2/10年期德债收益率利差涨2.168个基点，报+74.135个基点。 周四（6月26日）欧市尾盘，德国10年期国债收益率涨0.4个基点，报2.569%，"跳空低开"之后，全天持 续震荡上行，整体交投于2.533%-2.574%区间。 两年期德债收益率跌1.8个基点，报1.825%，日内交投于1.844%-1.812%区间，整体呈现出W形下跌；30 年期德债收益率涨1.8个基点，报3.070%。 ...

韩国四年首发欧元主权债 获超百亿欧元认购 金十数据6月27日讯，据外媒报道，韩国将近四年来首次发行欧元债券，获得超过100亿欧元（折合117 亿美元）投资者认购。这凸显出李在明当选总统以来，投资者对韩国主权债的需求。韩国供应7亿欧元 三年期主权债和7亿欧元七年期国债。 ...

Summary of Key Points from the Conference Call on the Sci-Tech Bond Market Industry Overview - The conference call discusses the **Sci-Tech Bond Market**, which includes various types of bonds such as **Innovation and Entrepreneurship Bonds**, **Sci-Tech Notes**, and **Technology Innovation Company Bonds**. The funds raised are aimed at supporting innovation incubation, the development of technology enterprises, and the construction of infrastructure for industrial parks [1][2]. Core Insights and Arguments - **Policy Development**: From 2022 to 2025, policies regarding Sci-Tech Bonds have been continuously refined, transitioning from supporting state-owned enterprises to promoting high-quality development, with new regulations introduced by the central bank and the securities regulatory commission to facilitate explosive growth in the market [1][8]. - **Market Size**: As of now, the issuance scale of Sci-Tech Bonds exceeds **30 trillion yuan**, with an outstanding balance of approximately **23 trillion yuan**. State-owned enterprises account for about **90%** of this market, with a significant concentration in traditional industries such as construction and urban investment [1][12]. - **Investment Characteristics**: The average coupon rate of Sci-Tech Bonds is lower than that of non-Sci-Tech Bonds, indicating a strong policy support direction. However, bonds with lower implicit ratings may yield higher returns compared to non-Sci-Tech Bonds [3][15]. - **Market Pain Points**: Key challenges include low participation from weakly rated enterprises and private companies, short issuance terms that do not align with the long R&D cycles of tech firms, and insufficient market liquidity and information disclosure [13][14]. Important but Overlooked Content - **Future Policy Directions**: The 2025 policy changes broaden the range of issuers and the use of raised funds, allowing financial institutions and equity investment firms to issue bonds, which is expected to enhance market recognition [9][10]. - **Liquidity Issues**: The current monthly turnover rate for Sci-Tech Bonds is between **6% and 9%**, which is lower than that of medium-term notes. However, recent policy changes have led to a slight increase in turnover rates [17]. - **ETF Impact**: The introduction of Sci-Tech Bond ETFs is anticipated to significantly improve market liquidity, particularly for the underlying bonds included in these ETFs, potentially leading to a decline in yields and compression of spreads [18]. Conclusion - The Sci-Tech Bond Market is evolving with strong policy support and significant growth potential. However, it faces challenges related to issuer quality, market liquidity, and alignment with the unique financial characteristics of technology enterprises. Future developments, particularly the introduction of ETFs and expanded issuer categories, may enhance market dynamics and investment opportunities.

Group 1 - The U.S. Treasury auctioned four-week and eight-week Treasury bills with a winning yield of 4.000% and 4.390% respectively, indicating a decrease from previous yields of 4.060% and 4.470% [1] - The bid-to-cover ratio for the four-week bills was 3.06, slightly lower than the previous ratio of 3.15, while the eight-week bills saw an increase in the bid-to-cover ratio to 3.24 from 2.70 [1]

