Group 1 - The article discusses the importance of consistency between entry and exit strategies in trading, emphasizing that short-term trades should not be prolonged into long-term investments [1] - It highlights the recent market conditions, noting a decrease in long-term bond yields and a shift in the funding environment, with the central bank conducting a 2025 billion yuan reverse repurchase operation [1][2] - The article mentions the geopolitical tensions, specifically Israel's attack on Iran, which has led to a decline in stock markets and fluctuations in oil and gold prices [3] Group 2 - The funding rates in the interbank market show a mixed trend, with R001 at 1.46% and R007 at 1.58%, indicating a slight increase in the latter [2] - The central bank's actions, including a net injection of 2000 billion yuan through reverse repos in June, reflect a proactive approach to manage liquidity in the market [3] - The article notes the overall weak financial data released, which aligns with the central bank's recent monetary policy measures [3][4]

Core Viewpoint - The article discusses the impact of market rumors and the behavior of investors in response to these rumors, emphasizing the importance of following market trends regardless of the truth behind the rumors [1]. Group 1: Market Conditions - The central bank conducted a 1,425 billion yuan reverse repurchase operation, with 1,065 billion yuan maturing today, resulting in a net injection of 360 billion yuan [2]. - The interbank funding market showed a slight increase in funding prices, with DR001 around 1.57% and DR007 around 1.59% [2]. - The morning saw a tightening of the funding environment, while the afternoon experienced a loosening, leading to mixed movements in the bond market [3]. Group 2: Bond Market Dynamics - The issuance scale of government bonds was relatively high today, with the 10-year government bond rate opening slightly higher at 1.6875% before fluctuating downwards [4]. - The 10-year government bond rate reached around 1.7% during the day, influenced by tax payments and market sentiment [4]. - The 30-year Japanese government bond yield has surged by 85 basis points to 2.96% since early April, raising concerns about potential impacts on the domestic bond market [4]. Group 3: Revenue Comparisons - From January to April, the national non-tax revenue reached 1.5 trillion yuan, a year-on-year increase of 7.7%, marking a historical high for the same period [4]. - In contrast, local land transfer revenue was 934 billion yuan, which is half of the historical high in 2021 (2,138.3 billion yuan), representing the lowest level since 2015 for the same period [4].

Core Viewpoint - The article discusses the recent market fluctuations and the tendency of investors to engage in "revenge trading" after experiencing losses or missed opportunities, indicating a psychological response to market volatility [1]. Group 1: Market Conditions - The central bank conducted a 1,065 billion yuan 7-day reverse repurchase operation, with 770 billion yuan reverse repos maturing today, resulting in a net injection of 295 billion yuan [2]. - The interbank funding market showed a tightening trend in the morning, with the funding rates significantly rising; DR001 and DR007 increased by 22 basis points and 11 basis points, respectively, reaching around 1.63% [2]. - The bond market sentiment was cautious, with the 10-year government bond yield opening at 1.67% and peaking at 1.685%, reflecting a weak issuance sentiment for 20-year bonds [4]. Group 2: Trading Dynamics - The trading volume in the repo market showed a decline, with R001 at 59,107.07 million yuan, down by 6,446.34 million yuan, and R007 at 7,625.09 million yuan, up by 687.90 million yuan [3]. - The overall market saw a slight decline in stock prices, with the sentiment in the bond market remaining cautious and the funding rates fluctuating throughout the day [4]. - The article notes that each "rate cut" tends to create a feeling of "rate hike," indicating a cyclical nature of market reactions to monetary policy changes [5].