Market Trends - Japan's super-long bonds experienced a price increase on Wednesday, reversing a decline from earlier in the week [1] - Concern that an upper house election this weekend will result in higher government spending is influencing bond market activity [1]

Senegal raised 364 billion CFA francs in a government bond sale in the regional market, the finance ministry says https://t.co/StzKKvyMu0 ...

Core Viewpoint - The credit bond market remains in a favorable environment for investment despite short-term fluctuations, with a focus on maintaining duration in credit bond allocations, particularly in urban investment bonds [1][2][4] Credit Bond Market Performance - As of July 14, the yield on credit bonds in the interbank market has increased, with specific examples showing a rise in yields across various maturities, such as a 3-month AAA yield jumping 3 basis points to 1.60% and a 5-year yield rising 2 basis points to 1.92% [2][3] - The overall sentiment in the credit bond market has been affected by the positive performance of the equity market, leading to some profit-taking among institutions, yet credit bonds exhibit greater resilience compared to interest rate bonds, especially in lower-rated categories [2][3] Demand and Investment Trends - There has been a notable increase in demand for credit bonds from funds, insurance, and other products, with net purchases by funds reaching 88.5 billion yuan from July 1 to 11, a year-on-year increase of 39.1 billion yuan [2][3] - The configuration of credit bonds is showing a trend where lower-rated bonds are outperforming higher-rated ones, indicating strong demand for credit bonds [3][4] Investment Recommendations - Urban investment bonds are highlighted as a preferred investment option, with recommendations to focus on 3-year maturities and to consider regions with thicker yield spreads [5][6] - Analysts suggest that institutions should maintain a portion of their portfolio in shorter-duration credit bonds while also exploring opportunities in longer-duration bonds, particularly in high-grade credit bonds [6][7] Market Outlook - The credit bond market is expected to experience a strong but volatile pattern in July, with factors such as the recovery of financial management scale and the expansion of ETFs likely to enhance demand for credit bonds [7]

资金流入方面，国债ETF5至10年最新资金净流出176.16万元。拉长时间看，近21个交易日内，合计"吸金"6170.98万元。 截至7月14日，国债ETF5至10年近5年净值上涨21.64%。从收益能力看，截至2025年7月14日，国债ETF5至10年自成立以来，最高单月回报为2.58%，最长连 涨月数为10个月，最长连涨涨幅为5.81%，涨跌月数比为54/23，年盈利百分比为100.00%，月盈利概率为72.66%，历史持有3年盈利概率为100.00%。 消息面上，国债：本周3年以下、5-15年和30以上期限国债换手率上升，其他期限换手率下降。国开债：本周10-15年期限国开债换手率上升，其他期限换手 率水平均小幅下降。农发债/口行债：本周1-3年、5年以上农发债换手率上升，其他期限农发债换手率下降。3年以下、5-10年期限口行债换手率上升，其他 期限口行债换手率下降。地方债：本周3-5年、5-7年和10-15年期限地方债换手率上升，其他期限地方债换手率下降。同业存单：本周1M-3M、3M-6M期限 存单换手率上升,其他期限换手率下降。 截至2025年7月15日 14:04，国债ETF5至10年(5110 ...

Market Trends - The world's top sovereign wealth fund was a major buyer of Colombian local bonds in June [1] - Colombia experienced two credit downgrades in June [1]

转自：新华财经 新华财经北京7月14日电（王柘）上周（2025年7月7日至7月11日）"股债跷跷板"起效，沪指站上3500点，债市收益率整体走高。大宗商 品价格也在近期明显回升，进一步压制债市情绪。全周来看，10年期国债收益率上涨2.2BP至1.665%。收益率短端涨幅更大，曲线趋向 熊平。 公开市场前半周维持净回笼操作，使得资金面边际收敛。本周扰动因素增加，关注政府债缴款、税期走款、1000亿元MLF到期、买断式 逆回购等。从目前披露的地方债发行计划来看，7月或是地方债发行高点，国债发行规模或相对下降。在宏观数据未发生明显转向、外 部不确定性依旧存在的背景下，预计短期内央行或持续护航债市，供给压力不必过度担忧。 行情回顾 2025年7月11日，中债国债到期收益率1年期、2年期、3年期、5年期、7年期、10年期、30年期、50年期较2025年7月4日分别变动 3.4BP、4.61BP、3.67BP、3.63BP、2.75BP、2.2BP、2.25BP、1.9BP。 | | | 中债国债收益率曲线(到期)》 | | | --- | --- | --- | --- | | 标准期限(年) | 7月4日 | 7月1 ...