Group 1 - Zhengzhou Airport Hub Construction Company plans to issue its first corporate bonds with a scale not exceeding 1.6 billion yuan, with a term of no more than 5 years [1] - The company was established in August 2021 with a registered capital of 3 billion yuan, fully owned by Zhengzhou Airport Science and Technology Investment Group [1] Group 2 - Xuchang State-owned Assets intends to invest 217 million yuan in Rebeccah by transferring 70 million shares, accounting for 6.18% of the total share capital [3] - After the transfer, Changda Trading will become the second-largest shareholder of Rebeccah [3] Group 3 - The National Development and Reform Commission announced a new central budget investment to support local implementation of labor-for-relief projects, with a total of 16.5 billion yuan allocated for 2025 [5] - This initiative aims to assist 380,000 individuals from difficult backgrounds in increasing employment and income [5] Group 4 - The Shanghai Stock Exchange and China Securities Index Co., Ltd. will launch a series of indices for convertible bonds and exchangeable bonds with differentiated credit ratings [8] - This initiative aims to provide diversified performance benchmarks and investment targets for the market [8] Group 5 - Zhengzhou Development Investment Group has received approval from the Shenzhen Stock Exchange for two bond projects totaling 5 billion yuan, with a focus on private placements [13] - The projects include a 3 billion yuan issuance of technology innovation corporate bonds and a 2 billion yuan issuance of corporate bonds [13] Group 6 - China Pingmei Shenma Group completed the issuance of 1 billion yuan in technology innovation bonds at an interest rate of 2.85% [14] - The funds raised will be used to repay interest-bearing debts of the issuer and its subsidiaries [14] Group 7 - The first domestic REITs expansion project for rental housing was successfully listed, with a total issuance scale of 180.4 billion yuan across various asset types [11] - This marks a significant milestone in the development of the REITs market in China [11] Group 8 - The Chengdu Eastern Group's executive director is under investigation for serious violations of discipline and law [18] - This incident highlights ongoing scrutiny and governance issues within state-owned enterprises [18] Group 9 - The market outlook for urban investment bonds remains positive, with a focus on extending durations to capture coupon income and exploring private bonds [20] - The report emphasizes the importance of maintaining a balanced supply-demand dynamic in the bond market [20]

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 博弈"远"：从公司债 - 中证 - 中债利率的传导机制 。 低估值成交对债券估值的影响，主要体现在两个 维度：一是交易所公司债与银行间可比券估值的分化，以 24 中化 16 为例，在 5 月底前，其与银行间可 比券 25 中化股 MTN001 的估值差异在 2BP 以内， 6 月以来，估值差异有所走阔，该成分券与银行间 可比券的当前估值差异为 7BP 。二是信用债 ETF 放量对曲线的影响。深证信用债 ETF 的久期为 3.05 年，上证信用债 ETF 的久期为 4.11 年，信用债 ETF 的放量推动 3-5 年期信用债的配置需求抬升，曲 线或趋于平缓，中高等级信用利差收窄，带动高等级信用债估值整体下行。 博弈"发"：抢券之下，一级市场买入仍可博弈 。 科创债一级新发以低估值为主，发行时票面利率较估值 平均低 -6BP 。 53 只有可比券的非金科创债中，高估值发行的有 13 只，低估值发行的有 40 只，低估 值超过 -10BP 的有 13 只，最大低估值为 -25BP 。当前利差走势看，多数科创债的估值位于可比券估 值± 2BP 内。科创 ...

