// 债市综述 // 1. 公开市场操作 央行公告称，7月21日以固定利率、数量招标方式开展了1707亿元7天期逆回购操作，操作利率1.40%，投标量1707亿元，中标量1707亿元。Wind数据显 示，当日2262亿元逆回购到期，据此计算，单日净回笼555亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债 收益率全线上行，中长券弱势明显。 | （*数据来源：Wind-成交统计BMW） | | --- | 周一资金面进一步向好，存款类机构隔夜回购加权利率（DR001）走低近10bp，重回1.35%附近。 海外方面，最新美国隔夜融资担保利率为4.34%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.63%附近，较上日小幅上行。 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘全线下跌 30年期主力合约跌0.46% 10年期主力合约跌0.05% 5年期主力合约跌0.05% 2年期主力合约 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 84.7 billion yuan at a fixed rate of 1.40% on July 11, with a net injection of 50.7 billion yuan for the day after accounting for 34 billion yuan in reverse repos maturing [1] - A total of 425.7 billion yuan in reverse repos will mature from July 14 to 18, with specific maturities of 106.5 billion, 69 billion, 75.5 billion, 90 billion, and 84.7 billion yuan on respective days [1] Group 2: Liquidity Conditions - The overnight pledged repo rate for deposit-taking institutions increased by 2 basis points to 1.34%, while the 7-day pledged repo rate decreased by over 2 basis points to 1.47% [3] - The latest overnight financing rate in the U.S. stands at 4.32% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.63%, showing a slight increase from the previous day [6] Group 4: Bond Market - The yields on major interbank bonds showed mixed movements, with the 30-year main contract rising by 0.05%, while the 10-year and 5-year main contracts fell by 0.02% and 0.01% respectively [12] - The Ministry of Finance plans to issue 30 billion yuan in 91-day discount treasury bonds on July 14 [18] - The National Development Bank will issue up to 11 billion yuan in two tranches of financial bonds on July 14 [18] - The Agricultural Development Bank will issue up to 25 billion yuan in three tranches of financial bonds on July 14 [18] Group 5: Global Macro Events - U.S. President Trump announced a 35% tariff on Canadian products starting August 1 [15] - The Bank of Japan introduced a new lending operation to support market liquidity by allowing investors to borrow recently issued Japanese government bonds [15] - The UK economy has contracted for the second consecutive month, with a GDP decline of 0.1% in May, influenced by U.S. tariffs and multiple cost pressures [15]

// 债市综述 // 1.公开市场操作 央行4月3日以固定利率、数量招标方式开展了2234亿元7天期逆回购操作，操作利率1.50%，投标量2234亿元，中标量2234亿元。Wind数据显示，当日 2185亿元逆回购到期，据此计算，单日净投放49亿元。 （*数据来源：Wind-央行动态PBOC） 2.资金面 资金面持续宽松，存款类机构隔夜和七天质押式回购利率双双下滑逾10个bp，创下阶段新低。 海外方面，最新美国隔夜融资担保利率为4.39%。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3.同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.8%附近，较上日明显下行。 （*数据来源：Wind-同业存单-发行结果） 4.银行间主要利率债集体大幅下行。 | | 1Y | | 2Y | | 3V | | ટેમ | | 74 | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.4800 ▼5.75 | 37 | 1.4850 ▼7.50 ...