Core Points - Liaoning issued a 10-year general local government bond with a scale of 15.96698 billion yuan and an issuance rate of 1.7800%, with a marginal multiple of 3.09 times, exceeding the expected multiple of 1.76 [1] - The province also issued a 10-year medical special local government bond with a scale of 105 million yuan and an issuance rate of 1.8000%, achieving a marginal multiple of 2.00 times, matching the expected multiple of 1.76 [1] - Additionally, a 15-year other special local government bond was issued with a scale of 740 million yuan and an issuance rate of 2.0300%, resulting in a marginal multiple of 1.25 times, below the expected multiple of 1.98 [1] - A 20-year other special local government bond was issued with a scale of 865 million yuan and an issuance rate of 2.0800%, with a marginal multiple of 1.05 times, lower than the expected multiple of 2.08 [1] - Lastly, a 30-year other special local government bond was issued with a scale of 500 million yuan and an issuance rate of 2.0800%, achieving a marginal multiple of 1.29 times, slightly below the expected multiple of 2.05 [1]

Group 1 - Hunan issued a 7-year general local government bond with a scale of 9.44929 billion [1] - The issuance interest rate is set at 1.6500% [1] - The marginal multiple was 1.37 times, with an expected multiple of 1.66 [1]

Group 1: Company Bond ETF Performance - The company bond ETF (511030) has increased by 0.01%, marking its fourth consecutive rise, with the latest price at 105.94 yuan. Over the past year, it has accumulated a rise of 2.12% [1] - The trading liquidity of the company bond ETF shows a turnover rate of 4.62%, with a transaction volume of 835 million yuan. The average daily transaction volume over the past week is 2.465 billion yuan [1] - The latest scale of the company bond ETF has reached 18.055 billion yuan, a record high since its inception, with the latest share count at 17 million, also a recent high [1] - The company bond ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 1.538 billion yuan, totaling 2.513 billion yuan, averaging 628 million yuan in daily net inflows [1] Group 2: National Bond ETF Performance - The national bond ETF for 5 to 10 years (511020) has also increased by 0.01%, achieving its ninth consecutive rise, with the latest price at 117.5 yuan. It has accumulated a rise of 0.23% over the past week [4] - The liquidity of the national bond ETF shows a turnover rate of 6.46%, with a transaction volume of 92.52 million yuan. The average daily transaction volume over the past week is 1.012 billion yuan [4] - The latest scale of the national bond ETF has reached 1.432 billion yuan, with net inflows and outflows remaining balanced, totaling 28.1 million yuan over the past nine trading days [4] Group 3: National Development Bond ETF Performance - The national development bond ETF (159651) is currently in a state of indecision, with the latest price at 106.12 yuan. It has accumulated a rise of 1.98% over the past year [4] - The liquidity of the national development bond ETF shows a high turnover rate of 27.87%, with a transaction volume of 311 million yuan, indicating active market trading. The average daily transaction volume over the past year is 554 million yuan [4] - The national development bond ETF has seen a significant growth in scale over the past six months, increasing by 62.75 million yuan, ranking in the top half among comparable funds [4] Group 4: Market Outlook and Trends - The current market outlook indicates that the interest rate fluctuation pattern is unlikely to change, with a bullish view on credit bonds. The short-term support for the bond market is attributed to the central bank's deliberate easing [5] - The average duration of medium to long-term interest rate bond funds has reached a historical high of nearly 5 years. Recent trading shows significant net selling of interest rate bonds by major banks [5] - Despite potential declines in consumer subsidies, the likelihood of a significant economic downturn remains low, maintaining a fluctuating pattern in interest rate bonds. There is a positive outlook on credit bonds, especially those with yields above 2% for 5-year maturities [5][6]

