Core Viewpoint - Despite recent positive performance in credit bonds, the overall performance of industrial bonds remains weak compared to municipal investment bonds, with analysts suggesting a focus on high-quality central state-owned enterprise bonds and leading private enterprise bonds as investment opportunities [1][2][4]. Group 1: Industrial Bond Performance - The credit bond market has shown a "strong credit but weak interest rate" characteristic since May, with slight fluctuations in yields [2]. - As of May 26, the yield curve for AAA-rated medium and short-term notes remained stable, with 3-month yields at 1.67%, 3-year yields down 1 basis point to 1.81%, and 5-year yields down 1 basis point to 1.94% [2]. - Industrial bond issuers are facing significant pressure, with 2024 revenue growth declining to -1.79% and net profit growth contracting to -10.47% [2]. Group 2: Sector-Specific Risks - Industries such as textiles, light manufacturing, and real estate continue to experience weak demand, impacting related sectors like construction and materials [3]. - The construction sector is particularly affected, with both revenue and net profit expected to decline in 2024, alongside rising debt ratios and slow project rollouts [3]. Group 3: Investment Strategies - Analysts recommend focusing on high-quality central state-owned enterprise bonds and leading private enterprise bonds due to the overall low yield of industrial bonds compared to municipal bonds [4]. - Investment strategies should prioritize long-duration bonds (5 years and above) with AA+ ratings or higher, particularly in sectors like utilities and transportation [4]. - The issuance of perpetual bonds, especially those rated AAA or AA+, is also encouraged due to their strong financing capabilities and tax advantages [4]. Group 4: Technology Innovation Bonds - The issuance of technology innovation bonds has surged, with a total issuance of 320.5 billion yuan in May, contributing significantly to net financing [5][6]. - Approximately 90% of technology innovation bond issuers have external ratings of AAA, with central state-owned enterprises accounting for about 57% of the issuance [5]. - The current environment is favorable for investing in technology innovation bonds, as they offer higher yields compared to government bonds and are expected to alleviate the "asset shortage" in the bond market [5][6].

以下文章来源于大胡子教买房 ，作者湾区区长 大胡子教买房 . 真人实地调研，专注楼市研究10余年！大胡子教买房为您带来一手消息，助您预判楼市风向，实现资产稳步增长！ 前几天，贷款利率下调10个基点，房贷利率降到了3%左右； 而存款利率却下调了25个基点，三年期、五年期定存直接压到了1.3%。 你可能以为这只是一次普通的利率调整，但实际上这是一次"财富重构"。 很显然接下来，你手里的钱，可能会开始越来越不值钱； 不同的人，可能会在这一次降息之后走出完全不同的命运。 我们先算一笔账： 假如你有100万存款，存在银行里，5年后的收益是1.3%的利息。 但如果你有100万房贷，利率3%，那你每年要为这笔债务付出3万元利息。 钱存在银行，是亏的； 钱借出来，是赚的。 于是，局面变了： 富人开始赚钱更快了，因为他们懂得如何让钱动起来； 中产反而开始越活越难了。 因为他们的钱动不起，只能慢慢被稀释。 高净值人群，首先干了一件事： 把钱搬离银行 。 存款1.3%的年化，利率实在太低，倒不如去其他资产那里"捡便宜"。 过去几年，很多高净值人群做的投资很反常识。 比如 房地产 ，大家都以为市场行情已经很冷淡了，但其实现在很多高净 ...

智通财经APP注意到，日本政府债券的需求将在周三面临考验，届时将进行上周拍卖引发全球市场紧张后的首次超长期债券发行。上周的20年期国债拍卖需 求创下十多年来最弱水平，导致收益率飙升至创纪录高点。 日本财务省此次40年期国债发行之际，美国等其他主要经济体的长期借贷成本也大幅上升。上周20年期国债拍卖后，日本的超长期债券变得更加不稳定，这 也给40年期和30年期债券带来压力，其收益率跃升至发行以来的最高水平。 随着日本央行缩减债券购买规模，而寿险公司未能填补这一缺口，日本债券收益率(尤其是超长期债券)一直在上升。本周债券跌幅有所收窄，但市场担心如 果40年期债券拍卖未能吸引买家，收益率可能再次上升。 日本四大寿险公司报告称，最新财年其国内债券持仓的未实现亏损合计约600亿美元。日本央行行长植田和男尚未表示准备在债券市场采取行动。 另一家日本寿险公司太阳生命保险计划增持国内债券，但表示可能需要推迟部分投资。 太阳生命保险投资规划部总经理佐藤义隆表示："收益率已达到我们希望投资的水平，但流动性较低且价格波动太大，因此我们不得不考虑投资时机。" 一些市场参与者希望，40年期债券拍卖的强劲结果可能会阻止近期收益率的上升。 ...