横盘震荡，是多空双方都在蓄势，双方力量整体达到了一定的均衡，只是方向并不确定。所以，要想打 破这种均衡一定需要更大的力量。往往市场需要一点催化剂才能突破，就像打战攻城前的战时动员令一 样。 ——笔记哥《交易》 【笔记20250626— 金融"围城"（+央行加大净投放+股市冲高回落+资金面均衡偏松=小下)】 资金面均衡偏松，长债收益率小幅下行。 250011 1.6525/1.6540/1.6440/1.6445 -0.90 今日债市阳光普照，债农们瓜田丰收忙：某卖方分析师转行做教培啦，某女团小姐姐转行卖存单啦。金 融"围城"诚不我欺：里面的想跑路，外面的想跳坑。 | 我还是太低估男人的好色了 | | --- | | 据说一个下午,整个本币的男交易员都疯狂了 | | 疯狂回她买存单 | | 她的小红书整个市场都看过了,现在都设置为不可见了 | | 【意上一下空电机 | | 尊敬的各位领导同事,我已办完离职手续,谨以 | | 此向大家告别，感谢迅雷总、戴所、曾彪总等领 | | 导的信任和指导。 | | 我目前转行做教培以及夏令营了63 (高中科创一 | | 条龙辅导, 实验设计、数据获取、科研报告写作 | | 辅 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The expansion rhythm of index constituent bonds is significantly slower than the growth rate of credit bond ETF scale. Amid the bond - snatching market, low - valuation transactions of constituent bonds emerge. There are three aspects to consider: "far", "发", and "扩". "Far" involves the conduction mechanism of corporate bond - China Securities - China Bond interest rates; "发" means that buying in the primary market can still be profitable during the bond - snatching period; "扩" refers to the analysis of constituent bonds benefiting from the issuance and expansion of science and technology innovation bond ETFs [1]. Summary According to the Table of Contents 1. Review of the Bond - Snatching Market Driven by the Expansion of Credit Bond ETFs - As of June 20, 2025, the total scale of 8 benchmark market - making credit bond ETFs reached 106.6 billion yuan, an increase of 77.7 billion yuan compared to the end of March, with a 41.7 - billion - yuan increase since June. The expansion rhythm of index constituent bonds is significantly slower than the growth rate of credit bond ETF scale. In the Shanghai market - making aspect, the scale of Shanghai - based benchmark market - making ETFs accounts for 11.0% of the credit bond index constituent bonds, a 4.5 - percentage - point increase compared to the end of May. In the Shenzhen market - making aspect, it accounts for 12.4%, a 4.8 - percentage - point increase compared to the end of May [1][3]. - During the bond - snatching market, low - valuation transactions of constituent bonds emerge. ETF product preferences lean towards constituent bonds with larger outstanding scales and higher valuation stability. For example, in the Shanghai market, the number of low - valuation transactions and transaction amounts of the top 3 constituent entities have significantly increased since June, with an average low - valuation amplitude of - 1.7BP, a 1BP increase compared to May, and the transaction amount from June 1 to June 20 was 5.37 billion yuan, a 1.61 - billion - yuan increase compared to the whole of May. In the Shenzhen market, trading volume has increased significantly since the second quarter, with an average low - valuation transaction amplitude of - 4.5BP in June, a 0.9BP increase compared to May, and the transaction amount from June 1 to June 20 was 3.94 billion yuan, a 1.26 - billion - yuan increase compared to the whole of May [1][7]. 2. Game "Far": The Conduction Mechanism of Corporate Bond - China Securities - China Bond Interest Rates - The impact of low - valuation transactions on bond valuations is mainly reflected in two dimensions. Firstly, the valuation divergence between exchange - traded corporate bonds and comparable inter - bank bonds. For example, the valuation difference between 24 Zhonghua 16 and its comparable inter - bank bond 25 Zhonghua MTN001 was within 2BP before the end of May, but has widened to 7BP since June. Secondly, the impact of the surge in credit bond ETFs on the yield curve. The duration of Shenzhen credit bond ETF is 3.05 years, and that of Shanghai credit bond ETF is 4.11 years. The surge in credit bond ETFs boosts the allocation demand for 3 - 5 - year credit bonds, flattens the yield curve, narrows the credit spreads of medium - and high - grade bonds, and drives down the overall valuation of high - grade credit bonds [1][12]. 3. Game "发": Buying in the Primary Market Can Still Be Profitable During the Bond - Snatching Period - Newly issued science and technology innovation bonds in the primary market are mainly issued at low valuations, with the coupon rate at issuance being on average - 6BP lower than the valuation. Among 53 non - financial science and technology innovation bonds with comparable bonds, 13 are issued at high valuations, 40 at low valuations, 13 with a low - valuation exceeding - 10BP, and the maximum low - valuation is - 25BP. Currently, most science and technology innovation bonds' valuations are within ±2BP of comparable bonds. The secondary bond - snatching market may spread to the primary market. Since May, the situation of weak profit - making effects caused by low - valuation issuance of science and technology innovation bonds may change. Some low - valuation issued bonds still have potential for discovery, and it is recommended to focus on science and technology innovation bonds with a low - valuation of within - 5BP in the primary market [1][17]. 4. Game "扩": Analysis of Constituent Bonds Benefiting from the Issuance and Expansion of Science and Technology Innovation Bond ETFs - There are two main lines for constituent bond discovery: bonds with a remaining term of over 5 years and an outstanding scale of over 1.5 billion yuan. Long - term science and technology innovation bonds can significantly enhance the portfolio duration and scale expansion. Bonds included in both the science and technology innovation bond index and the credit bond benchmark market - making index may benefit from both the expansion of credit bond ETFs and the issuance of the science and technology innovation bond index. Among them, non - perpetual bonds may have stronger allocation potential [1][19].

美国债券巨头品浩：应对未来经济衰退可能更多依赖央行降息 而非财政救助 智通财经6月26日电，美国债券巨头品浩(PIMCO)表示，应对未来经济衰退可能更多依赖央行降息，而 不是财政救助，因为全球公共债务水平过高，限制了各国政府的支出能力。 ...

北京发行5年期其他专项地方债，规模189.9800亿元，发行利率1.5600%，边际倍数1.56倍，倍数预期 2.20。 北京发行2年期保障房专项地方债，规模15.0000亿元，发行利率1.4200%，边际倍数3.28倍，倍数预期 2.59； 北京发行1年期轨交专项地方债，规模0.5700亿元，发行利率1.4100%，边际倍数5.09倍，倍数预期 3.31； ...