【海外债市】 北美市场方面，当地时间5月15日，美债收益率全线走低，2年期美债收益率跌7.95BPs报3.963%，3年期 美债收益率跌9.23BPs报3.951%，5年期美债收益率跌10.6BPs报4.056%，10年期美债收益率跌10.08BPs 报4.434%，30年期美债收益率跌8.09BPs报4.89%。 亚洲市场方面，日债收益率全线回落，10年期日债收益率下行2.5BPs至1.455%，3年期和5年期日债收益 率分别走低2BPs和1.7BP。 新华财经北京5月16日电（王菁）债市周五（5月16日）小幅走弱，海外债市抛售情绪稍有蔓延，期限券 亦受稳增长预期扰动，日内同步回调，银行间现券收益率普遍回升1-2BPs，国债期货全线收跌；公开市 场单日净投放295亿元，临近税期资金利率多数转为上行。 机构认为，当前市场主体有效融资需求尚有提升空间，金融体系负债扩张速度或将继续高于资产扩张速 度，债券配置需求或将继续支撑交易，收益率曲线或陡峭化下移。 【行情跟踪】 国债期货收盘全线下跌，30年期主力合约跌0.10%报118.910，10年期主力合约跌0.05%报108.480，5年 期主力合约跌0.06%报1 ...

河北发行10年期一般债地方债，规模20.0200亿元，发行利率1.8000%，边际倍数1.65倍，倍数预期 1.75； 河北发行10年期普通专项地方债，规模12.1500亿元，发行利率1.8600%，边际倍数5.83倍，倍数预期 1.74。 河北发行10年期一般债地方债，规模20.0000亿元，发行利率1.8000%，边际倍数2.50倍，倍数预期 1.74； ...

Report Overview - The report is a macro team report from the research center, dated May 14, 2025, focusing on the performance of global asset markets [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On May 13, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.467, 4.669, 3.353 respectively. The latest changes ranged from - 0.010 (Japan) to 0.038 (South Korea). Weekly changes varied from - 0.001 (Brazil) to 0.217 (Japan), monthly changes from - 0.124 (Italy) to 0.136 (Japan), and annual changes from - 1.034 (Japan) to 0.323 (UK) [3] 2 - Year Treasury Yields of Major Economies - On May 13, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.880, 3.974, 1.932 respectively. The latest changes ranged from - 0.020 (US and UK) to 0.092 (Australia). Weekly changes varied from - 0.051 (China 1Y) to 0.230 (US), monthly changes from - 0.095 (South Korea) to 0.225 (Australia), and annual changes from - 1.363 (Italy) to 0.430 (Japan) [3] Dollar Exchange Rates Against Major Emerging - Market Currencies - On May 13, 2025, the dollar - Brazilian real exchange rate was 5.608 with a latest change of - 1.19%. Weekly changes varied from - 1.86% (Brazil) to 2.12% (Malaysian ringgit), monthly changes from - 5.66% (South Africa) to - 2.83% (South Korea), and annual changes from - 10.36% (Thai baht) to 7.99% (Brazil) [3] Stock Indices of Major Economies - On May 13, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 5886.550, 42140.430, 19010.080 respectively. The latest changes ranged from - 1.87% (Hang Seng Index) to 1.61% (NASDAQ). Weekly changes varied from - (Russia) to 7.46% (NASDAQ), monthly changes from - (Russia) to 16.00% (NASDAQ), and annual changes from - 11.23% (Thailand) to 31.82% (Germany's DAX) [3] Credit Bond Indices - The latest changes of US investment - grade, euro - zone investment - grade, and emerging - market investment - grade credit bond indices were 0.06%, - 0.01%, 0.01% respectively. Weekly changes were - 0.26%, - 0.13%, - 0.12%, monthly changes were 1.45%, 0.70%, 1.12%, and annual changes were 6.63%, 5.87%, 7.33% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were 3374.87, 3896.26, 2708.06, 2062.26, 5781.67 respectively, with涨跌（%） of 0.17, 0.15, 0.20, - 0.12, - 0.21 [5] Valuation - The PE(TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany's DAX were 12.57, 10.93, 29.14, 25.18, 18.98 respectively, with环比变化 of 0.03, 0.04, - 0.08, 0.18, 0.06 [5] Risk Premium - The 1/PE - 10 - year interest rate of S&P 500 and Germany's DAX were - 0.50, 2.59 respectively, with环比变化 of - 0.03, - 0.05 [5] Fund Flows - The latest values of A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were - 959.81, - 591.43, -, - 302.57, - 115.58 respectively, and the 5 - day average values were - 514.16, - 328.65, -, - 139.64, - 12.26 [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized enterprise board, and ChiNext were 12915.25, 2675.86, 693.58, 2838.92, 3682.05 respectively, with环比变化 of - 168.85, - 285.37, - 95.22, 10.37, 0.61 [5] Main Contract Basis - The basis of IF, IH, IC were - 45.26, - 19.86, - 127.07 respectively, with a basis ratio of - 1.16%, - 0.73%, - 2.20% [5] Treasury Futures Trading Data Treasury Futures - The closing prices of T00, TF00, T01, TF01 were 108.715, 105.955, 108.890, 106.265 respectively, with涨跌（%） of - 0.49%, - 0.19%, - 0.45%, - 0.20% [6] Funding Rates - The R001, R007, SHIBOR - 3M were 1.4343%, 1.5337%, 1.6620% respectively, with daily changes of - 12.00BP, - 2.00BP, - 1.00BP [6]

