Core Viewpoint - The 30-year special government bonds have seen significant price increases in the secondary market, with trading prices rising over 20% shortly after their listing, which is unusual given the stable market interest rates [1][2]. Group 1: Market Performance - The 30-year special government bonds began trading on May 22, with the "24特国01" bond experiencing a 13.1% increase within the first minute, leading to a temporary suspension of trading [2]. - The "特国2401" bond also faced two temporary suspensions due to price increases exceeding 10% and 20%, closing with a 19.70% rise [2]. - In contrast, the interbank market showed stability, with the "24特别国债01" bond's latest yield matching its coupon rate at 2.57% [2]. Group 2: Investor Behavior - There is a notable demand from individual investors to "transfer markets" due to significant price discrepancies between the exchange and interbank markets [3]. - Investors who purchased bonds through banks must complete a transfer custody process to sell on the exchange, which can lead to potential losses if market prices fluctuate [3][4]. Group 3: Future Outlook - Despite the substantial price increases in the exchange markets, trading volumes remain low, indicating that high price fluctuations are uncommon without changes in market interest rates [5]. - The potential for future issuance of these bonds may affect market dynamics, but the current high prices may not be sustainable without corresponding demand [5].