Core Viewpoint - Despite declining interest rates, savings treasury bonds remain popular among investors, with the latest issuance offering competitive rates compared to bank deposits [1][2]. Group 1: Treasury Bond Issuance - The fifth and sixth phases of electronic savings treasury bonds were launched on July 10, with a total issuance cap of 50 billion yuan [1]. - The coupon rates for the 3-year and 5-year bonds are set at 1.63% and 1.7%, respectively, remaining unchanged from the previous issuance [2]. - Investors purchasing 100,000 yuan of the 3-year and 5-year bonds can expect cumulative returns of 4,890 yuan and 8,500 yuan, respectively [2]. Group 2: Comparison with Bank Deposits - Current fixed deposit rates for major state-owned banks are lower, with 3-year rates around 1.5% and 5-year rates around 1.3% [3]. - The savings treasury bonds offer a more attractive option for conservative investors seeking capital preservation [2]. Group 3: Early Redemption Features - Savings treasury bonds can be redeemed early, with interest calculated based on the actual holding period and applicable interest rate tiers [4]. - Specific conditions apply for early redemption, including no interest for holdings under 6 months and deductions for longer holding periods [4].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - **Macroeconomic Outlook**: China's economy shows a mixed trend with some indicators stable and others indicating weak recovery. Global economic growth is expected to slow, and trade disputes and policy uncertainties remain challenges. [21] - **Commodity Market**: The casting aluminum alloy futures had a positive debut. Metal production and inventory levels vary, and energy - related policies and supply - demand dynamics affect the energy market. Agricultural products have different supply - demand situations. [2][4] - **Financial Market**: The bond market is expected to have a volatile trend, with potential opportunities in credit bonds. The stock market shows different trends in A - shares and Hong Kong stocks, and institutional investors have different stances. The foreign exchange market has fluctuations in exchange rates. [23][34] 3. Summary by Directory 3.1 Macroeconomic Data - GDP in Q1 2025 grew at a 5.4% year - on - year rate, the same as the previous quarter and slightly higher than the same period last year. The manufacturing PMI in May 2025 was 49.5%, up from the previous month but the same as the same period last year. The non - manufacturing PMI was 50.3%, down from the previous month and the same period last year. [1] - In April 2025, social financing scale increment decreased significantly compared to the previous month and the same period last year. M0, M1, and M2 showed different growth rates year - on - year. [1] - In May 2025, CPI was - 0.1% year - on - year, the same as the previous month but lower than the same period last year. PPI was - 3.3% year - on - year, lower than the previous month and the same period last year. [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - On June 10, all contracts of casting aluminum alloy futures closed higher, with the main AD2511 contract rising 4.49% to 19,190 yuan/ton. [2] - The first - day meeting of the China - US economic and trade consultation mechanism continued on June 10. [2] - On June 10, 43 domestic commodity varieties had positive basis, and 18 had negative basis. [2] - Policies were introduced to promote the high - quality development of the real economy in Shenzhen and improve people's livelihood. [2][3] 3.2.2 Metal - In April, Chile's copper production increased 20.5% year - on - year to 114,600 tons. [4] - On June 9, copper, tin, zinc, lead, aluminum, and nickel inventories decreased, while cobalt and aluminum alloy inventories remained stable. [4][5] - As of June 10, the gold持仓 of the world's largest gold ETF decreased by 0.03% from the previous trading day. [5] 3.2.3 Coal, Coke, Steel, and Minerals - The China Iron and Steel Association called on the steel and automotive industries to break the "involution". [6] - Zimbabwe plans to ban the export of lithium concentrate from 2027. [7] 3.2.4 Energy and Chemicals - The National Energy Administration will carry out hydrogen energy pilot projects. [8] - Saudi Arabia's crude oil supply to China in July will decrease slightly but remain strong. [8] - The EU plans to impose new sanctions on Russia regarding the Nord Stream pipeline and oil price cap. [8] - Russia extended the ban on selling oil to buyers who comply with the price cap. [9] - EIA adjusted the average price forecasts of WTI and Brent crude oil for this year and next year. [9] 3.2.5 Agricultural Products - On June 11, 10,000 tons of central reserve frozen pork will be purchased through bidding. [12] - India is expected to increase sugar exports in the 2025/26 season. [12] - South Korea's egg prices reached a four - year high in May, and prices are expected to rise in June and August. [12] 3.3 Financial News Compilation 3.3.1 Open Market - On June 10, the central bank conducted 198.