Group 1 - The core viewpoint of the article highlights a significant easing of tariffs between China and the U.S., alongside stronger-than-expected export data for April, but notes an unexpected tightening of funds leading to a defensive phase in the bond market with rising yields [1] - Most institutions expect that the tightening of funds will be controllable and will not replicate the continuous tightening seen in February and March [1] - The upcoming week is anticipated to face disruptions from bond issuance and tax payments, with a concentrated issuance of 3, 10, 30, and 50-year government bonds, which may prompt institutions to adjust their portfolios in advance to meet bidding demands [1] Group 2 - It is expected that deposit rates and the Loan Prime Rate (LPR) will be lowered this week, and the April economic data to be released on Monday is also anticipated to be weak, which would be favorable for the bond market [1] - The government bond ETF (511520) has seen a net inflow of over 1.2 billion in the past 10 days, with a total scale of approximately 46.2 billion, making it the largest bond ETF in the market [1] - The government bond ETF (511520) is noted for its good liquidity and suitability for clients looking to extend duration easily, serving as a useful tool for both trading and allocation in the bond market [1]

【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]