新华财经北京6月11日电（王菁）债市周三（6月11日）小幅回暖，期债表现更优，银行间现券收益率多 数回落1BP左右，国债期货主力合约全线收涨；公开市场单日净回笼509亿元，临近月中资金利率多数 转为上行。 机构认为，市场细微择时的一致预期程度较高，后续需要面临的可能依然是"窄幅波动"。在利率相对低 位之后，交易可能总在"抢跑"和"追不上"之间徘徊，操作难度依然较大。当前，主线依然是负债成本的 下行修复和头寸亏损的收益修复，需要以时间换空间。 【行情跟踪】 【海外债市】 北美市场方面，当地时间6月10日，美债收益率涨跌不一，2年期美债收益率涨2.3BPs报4.016%，3年期 美债收益率涨0.3BP报3.983%，5年期美债收益率涨0.7BP报4.086%，10年期美债收益率跌0.4BP报 4.470%，30年期美债收益率跌1.02BP报4.929%。 市场人士认为，美债收益率涨跌不一主要是由于市场对CPI数据的预期、贸易谈判进展、美债供需失 衡、美联储政策路径的不确定性以及英国国债市场的联动效应等多重因素交织影响所致。 欧元区市场方面，当地时间6月10日，10年期法债收益率跌3.7BPs报3.201%，10年 ...

Group 1 - The upcoming release of the US May CPI and PPI data, along with a $61 billion long-term Treasury auction, will test the bond market's resilience amid inflationary pressures and expanding fiscal deficits [1] - Economists are particularly focused on the potential impact of tariffs on core commodity prices, which could create structural inflationary pressures and prompt the Federal Reserve to reassess its policy path [1][3] - The auction results of $39 billion in 10-year and $22 billion in 30-year Treasuries will reveal investors' true judgment on the long-term attractiveness of US debt [3] Group 2 - The current environment of expanding fiscal deficits and rising debt levels is altering the risk premium associated with US Treasuries [3] - There is a growing divergence among market participants regarding the attractiveness of US Treasury yields compared to other major economies, with some believing that demand for 10-year Treasuries will remain strong despite fiscal risks [3][4] - The market's response this week will provide important signals; a stable absorption of inflation data and Treasury supply may indicate acceptance of a "high rate + high deficit" new normal [4]

Market Overview - The bond market continued to consolidate with slight differentiation in interbank bond prices, with fluctuations generally within 1 basis point [1] - The central bank conducted a net withdrawal of 255.9 billion yuan in the open market, with most funding rates declining [1][5] Bond Futures - Government bond futures mostly rose, with the 30-year main contract up 0.07% to 120.160, and the 10-year main contract up 0.01% to 108.995 [2] - The 10-year China Development Bank bond yield rose by 0.2 basis points to 1.702%, while the 10-year government bond yield fell by 0.2 basis points to 1.654% [2] International Bond Markets - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down 4.15 basis points to 3.993% [3] - In Asia, Japanese bond yields mostly rose, with the 10-year yield increasing by 0.4 basis points to 1.477% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased [3] Primary Market - The China Development Bank's financial bonds had a successful auction with 2-year, 5-year, and 10-year yields at 1.4772%, 1.5210%, and 1.6601% respectively, with bid-to-cover ratios of 5.52, 3.54, and 2.78 [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation with a fixed rate of 1.40%, resulting in a net withdrawal of 255.9 billion yuan [5] - Short-term Shibor rates mostly declined, with the overnight rate dropping to 1.362%, the lowest since December 2024 [5] Institutional Insights - Huatai Fixed Income suggests that interest rates may continue to fluctuate, with credit bonds benefiting from slightly better supply-demand dynamics [6] - China International Capital Corporation (CICC) indicates that GDP growth may be slightly lower in the second half of the year compared to the first half, with stable internal demand [7] - Guosheng Fixed Income anticipates that interest rates may reach new lows, potentially starting a new downward trend from mid-June [7]

2年期国债期货（TS）主力合约持平，5年期国债期货（TF）主力合约持平，10年期国债期货（T）主力 合约涨0.09%，30年期国债期货（TL）主力合约涨0.35%。 国债期货午盘收盘 ...

