Group 1 - The yield on Germany's 10-year government bonds increased by 4.3 basis points, reaching 2.876%, with a notable jump to 2.660% at the opening [1] - The 2-year German bond yield rose by 3.5 basis points, reported at 1.872%, trading within the range of 1.848%-1.882% during the day [1] - The 30-year German bond yield increased by 5.4 basis points, marking a cumulative rise of 9.5 basis points over three consecutive trading days, now at 3.172% [1] Group 2 - The 2/10 year German bond yield spread increased by 0.898 basis points, now at +81.271 basis points [1]

Core Viewpoint - The article discusses the fluctuations in German government bond yields, highlighting the movements in 10-year, 2-year, and 30-year bonds during the week of July 4, with specific attention to the impact of the U.S. non-farm payroll report on these yields [1]. Summary by Category 10-Year Government Bonds - The yield on German 10-year government bonds decreased by 0.8 basis points to 2.607%, with a cumulative increase of 1.5 basis points for the week [1]. - The yield had previously dropped to 2.542% before rebounding to 2.675% on July 2 [1]. 2-Year Government Bonds - The yield on 2-year German bonds fell by 1.8 basis points to 1.816%, with an overall decline of 4.4 basis points for the week [1]. - The trading range for the 2-year bonds was between 1.875% and 1.799%, with a notable recovery following the U.S. non-farm payroll report on July 3 [1]. - The yield fluctuated below 1.860% from June 30 to July 3, but the rebound was short-lived, leading to further declines on July 4 [1]. 30-Year Government Bonds - The yield on 30-year German bonds increased by 0.9 basis points to 3.087%, with a total rise of 1.7 basis points for the week [1]. Yield Spread - The spread between 2-year and 10-year German bond yields increased by 1.174 basis points to +78.909 basis points, with a cumulative rise of 6.128 basis points for the week [1].

债市周二（7月1日）延续偏强，国债期货主力多数收涨，银行间现券收益率小幅回落，振幅普遍在 0.5BP-1BP；公开市场单日净回笼2755亿元，月初资金利率全线显著回落。 机构认为，三季度或进入宽信用政策效果兑现期，需要关注对债市情绪的影响，同时新型政策性金融工 具额度或有望下达，进而提振经济金融数据表现。考虑到货币政策宽松、固收资管产品规模维持增长、 海外不确定因素仍存等，下半年债市环境仍较为顺风。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约涨0.28%报120.740，10年期主力合约涨0.10%报109.005，5年 期主力合约涨0.06%报106.205，2年期主力合约跌0.01%报102.488。 银行间主要利率债收益率小幅回落，30年期国债"25超长特别国债02"收益率下行0.25BP至1.858%，10年 期国开债"25国开10"收益率下行0.5BP至1.72%，10年期国债"25附息国债11"收益率下行0.3BP至 1.646%，7年期国债"25附息国债07"收益率下行0.25BP至1.585%。 中证转债指数收盘上涨0.48%，报445.78点，成交金额627.77亿元。飞鹿转债、应 ...

Market Overview - The bond market returned to a weak state on June 30, with all major government bond futures closing lower and interbank bond yields generally rising by 1-2 basis points [1][2] - The central bank conducted a net injection of 111 billion yuan in the open market, while short-term cross-quarter funding rates continued to rise [1][5] Bond Futures and Yields - The closing prices for government bond futures showed declines: 30-year futures down 0.43% to 120.420, 10-year down 0.16% to 108.895, 5-year down 0.10% to 106.160, and 2-year down 0.05% to 102.498 [2] - Major interbank bond yields increased, with the 30-year government bond yield rising by 1.05 basis points to 1.8635%, and the 10-year government bond yield increasing by 0.6 basis points to 1.728% [2] International Bond Market - In North America, U.S. Treasury yields rose across the board, with the 2-year yield increasing by 3.47 basis points to 3.746% and the 10-year yield rising by 3.13 basis points to 4.271% [3] - In Asia, Japanese bond yields showed mixed results, with the 10-year yield down 0.2 basis points to 1.428% [3] - In the Eurozone, 10-year bond yields for France, Germany, Italy, and Spain all increased, with the German yield rising by 2.1 basis points to 2.587% [3] Primary Market - Agricultural Development Bank's three issues of financial bonds had bidding yields lower than the China Bond valuation, with yields for 91-day, 3-year, and 5-year bonds at 1.3068%, 1.5473%, and 1.6197% respectively [4] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 331.5 billion yuan at a fixed rate of 1.40%, with a net injection of 111 billion yuan for the day [5] - Short-term Shibor rates rose across the board, with the overnight rate up 5.1 basis points to 1.422% and the 7-day rate up 9.5 basis points to 1.763% [5] Economic Indicators - The official non-manufacturing PMI for June was 50.5, up 0.2 percentage points from the previous month, indicating continued expansion in the non-manufacturing sector [6][7] - The official manufacturing PMI for June was 49.7, showing an improvement from the previous value of 49.5, indicating a slight recovery in manufacturing activity [6][7] Institutional Insights - Huatai Fixed Income noted that the bond market is currently crowded, with high leverage and low credit spreads, suggesting potential volatility risks ahead [8] - CITIC Fixed Income indicated that the central bank's net injection model may continue into July, with expectations of a better liquidity environment compared to June [8]

