1. Report Industry Investment Rating Not provided in the content 2. Core View of the Report - In the period from June 20 to June 27, 2025, the central bank conducted a total of 116.28 billion yuan in reverse repurchase operations, with 117.52 billion yuan in reverse repurchases maturing, resulting in a net withdrawal of 1.24 billion yuan. The inter - bank funds prices were differentiated, with DR001 down 0.59BP to 1.3683% and DR007 up 20.27BP to 1.6968%. The primary market for interest - rate bonds issued 86.764 billion yuan, with a total repayment of 8.6988 billion yuan for maturing bonds, and a net financing of 78.0652 billion yuan. The yields of 1 - year and 3 - year Treasury bonds decreased, while those of 5 - year, 7 - year, and 10 - year Treasury bonds increased, and the 10Y - 1Y term spread widened from 28.44BP to 30.10BP [1]. - From June 23 to June 29, 2025, in the primary market for credit bonds, 1,049 new bonds (including inter - bank certificates of deposit) were issued, with a total issuance scale of 120.9212 billion yuan, a decrease of 48.8649 billion yuan compared with the previous period. The total repayment of credit bonds was 157.2077 billion yuan, with a net financing of - 36.2865 billion yuan. Most of the credit bond yields at maturity increased. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances [2]. - From June 20 to June 27, 2025, the three major US stock indexes rose, with the Dow up 3.82%, the S&P 500 up 3.44%, and the Nasdaq up 4.25%. European stock indexes also generally rose. The yields of US Treasury bonds decreased overall, the US dollar index fell 1.52%, and non - US currencies strengthened. The prices of crude oil and gold declined during the week [3]. 3. Summary According to the Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From June 20 to June 27, 2025, the central bank had a net withdrawal of funds, and the inter - bank funds prices were differentiated, with DR001 down and DR007 up. The exchange funds prices generally increased [15]. 3.1.2 Primary Market Issuance - From June 23 to June 29, 2025, the primary market for interest - rate bonds had an increase in net financing, and the issuance of local government bonds increased. The total issuance was 86.764 billion yuan, with a net financing of 78.0652 billion yuan [27]. 3.1.3 Secondary Market Trading - From June 20 to June 27, 2025, the yields of Treasury bonds and policy - bank bonds were differentiated, and the term spreads widened. For Treasury bonds, the 10Y - 1Y term spread widened from 28.44BP to 30.10BP; for policy - bank bonds, it widened from 19.20BP to 20.50BP [37]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From June 23 to June 29, 2025, the issuance of credit bonds decreased compared with the previous period. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances. The AAA - rated bonds accounted for 61.35% of the total issuance scale, and the issuance was mainly in the 3 - 5 - year term [48]. 3.2.2 Secondary Market Trading - From June 20 to June 27, 2025, most of the yields of urban investment bonds at maturity increased, and the yields of medium - and short - term notes were differentiated [58]. 3.2.3 One - week Credit Default Event Review - From June 23 to June 29, 2025, one enterprise's credit bonds defaulted [60]. 3.3 Observation of Major Asset Classes 3.3.1 Rise of European and American Stock Indexes - From June 20 to June 27, 2025, the three major US stock indexes and European stock indexes generally rose, and some Asian - Pacific stock indexes also increased [62]. 3.3.2 Decline of US Treasury Bond Yields - From June 20 to June 27, 2025, the yields of US Treasury bonds decreased overall, and the 10Y - 1Y term spread changed to 32.00BP [64]. 3.3.3 Weakening of the US Dollar Index and Strengthening of Non - US Currencies - From June 20 to June 27, 2025, the US dollar index fell 1.52%, and non - US currencies strengthened [68]. 3.3.4 Decline of Crude Oil and Gold Prices - From June 20 to June 27, 2025, the prices of crude oil and gold declined. The COMEX gold futures price fell 2.79%, and the Brent crude oil price fell 12.00% [70]. 3.4 Investment Suggestions - The bond market in July may show a pattern of strong fluctuations. The central bank's second - quarter regular meeting signaled continued easing, flexible adjustment, and structural efforts in monetary policy. It is recommended to adopt a riding strategy for interest - rate bonds and a strategy of extending the duration of high - grade bonds for credit bonds [4].