Group 1 - The 0-4 local government bond ETF (159816) has seen a 2 basis points increase, marking its sixth consecutive rise, with the latest price at 113.61 yuan [1] - The ETF has demonstrated active trading with a turnover of 216.62% and a transaction volume of 3.844 billion yuan, indicating a vibrant market [1] - The average daily transaction volume for the ETF over the past month was 2.219 billion yuan as of June 6 [1] Group 2 - Recent market recovery in the bond sector is attributed to several factors, including a balanced and loose liquidity environment, with the central bank's unexpected front-loaded reverse repo operations signaling support for liquidity [1][2] - The anticipation of a potential restart of government bond trading has positively influenced short-term instruments, prompting institutional investors to act [1] - The conversation between the Chinese and U.S. presidents has also contributed to the overall favorable conditions for the bond market, despite uncertainties in trade negotiations [1] Group 3 - The People's Bank of China has announced a front-loaded reverse repo operation, reinforcing its supportive stance on liquidity, which aims to alleviate pressure on bank liabilities and address liquidity gaps [1][2] - The central bank's recent policy measures, including a 0.5 percentage point reserve requirement ratio cut and continued MLF operations, have created a comprehensive liquidity management framework [2] - These measures have led to a gradual decline in the central tendency of funding rates, positively impacting the short-term bond market [2] Group 4 - The 0-4 local government bond ETF closely tracks the CSI 0-4 Year Local Government Bond Index, which consists of non-directional local government bonds with a remaining maturity of four years or less [2][3] - The index is calculated using market capitalization weighting to reflect the overall performance of local government bonds within the specified maturity range [2]

Group 1 - Yunnan issued 10-year general local bonds with a scale of 18.12126 billion, an issuance rate of 1.7900%, and a marginal multiple of 1.17 times, with an expected multiple of 1.75 [1] - Yunnan issued 10-year ordinary special local bonds with a scale of 7.85493 billion, an issuance rate of 1.8200%, and a marginal multiple of 1.61 times, with an expected multiple of 1.75 [1] - Yunnan issued 5-year ordinary special local bonds with a scale of 5.52230 billion, an issuance rate of 1.6100%, and a marginal multiple of 2.53 times, with an expected multiple of 2.28 [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The G7 net DV01 is projected to be $109.3 million per basis point, significantly higher than the average of $72 million per basis point, indicating a robust supply environment [2][12][20] - In the US, a total of $468 billion in supply is expected over the next five weeks, with net issuance projected at $266.9 billion after accounting for coupons and redemptions [5][46] - The euro area anticipates approximately €117.7 billion in supply over the next five weeks, resulting in a net issuance of €39.4 billion [3][42] Summary by Sections Government Bond Auctions - The US will issue a new 3-year UST for an estimated $58 billion, a 10-year UST for $39 billion, and a 30-year UST for $22 billion [5] - In the UK, issuance includes UKT 4.5% Gilt 2035 for £4.25 billion and a syndicated launch of UKTi 1.75% Gilt 2038 for £4 billion [4] - Japan plans two auctions for enhanced liquidity totaling ¥1.1 trillion [6] Supply Overview - The report outlines a detailed schedule of bond supply across various countries, including specific amounts and types of bonds to be issued [11] - The total expected issuance in the euro area is €117.7 billion, with €15.8 billion in coupons and €62.4 billion in redemptions [3][42] G7 Gross Notional and DV01 Estimates - The G7 gross issuance shows significant fluctuations, with the US leading in issuance amounts, particularly in the weeks of May and June [12][13] - The DV01 for the G7 indicates a total of $120.4 million per basis point for the week of June 9, reflecting a strong issuance environment [13][20] Net Issuance and Cash Flow - The report highlights net issuance trends, with the US showing a positive net DV01 of $82 million per basis point for the week of June 9 [20][27] - The UK and Japan exhibit varying net issuance figures, with the UK showing a negative net DV01 in some weeks, indicating potential challenges in the market [18][31]