Market Overview - The bond market showed a weak consolidation on June 24, with the long-end driving an overall pullback in the curve, leading to a decline in government bond futures across the board [1] - The interbank bond yield rose by approximately 1 basis point, with a net injection of 209.2 billion yuan in the open market, and funding rates approaching the end of the month maintained an upward trend [1] Bond Futures and Yields - Government bond futures closed lower, with the 30-year main contract down 0.27% at 120.930, the 10-year down 0.11% at 109.025, the 5-year down 0.07% at 106.185, and the 2-year down 0.02% at 102.504 [2] - Major interbank interest rate bond yields generally increased, with the 10-year government bond yield rising by 0.5 basis points to 1.645%, and the 30-year government bond yield up 1.25 basis points to 1.849% [2] International Bond Market - In North America, U.S. Treasury yields collectively fell, with the 2-year yield down 4.44 basis points to 3.855% and the 10-year yield down 2.75 basis points to 4.346% [3] - In Asia, Japanese bond yields rose, with the 10-year yield increasing by 1.5 basis points to 1.424% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all decreased, reflecting market expectations for easing policies from the European Central Bank [3] Primary Market - The Ministry of Finance reported weighted average winning yields for 91-day and 30-year government bonds at 1.2594% and 1.8477%, respectively, with bid-to-cover ratios of 2.87 and 5.37 [4] - The China Development Bank's 2-year, 5-year, and 10-year financial bonds had winning yields of 1.4541%, 1.5253%, and 1.6447%, with bid-to-cover ratios of 2.78, 3.17, and 2.43 [4] Liquidity and Funding - The central bank conducted a 7-day reverse repurchase operation of 406.5 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 209.2 billion yuan for the day [5] - Short-term Shibor rates mostly rose, with the overnight rate up 0.3 basis points to 1.37% and the 7-day rate up 13.2 basis points to 1.629% [5] Institutional Insights - CITIC Securities noted that the 10-year government bond yield has recently broken below 1.65%, with long-term bonds like the 30-year and 50-year performing better, driven by institutional buying [7] - China International Capital Corporation suggested increasing allocations to 3-5 year bonds with relatively high coupons, while also considering trading opportunities in long-term bonds with good credit quality [7]

【行情跟踪】 国债期货收盘多数下跌，30年期主力合约涨0.16%报121.060，10年期主力合约持平于109.135，5年期主 力合约跌0.02%报106.250，2年期主力合约跌0.01%报102.526。 银行间主要利率债收益率多数回升，10年期国开债"25国开10"收益率上行0.1BP至1.709%，10年期国 债"25附息国债11"收益率上行0.55BP至1.643%，30年期国债"25超长特别国债02"收益率持平报1.845%。 中证转债指数收盘下跌0.49%，报433.14点，成交金额571.27亿元。东时转债、利民转债、精装转债、 金丹转债、天阳转债跌幅居前，分别跌11.77%、10.75%、8.15%、6.78%、6.07%。恒帅转债、晨丰转 债、泉峰转债、首华转债、天壕转债涨幅居前，分别涨14.96%、6.13%、5.35%、4.76%、3.51%。 新华财经北京6月19日电债市周四（6月19日）小幅走弱，超长端情绪回落，国债期货主力收盘多数下 跌，银行间现券收益率上行0.5BP左右；公开市场单日净投放842亿元，短端资金利率普遍回升。 机构认为，季末理财回表或对信用市场形成扰动，但相较于 ...

