中证鹏元研发部高级研究员李席丰表示，债券通"南向通"扩容将带来四方面影响：一是扩大市场参与主 体类型，丰富投资需求；二是推动香港与内地债市在规则和产品层面融合发展；三是通过优化离岸人民 币债券回购、支持多币种债券结算等措施，提高交易结算效率；四是增强香港作为国际金融中心的吸引 力，提升中国金融市场在国际上的认知度与影响力。 从人民币资产层面看，李席丰认为，债券通"南向通"扩容有望增加人民币计价债券的境外配置需求，同 时丰富人民币资产的投资品种，推动人民币在跨境投资中的使用，为人民币国际化拓展更多实际应用场 景。而对于优化离岸人民币债券回购业务，东方金诚研究发展部执行总监于丽峰表示，允许逆回购方将 收到的债券二次质押融资，能够盘活作为担保品的离岸人民币债券，提高逆回购方的资金使用效率，有 利于进一步提高离岸人民币债券的流动性和投资吸引力。 "这都将推动境内债市基础设施与国际市场进一步接轨。"董希淼表示，从长期来看，债券通的优化将形 成"市场活力—制度升级—货币竞争力"的良性循环，推动中国金融开放向更深层次迈进。建议金融管理 部门应加快建立与开放程度相匹配的监管体系，完善跨境资本流动的监测机制，同时坚持合格投资者 ...

美国财政部拍卖580亿美元三年期国债，得标利率3.891%，投标倍数2.51。 ...

Group 1 - The yield on Germany's 10-year government bonds increased by 4.3 basis points, reaching 2.876%, with a notable jump to 2.660% at the opening [1] - The 2-year German bond yield rose by 3.5 basis points, reported at 1.872%, trading within the range of 1.848%-1.882% during the day [1] - The 30-year German bond yield increased by 5.4 basis points, marking a cumulative rise of 9.5 basis points over three consecutive trading days, now at 3.172% [1] Group 2 - The 2/10 year German bond yield spread increased by 0.898 basis points, now at +81.271 basis points [1]

资金表现：转债市场成交情绪升温。可转债市场成交额为 752.27 亿元，环比 增长 16.81%；万得全 A 总成交额为 14746.13 亿元，环比增长 20.17%；沪深 两市主力净流入 65.68 亿元，十年国债收益率环比上升 0.38bp 至 1.64%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 123.94 元，环比昨日上升 0.78%。其中偏股型转债的收盘价为 167.79 元，环比 上升 1.51%；偏债型转债的收盘价为 115.00 元，环比上升 0.89%；平衡型转债 的收盘价为 124.26 元，环比上升 0.51%。从转债收盘价分布情况看，130 元以 上高价券个数占比 32.91%，较昨日环比上升 1.84pct；占比变化最大的区间为 110-120（包含 120），占比 27.56%，较昨日下降 1.37pct；收盘价在 100 元以下 的个券有 2 只。价格中位数为 125.51 元，环比昨日上升 0.76%。 转债估值：估值抬升。百元平价拟合转股溢价率为 25.47%，环比昨日上升 0.63pct；整体加权平价为 94.75 元，环比昨日上升 1.07 ...

美国至7月8日6周国债竞拍-得标利率 4.265%，前值4.34%。 ...

美国财政部拍卖六周期国债，得标利率4.265%（7月1日报4.340%），投标倍数3.27（前次为2.97）。 ...

Group 1 - The U.S. Treasury auctioned 52-week Treasury bills with a winning yield of 3.925%, down from 3.940% reported on June 10 [1] - The bid-to-cover ratio was 3.23, slightly higher than the previous ratio of 3.22 [1]

