Group 1 - The core viewpoint of the news is that the 0-4 government bond ETF (159816) is experiencing a stable market with a recent price of 113.75 yuan and a notable performance over the past year and three years, with increases of 2.59% and 9.19% respectively [1] - The liquidity of the 0-4 government bond ETF is active, with a turnover rate of 71.43% and a trading volume of 1.269 billion yuan, indicating strong market engagement [1] - The latest Federal Reserve decision maintains the federal funds rate target range at 4.25%-4.5%, aligning with market expectations, and this marks the fourth consecutive month of rate stability [1] Group 2 - It is anticipated that the supply of government bonds will slow down in the second half of the year, easing pressure on the bond market, while demand remains strong due to banks' investment pressures and insurance fund requirements [1] - The 0-4 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, calculated using a market capitalization weighting [2] - The 0-4 government bond ETF is positioned as the only short-duration local government bond ETF in the market, making it suitable for investors as a cash management tool [3]

Group 1 - The A-share market experienced a decline, with all three major indices falling over 1%, and the ChiNext Index down by 1.39% [1] - The 30-year government bond futures rose by 0.22% to 121.13, while the 10-year bond futures increased by 0.03% [1] - The trading volume of the 30-year government bond ETF (Boshi 511130) exceeded 1.3 billion yuan, indicating active trading [1] Group 2 - The bond market is expected to continue a slightly strong oscillating trend in the second half of the year, with strategies suggesting a focus on wave operations [2] - The 30-year government bond ETF (Boshi 511130) was established in March 2024 and is one of only two on-market ultra-long-term bond ETFs, tracking the "Shanghai 30-Year Government Bond Index" [2] - The index reflects the overall performance of corresponding term government bonds in the Shanghai market and is sensitive to interest rate changes [2]

重庆发行10年期其他专项地方债，规模63.0000亿元，发行利率1.6900%，边际倍数1.13倍，倍数预期 2.00。 ...

Group 1 - The core viewpoint emphasizes the development of science and technology innovation bonds (科创债) and the introduction of related ETFs to enhance investment in technology innovation sectors [1][2] - The China Securities Regulatory Commission (CSRC) plans to accelerate the launch of science and technology innovation bond ETFs, with six initial products reported on the Shanghai Stock Exchange [1] - Since the pilot program began in 2021, the issuance of science and technology innovation bonds has rapidly increased, with a total of 1,273 bonds and a market balance exceeding 1.3 trillion yuan [1] Group 2 - The introduction of science and technology innovation bond ETFs is expected to guide social funds towards key technology innovation areas, supporting the high-quality development of tech companies [1] - The bond ETF market on the Shanghai Stock Exchange has seen significant growth, with 20 products and a total scale of 274.7 billion yuan, which is over five times the scale at the beginning of 2024 [1] - The Shanghai Stock Exchange has also launched four benchmark corporate bond ETFs this year, with a total scale exceeding 56 billion yuan, indicating a focus on high-grade credit bond ETFs [2]

欧元区市场方面，当地时间6月16日，10年期法债收益率跌1.9BP报3.232%，10年期德债收益率跌0.9BP 报2.522%，10年期意债收益率跌3BPs报3.452%，10年期西债收益率跌1.5BP报3.139%，10年期英债收益 率跌1.7BP报4.531%。 银行间主要利率债多数回落，10年期国开债"25国开10"收益率下行1BP至1.7055%，10年期国债"25附息 国债11"收益率下行0.25BP至1.6375%，3年期国债"25附息国债05"收益率下行3BPs至1.3775%。 中证转债指数收盘上涨0.07%，报435.22点，成交金额635.08亿元。北陆转债、惠城转债、天源转债、 财通转债、豪美转债涨幅居前，分别涨12.75%、7.88%、5.79%、4.65%、3.90%。精达转债、金陵转 债、志特转债、东时转债、金丹转债跌幅居前，分别跌7.29%、7.09%、6.94%、6.76%、4.83%。 【海外债市】 北美市场方面，当地时间6月16日，美债收益率集体上涨，2年期美债收益率涨1.89BP报3.964%，3年期 美债收益率涨2.52BPs报3.925%，5年期美债收益率涨2.63 ...

Summary of Key Points - Beijing issued a 2-year ordinary special local government bond with a scale of 28.5 billion yuan and an issuance rate of 1.47%, with a marginal multiple of 3.56 times, exceeding the expected multiple of 1.48 [1] - Beijing issued a 3-year ordinary special local government bond with a scale of 183.0128 billion yuan and an issuance rate of 1.48%, with a marginal multiple of 1.69 times, slightly below the expected multiple of 1.49 [1] - Beijing issued a 5-year ordinary special local government bond with a scale of 109.8913 billion yuan and an issuance rate of 1.59%, with a marginal multiple of 2.33 times, lower than the expected multiple of 1.61 [1] - Beijing issued a 7-year ordinary special local government bond with a scale of 5.98 billion yuan and an issuance rate of 1.64%, with a marginal multiple of 1.32 times, below the expected multiple of 1.65 [1]

Core Viewpoint - The bond market showed slight recovery with government bond futures rising marginally, while interbank bond yields remained stable, indicating a structural liquidity gap and limited downward movement for short-term rates [1][5]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.02% to 120.500, the 10-year main contract up 0.02% to 109.020, the 5-year main contract up 0.04% to 106.175, and the 2-year main contract up 0.03% to 102.464 [2]. - The interbank major rate bonds showed slight divergence, with the 10-year policy bank bond yield down 0.35 basis points to 1.704%, while the 30-year government bond yield rose 0.2 basis points to 1.851% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down 5 basis points to 3.897% and the 10-year yield down 6.11 basis points to 4.359% [3]. - In Asia, Japanese bond yields mostly declined, with the 10-year yield down 4.9 basis points to 1.41% [3]. - In the Eurozone, 10-year bond yields also decreased, with French yields down 4.5 basis points to 3.179% and German yields down 6.1 basis points to 2.472% [3]. Primary Market - The Ministry of Finance reported weighted average winning yields for 2-year and 10-year government bonds at 1.38% and 1.6260%, respectively, with bid-to-cover ratios of 3.27 and 4.43 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation of 2025 billion yuan at a rate of 1.40%, resulting in a net injection of 675 billion yuan for the day [5]. - Short-term Shibor rates mostly increased, with the overnight rate rising 4.4 basis points to 1.411% [5]. Institutional Insights - Citic Securities expects limited impact from short-term fundamental recovery on the bond market, suggesting a focus on the upcoming political bureau meeting and monetary policy statements [6]. - Guosheng Securities advocates for a barbell strategy, emphasizing the importance of high-rated bonds while increasing holdings in mid-to-low priced convertible bonds and quality themes [7].

山东发行15年期普通专项地方债，规模76.4200亿元，发行利率2.0000%，边际倍数1.10倍，倍数预期 1.96； 山东发行30年期普通专项地方债，规模70.5000亿元，发行利率2.0600%，边际倍数12.26倍，倍数预期 2.03。 山东发行10年期普通专项地方债，规模12.2600亿元，发行利率1.7000%，边际倍数1.22倍，倍数预期 1.73； ...

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]

湖南发行7年期一般债地方债，规模94.4929亿元，发行利率1.6500%，边际倍数1.37倍，倍数预期1.66。 ...