Group 1 - The total scale of bond ETFs has exceeded 320 billion yuan, showing a significant increase of 84% compared to the beginning of the year [1] - The number of newly issued bond ETF products has reached 8, with a total scale of 21.8 billion yuan [1] - There are currently 10 bond ETFs with individual scales exceeding 10 billion yuan, indicating a trend towards index-based investment in the bond market [1] Group 2 - Bond ETFs are favored due to their low cost, high efficiency, and strong liquidity, meeting investors' needs for bond asset allocation [1] - Regulatory improvements in the bond market have created a favorable environment for the rapid development of bond ETFs [1] - Financial institutions are actively launching various themed bond ETFs to capture market share and enhance competitiveness [1] Group 3 - The development of financial technology, including big data and artificial intelligence, is expected to enhance investment efficiency and risk management in the bond market [2] - The innovation in financial products, such as convertible bonds and credit bonds, is enriching the investment options in the bond market [2] - The trend of index-based investment in the bond market is expected to continue, leading to a more robust bond market [2]

全球利差正在扩大 过去几周，美股停滞不前，此前在关税风波后的恐慌情绪消退后曾出现过相当不错的反弹。然而，信贷 和外汇市场的仓位情况表明，近期股市的反弹无论在何种情况下都可能结束。 在中东近期局势动荡之前，全球信贷利差在过去几天里一直在扩大。此外，上周三，实际波动率已降至 极低水平，这使得标普500指数进一步上涨至更高水平变得更具挑战性。 高信贷利差与标普500指数盈利收益率 多年来，CDX高收益信贷利差指数与标普500指数的盈利收益率一直紧密相关，表明当信用利差扩大 时，股市市盈率下降，而当信用利差收窄时，市盈率上升。最近更值得注意的是，标普500指数的盈利 收益率下降幅度远大于信贷利差指数的同等幅度。 国高收益利差指数的走势并非完全相关，但趋势相似。然而，更值得注意的是，近期10年期欧元掉期利 差一直在上升，并与高收益利差出现背离。 当这些基差掉期利差出现反转，并与当前的美国高收益债券价差进行对比时，就很容易看出其共同变 化。然而，最近，日元和欧元的价差与美国高收益债券的价差出现了差异，这表明美国的高收益债券价 差应该会进一步上升。 最终，全球范围内的利差都在扩大，这表明部分市场参与者的态度正在发生变化。鉴 ...

新华财经北京6月18日电英国国家统计局周三（18日）公布的数据显示，英国5月份的年通胀率达到 3.4%，符合经济学家的预期。该数据发布后，英债收益率整体小幅下行，英镑兑美元上涨0.22%，至1 英镑兑1.345美元。 不过，该机构当时表示，其总体政策是不修改通胀数据，以保持原始数据不变。周三，ONS表示，在编 制5月份消费者价格指数时，使用了修正后的车税数据。 周三下午，除3个月、6个月期短债和20年期年长债下跌外，其余英债价格均上行。截至新华财经14:42 分发稿时，2年期英债收益率跌1.3BP至3.92%，10年期英债收益率跌1.6BP至4.542%，20年期英债收益 率涨1.1BP至5.189%，30年期英债收益率跌0.3BP至5.28%， 英国国家统计局(以下简称：ONS)最初公布的数据显示，截至今年4月的12个月里，英国年通胀率增长 了3.5%，但后来表示，汽车税数据计算错误导致实际数据被夸大。 英国国家统计局表示，对年通胀率月度变化的最大下行贡献来自交通运输，而最大（并部分抵消）的上 行贡献来自食品、家具和家居用品。 ONS代理首席经济学家理查德·海斯周三表示："各种价格走势相互抵消，意味着5月份 ...

Core Viewpoint - The China Interbank Market Dealers Association has issued a notice to strengthen the regulation of bond issuance and underwriting practices in the interbank bond market, addressing issues such as low underwriting fees and unfair competition to promote healthy market development [1][2][4]. Group 1: Market Issues and Responses - The interbank bond market has faced intensified competition leading to problems like low-price underwriting, which distorts market prices and undermines fair competition [2][3]. - The notice aims to address these issues by establishing self-regulatory measures to enhance market discipline and improve the resilience and pricing capabilities of the bond market [2][4]. Group 2: Specific Prohibitions and Measures - The notice outlines seven key measures focusing on issues such as low-price underwriting, return fees, and self-financing practices, emphasizing the need for transparency and standardization in the issuance and underwriting process [3][4]. - It specifies the prohibition of self-financing and return fees, reflecting the evolving nature of these violations in recent years [3]. Group 3: Implications for Market Development - The implementation of the notice is expected to promote standardized practices in underwriting, maintain normal competitive order, and enhance the overall ecosystem of the bond issuance process [4]. - By reinforcing self-regulatory norms and clarifying the responsibilities of market participants, the notice aims to solidify the foundation for sustainable market development [4]. - The measures are designed to facilitate a more scientifically reasonable pricing mechanism, guiding resources to key areas and supporting the high-quality development of the real economy [4].

