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； ...

债券市场内部出现明显的期限结构调整。20年期国债活跃券收益率近一周下行5.5个基点，50年期下行4.65个基点，较其他期限下行幅度更大。在10年和30年 期债券陷入震荡的背景下，超长期债券的表现引起市场关注。这些期限品种具有更高的票息收益和资本利得潜力，成为机构配置的新焦点。 经济数据疲软强化宽松预期 美国经济指标出现波动为降息预期提供支撑。6月消费者信心指数意外下降5.4点至93，低于经济学家预期。消费者对进口关税上调的经济影响持续焦虑，支 出态度更加谨慎。预计未来一年利率上升的消费者比例升至57%，为2023年10月以来最高水平。 就业市场显现疲软迹象。ADP数据显示私营部门就业增幅创两年来最弱表现，ISM服务业指数意外下滑，该行业自去年6月以来首次出现萎缩。5月零售销售 环比下滑0.9%，低于市场预期，尽管核心零售增长0.4%仍高于预期。 美联储褐皮书显示，最近几周美国经济活动略有下滑，关税和高度不确定性正在对经济产生影响。大多数地区将就业描述为"持平"，普遍提到由于不确定性 导致招聘推迟。所有地区都指出劳动力需求减弱，工资以"适度"速度增长。 美债市场正经历四年来最为陡峭的收益率曲线调整。6月25日， ...

Group 1 - Beijing issued 3-year general local bonds with a scale of 8 billion, an issuance rate of 1.45%, and a marginal multiple of 3.06, exceeding the expected multiple of 1.45 [1] - Beijing issued 5-year general local bonds with a scale of 8.2 billion, an issuance rate of 1.56%, and a marginal multiple of 2.93, slightly below the expected multiple of 1.56 [1] - Beijing issued 7-year general local bonds with a scale of 19.3 billion, an issuance rate of 1.64%, and a marginal multiple of 1.82, lower than the expected multiple of 1.64 [1] - Beijing issued 10-year general local bonds with a scale of 45.5 billion, an issuance rate of 1.69%, and a marginal multiple of 1.16, below the expected multiple of 1.69 [1]

Group 1: Currency Exchange Trends - In May, the RMB exchange rate showed a general strengthening trend due to multiple factors, including a temporary easing of the US-China trade situation [1][2] - The RMB/USD exchange rate fluctuated and rose, breaking the 7.20 mark on May 12, despite a rebound in the dollar index [2] - By the end of May, the RMB exchange rate was recorded at 7.1953, reflecting an overall appreciation of 0.94% for the month [3] Group 2: Market Activity - The interbank foreign exchange market remained stable in May, with an average daily trading volume of $207.29 billion, a year-on-year increase of 12.59% [4] - The average daily trading volume in the RMB foreign exchange market was $158.10 billion, also showing a year-on-year increase of 8.43% [4] - The trading direction in the spot market showed variability, with institutions alternating between net selling and buying, resulting in an average daily net selling of $2.67 million [4] Group 3: Interest Rate Differentials - The interest rate differential between China and the US widened slightly in May, influenced by factors such as US government policies and inflation risks [5] - The 10-year US Treasury yield reached a three-month high of 4.58% before slightly retreating to 4.41% by the end of May [5] - The 10-year China-US bond yield spread ended the month at -274 basis points, widening by 20 basis points compared to the previous month [5] Group 4: Swap Points and Liquidity - The one-year swap points ended May at -2060 basis points, down 107 basis points from the previous month, primarily driven by interest rate factors [6] - The offshore swap points moved in sync with onshore points, with the one-year swap point spread narrowing to -97 basis points, the tightest since March 2023 [7] - Overall, dollar liquidity in the domestic market was relatively loose, with the domestic-offshore dollar overnight interest rate spread turning negative by the end of May [7]