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 255.9 billion yuan. [13] 3.3.2 Important News - The China - US economic and trade consultation mechanism meeting continued on June 10. [15] - Policies were introduced to deepen reforms in Shenzhen and improve people's livelihood. [15] - The National Development and Reform Commission held a symposium with science - and - technology - based private enterprises. [16] - New policy - based financial instruments are expected to drive trillions of yuan in investment. [16] - As of June 10, the new issuance scale of land reserve special bonds this year reached 108.348 billion yuan. [16] - Many bond funds are "restricting purchases". [17] - The asset - securitization market has developed significantly this year. [17] - Newly issued savings bonds on June 10 had lower interest rates but were still popular. [18] - As of June 10, the issuance scale of commercial banks' "Tier 2 and Perpetual Bonds" this year reached 770.16 billion yuan. [18] - The restructuring plan of Red Star Macalline was approved. [18] - New green and innovative medium - term notes and science - and - technology innovation bonds were successfully issued. [19][20] - Some local governments are strengthening debt and financial supervision. [20][21] - The World Bank and Fitch adjusted their global economic and sovereign rating outlooks. [21] - Japan may adjust its government bond purchase policy. [21] - Some bond - related companies had negative events, and some companies' credit ratings were adjusted. [22] 3.3.3 Bond Market Summary - The bond market showed slight fluctuations, with an optimistic atmosphere. [23] - Some bonds had price increases and decreases in the exchange - traded bond market. [23] - The convertible bond market had mixed performance. [24] - Most money market interest rates showed different trends. [25] - European and US bond yields had different trends due to various factors. [26][27] 3.3.4 Foreign Exchange Market - The on - shore and offshore RMB exchange rates against the US dollar had different changes. [29] - The US dollar index rose slightly, and non - US currencies had mixed performance. [29] 3.3.5 Research Report Highlights - Different investment institutions have different views on the bond market, including the continuation of volatility, potential for interest rate decline, and the attractiveness of credit bonds. [30] - Regarding the stock market, some institutions are optimistic about Chinese stocks, especially technology stocks. [36] 3.4 Stock Market News - A - share indices declined in the afternoon, with TMT sectors adjusting and some sectors rising. [34] - Hong Kong stock indices also declined, with different sector performances. [35] - Hundred - billion private equity funds have increased their positions in A - shares, indicating an optimistic outlook. [35] - UBS maintains a "neutral" stance on Chinese stocks and an "attractive" rating on Chinese technology stocks. [36] - More than 60% of active equity funds have recovered from losses, and there may be opportunities in technology stocks. [36]

2025.06. 10 本文字数：3185，阅读时长大约5分钟 作者 | 第一财经 亓宁 新一轮存款利率调整后的首批储蓄国债（电子式）在6月10日开售。对比来看，此次储蓄国债3年期 和5年期品种票面年利率分别为1.63%和1.7%，较上月发行利率均下行30BP。 元，截至10日上午8:50左右3年期和5年期品种可售额度分别为3.35亿元、0元。截至午间，上述国 债已全部显示售罄。 截至当天下午一点左右，交通银行手机银行显示，上述两期储蓄国债均已售罄；邮储银行手机银行显 示25储蓄03电子渠道剩余额度约为3.08亿元，25储蓄04电子渠道剩余额度约为1.18亿元。 这也意味着，储蓄国债利率降幅较国有大行5月20日启动的新一轮存款挂牌利率降幅更大。不过，随 着存款利率自律上限下移，储蓄国债利率较存款的优势仍在。据第一财经记者走访了解，尽管利率下 行，上述两期储蓄国债的线上销售依然火爆，部分银行手机银行端又现"秒光"，柜台抢购热情较以 往有所降温。综合来看，5年期储蓄国债较3年期品种更为抢手。 线上又"秒光" "线上没有额度了，只能来柜台试。"10日上午，记者以投资者身份咨询储蓄国债购买事宜时，多家 国有大行和股份 ...

Core Viewpoint - The issuance of electronic savings bonds in China has seen high demand despite a decrease in interest rates, indicating strong investor interest in government-backed securities as a safer investment option compared to traditional savings accounts [1][7]. Group 1: Issuance Details - The third and fourth phases of electronic savings bonds were issued on June 10, 2025, with a total issuance period from June 10 to June 19, 2025 [5]. - The maximum issuance amount for both phases is 500 billion yuan, with the third phase having a 3-year term and an interest rate of 1.63%, while the fourth phase has a 5-year term and an interest rate of 1.7% [7]. - Both interest rates represent a decrease of 30 basis points compared to the previous issuance [7]. Group 2: Market Demand - The initial sale of the bonds saw them sold out within minutes, reflecting a strong market demand [1]. - The initial distribution ratios for major banks were 19.13% for Industrial and Commercial Bank of China, 9.22% for Bank of China, and 4.10% for China Merchants Bank [1]. - Despite the decline in interest rates, the savings bonds remain attractive due to their backing by national credit, making them a preferred choice for investors looking for diversified asset allocation [7]. Group 3: Comparison with Traditional Savings - Current deposit rates for 3-year and 5-year fixed deposits from major banks are only 1.25% and 1.30%, respectively, which are lower than the rates offered by the savings bonds [7]. - The high interest in savings bonds is attributed to their perceived safety and the ongoing low-interest-rate environment, which may lead to further reductions in bond issuance rates in the future [7].

