Core Viewpoint - The bond market for Vanke has experienced a significant decline, particularly in its domestic bonds, indicating potential concerns regarding the company's financial health and market perception [1] Group 1: Vanke Bonds Performance - "21 Vanke 06" bond dropped over 18% [1] - "21 Vanke 04" and "23 Vanke 01" bonds fell over 14% [1] - "22 Vanke 02" and "21 Vanke 02" bonds decreased over 13% [1] - "22 Vanke 04" bond declined over 11% [1] - "22 Vanke 06" bond fell over 10% [1] Group 2: Local Government Bonds Performance - "22 Beijing Bond 43" increased over 11% [1] - "21 Guizhou Bond 23" rose over 8% [1] - "23 Dalian Bond 11" and "25 Guizhou Bond 23" both increased over 1% [1] - "22 Anhui Bond 21" decreased over 5% [1] - "22 Chongqing Bond 12" and "25 Chongqing Bond 34" both fell over 4% [1] Group 3: Special Government Bonds Performance - "24 Special National Bond 01" increased by 0.57% [1] - "24 Special National Bond 02" rose by 0.34% [1] - "24 Special National Bond 03" increased by 0.84% [1] - "24 Special National Bond 04" rose by 0.53% [1] - "Special National Bond 2401" increased by 0.66% [1] - "Special National Bond 2402" decreased by 0.24% [1] - "Special National Bond 2403" increased by 0.95% [1] - "Special National Bond 2404" had no transactions [1]

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].