美国至7月8日1年期国债竞拍-得标利率配置百分比 32.25%，前值75.7%。 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - As of July 7, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds and real estate bonds have generally declined, and the short - end varieties of non - financial and non - real estate industrial bonds have a larger decline. Among them, the 1 - 2 - year public and 1 - year private non - perpetual bonds of private enterprises have declined by 19.6BP and 14.2BP respectively. The 2 - year private enterprise real estate bonds are more popular [3][8]. - In financial bonds, the varieties with high valuation yields and spreads include urban and rural commercial bank capital supplementary tools and leasing company bonds. Compared with last week, the yields of financial bonds have generally declined. For example, the yields of 3 - 5 - year non - perpetual leasing bonds have declined by more than 8.5BP, and the yields of 1 - year joint - stock bank secondary perpetual bonds have declined by nearly 13BP [4][8]. - In public offering urban investment bonds, the weighted average valuation yields of Jiangsu and Zhejiang provinces are both below 2.3%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level cities and districts and counties of Guizhou. The spreads in Yunnan, Gansu and other regions are also relatively high. Compared with last week, the yields of public offering urban investment bonds have basically declined, and the average yield of varieties within 1 year has declined by 11.5BP [2][16]. - In private placement urban investment bonds, the weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong and Fujian are below 2.7%. The varieties with yields higher than 4% appear in prefecture - level cities of Guizhou and Shaanxi. The spreads in Yunnan, Gansu, Heilongjiang and other regions are also relatively high. Compared with last week, the yields of private placement urban investment bonds have mainly declined [2]. Group 3: Summary According to Relevant Catalogs 1. Overall Outstanding Credit Bonds - The weighted average valuation yields and spreads of private enterprise real estate bonds and industrial bonds are generally higher than those of other varieties. The yields of non - financial and non - real estate industrial bonds and real estate bonds have generally declined, and the short - end varieties of non - financial and non - real estate industrial bonds have a larger decline. The yields of financial bonds have also generally declined [3][4][8]. - The data in the table shows the weighted average valuation yields, spreads, and their changes compared with last week of different types of bonds (including urban investment bonds, non - financial and non - real estate industrial bonds, real estate bonds, financial bonds, etc.) under different issuance methods (public offering and private placement) and different maturities [9][12][13]. 2. Public Offering Urban Investment Bonds - The weighted average valuation yields of Jiangsu and Zhejiang provinces are below 2.3%, while those in Guizhou's prefecture - level cities and districts and counties exceed 4.5%. The spreads in Yunnan, Gansu and other regions are relatively high. The yields have basically declined compared with last week, and the 1 - year varieties have an average decline of 11.5BP. The varieties with a large decline in yields include 1 - year non - perpetual bonds of Jiangsu provincial level, 1 - year perpetual bonds of Hebei provincial level, etc. [2][16]. - The table shows the weighted average valuation yields, spreads, and their changes compared with last week of public offering urban investment bonds at different administrative levels in various regions [17][19][21]. 3. Private Placement Urban Investment Bonds - The weighted average valuation yields of coastal provinces such as Shanghai, Zhejiang, Guangdong and Fujian are below 2.7%. The varieties with yields higher than 4% appear in prefecture - level cities of Guizhou and Shaanxi. The spreads in Yunnan, Gansu, Heilongjiang and other regions are relatively high. The yields have mainly declined compared with last week, and the varieties with a large decline in yields include 1 - year perpetual bonds of Shandong district and county level, etc. [2]. - The table shows the weighted average valuation yields, spreads of private placement urban investment bonds at different administrative levels in various regions [25][28].

债市面临深刻转型与低利率环境持续的双重挑战。 债券市场，作为现代金融体系的核心血脉，其动向牵一发而动全身。当前全球债券市场规模已突破150 万亿美元，中国债市以183万亿元人民币（约25万亿美元）的体量稳居全球第二，占比高达16.7%。在 构建"双循环"新发展格局的战略背景下，中国债券市场面临深刻转型，机遇与挑战并存。 与会嘉宾一致认为，当前债券市场的利率快速下行阶段已经结束，但低利率环境预计仍将在未来一段时 间内延续。面对这一现状和挑战，与会者普遍强调，唯有通过创新，才能为债券市场服务"双循环"开辟 新的格局。同时，他们还指出，在全球化背景下，债券市场的发展需要兼顾"引进来"和"走出去"，在全 球范围内优化资源配置。 利率快速下行阶段已结束 数据显示，过去五年间，债券融资占社会融资规模存量的比重已大幅攀升9个百分点，截至今年4月末达 到约30%。上海浦发银行金融市场总监、总行首席经济学家、浦发研究院执行院长薛宏立指出，这一变 化生动体现了直接融资比重的提升，有效促进了资金更便捷、快速、精准地向提升全要素生产率的关键 领域流动。 伴随债券市场地位的日益凸显，薛宏立观察到近期呈现出一些新现象：国内市场深陷"高收 ...