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 ...

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 bond market showed slight recovery with government bond futures rising marginally, while interbank bond yields remained stable, indicating a structural liquidity gap and limited downward movement for short-term rates [1][5]. Market Performance - Government bond futures closed higher across the board, with the 30-year main contract up 0.02% to 120.500, the 10-year main contract up 0.02% to 109.020, the 5-year main contract up 0.04% to 106.175, and the 2-year main contract up 0.03% to 102.464 [2]. - The interbank major rate bonds showed slight divergence, with the 10-year policy bank bond yield down 0.35 basis points to 1.704%, while the 30-year government bond yield rose 0.2 basis points to 1.851% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down 5 basis points to 3.897% and the 10-year yield down 6.11 basis points to 4.359% [3]. - In Asia, Japanese bond yields mostly declined, with the 10-year yield down 4.9 basis points to 1.41% [3]. - In the Eurozone, 10-year bond yields also decreased, with French yields down 4.5 basis points to 3.179% and German yields down 6.1 basis points to 2.472% [3]. Primary Market - The Ministry of Finance reported weighted average winning yields for 2-year and 10-year government bonds at 1.38% and 1.6260%, respectively, with bid-to-cover ratios of 3.27 and 4.43 [4]. Liquidity Conditions - The central bank conducted a 7-day reverse repurchase operation of 2025 billion yuan at a rate of 1.40%, resulting in a net injection of 675 billion yuan for the day [5]. - Short-term Shibor rates mostly increased, with the overnight rate rising 4.4 basis points to 1.411% [5]. Institutional Insights - Citic Securities expects limited impact from short-term fundamental recovery on the bond market, suggesting a focus on the upcoming political bureau meeting and monetary policy statements [6]. - Guosheng Securities advocates for a barbell strategy, emphasizing the importance of high-rated bonds while increasing holdings in mid-to-low priced convertible bonds and quality themes [7].

新华财经北京6月10日电债市周二（6月10日）延续横盘整理，银行间现券走势小幅分化，振幅基本在 1BP以内；公开市场单日净回笼2559亿元，资金利率多数下行。 机构认为，下半年核心CPI通胀或较上半年小幅改善，价格对债市整体偏有利，不过短期有大国博弈进 展与资金面等因素扰动，债市仍处于多空力量均衡的震荡态势。 【行情跟踪】 国债期货收盘多数上涨，30年期主力合约涨0.07%报120.160，10年期主力合约涨0.01%报108.995，5年 期主力合约涨0.01%报106.135，2年期主力合约持平于102.442。 银行间主要利率债表现稍有分化，整体振幅不大，10年期国开债"25国开10"收益率上行0.2BP至 1.702%，10年期国债"25附息国债11"收益率下行0.2BP至1.654%，30年期国债"25超长特别国债02"收益 率下行0.75BP至1.861%。 中证转债指数收盘下跌0.28%，报434.44点，成交金额741.00亿元。新致转债、集智转债、天路转债、 豪24转债、正裕转债跌幅居前，分别跌5.26%、4.83%、4.77%、4.76%、4.56%。塞力转债、金陵转债、 中宠转2、联得转 ...

银行间主要利率债收益率多数小幅下行，10年期国开债"25国开10"收益率下行0.25BP至1.7055%，10年 期国债"25附息国债11"收益率下行0.25BP至1.6655%，30年期国债"23附息国债23"收益率下行0.15BP至 1.926%。 中证转债指数收盘上涨0.11%，报433.92点，成交金额692.89亿元。力诺转债、丽岛转债、洛凯转债、 华体转债、豫光转债涨幅居前，分别涨8.64%、8.00%、6.35%、4.43%、3.59%。中宠转2、恒辉转债、 正裕转债、东时转债、精达转债跌幅居前，分别跌8.57%、6.50%、4.54%、4.48%、4.28%。 【海外债市】 北美市场方面，当地时间6月5日，美债收益率集体上涨，2年期美债收益率涨6.19BPs报3.924%，3年期 美债收益率涨6.82BPs报3.894%，5年期美债收益率涨7.13BPs报3.995%，10年期美债收益率涨3.93BPs报 4.395%，30年期美债收益率涨0.61BP报4.883%。 亚洲市场方面，日债收益率涨跌互现，10年期日债收益率下行0.2BP至1.458%，3年期和5年期日债收益 率分别上行0.3BP ...

Market Overview - The bond market showed consolidation on May 22, with government bond futures mostly stable and interbank bond yields fluctuating within a narrow range of 0.5 basis points [1][2] - The People's Bank of China conducted a net injection of 90 billion yuan in the open market, with short-term funding rates continuing to decline [1][5] Yield Movements - The 30-year government bond futures fell by 0.04% to 119.520, while the 10-year futures rose by 0.01% to 108.815 [2] - The yield on the 10-year China Development Bank bond increased by 0.25 basis points to 1.74%, while the yield on the 30-year government bond decreased by 0.5 basis points to 1.9115% [2] International Bond Markets - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 11.56 basis points to 4.605% [3] - Japanese bond yields also saw an uptick, with the 10-year yield rising by 6 basis points to 1.575% [3] - Eurozone bond yields increased, with the 10-year French bond yield rising by 4.9 basis points to 3.308% [3] Primary Market Activity - The Export-Import Bank of China issued a 1-year fixed-rate bond with a winning rate of 1.2094%, achieving a bid-to-cover ratio of 4.23 [4] - The China Development Bank's 3-year and 7-year financial bonds had winning yields of 1.5274% and 1.6676%, respectively, with bid-to-cover ratios of 2.21 and 5.03 [4] Funding Conditions - The central bank conducted a 7-day reverse repurchase operation with a total amount of 154.5 billion yuan at a rate of 1.40%, resulting in a net injection of 90 billion yuan for the day [5] - Short-term Shibor rates mostly declined, with the overnight rate falling by 4.4 basis points to 1.465% [5] Institutional Insights - Huatai Securities noted that while April real estate data showed marginal weakness, the impact of interest rate cuts on bank interest margins is expected to be limited [6] - Shenwan Hongyuan projected that increased government bond supply in Q2 and Q3 will create opportunities for banks to allocate bonds, particularly in local and national bonds [7] - China International Capital Corporation highlighted that the flattening of the deposit curve could provide more room for long-term interest rate declines, potentially leading to a bull steepening of the yield curve [7]

中证转债指数收盘上涨0.13%，报431.06点，成交金额551.88亿元。天路转债、银轮转债、豪美转债、 精装转债、恩捷转债涨幅居前，分别涨4.68%、3.15%、2.86%、2.84%、2.83%。中宠转2、利扬转债、 京源转债、奥飞转债、中装转2跌幅居前，分别跌7.05%、5.67%、5.29%、4.75%、4.71%。 【海外债市】 新华财经北京5月21日电（王菁）债市周三（5月21日）表现"先扬后抑"，国债期货主力午后跳水、长端 品种收跌，银行间现券收益率走势也有所分化，长债偏弱、中短券表现尚可；公开市场单日净投放650 亿元，短端资金利率普遍下行。 机构认为，本轮降息对银行息差改善幅度预计依然有限，短期内市场对宽货币的博弈告一段落，下次降 息窗口预计至少等到三季度，债券大概率保持区间震荡。 【行情跟踪】 国债期货收盘涨跌不一，30年期主力合约跌0.08%报119.61，10年期主力合约持平报108.83，5年期主力 合约涨0.03%报106，2年期主力合约涨0.02%报102.38。 银行间主要利率债收益率走势小幅分化，长券持稳，中短券偏暖，10年期国开债"25国开05"收益率持平 报1.7334 ...