2024年三季度末以来，国内出台了一系列重磅政策，以求提振消费来稳定经济增长。在外部不稳定性和不确定性大幅上升的环境下，今 年的重要工作是有效促进内需发展，提振消费必然成为首要任务。 消费是收入的函数，提振消费的重要前提是改善居民收入。一个时期以来，促销费政策力度不断加大但居民可支配收入增速走低，成为 一对不可忽视的矛盾。目前我国居民收入由工资性收入、经营性收入、财产性收入和转移性收入构成。鉴于宏观环境和企业经营现状， 短中期内居民工资性和经营性收入大幅提升的可能性较小；而增加养老金和保障性收入对转移性收入仅能起到稳定的作用。现实地看， 当前和未来一个时期，增加居民财产性收入或许可以成为提振居民消费能力和信心的重要途径。在我国，居民财产性收入的主要来源包 括不动产（房地产）、理财和股票三个市场。这三大资产对居民财产性收入的影响是决定性的。 一、不动产和理财产品收益水平低位运行 目前，房地产是居民部门最主要的资产。据统计，自2000年以来，住房资产占居民非金融资产的比重常年处于90%以上，占总资产的比例 在60%以上。根据央行2019年披露的数据显示，城镇居民资产中，房产占比超过七成。自2021年四季度开始，国 ...

1. Report Industry Investment Rating - The report gives a bullish rating for IH, IF, and a moderately bullish rating for IM, IC in the macro and financial sector regarding stock index futures [1]. 2. Core View of the Report - Short - term sharp drops in the stock market on Friday afternoon do not affect the long - term bullish outlook for the four major indices. The reduction of the 1 - year deposit rate below 1% is expected to drive the transfer of household savings and insurance funds to the stock market. The market style is likely to shift to the cyclical value style represented by the Shanghai 50 Index. The inflow of foreign capital in the next few quarters will be the main trading logic, and the market expects free - cash - flow and dividend - related ETFs to benefit the most [2]. 3. Summary by Relevant Catalogs Market Review - On Friday afternoon around 2 pm, the main indices of the two markets weakened suddenly, with a small intraday decline. The trading volume of the two markets was 1.15 trillion yuan, showing little change. The Shanghai 50 Index closed at 2711 points, down 21 points or - 0.80%; the CSI 300 Index closed at 3882 points, down 31 points or - 0.81%; the CSI 500 Index closed at 5653 points, down 50 points or - 0.88%; the CSI 1000 Index closed at 5989 points, down 76 points or - 1.26%. Among industry and theme ETFs, those with the highest gains were Auto ETF, Gold Stocks ETF, etc., and those with the highest losses were Fintech ETF, Gaming ETF, etc. Among the sector indices of the two markets, the top - rising ones were Controllable Nuclear Fusion, Passenger Vehicles, etc., and the top - falling ones were Industrial Internet, Sora Concept, etc. The futures of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices saw net inflows of 12, 44, 16, and 2 billion yuan respectively [1]. Important Information - The CSRC stated that it will support high - quality unprofitable technology companies to list and promote the implementation of new cases under the fifth listing standard of the Science and Technology Innovation Board, and support high - quality red - chip technology companies to return to the domestic market [1]. - The central bank conducted a 5000 - billion - yuan MLF operation on May 23, with a net injection of 3750 billion yuan after deducting the 1250 - billion - yuan maturity [1]. - The China Association of Automobile Manufacturers summarized the experience of anti - "malicious involution" work, and self - discipline has become a key word in the automotive industry [1]. - The Shanghai Futures Exchange plans to improve the product system suitable for new productive forces and promote the R & D and listing of products such as cast aluminum alloy, and improve the institutional mechanism [1]. - Shipping companies such as CMA CGM and MSC plan to add a peak - season surcharge of up to $2000 per 40 - foot container from June 1, with a 156% increase in freight rates in two weeks [1]. - Huatai Securities believes that after the Hong Kong Stock Exchange reform in 2018, liquidity has improved significantly, and consumer and technology sectors account for half of the Hong Kong stock market [1]. - Some European Central Bank officials believe that the April interest - rate cut was an "advance" of the June cut, with a 90% probability of a cut next month and another cut expected this year [2]. - The US existing - home market in April was unexpectedly cold, with a 0.5% month - on - month decline in sales volume and an annualized sales volume of only 4 million units, the worst April since 2009 [2]. - Driven by new orders, the preliminary value of the US Markit Manufacturing PMI in May was 52.3, a three - month high, and the preliminary value of the Services PMI was 52.3, a two - month high [2]. - Fed Governor Christopher Waller said that if the Trump administration maintains tariffs at about 10%, the Fed may start cutting interest rates in the second half of 2025 [2]. - US President Trump plans to impose a 50% tariff on EU - imported goods starting from June 1 [2]. Market Logic - The short - term sharp drop in the stock market on Friday afternoon is not a concern. The central bank's MLF net injection and the CSRC's support for technology companies' listing, along with the 1 - year deposit rate falling below 1%, are expected to drive funds into the stock market [2]. Future Outlook - The short - term sharp drop on Friday afternoon does not affect the long - term bullish outlook for the four major indices. The decline of the 1 - year deposit rate is expected to drive funds into the stock market, and foreign capital inflow will be the main trading logic. The market style is expected to shift to the cyclical value style, and the market is expected to be dominated by the Shanghai 50 Index [2]. Trading Strategy - In stock index futures directional trading, the 1 - year deposit rate falling below 1% is expected to drive funds into the stock market, and the market style may shift to the cyclical value style. The short - term sharp drop on Friday does not affect the long - term bullish outlook for the four major indices [2]. - In stock index option trading, as the market is in a consolidation period, it is recommended to suspend the purchase of far - month deep - out - of - the - money call options [2].

