Group 1 - The UK 10-year government bond yield increased by 1.0 basis points, reaching 4.552%, and peaked at 4.607% before the US CPI data release [1] - The 2-year UK bond yield decreased by 0.7 basis points, settling at 3.913%, with a high of 3.961% prior to the US CPI data [1] - The 30-year and 50-year UK bond yields rose by 2.3 and 2.8 basis points respectively [1] Group 2 - The 2/10 year UK bond yield spread increased by 1.670 basis points, now at +63.734 basis points [1]

西班牙10年期国债收益率涨2.1个基点，希腊10年期国债收益率涨3.3个基点。 周三（6月11日）欧市尾盘，法国10年期国债收益率涨2.2个基点，意大利10年期国债收益率涨1.0个基 点。 ...

2/10年期德债收益率利差涨1.248个基点，报+68.706个基点。 周三（6月11日）欧市尾盘，德国10年期国债收益率涨1.1个基点，报2.535%，日内交投于 2.515%-2.555%区间，北京时间20:30发布美国CPI通胀数据时，瞬间从日高附近跳水至2.535%一线。 两年期德债收益率跌0.1个基点，报1.845%，日内交投于1.863%-1.829%区间，美国CPI数据出炉前一分 钟刷新日高，数据发布后跳水至1.845%下方；30年期德债收益率涨3.6个基点，报3.005%，日内大部分 时间高位震荡。 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The ultra - long credit bond market continues. Some investors prefer to extend the duration to earn excess returns as the yield of medium - and short - duration credit bonds is close to the annual low, and there is a constraint on the subsequent downward range [2][13] - The subscription sentiment for new ultra - long credit bonds has recovered, but the average issuance interest rate has fluctuated greatly. The coupon increase has promoted the recovery of the subscription sentiment, which has returned to around the 50% percentile since 2024 [3][22] - The performance of ultra - long credit bonds is stable, but the trading sentiment has cooled down in June. The trading rhythm of industrial bonds over 7 years has slowed down, and the pricing of 5 - 7 - year long bonds has become extreme. The ultra - long - duration strategy is still recommended to be cautious [4][5] Group 3: Summary by Directory 1. Stock Market Characteristics - The ultra - long credit bond market persists. The number of outstanding ultra - long credit bonds with a yield below 2.2% has increased to 336 compared with last week [2][13] 2. Primary Issuance Situation - Two special bonds for stable growth and expanded investment were issued in large quantities this week, with a total issuance scale of 39.5 billion, driving a significant increase in the supply of new ultra - long credit bonds. The average issuance interest rate has fluctuated greatly, and the coupon rate of new ultra - long industrial bonds has risen to 2.42%. The subscription sentiment for new ultra - long credit bonds has recovered to around the 50% percentile since 2024 [3][22] 3. Secondary Trading Performance - The performance of ultra - long credit bonds is stable. The index of AA + credit bonds over 10 years has increased by 0.36%. The trading rhythm of industrial bonds over 7 years has slowed down, with 140 fewer trading volumes compared with the previous week. Although the trading sentiment has cooled down in June, the TKN trading proportion of credit bonds over 7 years still shows a relatively high buying interest, and the deviation between trading yield and valuation has not fluctuated significantly. Public funds and wealth management have significantly reduced their increase in the scale of general credit bonds with a duration of 5 - 10 years. Insurance has become the main buyer of 15 - 30 - year bonds again, but its stability in buying long - term bonds this year is not as good as last year [4][31][42]

【笔记20250611— 债市开启"单曲循环"模式（+中美会谈未超预期+彭博称央行买断式逆回购询量-股市 偏强+资金面均衡宽松=小下)】 资金面均衡宽松，长债收益率小幅下行。 央行公开市场开展1640亿元7天期逆回购操作，今日有2149亿元逆回购到期，净回笼509亿元。 资金面均衡宽松，资金利率平稳，DR001在1.37%附近，DR007在1.53%附近。 窄幅震荡 = 能量聚集。窄幅震荡是合围战、歼灭战。 双方集中优势兵力，缩小阵地范围，在此一决雌 雄，双方对峙时间越长，窄幅震荡突破后，力度就会越强，延续性也会更长。 ——笔记哥《交易》 股民：昨天小作文说谈崩了，这不就证伪了嘛，利好！ 债农："原则上"、"框架性"表明很多细节尚未敲定，进展不能说"有限"，只能说"没有"，利好！ 【今日盘面】 250011 1.6575/1.6575/1.6400/1.6430 -1.45 250210 1.7050/1.7050/1.6950/1.6990 -0.55 2500002 1.8700/1.8700/1.8490/1.8510 -1.80 中美会谈未超预期，股市偏强，彭博称央行询量六个月期买断式逆回购，利率震荡 ...

欧元区政府债券收益率在美国数据公布后回落，德国10年期国债收益率上涨0.5个基点，至2.53%。 ...

英国30年期国债收益率上涨6个基点，至5.31%。 ...

Group 1: Emerging Market Bond Investment Outlook - The trend of a weakening US dollar is expected to positively impact emerging market local currency bonds, leading to a favorable outlook for these investments [1][3] - There is a shift in global investment from US dollar assets to emerging market assets, driven by the declining appeal of US Treasury bonds and the volatility in long-term bonds across the US, Japan, and Europe [1][3] - Emerging market bonds are seen as attractive due to the potential for positive returns as the dollar depreciates against local currencies [3][4] Group 2: Impact of Tariff Policies - The influence of US tariff policies on emerging market bonds is considered limited, with most Asian corporate bonds being less exposed to large-scale exports to the US [4][5] - Market sentiment may cause temporary fluctuations in Asian corporate bonds, but the long-term impact of tariffs is not as significant as initially perceived [5] Group 3: Attractive Emerging Market Economies - Latin American, Southeast Asian, and Indian bonds are highlighted as promising investment categories within emerging markets [6][7] - Latin American bonds are particularly attractive due to high credit spreads and favorable economic growth prospects, with expectations of monetary easing in the region [6] - Indian bonds are gaining attention due to their inclusion in global bond indices and strong GDP growth, despite geopolitical risks [7] Group 4: Southeast Asia Bond Market - Southeast Asian local currency and dollar-denominated bonds are viewed positively, supported by strong domestic consumption and manageable inflation [8] - Companies in sectors such as real estate, consumer goods, and renewable energy in Southeast Asia are identified as having solid fundamentals and low export dependency, making their bonds attractive [8] Group 5: China Bond Market Perspective - China's bond market is regarded positively despite lower yields, with expectations of continued low inflation and monetary easing [9][10] - Chinese local currency bonds are characterized by low volatility and stability, making them appealing as a long-term investment option [10] - The demand for Chinese dollar-denominated bonds is expected to rise as global investors seek to diversify their portfolios, particularly in light of the lower volatility compared to other emerging market bonds [11]

Core Viewpoint - The Japanese Ministry of Finance stated that speculation regarding bond repurchases in July is unrealistic [1] Group 1 - The Ministry's comments indicate a firm stance against the current market speculation surrounding bond repurchases [1]

Core Viewpoint - The Japanese Ministry of Finance stated that speculation regarding the bond repurchase in July is unrealistic [1] Group 1 - The Ministry's comments aim to clarify misconceptions surrounding the bond market activities [1] - The statement reflects the government's stance on maintaining stability in the financial markets [1]