Core Viewpoint - The German bond market experienced a decline in yields across various maturities, indicating a shift in investor sentiment and potential market adjustments [1] Group 1: Yield Movements - The yield on the 10-year German government bond fell by 3.9 basis points, reaching a daily low of 2.496% [1] - The 2-year German bond yield decreased by 2.6 basis points, settling at 1.842%, with intraday trading between 1.876% and 1.842% [1] - The 30-year German bond yield dropped by 4.2 basis points, hitting a daily low of 2.943% [1] Group 2: Yield Spread - The spread between the 2-year and 10-year German bond yields narrowed by 0.999 basis points, reported at +65.230 basis points [1]

公募基金行业作为中国资本市场的重要参与者，在行业不断发展壮大的同时，始终积极践行社会责任。 近年来，教育、养老、扶贫、乡村振兴等成为公募基金管理公司参与公益事业的主要方式，多家公司积 极投身其中。其中，兴证全球基金自2006年以来在教育、人文、环境、健康四大板块持续开展公益项 目，为金融行业开展公益行动提交了一份独特的样本。 2025年6月6日，在云南省建水一中，50名兴证全球众爱杉树班的高中毕业生走进高考考场，开启人生的 崭新篇章。据介绍，杉树班这个公益项目，主要是为优秀贫困学子提供资助，为其求学之路提供必要的 支持。兴证全球基金开展这一类型的公益行动始于2010年，持续至今累计已帮助超千位学生完成高中学 业，其中逾800人考上了心仪的本科院校。 杉树班是兴证全球基金公益事业的一个缩影。据悉，从面向偏远地区的乡村教育振兴，到高等院校基础 学科冷门学科奖教金的持续支持，再到教育、人文、健康、环境四大公益领域，兴证全球基金已累计持 续投入逾200多个公益文化项目。公司不仅致力于以专业能力为投资者创造价值，也将专业禀赋与公益 慈善相结合，以责任之心诠释行业文化。 "金融机构回应社会议题，一方面要遴选优秀的公益合作 ...

欧元区市场方面，当地时间6月16日，10年期法债收益率跌1.9BP报3.232%，10年期德债收益率跌0.9BP 报2.522%，10年期意债收益率跌3BPs报3.452%，10年期西债收益率跌1.5BP报3.139%，10年期英债收益 率跌1.7BP报4.531%。 银行间主要利率债多数回落，10年期国开债"25国开10"收益率下行1BP至1.7055%，10年期国债"25附息 国债11"收益率下行0.25BP至1.6375%，3年期国债"25附息国债05"收益率下行3BPs至1.3775%。 中证转债指数收盘上涨0.07%，报435.22点，成交金额635.08亿元。北陆转债、惠城转债、天源转债、 财通转债、豪美转债涨幅居前，分别涨12.75%、7.88%、5.79%、4.65%、3.90%。精达转债、金陵转 债、志特转债、东时转债、金丹转债跌幅居前，分别跌7.29%、7.09%、6.94%、6.76%、4.83%。 【海外债市】 北美市场方面，当地时间6月16日，美债收益率集体上涨，2年期美债收益率涨1.89BP报3.964%，3年期 美债收益率涨2.52BPs报3.925%，5年期美债收益率涨2.63 ...

Core Viewpoint - The decline in German government bond yields indicates a cooling of inflation concerns among investors following fluctuations in international oil prices amid recent conflicts between Israel and Iran [1] Group 1: Bond Market Performance - The yield on 10-year German government bonds fell by 0.8 basis points to 2.527%, trading within a range of 2.589% to 2.516% during the day [1] - The 2-year German bond yield decreased by 1.5 basis points to 1.841%, with a trading range of 1.890% to 1.837% [1] - The 30-year German bond yield saw a minor decline of 0.1 basis points, settling at 2.986% [1] Group 2: Yield Spread Analysis - The yield spread between 2-year and 10-year German bonds increased by 0.631 basis points, reaching +68.172 basis points [1]