2025年中央 金融机构注资特别国债（二期）已完成招标工作，本期国债计划发行1450亿元，实际发行 面值金额1450亿元；本期国债期限7年，经招标确定的票面 利率为1.57%，2025年5月15日开始计息，招 标结束后至5月15日进行分销，5月19日起上市交易。 ...

Group 1 - Hunan issued 7-year general local bonds with a scale of 11.69401 billion, an issuance rate of 1.7000%, and a marginal multiple of 1.11, with an expected multiple of 1.67 [1] - Hunan also issued 7-year ordinary special local bonds with a scale of 267 million, an issuance rate of 1.7200%, and a marginal multiple of 1.58, with an expected multiple of 1.68 [1]

Core Viewpoint - After the easing of trade disputes, the global bond market's pricing logic has shifted, leading to a rapid increase in long-term bond yields and heightened pressure on the bond market [1] Group 1: Market Trends - The bond market is experiencing a pullback due to rising long-term yields [1] - Industry experts recommend that investors should moderately control duration and adjust asset allocation accordingly [1] Group 2: Investment Strategies - Short-term bond funds and short-term financial products may become stable investment choices [1] - Investors holding USD-denominated financial products need to be cautious of dual risks from exchange rate fluctuations and capital losses [1]

Market Overview - The bond market continued to show weakness, with long-term bonds experiencing larger adjustments, leading to a decline in government bond futures across the board [1][2] - The interbank bond yield rose by approximately 2 basis points, indicating a general upward trend in yields [1][2] Monetary Policy - The central bank conducted a net injection of 43 billion yuan in the open market, with a focus on maintaining liquidity and flexibility in monetary policy [1][5] - The monetary policy report emphasized the need for a moderately loose monetary policy to stimulate consumption and support economic growth [5][6] Yield Movements - The yields on various government bonds increased, with the 10-year government bond yield rising by 2 basis points to 1.7175% and the 30-year government bond yield increasing by 2.6 basis points to 1.902% [2] - In the North American market, U.S. Treasury yields showed mixed results, with the 2-year yield rising by 0.87 basis points to 3.889% while the 10-year yield fell by 0.98 basis points to 4.382% [3] Economic Indicators - The Consumer Price Index (CPI) in China showed a slight increase of 0.1% month-on-month, while the Producer Price Index (PPI) decreased by 0.4% month-on-month, indicating ongoing deflationary pressures [7] - The core CPI remained stable, with a year-on-year increase of 0.5%, suggesting limited inflationary pressures in the economy [7] Institutional Insights - Institutions like Huatai and Zhongjin expressed cautious views on the global economy, highlighting risks from tariffs and market volatility, while maintaining a neutral outlook on the domestic economy [8] - The expectation of further monetary easing is prevalent, with potential for a new round of interest rate cuts to support economic growth [8]

深圳发行2年期棚改专项地方债，规模1.5000亿元，发行利率1.4500%，边际倍数5.80倍，倍数预期 1.46。 ...

Group 1 - The interbank major interest rate bond yields have risen sharply, with the 10-year government bond active yield increasing by 3.4 basis points and the 30-year government bond active yield rising by 5.15 basis points [1] - The current yields for various government bonds are as follows: 3Y at 1.4050, 5Y at 1.4200, 10Y at 1.4400, 30Y at 1.9275, indicating a general upward trend in yields across different maturities [2]

新华财经北京5月9日电（王菁）债市周五（5月9日）偏弱整理，经过前两日逐渐消化系列政策影响，期 限券市场走势逐渐回稳，银行间现券收益率上行0.5BP左右，国债期货主力多数小幅收跌；公开市场单 日净投放770亿元，资金利率持续走低。 机构认为，货币市场利率有望迎来新一轮补降，短端债券确定性强，收益率曲线或趋于陡峭化。 【行情跟踪】 国债期货收盘多数下跌，30年期主力合约涨0.02%报120.370，10年期主力合约跌0.01%报109.060，5年 期主力合约跌0.07%报106.095，2年期主力合约跌0.01%报102.346。 【海外债市】 北美市场方面，当地时间5月8日，美债收益率集体上涨，2年期美债收益率涨10.99BPs报3.880%，3年期 美债收益率涨13.08BPs报3.873%，5年期美债收益率涨13.79BPs报3.999%，10年期美债收益率涨 12.48BPs报4.392%，30年期美债收益率涨7.71BPs报4.850%。 亚洲市场方面，日债收益率普遍延续上行，10年期日债收益率尾盘上行3.8BPs至1.363%。 欧元区市场方面，当地时间5月8日，10年期法债收益率涨4.3BPs报 ...