Core Insights - The article discusses recent bond auction results, highlighting the issuance of two types of government bonds with specific details on their terms and yields [2]. Group 1: Bond Issuance Details - The first bond issued is a 2025 book-entry interest-bearing government bond (sixth issue) with a term of 2 years, an issuance amount of 2.8 billion yuan, a winning price of 100.18, and a yield of 1.49% [2]. - The second bond is a 2025 book-entry interest-bearing government bond (fifth issue) with a term of 3 years, an issuance amount of 2.6 billion yuan, a winning price of 99.84, and a yield of 1.51% [2].

从操作主要安排来看，本次操作涉及2025年记账式附息（六期）国债和2025年记账式附息（五期）国 债，操作金额分别为2.8亿元和2.6亿元，期限分别为2年和3年，操作方向均为随卖，竞争性招标时间为5 月20日。投标限定上，本次操作标位变动幅度均为0.03元，2025年记账式附息（六期）国债最高、最低 标位差上限为35个标位，2025年记账式附息（五期）国债最高、最低标位差上限为40个标位。随卖券自 2025年5月23日起与同期国债合并上市交易。 谈及此次开展的2年期和3年期国债随卖操作，广州金控期货研究中心副总经理程小勇认为，主要原因是 当前经济面临外部冲击，机构投资者以资产保值增值的保守策略为主，需要大量配置国债，这很容易出 现国债供不应求。为了提高国债二级市场的流动性，财政部开展随卖操作，即向国债做市支持参与机 构、银行间同业拆借中心以及中央国债登记结算有限责任公司卖出相应的国债，随卖券与同期国债合并 上市交易，增加国债供应，有利于促进国债供需平衡，提高成交效率和市场流动性，降低成交成本，防 止新发行的国债价格出现暴涨等非理性行为。 南华期货权益与固收研究分析师徐晨曦介绍，本次2年期国债随卖操作的券种20 ...

Core Points - The second issuance of the 2025 book-entry interest-bearing government bonds has been completed with a planned issuance amount of 170 billion yuan [1] - The actual issuance amount matches the planned amount at 170 billion yuan, with a determined issuance price of 100.55 yuan, resulting in an annual yield of 1.44% [1] - The distribution of the newly issued bonds will take place from the end of the auction until May 19, and from May 21, it will be merged with the original issuance of 337.59 billion yuan for trading [1]