1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Today, Treasury bond futures fluctuated and pulled back. Recently, the concentrated issuance of Treasury bonds on the supply - side and the relatively high coupon rate, which is attractive to risk - averse funds, have put pressure on the prices of Treasury bond futures. [4] - The Ministry of Finance announced today that it plans to conduct the third re - issuance of the 2025 ultra - long - term special Treasury bonds (Phase II), with a total amount of 7.1 billion yuan and a coupon rate of 1.88%. As the current yield to maturity of 10 - year Treasury bonds is around 1.7%, market liquidity has tightened in the short term. [4] - In the medium - to - long term, the monetary policy remains moderately loose, so the downside space for Treasury bond futures is limited. Overall, in the short term, both the upside and downside space for Treasury bond futures are limited, and they will mainly fluctuate and consolidate. [4] 3. Summary by Related Catalogs 3.1 Industry News and Related Charts - On May 29, the People's Bank of China conducted 26.6 billion yuan of reverse repurchase operations at a fixed - rate and quantity - tender method, with a winning bid rate of 1.4%. There were 15.45 billion yuan of reverse repurchases maturing in the open market today, resulting in a net injection of 11.15 billion yuan. [6] - On May 29, the Ministry of Finance plans to conduct the third re - issuance of the 2025 ultra - long - term special Treasury bonds (Phase II). The re - issued bonds are 30 - year fixed - rate coupon - bearing bonds, with a competitive tender face - value total of 7.1 billion yuan and no additional bids from Class A members. The coupon rate is the same as that of the previously issued bonds of the same period, at 1.88%. [6]

Core Viewpoint - The Ministry of Finance plans to issue the 2025 ultra-long-term special government bonds for the third time, with a total competitive bidding face value of 71 billion yuan [1] Group 1 - The bonds are 30-year fixed-rate interest-bearing bonds [1] - The total face value for this issuance is set at 71 billion yuan [1] - The coupon rate for these bonds remains the same as previous issuances at 1.88% [1]

Group 1 - The Ministry of Finance plans to issue a second tranche of the 2025 ultra-long special government bonds for the first time [1] - The total amount for competitive bidding of this bond issuance is set at 71 billion [1] - The coupon rate for this bond issuance remains the same as the previously issued bonds of the same maturity, which is 1.88% [1]