证券研究报告 固收 沿着债市定价体系找机会 华泰研究 2025 年 5 月 25 日│中国内地 利率周报 研究员 张继强 SAC No. S0570518110002 SFC No. AMB145 zhangjiqiang@htsc.com +(86) 10 6321 1166 研究员 吴宇航 SAC No. S0570521090004 wuyuhang@htsc.com +(86) 10 6321 1166 研究员 仇文竹 SAC No. S0570521050002 qiuwenzhu@htsc.com +(86) 10 6321 1166 联系人 欧阳琳 SAC No. S0570123070159 ouyanglin@htsc.com +(86) 10 6321 1166 联系人 朱逸敏 SAC No. S0570124070133 zhuyimin@htsc.com +(86) 10 6321 1166 与信贷等广谱利率对比：债市定价基本合理 债券与存贷款之间会通过比价效应和机构行为传导。但本次 LPR 下调后， 一些银行通过减少加点幅度，仍维持新增按揭贷款 3%的原利率。如果 3% 是房贷利率的 ...

Group 1 - The fund is named "Huaxia Rui Xiang Return Mixed Securities Investment Fund" and is a contract-based open-end mixed securities investment fund [12] - The fund management company is Huaxia Fund Management Co., Ltd., and the custodian is China Construction Bank [12] - The fund is open for subscription from May 27, 2025, to June 27, 2025, with a maximum fundraising period of three months [23] Group 2 - The initial fundraising target is set at RMB 5 billion, with a "last day proportion confirmation" method to control the fundraising limit [16] - The fund shares are categorized into A and C classes, with A class shares incurring front-end subscription fees and C class shares not incurring such fees [15][27] - Each share of both A and C classes has an initial value of RMB 1.00 [20][30] Group 3 - Management fees are determined based on the holding period and annualized return of each fund share, with different rates applicable depending on performance [13][14] - If the holding period is less than one year, a management fee of 1.20% is charged; if it exceeds one year, the fee varies based on performance metrics [13][14] - The fund may refuse subscription applications from single investors if their subscription exceeds 50% of the total fund shares [5] Group 4 - Investors must ensure that the funds used for subscription are legally sourced and comply with anti-money laundering requirements [3] - The fund's subscription process requires investors to open a fund account and a trading account with the sales institution [9][25] - The fund's effective subscription funds will generate interest during the fundraising period, which will be converted into fund shares for the investors [29][59]

