Group 1: Core Insights - The report indicates a significant increase in net buying of 7-10 year long-term bonds and bonds over 10 years, with weekly net buying intensity reaching the second highest and highest levels of the year respectively [1] - The overall funding market has warmed up, with both net inflow and outflow amounts rising, and an increase in the leverage ratio in the interbank bond market [2] - The secondary market shows improved activity, particularly in ultra-long bonds, with a rise in turnover rates for 30-year government bonds and an increase in average duration for medium to long-term pure bond funds [3] Group 2: Market Dynamics - In the primary market, there was a noticeable "marginal" sentiment, with an increase in the issuance of government bonds and a rise in the bid-to-cover ratio for government bonds, while the ratio for policy financial bonds decreased [2] - Major institutional behaviors indicate that funds are aggressively allocating to long-term and ultra-long-term bonds, while rural commercial banks are selling off across all maturities, particularly in the 7-10 year and over 10-year segments [3] - The scale of wealth management products in June did not show the typical seasonal decline, with a slight overall decrease in the week of June 15, while fund sizes increased significantly compared to previous months [4]

报告导读： 上周前半周大行融出规模快速攀升，降准生效后回落，一级市场发行热度表 现分化，二级市场热度整体向好，农商行大规模承接长债，基金加仓短端信用债。 资金市场：大行融出规模快速攀升，降准生效后回落。 过去一周资金市场整体降温。主要融入方净融入金 额转负，主要融出方净融出金额上升。银行间总融入融出回购余额上升，银行间债市杠杆率基本持平。分 机构看，商业银行 / 政策性银行、证券公司、非法人产品杠杆率下降，保险公司杠杆率上升。隔夜回购占 比上升。 一级市场：一级发行热度表现分化。 过去一周有 1 只 10Y 国债、 2 只 10Y 国开债和 1 只 10Y 其他政 金债（农发债）发行，国债、国开债一级市场全场倍数下降，其他政金债一级市场全场倍数上升。国债、 国开债一二级价差收窄，其他政金债一二级价差走阔。一致性预期方面，国开债和其他政金债边际倍数上 升，国债边际倍数下降。 二级市场：过去一周二级市场热度整体向好，超长债换手率上升，交易盘对短债买入力度加强。 30 年国 债换手率上升，中长期纯债型基金久期平均数下降。债券借贷总借入量上升，活跃券占比上升。主要买方 利率债净买入上升，主要卖方利率债净卖出力度加大。 ...