywords such as the neutral impact of restarting treasury bonds, and potential disturbances from the stock-bond seesaw and unexpected Sino-US negotiations [4][10]. - 4% of institutions are bearish, with the view that the central bank's bond purchases are not the reason for the decline in interest rates, and the economic recovery in the second half of 2025 is expected to drive up prices and interest rates [4][10]. 1.2 Buyer Market Sentiment Index and Interest Rate Bonds - This week, the tracking sentiment index was 0.13, showing a mostly neutral view and lower than last week. Currently, institutions generally hold a neutral-to-bullish view, with 5 bullish and 18 neutral [11]. - 22% of institutions are bullish, with keywords such as loose funds and a possible quarter-on-quarter weakening of the economic fundamentals in the third quarter [11]. - 78% of institutions are neutral, with keywords such as the reduced expectation of broad credit after the second-quarter monetary policy meeting and the suppression of bond market sentiment by the equity market [11]. 1.3 Credit Bonds - Market hot topics include the recovery of wealth management scale and loose funds. The recovery of wealth management scale may further improve the demand for credit bonds, and loose funds, combined with weak fundamentals, support the overall strength of the bond market and a decline in benchmark interest rates [17]. 1.4 Convertible Bonds - This week, institutions generally hold a neutral-to-bullish view, with 8 bullish and 6 neutral [18]. - 57% of institutions are bullish, believing that with the new bond supply not accelerating significantly on the issuance side, the convertible bond market scale may gradually shrink in the second half of the year, and medium and large-cap convertible bonds among high-quality existing and newly issued bonds are worth attention [18]. - 43% of institutions are neutral, stating that there is still uncertainty about the US tariff increase, and the allocation value of convertible bonds will be better reflected after the valuation is moderately digested [18]. 2. Treasury Bond Futures Tracking 2.1 Futures Trading - Futures prices showed mixed trends. As of July 4, the prices of TS/TF/T/TL treasury bond contracts were 102.51 yuan, 106.26 yuan, 109.10 yuan, and 121.20 yuan respectively, with changes of -0.03 yuan, -0.01 yuan, +0.05 yuan, and +0.31 yuan compared to last Friday [21]. - The trading volume of treasury bond futures generally increased. As of July 4, from a 5MA perspective, the trading volumes of TS/TF/T/TL futures contracts were 640 billion yuan, 622 billion yuan, 766 billion yuan, and 988 billion yuan respectively, with changes of +3.04 billion yuan, +30.63 billion yuan, +77.98 billion yuan, and -19.99 billion yuan compared to last Friday [21]. - The trading-to-holding ratio of treasury bond futures generally increased. As of July 4, from a 5MA perspective, the trading-to-holding ratios of TS/TF/T/TL futures contracts were 0.27, 0.40, 0.38, and 0.85 respectively, with changes of +0.01, +0.03, +0.04, and -0.03 compared to last Friday [22]. 2.2 Spot Bond Trading - The turnover rate of 30-year treasury bonds decreased. On July 4, the turnover rate was 4.03%, down 3.90 percentage points from last week and up 0.61 percentage points from Monday, with an average weekly turnover rate of 4.21%. The weekly average turnover rate of interest rate bonds decreased, and the turnover rate on July 4 was 0.93%, down 0.09 percentage points from last week and up 0.28 percentage points from Monday [29]. - The turnover rate of 10-year China Development Bank bonds increased. On July 4, the turnover rate was 4.91%, up 0.45 percentage points from last week and up 1.60 percentage points from Monday [32]. 2.3 Basis Trading - The basis generally narrowed, while the net basis widened across the board. As of July 4, the basis (CTD) of TS/TF/T/TL main contracts were -0.02 yuan, 0.001 yuan, 0.14 yuan, and 0.25 yuan respectively, with changes of +0.05 yuan, +0.05 yuan, +0.16 yuan, and -0.07 yuan compared to last Friday [39]. - In terms of the net basis, the net basis of main contracts widened. As of July 4, the net basis (CTD) of TS/TF/T/TL main contracts were -0.05 yuan, -0.06 yuan, -0.11 yuan, and -0.11 yuan respectively, with changes of -0.01 yuan, -0.01 yuan, -0.07 yuan, and -0.12 yuan compared to last Friday [41]. - In terms of IRR, the IRR of T and TL main contracts increased, while the others decreased. As of July 4, the IRR (CTD) of TS/TF/T/TL main contracts were 1.65%, 1.69%, 1.89%, and 1.80% respectively, with changes of -0.20%, -0.23%, +0.03%, and +0.14% compared to last Friday [41]. 2.4 Inter-period and Inter-variety Spreads - Inter-period spreads showed mixed trends. As of July 4, the spreads between the near and far months of TS/TF/T/TL contracts were -0.12 yuan, -0.08 yuan, -0.08 yuan, and 0.13 yuan respectively, with changes of +0.01 yuan, -0.005 yuan, -0.07 yuan, and -0.01 yuan compared to last Friday [48]. - Inter-variety spreads of main futures contracts all narrowed. As of July 4, 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL were 98.77 yuan, 103.39 yuan, 300.92 yuan, and 206.13 yuan respectively, with changes of -0.06 yuan, -0.07 yuan, -0.19 yuan, and -0.14 yuan compared to last Friday [48].

Group 1: Core Insights - The report indicates a significant increase in net buying of 7-10 year long-term bonds and bonds over 10 years, with weekly net buying intensity reaching the second highest and highest levels of the year respectively [1] - The overall funding market has warmed up, with both net inflow and outflow amounts rising, and an increase in the leverage ratio in the interbank bond market [2] - The secondary market shows improved activity, particularly in ultra-long bonds, with a rise in turnover rates for 30-year government bonds and an increase in average duration for medium to long-term pure bond funds [3] Group 2: Market Dynamics - In the primary market, there was a noticeable "marginal" sentiment, with an increase in the issuance of government bonds and a rise in the bid-to-cover ratio for government bonds, while the ratio for policy financial bonds decreased [2] - Major institutional behaviors indicate that funds are aggressively allocating to long-term and ultra-long-term bonds, while rural commercial banks are selling off across all maturities, particularly in the 7-10 year and over 10-year segments [3] - The scale of wealth management products in June did not show the typical seasonal decline, with a slight overall decrease in the week of June 15, while fund sizes increased significantly compared to previous months [4]