Group 1: Pharmaceutical Industry - The National Medical Products Administration plans to implement a 30-day approval system for innovative drug clinical trials to support key national research varieties and encourage global early synchronous research and international multi-center clinical trials [1][6] Group 2: Bond Market - The National Association of Financial Market Institutional Investors issued a notice to regulate bond market issuance and underwriting, prohibiting pre-agreed bond issuance rates and practices that distort market prices [1][6] - The association aims to strengthen the bond market's institutional framework and product innovation, encouraging automotive companies to increase bond financing and promote high-quality development in the automotive industry [1][6] Group 3: Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4%, accelerating by 1.3 percentage points from the previous month [1][6] - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, with a year-on-year growth of 3.7% [1][6] - The import and export total in May was 38,098 billion yuan, with exports of 22,767 billion yuan (up 6.3%) and imports of 15,331 billion yuan (down 2.1%) [1][6] Group 4: Real Estate Market - In May, the sales prices of newly built commercial residential properties in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen saw declines [1][6] - Second-tier cities also experienced a month-on-month price decrease of 0.2%, while third-tier cities saw a decline of 0.3%, with the drop expanding by 0.1 percentage points from the previous month [1][6] Group 5: Corporate Announcements - Lakala announced plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to advance its international development strategy and accelerate the application of digital currency in cross-border scenarios [2][6] - Midea Group announced a share repurchase plan with a total amount not exceeding 10 billion yuan and not less than 5 billion yuan, with the repurchase period set for 12 months [1][6]

| 响,5月新增贷款同比少增,但这不代表银行对实体经济信贷支持力度弱化;在政府债券大规模发行推动 | | --- | | 下，5月新增社融连续第6个月同比多增,表明当前金融对实体经济支持力度在持续加大,是今年货币政 | | 策基调转向适度宽松、加紧实施更加积极有为宏观政策的具体体现。 | | 我们判断,未来外部环境仍然复杂严峻,扩冈需政策不会松劲。这意味着接下来金融支持实怀经济的 | | 力度会进一步强化。预计 6月新增社融有望持续同比多增,存量社融和 M2 增速也将加快。在国内物价水 | | 平偏低的背景下，着眼于有效提振内需，缓解外部波动对宏观经济的冲击，预计下半年央行会继续实施降 | | 息降准,货币政策在"适度宽松"方向有充足空间,全年新增信贷、新增社融都有望恢复一定规模的同比 | | 多增。 | 具体来看: 一、5月人民币贷款同比少增,主要与地方债务置换影响仍在持续,以及关税政策不确定性仍然较大, 对市场信心有一定影响等因素有关。另外，5月企业债券融资同比放量，可能会对贷款产生一定的替代效 应。 乐万金城国际信用评估有限公司 东方金诚宏观研究 5 月隐债置换继续下拉新增贷款数据，稳增长发力带动新增社 ...

在全球金融市场格局持续演变的当下，韩国债券市场正释放出巨大的投资潜力，吸引着全球投资者 的目光。前不久，彭博举办了 " 探索韩国债市，把握投资机遇"研讨会，有幸邀请到 韩国企划财政 部国债科长 Keunwoo Lee先生 与彭博韩国市场专家Ilhwan Kim对话，围绕 韩国债市政策改革、 潜在机遇和热门话题 进行深入剖析。让我们一起回顾精彩瞬间！ 彭博电子交易解决方案，凭借透明高效的交易流程、更深更广的流动性、整合一体的数据与分析， 以及赋能整个交易流程的全面解决方案，助您把握市场先机！ 终端用户运行 KORE 可查看韩国债券、股票、外汇等市场概况与最新资讯，把握机遇。 非终端用户可点击 "阅读原文" 联系我们查看功能演示。 在政策改革方面，韩国政府采取了哪些举措？ Keunwoo Lee表示，韩国政府致力于打造更透明、高效、便捷的市场环境，提升韩国债券的全球 吸引力，为此采取了多种关键举措，涵盖政策改革、市场开放以及交易便利化。 他举例指出，去年，韩国预托决济院(KSD)与国际中央证券存管处(ICSD)建立连接，正式开通国 债综合账户系统，并对其运营所需的各项制度进行改进，这对于活跃的离岸交易而言意义重 ...

[Table_IndNameRptType]2 固定收益 固收周报 债市投资者已从看多转向做多 ——债市机构行为周报（6 月第 3 周） 报告日期： 2025-06-15 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com ⚫[Table_Summary] 三个债市边际变化 也在拉长久期博资本利得。 第三，债市整体杠杆率也在回升，已超去年水平。一季度债市资金面整 体均衡偏紧，DR007 运行在政策利率上方，对应债市杠杆率持续处于低 位，远低于季节性水平。而近期我们看到，在央行提前公布买断式逆回 购+大行买短债的情况下，6 月资金面并不紧，这一现象也催化了机构加 杠杆的诉求。 综合以上三点，叠加近期披露的基本面数据依然对债市有利（社融由政 府债支撑、物价依然偏弱），债市看多+做多的债市行情已经来临。 ⚫ 同时也有三点关注 第一，拉久期+加杠杆环境 ...

日本财务大臣加藤胜信：与市场参与者对话是确保债券买卖稳定的关键。 ...

日本财务省：将于6月20日与债券市场参与者举行会议。 ...