美国财政部拍卖三个月期国债，得标利率4.240%（6月9日为4.250%），投标倍数2.99（前次为2.69）。 拍卖六个月期国债，得标利率4.155%（6月9日为4.150%），投标倍数2.73（前次为2.74）。 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The "376 Document" strengthens the full - process supervision of PPP projects, preventing the risk of local governments adding hidden debts through the PPP model, and improving the quality and standardization of PPP projects [6][11] - Shandong aims to clear all hidden debts by the end of 2028, and Fujian clarifies five situations where special bond funds can be recovered, which helps to prevent local debt risks [6][12][13] - This week, the issuance scale and net financing of local government bonds decreased significantly, while the issuance scale of urban investment bonds decreased and the net financing increased, but the net financing has been negative for six consecutive weeks [16][19] Summary According to Relevant Catalogs 1. News Review - **"376 Document" on PPP New Mechanism**: The "376 Document" further clarifies the review standards and strengthens the full - life - cycle supervision of PPP projects. It has new requirements in project access, franchise plan review, fiscal risk prevention, and performance assessment, aiming to prevent hidden debt risks and improve infrastructure investment efficiency [6][9][10] - **Shandong and Fujian Policies**: Shandong proposes to clear all hidden debts by the end of 2028, and Fujian clarifies five situations where special bond funds can be recovered, which helps to prevent local debt risks and improve the efficiency of special bond use [6][12][13] - **Early Redemption of Urban Investment Bonds**: Sixteen urban investment enterprises redeemed bond principal and interest in advance this week, with a total scale of 2215 million yuan, mainly from the western region and with AA - rated entities [6][15] 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local Government Bonds**: This week, 26 local government bonds were issued, with a scale of 109595 million yuan, a 51.98% decrease from the previous value, and a net financing of 50501 million yuan, a 63.24% decrease. As of June 8, the new special bond issuance progress is less than 40%, but the local debt replacement progress has reached 83%, with more than half of the provinces completing their annual tasks [16] - **Urban Investment Bonds**: This week, 100 urban investment bonds were issued, with a scale of 77253 million yuan, a 23.57% decrease from the previous value, and a net financing of - 35 million yuan, an increase of 4600 million yuan from the previous value. The overall issuance interest rate is 2.27%, a 4.90BP decrease from the previous value, and the issuance spread is 74.61BP, a 3.90BP narrowing [19] 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Funding Situation**: The central bank conducted 9309 billion yuan of reverse repurchases this week, with 16026 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 6717 billion yuan. Short - term funding rates mostly declined [23] - **Urban Investment Rating Adjustment**: On June 3, 2025, Zhongzheng Pengyuan upgraded the rating of four bonds issued by Zhejiang Huzhou Changxing Urban Construction Investment Group Co., Ltd. from AA+ to AAA [23][25] - **Credit Events and Regulatory Penalties**: No urban investment credit risk events occurred this week [25] - **Local Bond Trading**: The spot trading volume of local bonds was 377844 million yuan, a 5.83% decrease from the previous value, and most of the maturity yields increased, with an average increase of 1.71BP [25] - **Urban Investment Bond Trading**: The trading volume of urban investment bonds was 224820 million yuan, a 24.03% decrease from the previous value. Most of the maturity yields increased, with an average increase of 0.84BP. The spreads of 1 - year, 3 - year, and 5 - year AA+ urban investment bonds widened [25] - **Abnormal Trading of Urban Investment Bonds**: Under the broad - based statistics, 14 urban investment entities had 15 abnormal bond trades this week [25] 4. Important Announcements of Urban Investment Enterprises - Thirty - six urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, controlling shareholders, actual controllers, and equity/asset transfers this week [29]

"刷脸即可开办企业，这也太便利了！"近日，香港投资人张先生几乎"足不出户"就完成了港澳自然人投 资者登记，他对中山跨境通办业务赞不绝口。为进一步优化营商环境，中山创新推动港澳自然人投资者 登记注册全程电子化进程，成功实现港澳自然人投资者企业开办、证照联办全流程"零跑动""无纸化"跨 境通办，为粤港澳大湾区经济合作与发展注入新活力。 在签名环节，投资者在移动端即可完成安全、便捷的电子签名，无需再为纸质文档和面对面的签字过程 奔波。同时，相关签名信息集中保存在业务电子文书中，严格满足电子归档要求，真正实现企业开办、 证照联办全流程无纸化，为港澳投资者节省了大量时间和成本。 在企业开办、证照联办的填报环节，港澳自然人投资者通过广东政务服务网进入"企业开办一网通办 （中山）专区""中山市'一照通行'服务专区"，仅需刷脸认证即可轻松登录系统。同时，系统能够自动填 充港澳居民来往内地通行证相关信息，免去繁琐的信息填写过程，让投资者享受"一键登录、信息自 填"的便捷体验。 截至今年5月底，中山共办理港澳自然人投资者设立登记业务1873笔，为大湾区其他城市提供了可借鉴 的经验。 此外，依托"企业开办一网通办（中山）专区"，中 ...