Core Viewpoint - The recent issuance of savings bonds has seen a significant demand, particularly for the 5-year bonds, despite a decrease in interest rates compared to previous offerings [1][6][7]. Group 1: Interest Rate Changes - The newly issued 3-year and 5-year savings bonds have interest rates of 1.63% and 1.7% respectively, reflecting a decrease of 30 basis points (BP) from the previous month [1][7]. - The interest rate reduction for savings bonds is more pronounced than the recent cuts in deposit rates by major state-owned banks, which saw a reduction of 25 BP for 3-year and 5-year fixed deposits [7][8]. Group 2: Demand and Sales Dynamics - The online sales of the new savings bonds were extremely rapid, with the 5-year bond selling out within minutes of its release [2][3]. - Many investors reported difficulties purchasing the bonds online, leading to increased reliance on bank counters for transactions [2][4]. - The total issuance for both the 3-year and 5-year bonds is capped at 250 billion yuan each, with the 5-year bond being particularly sought after [2][4]. Group 3: Market Trends - There is a noticeable shift in the demographic of investors, with younger individuals increasingly participating in the purchase of savings bonds, moving away from the traditional older investor base [6]. - The overall enthusiasm for offline purchases has decreased compared to previous offerings, although some bank branches still report a steady flow of customers [6][8]. Group 4: Regulatory and Operational Aspects - The issuance of these bonds is managed by a consortium of 40 banks, including major state-owned and joint-stock banks, with specific limits on the amount each bank can sell through electronic channels [4][5]. - Investors are limited to purchasing a maximum of 3 million yuan per bond issue through their individual bond custody accounts [4].

Core Viewpoint - The Ministry of Finance announced the issuance of the third phase of savings bonds for 2023, totaling 50 billion yuan, with interest rates of 1.63% for 3-year bonds and 1.7% for 5-year bonds, reflecting a decrease of 0.15 percentage points compared to the same period last month [1]. Group 1: Bond Issuance Details - The third phase of bonds has a 3-year term with a maximum issuance of 25 billion yuan, while the fourth phase has a 5-year term with the same maximum issuance [3]. - The issuance period for both bonds is from June 10 to June 19, 2025, with interest payments made annually on June 10 [3]. Group 2: Comparison with Bank Deposits - Current interest rates for state-owned bank deposits are lower than those of savings bonds, with a maximum of 1.55% for 3-year deposits and 1.30% for 5-year deposits [3]. Group 3: Advantages of Savings Bonds - Savings bonds offer capital protection with 100% principal and interest repayment at maturity, making them suitable for risk-averse investors [5]. - The minimum purchase amount is 100 yuan, significantly lower than large-denomination time deposits and bank wealth management products [5]. - Savings bonds provide high flexibility, allowing for early redemption and some banks offering pledge loans [5]. Group 4: Limitations of Savings Bonds - The returns may lag behind inflation, potentially reducing purchasing power over the long term [6]. - Popular issuance amounts may sell out quickly, requiring attention to official announcements [6]. - Early redemption incurs a 0.1% fee, and no interest is paid if held for less than six months [6]. Group 5: Investment Strategies - For short-term funds (within 1 year), 30% can be allocated to short-term bond reverse repos with annualized returns of 2.2%-2.8% [7]. - For mid-term funds (1-3 years), 50% can be allocated to 3-year savings bonds, with the option to borrow against them if needed [8]. - For long-term funds (over 3 years), the remaining 20% can be invested in savings bonds to lock in higher rates, avoiding immediate redemption after five years [9]. Group 6: Overall Market Context - In a declining interest rate environment, savings bonds remain a "safety cushion" for ordinary individuals to protect their wealth [10]. - Utilizing bond reverse repos for short-term liquidity, combined with different maturity savings bonds, can create a "pyramid" investment strategy to meet unexpected cash needs while minimizing interest losses [11].