Group 1 - The core point of the article is that the yield on the 7-year U.S. Treasury auction reached 4.194%, an increase from the previous yield of 4.12% [1]

Group 1 - The core point of the article highlights that the bid-to-cover ratio for the U.S. Treasury auction as of May 29 reached 3.07, an increase from the previous value of 2.89 [1]

Group 1 - The winning bid rate for U.S. Treasury auctions as of May 29 is 4.215%, slightly down from the previous rate of 4.22% [1]

美国至5月29日4周国债竞拍-得标利率配置百分比 22.53%，前值36.44%。 ...

意大利10年期国债收益率下跌4个基点至3.50%，为2月以来首次。 ...

以下文章来源于米筐投资 ，作者和卿 米筐投资 . 米筐投资，专注研究金融财经、国际资本、产业前沿！以宏观视野，从宏观政策、货币供给、产业结构 等多维度研究全球经济，为国人资产配置保驾护航！ 作者：和卿 来源：米筐投资 上周日本拍卖20年期国债，接盘的人突然减少，100块的东西必须要打折很多才能卖出去，债券 市场功能指数加速恶化至-44。 01 不知道各位读者发现没有，自从川总上台以后， 今年的金融市场格外的乱 。 3月，几乎全球的股市都砸了个坑，资金纷纷跑向黄金和美债市场。 4月，美债的避险作用似乎突然消失，多次上演"股债双杀"。 5月，干脆直接"股债汇三杀"。 不仅如此，最近连日本也开始突然步美国后尘，在全球金融圈作妖。 很多人可能觉着没有什么，殊不知美债作为全球金融定价的基石、日债作为全球避险资产的洼 地，它们的大幅异动往往很容易引发金融动荡甚至是危机。 这不，周一日本四大寿险公司公布上一财年持有日债的亏损情况， 整体账面浮亏高达8.5万亿日 元 ，同比增长三倍。其中明治安田生命保险公司亏损幅度最大， 爆亏超过8倍。 试想如果情况进一步恶化，他们会不会大面积抛售国债，进而引发其他国家金融机构的抛盘？！ 我 ...

Market Performance - The bond market showed a more subdued performance on May 29, with government bond futures closing lower across the board, and interbank bond yields generally rising by 1-2 basis points [1][2] - The 30-year main contract fell by 0.65% to 118.690, while the 10-year main contract decreased by 0.26% to 108.475 [2] Yield Movements - The yield on the 10-year government bond "25附息国债11" rose by 1.25 basis points to 1.695%, and the yield on the 10-year policy bank bond "25国开10" increased by 2.5 basis points to 1.7385% [2] - In the North American market, U.S. Treasury yields collectively rose, with the 10-year yield increasing by 3.37 basis points to 4.477% [3] Monetary Policy Insights - Institutions believe that monetary policy will maintain a moderately loose orientation and flexible operations, with room for both reserve requirement ratio cuts and interest rate reductions [1][7] - The 10-year government bond yield is expected to fluctuate within the range of 1.5%-1.8% in the second half of the year [1][7] Market Activity - The central bank conducted a 7-day reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 111.5 billion yuan on that day [5] - The Shibor short-term rates mostly increased, with the overnight rate remaining flat at 1.411% and the 7-day rate rising by 2.4 basis points to 1.602% [5] Investment Strategies - Xiangcai Securities recommends a dual-low strategy focusing on dividend assets and technology sectors, particularly in robotics, to achieve higher risk-adjusted returns [6][7] - CITIC Securities anticipates a GDP growth target of around 5.0% for the year, but expects marginal slowing of economic growth momentum in the second half [7]

Core Viewpoint - The recent surge in applications for technology innovation bond index funds indicates a growing interest in high-quality, AAA-rated bonds, driven by their stability and low default risk [2][3]. Group 1: Fund Applications and Market Trends - Recently, the application materials for the CCB CSI AAA Technology Innovation Corporate Bond Index Fund were accepted by regulators, following similar approvals for products from other fund companies [1][2]. - A total of 12 fund companies have submitted applications for technology innovation bond index funds to the CSRC this year [1][2]. - The AAA-rated bonds have attracted significant attention due to their high credit ratings and stable annualized returns, with the CSI AAA Technology Innovation Corporate Bond Index showing a 13.65% increase since July 29, 2022, reaching a historical high of 113.69 points on May 28 [2][3]. Group 2: Market Expansion and Policy Support - The technology innovation bond market has expanded rapidly, with a total scale exceeding 2.8 trillion yuan, supported by various policy measures since the pilot program began in 2021 [3]. - Recent policy updates have broadened the range of issuers for technology innovation bonds, including private equity and venture capital firms, enhancing market liquidity and supporting corporate financing [2][3]. Group 3: Bond ETF Performance - Bond ETFs have seen significant net inflows, with the top five ETFs by net inflow in May being primarily bond-focused, indicating strong market interest in this asset class [9][12]. - The introduction of market makers has improved the average turnover rate of benchmark corporate bonds, enhancing liquidity and reducing transaction costs for investors [9][10]. Group 4: Investment Outlook - The current environment, characterized by declining deposit rates, is expected to boost demand for credit assets, making short-term rate bonds particularly attractive for investment [10].

Group 1 - The core viewpoint of the article is that Japanese issuers have demonstrated resilience in the face of soaring ultra-long bond yields [1] Group 2 - The article highlights that despite the increase in ultra-long bond yields, Japanese companies have managed to maintain their funding capabilities [1] - It notes that the overall credit quality of Japanese issuers remains stable, indicating a strong financial position [1] - The report suggests that the market's reaction to rising yields has been relatively muted, reflecting confidence in the Japanese economy [1]

美国5年期国债发行中标收益率低于发行前交易水平。 ...