Core Viewpoint - The U.S. 10-year Treasury yield experienced a decline, indicating a downward trend in bond yields, particularly influenced by the upcoming retail sales data release [1] Group 1: Treasury Yields - The 10-year Treasury yield fell by 5.94 basis points, closing at 4.3869%, and was in a downward trajectory throughout the day [1] - The yield reached a daily low of 4.3770% just before the release of U.S. retail sales data [1] - The 2-year Treasury yield decreased by 1.88 basis points, settling at 3.9476%, with a trading range of 3.97749% to 3.9035% during the day [1] Group 2: Market Reaction - The release of retail sales data caused a sharp drop in the yields, which then rebounded slightly, coinciding with a brief uptick in U.S. stock markets [1]

Core Viewpoint - The ongoing trade tensions have not diminished Canadian investors' interest in U.S. assets, as they continue to significantly purchase U.S. government bonds [1] Group 1: Investment Trends - In April, Canadian investors net bought 9.2 billion CAD (approximately 6.8 billion USD) in U.S. government bonds, marking the largest single investment since November 2023 [1] - During the same month, amidst escalating tariff tensions, investors also purchased 1.1 billion CAD in U.S. Treasury bonds while reducing their holdings in U.S. stocks [1] - Prior to this, in February, Canadian investors had reached a record high investment in U.S. stocks amounting to 29.8 billion CAD [1]

2/10年期德债收益率利差跌1.942个基点，报+66.229个基点。 周二（6月17日）欧市尾盘，德国10年期国债收益率涨0.8个基点，报2.535%，全天呈现出V形反转，整 体交投于2.505%-2.560%区间，北京时间20:30发布美国零售销售数据时刷新日低。 两年期德债收益率涨2.7个基点，报1.868%，全天呈现出W形走势，整体交投于1.836%-1.871%区间；30 年期德债收益率跌0.1个基点，报2.985%。 ...

美国财政部拍卖六周期国债，得标利率4.180%（6月10日为4.195%），投标倍数2.78（前次报3.32）。 ...

Core Viewpoint - The article discusses the recent challenges facing U.S. Treasury bonds, including rising yields, structural imbalances in supply and demand, and declining confidence in U.S. creditworthiness, leading to concerns about the sustainability of U.S. debt [1][2][3]. Group 1: Market Dynamics - U.S. Treasury yields surged in May, with long-term yields exceeding 5% for three consecutive days, indicating an oversupply and insufficient demand for Treasuries [1]. - The total U.S. debt has surpassed $36 trillion, increasing by $1 trillion in less than six months, raising concerns about sustainability [1]. - Moody's downgraded the U.S. sovereign credit rating from AAA to AA1, citing that interest payments on debt have exceeded 10% of GDP, breaching international warning levels [2]. Group 2: Economic Policies and Impacts - The U.S. government's tariff policies have led to increased market uncertainty, contributing to fears of high inflation, high interest rates, and economic downturns [2][3]. - The U.S. GDP experienced a 0.3% quarter-on-quarter decline, further exacerbating concerns about the economic outlook [2]. Group 3: Buyer Trends - Foreign ownership of U.S. Treasuries has decreased, with major holders like Japan and China reducing their holdings, reflecting a broader decline in confidence in U.S. credit [4]. - The proportion of foreign official holdings of U.S. Treasuries fell from 45% in 2014 to 28% in 2023, indicating a significant shift in the international monetary landscape [4]. Group 4: Future Outlook - The U.S. Treasury Department's recent buyback of $10 billion in bonds raises questions about the demand for Treasuries and the need for domestic buyers to fill the gap left by foreign investors [1][5]. - The proposed "One Big Beautiful Bill" tax plan could increase U.S. debt by over $2 trillion, complicating the fiscal landscape and potentially leading to further increases in Treasury yields [6]. - As global investors seek safer assets amid rising uncertainty, the trend of selling U.S. Treasuries is expected to continue, with the Treasury Department increasingly forced to buy back its own bonds [6].

美国国债收益率在数据公布后变化不大；10年期国债收益率最新下跌4.5个基点，报4.409%；两年期国 债收益率最新下跌3.2个基点，报3.937%；30年期国债收益率下跌3.6个基点，至4.919%。 ...

日本10年期国债收益率继续上升，现涨3个基点至1.48%。 日本10年国债收益率 ...