美国众议院批准一份立法草案，该草案意在编撰政府效率部（DOGE）的部分开支削减建议。 草案移交给参议院表决。 ...

美国财政部拍卖四周期国债，得标利率4.080%（6月5日报4.170%），投标倍数3.22（前次为3.26）。 拍卖八周期国债，得标利率4.380%（6月5日报4.225%），投标倍数2.67（前次为3.38）。 ...

证券时报记者根据数据统计，截至6月11日，全国已发行再融资专项债券的规模已接近2万亿元，多个省份率先完成全年发行任务。 2025年开年以来，地方政府债务化解工作迎来关键突破。 自今年1月13日，湖北、青岛两地率先发行再融资专项债券以来，截至6月11日，地方政府合计已发行再融资专项债券的规模达19281.24亿元，加上山东 省、云南省、北京市近期公布的发行计划，已发和待发的规模达到2.03万亿元。 | 发行人简称 | 已发行和待发行规模(亿元) | | --- | --- | | 江苏省 | 2781.42 | | 山东省 | 1197.16 | | 北京市 | 1080.52 | | 云南省 | 1044.77 | | 四川省 | 1012.41 | | 湖北省 | 1003.6 | | 天津市 | 904.92 | | 贵州省 | 873.99 | | 重庆市 | 869.35 | | 河南省 | 769.61 | | 辽宁省 | 697.48 | | 湖南省 | 687.67 | | 江西省 | 613.61 | | 陕西省 | 612.24 | | 浙江省 | 609.26 | | 内蒙古自治区 | 5 ...

白赟、刘辉 除12个区级智能体建设外，余杭数字政府2.0建设还明确了19个区级重大应用的迭代与3个新应用的建设 任务，要求"余省心""看余杭"等在数字化改革中涌现出的好平台、好应用，要持续朝着"更便捷、更好 用、更爱用"方向迭代优化，通过功能创新不断提升群众的办事体验，进一步优化营商环境。 余杭区数管局发展规划科科长宫月表示："我们格外注重应用平台的集约建设、互联互通和协同联动， 能省市统建的绝不单独建，能迭代的绝不新建，既避免了重复建设造成的资源浪费，又实现了优质应用 的共享共用。" 在聚焦政务场景创新的同时，余杭数字政府2.0建设同步锚定壮大数据产业目标，要将余杭打造成"数据 获取最便利、数据人才最集聚、数据产业最安全、数据金融支持和保障最有力"的数据产业集聚区。"我 们将充分发挥余杭区科创企业和高能级平台集聚优势，打造以未来科技城为核心，良渚新城、余杭经济 开发区为重点，辐射区内多点的'1+2+N'数据产业载体布局，力争到2027年底，区内重点数据企业新增 1000家，规模以上数据企业新增50家。"余杭区数管局数据要素科科长王炜说。 "就像有个智能助理坐在旁边帮忙，我问的问题秒答还带实操指引，全程交互像 ...

Group 1 - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 4.220%, an increase from the previous rate of 4.205% reported on June 4 [1] - The bid-to-cover ratio was 2.96, which is lower than the previous auction's ratio of 3.13, indicating a decrease in demand for the securities [1]

河南发行7年期一般债地方债，规模112.8886亿元，发行利率1.6600%，边际倍数1.63倍，倍数预期 1.68； 河南发行30年期普通专项地方债，规模107.7500亿元，发行利率2.0700%，边际倍数3.01倍，倍数预期 2.04。 ...

Group 1: US Labor Market and Economic Indicators - The US non-farm payroll report for May showed resilience in the labor market, with 139,000 new jobs added, exceeding the expected 126,000 [2] - The unemployment rate remained at 4.2%, aligning with expectations, but there was notable internal structural divergence, with the U1 unemployment rate decreasing and the U4 rate increasing [2] - Job growth in the service sector was strong, with an increase of 145,000 jobs, particularly in leisure and hospitality, as well as transportation and warehousing, while the goods-producing sector saw a decline of 13,000 jobs [2] Group 2: Wage Growth and Inflation Concerns - Private sector hourly wages increased by 0.4% month-over-month, surpassing the expected 0.3%, with a year-over-year growth rate steady at 3.9% [2] - The broad increase in wages across various sectors has intensified inflation concerns, providing the Federal Reserve with more reasons to maintain a cautious stance [2] Group 3: China's Foreign Trade Performance - China's foreign trade maintained a steady growth trajectory, with total goods trade value reaching 17.94 trillion yuan, a year-on-year increase of 2.5% [3] - Exports amounted to 10.67 trillion yuan, growing by 7.2%, while imports fell by 3.8% to 7.27 trillion yuan [3] - The central region of China led the growth in foreign trade, significantly outpacing the national average, supported by the "Central China Rising" strategy [3] Group 4: US-China Economic Negotiations - Following internal conflicts within the US administration, there is potential for a shift in the US's hardline stance during US-China economic negotiations, with initial meetings expected to yield positive outcomes [4] - US Treasury Secretary and Commerce Secretary reported productive discussions, indicating a possible easing of external pressures on China's economy [4]