当市场有利好传闻的时候，不管它是真是假，不用去证明它的真伪，只要顺大势，利好传闻一出，你就 勇敢买入；而当新闻出来后，即可选择出场，不用管之前的那个传闻是证实了还是证伪了。 ——笔记哥《应对》 【笔记20250523— 日本失去30年，我们只需要3年？（-50Y一级发飞+午后股市走弱+午后资金转松=涨 跌互现)】 资金面收敛转松，长债收益率涨跌不一。 央行公开市场开展1425亿元7天期逆回购操作，今日有1065亿元逆回购到期，净投放360亿元。 资金面收敛转松，资金价格小幅上升，DR001在1.57%附近，DR007在1.59%附近。 -------------------------- 今天看到一组对比鲜明的数据，路漫漫其修远兮： 1、1-4月全国非税收入1.5万亿元，同比增长7.7%，创同期历史新高； 2、1-4月地方土地出让收入为9340亿元，较同期历史高点（2021年：21383亿元）腰斩，创2015年以来 同期新低。 | | | | 银行间资金 | (2025.05.23) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

文/《 清华金融评论 》 周茗一 国 务 院 新 闻 办 公 室 于 2025 年 5 月 22 日 （ 星 期 四 ） 下 午 3 时 举 行 新 闻 发 布 会 ， 请 科 技 部 副 部 长 邱 勇， 中 国 人 民银 行副 行 长、 国 家 外 汇 局 局 长 朱 鹤 新，金融监管总局新闻发言人、政策研究司司长郭武平，中国证监会首席 风 险 官 、 发 行 监 管 司 司 长严 伯 进 介 绍科 技金 融 政策 有 关 情 况 ， 并 答 记 者 问。 科技部副部长邱勇表示， 科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革 委、财政部、国务院国资委等七部门联合印发了《加快构建科技金融体制 有力支撑高水平科技自立自 强的若干政策举措》。《政策举措》聚焦创业投资、货币信贷、资本市场、科技保险、债券市场等 7 个 方面，提出了 15 项政策举措，既有存量政策的迭代升级，也有增量政策的创新供给，可谓"干货"满 满。主要包括以下几个方面： 一是设立"国家创业投资引导基金"，引导创业投资"投早、投小、投长期、投硬科技"。创业投资是支持 科技创新的重要生力军。这次《政策举措》重点围绕畅通创业投资 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notice regarding the management of funds for domestic enterprises listed overseas, aiming to standardize foreign currency management policies and enhance the convenience of cross-border financing for domestic enterprises [1]. Group 1: Fund Management for Overseas Listings - Domestic enterprises listed overseas can repatriate funds raised in foreign currency or RMB, using capital project settlement accounts for transactions [1][4]. - The notice outlines that domestic enterprises must register their overseas listings with the local branch of the People's Bank of China within 30 working days after the issuance or completion of oversubscription [2]. - Changes in the overseas listing, such as name or address changes, must also be registered within 30 working days after the change occurs [3]. Group 2: Fund Repatriation and Usage - Funds raised from overseas listings should generally be repatriated promptly, with specific provisions for retaining funds for overseas investments subject to prior approval [4]. - The notice specifies that funds in RMB can be returned to either capital project settlement accounts or domestic RMB bank settlement accounts [4]. - The use of funds must align with the publicly disclosed documents related to the fundraising [4]. Group 3: Shareholder Transactions - Domestic shareholders must register any reduction in their overseas listed shares within 30 working days after the transaction [5]. - Shareholders wishing to increase their holdings must apply for registration 20 working days prior to the intended increase [11]. - The notice mandates that funds from share transactions should be repatriated promptly, either in RMB or foreign currency [13]. Group 4: Compliance and Regulatory Oversight - The People's Bank of China and the State Administration of Foreign Exchange will supervise and manage the registration, account opening, and fund exchange related to overseas listings [2][12]. - Financial institutions are required to ensure compliance with the notice, including maintaining records for anti-money laundering and anti-terrorism financing purposes [12]. - Violations of the notice may result in corrective measures and administrative penalties [13].