Group 1: REITs Market Overview - The REITs index continues to rise, with property types showing strength this week, indicating a recovery in market activity [2][3] - As of June 13, 2025, the total market value of REITs reached 204.08 billion yuan, an increase of 2.01 billion yuan from the previous week [3][4] - The average weekly increase for property-type REITs was 0.95%, outperforming other categories [4] Group 2: H Acid Market Dynamics - The average market price of H acid as of June 13, 2025, was 41,750 yuan per ton, up 5,750 yuan per ton since early January 2025 [6][7] - Supply-demand tightness is expected to push H acid prices higher, with effective domestic production capacity currently below 60,000 tons, leading to a supply gap of over 10% [8][9] - Companies with integrated production capacity for H acid and reactive dyes, such as Zhejiang Longsheng and Jinchicken Co., are expected to benefit from rising prices [9][10] Group 3: North Exchange Market Insights - As of June 13, 2025, the North Exchange A-share component stocks totaled 267, with an average market capitalization of 3.046 billion yuan [11] - The North Exchange 50 index experienced a decline of 3.11%, while the average daily trading volume increased by 31.28% compared to the previous week [11][12] - The newly listed company, Jiao Da Tie Fa, focuses on intelligent products and services for rail transit, with projected revenue of 335 million yuan for 2024 [12] Group 4: AI Chip Design System Launch - The world's first AI-based chip design system, "Enlightenment," was launched, achieving full automation in chip design processes [14][16] - The system can design a 32-bit RISC-V CPU in just five hours, matching the performance of Intel 486, and has completed its first silicon [16] - This innovation is expected to significantly enhance the efficiency of chip design and development in the semiconductor industry [16] Group 5: New Materials Industry Outlook - The new materials sector is anticipated to enter a growth phase driven by increasing downstream demand and supportive policies [14][25] - Key areas of focus include semiconductor materials, renewable energy technologies, and biodegradable plastics, which are expected to see significant investment and development [19][23] - The industry maintains a "recommended" rating due to its potential for growth and innovation [25]

6月13日，央行公告6个月买断式回购4000亿，本月净投放2000亿，流动性相对充裕。近期债券保持震荡为主，10年期国债收益率围绕1.65%波动。究其原 因，资金利率下行后，存单利率尚未同步下行。目前存单与回购价差处于近年高位，待后续存单利率跟降后，长债利率或将打开下行空间。推荐继续关注 十年国债ETF（511260）。 每经编辑｜叶峰 6月16日国家统计局公布多项月度数据。5月社会消费品零售总额41326亿元，同比增长6.4%，增速创2023年12月以来新高。在今年"贸易摩擦"升温的背景 下，消费的表现相对好于投资。"以旧换新"等政策支持起到了至关重要的作用，并与"618"提前开启形成合力，共同带动5月社零同比进一步扩张。其中， 基本生活类和部分升级类商品销售增势较好，限额以上单位粮油食品类、金银珠宝类、体育娱乐用品类商品零售额分别增长14.6%、21.8%、28.3%；限额 以上单位家用电器和音像器材类、通讯器材类、文化办公用品类、家具类商品零售额分别增长53.0%、33.0%、30.5%、25.6%。 另一方面，1至5月，全国房地产开发投资同比降幅扩大，同比下降10.7%。同期新建商品房销售面积同比下降 ...

6月9日-6月13日，全周债市收益率小幅下行，十年国债活跃券在小幅震荡中下行。泓德基金表示，上周 债券市场对中美贸易谈判会谈反应较为钝化，在偏弱的外贸、金融数据以及央行呵护流动性、资金面均 衡偏松下。上周十年国债活跃券250011累计下行1.1bp。上周利率债表现优于信用，信用品种长期限好 于短期限。 泓德基金分析，短期来看，中美谈判形成框架性协议，对债市的利空扰动阶段性解除，上周的社融数据 总量不差，但结构上看政府债和企业债为主要支撑项。从货币政策来看，当前央行呵护流动性的目的较 为明确，资金面整体较为宽松，但前期较为平坦的曲线限制了长端下行空间，不过长端调整压力不大， 未来曲线走陡的概率较高。 上周国内权益市场延续震荡行情，万得全A周跌幅为0.27%，日均成交额维持在1.3万亿元附近。6月13 日在地缘冲突新闻的冲击下，市场有所调整，主要宽基指数平均跌幅在1%左右，全市场成交量放大到 1.5万亿元。行业层面，上周有色金属和石油石化表现较好。 6月13日，广州发布《广州市提振消费专项行动实施方案（征求意见稿）》，明确提出全面取消限购、 限售、限价，成为一线城市中首个全面松绑的城市。同日召开的国务院常务会也指 ...