Core Viewpoint - The issuance of ultra-long-term special government bonds is characterized by a steady pace, aiming to minimize liquidity impact on the market [1][2]. Group 1: Issuance Details - The second ultra-long-term special government bond was issued on May 24, with a total competitive bidding amount of 40 billion yuan and a winning yield of 2.49% [1]. - The issuance schedule for this year includes 7 bonds with a 20-year term, 12 with a 30-year term, and 3 with a 50-year term, indicating a uniform issuance pattern [2]. Group 2: Market Impact - Analysts suggest that the issuance of ultra-long-term special government bonds will have a limited impact on liquidity, with a controlled supply pressure expected [2]. - The issuance arrangement is designed to reduce short-term liquidity shocks, and the likelihood of a reserve requirement ratio cut by the central bank in response to the bond issuance is low [2]. Group 3: Investment Recommendations - Investors are advised to approach investments in ultra-long-term special government bonds with caution, as market prices can fluctuate based on market conditions [3][4]. - The bonds are considered a suitable choice for conservative investors due to the high assurance of principal and interest repayment backed by national sovereign credit [4].