截至2025年7月11日 15:00，公司债ETF(511030)多空胶着，最新报价106.2元。拉长时间看，截至2025年7月11日，公司债ETF今年以来累计上涨1.04%。 流动性方面，公司债ETF盘中换手4.16%，成交9.22亿元。拉长时间看，截至7月11日，公司债ETF近1月日均成交22.76亿元。 规模方面，公司债ETF最新规模达221.73亿元，创近1年新高。 份额方面，公司债ETF最新份额达2.09亿份，创近3月新高。 截至7月11日，公司债ETF近5年净值上涨13.98%。从收益能力看，截至2025年7月11日，公司债ETF自成立以来，最高单月回报为1.22%，最长连涨月数为9 个月，最长连涨涨幅为3.80%，涨跌月数比为57/19，年盈利百分比为83.33%，月盈利概率为79.66%，历史持有3年盈利概率为100.00%。截至2025年7月11 日，公司债ETF成立以来超越基准年化收益为1.97%。 回撤方面，截至2025年7月11日，公司债ETF今年以来最大回撤0.50%，相对基准回撤0.08%。回撤后修复天数为23天。 费率方面，公司债ETF管理费率为0.15%，托管费率为0.05%。 ...

Group 1 - The focus is on real yields and the iShares TIPS Bond ETF (TIP), with a consideration of inflation expectations among investors [1] - Pearl Gray is identified as a proprietary investment fund and independent market research firm that specializes in systematic analysis, particularly in Bonds, Preferreds, and REITs [1] - The primary sectors of interest for Pearl Gray are Financials and Real Estate, aiming to discover actionable total return ideas [1] Group 2 - The content provided does not constitute financial advice and is intended to foster discussion among subscribers [3] - There is a disclosure indicating that the author has no financial positions in the companies mentioned and is not receiving compensation for the article [2]

Core Viewpoint - The bond market showed weakness on July 11, with government bond futures mostly declining, while liquidity remained balanced but slightly contracted, indicating a mixed outlook for the market [1][4]. Market Performance - Government bond futures closed mostly lower, with the 30-year main contract up 0.05% at 120.610, while the 10-year main contract fell 0.02% to 108.830 [2]. - The yield on the 30-year government bond decreased by 0.1 basis points to 1.975%, while the 10-year government bond yield increased by 0.5 basis points to 1.665% [2]. Primary Market - The Ministry of Finance reported weighted average bidding yields for 2-year and 3-year government bonds at 1.3582% and 1.3735%, respectively, with bid-to-cover ratios of 3.6 and 3.12 [3]. Liquidity Conditions - The central bank conducted a 7-day reverse repo operation of 847 billion yuan at a rate of 1.40%, resulting in a net injection of 507 billion yuan for the day [4]. - Short-term Shibor rates mostly increased, with the overnight rate rising by 1.7 basis points to 1.333% [4]. Institutional Perspectives - Citic Securities noted that the convertible bond market is experiencing high valuations, leading investors to prefer reducing positions in convertible bonds while increasing exposure to equity indices [5]. - Guosheng Fixed Income highlighted the continued growth of bond ETFs, with expectations for further expansion in the sci-tech bond ETF market due to policy support [5].

Market Overview - The bond market experienced a significant pullback on July 10, with all major government bond futures closing lower, indicating increased vulnerability due to compressed spreads, high leverage, and low funding rates [1][2] - The central bank conducted a net injection of 32.8 billion yuan in the open market, with short-term funding rates trending upwards as the month progresses [1][5] Bond Futures Performance - The 30-year main contract fell by 0.36% to 120.530, while the 10-year main contract decreased by 0.16% to 108.845 [2] - The yield on the 30-year government bond rose by 0.75 basis points to 1.869%, and the 10-year government bond yield increased by 1 basis point to 1.656% [2] International Bond Market Trends - In North America, most U.S. Treasury yields rose, with the 2-year yield increasing by 4.71 basis points to 3.764% [3] - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all decreased, indicating a mixed sentiment in the international bond markets [3] Primary Market Activity - The China Development Bank's financial bonds had a bid yield of 1.3908% for 185 days, with a bid-to-cover ratio of 2.97, indicating strong demand [4] - The Export-Import Bank's 3-year fixed-rate bond had a bid yield of 1.4% with a bid-to-cover ratio of 4.22, reflecting investor interest [4] Funding Conditions - The central bank conducted a 900 billion yuan reverse repo operation at a rate of 1.40%, with a net injection of 32.8 billion yuan after accounting for maturing repos [5] - Short-term Shibor rates mostly increased, with the overnight rate rising by 0.3 basis points to 1.316% [5] Institutional Insights - Huatai Fixed Income suggests that while CPI data slightly exceeded expectations, PPI was weaker, indicating a potential bottoming process for prices, but warns of demand-side weakening [6] - CITIC Securities highlights multiple factors affecting the bond market, including concerns over the sustainability of inflation improvements and external demand weakness [7] - Changjiang Fixed Income anticipates that the 10-year government bond yield will continue to fluctuate between 1.6% and 1.65%, with potential opportunities in the yield curve [7]