30年期超长期特别国债于5月22日起在二级市场上市交易，其交易价格在交易所市场盘中大涨超过 20%，两次触发临时停牌，在银行间市场未现波澜。 5月22日，30年期超长期特别国债在二级市场开始上市交易，但在交易所市场和银行间市场却呈现出较 大的报价差异。 在上交所上市交易的"24特国01"，开市1分钟内涨幅达13.1%，触发临时停牌，于9时30分被上交所暂停 交易，自10时起恢复交易。复牌后，"24特国01"涨势不减。Wind数据显示，在恢复交易后不到10分钟 内，"24特国01"再度大涨至125.00元，由此被上交所实施二次停牌，停牌时间持续至15时27分。在二次 复牌后，"24特国01"有所下跌，截至收盘上涨1.32%。 在深交所上市交易的"特国2401"也两度盘中临时停牌。"特国2401"首次停牌是因其涨幅超过10%，于11 时14分被临时停牌，并于13时14分复牌；第二次停牌因其涨幅超过20%，于13时23分起被临时停牌，并 于15时27分复牌。截至收盘，"特国2401"收涨19.70%。 在银行间市场方面，Wind数据显示，截至收盘，"24特别国债01"经纪商报价最新成交收益率为2.57%， 与票面利 ...

20年期超长期特别国债5月27日面向个人投资者开售，相较上期30年期超长期特别国债，此次投资者的 认购热情更为高涨，招商银行开售不到半小时额度就已售罄，浙商银行相较上期增加了不少额度，也于 当日售罄。 业内人士认为，与30年期超长期特别国债相比，20年期超长期特别国债期限短一些，受个人投资者参与 热情的影响，上市之后不排除出现一定的价格波动，但长期看价格不会大幅偏离面值，零散出现的异常 价格对债市行情整体影响也有限。 认购火爆 相较5月20日推出的30年期超长期特别国债，此次发售的20年期超长期特别国债显得更为抢手。 "10点开始发售的，10点25分左右额度就被抢光了。"招商银行北京地区某理财经理表示，"尽管此次与 上次30年期超长期特别国债的发行额度同为5亿元，但上次的国债直到下午3点半都未售罄。" 浙商银行5月20日发售的30年期超长期特别国债额度为1500万元，当天下午1点半左右即已售罄。该行此 次20年期超长期特别国债的发售额度更高，14点40分左右，记者致电浙商银行杭州地区某支行大堂经 理，该经理表示全行额度已售罄。一位浙商银行北京地区某支行的理财经理表示，投资者的购买额度差 异较大，从三五万元到上 ...

据悉，今年的超长期特别国债期限包括20年期、30年期、50年期，均为按半年付息。20年期在5月份至 11月份期间发行，首发2次，续发5次；30年期也在5月份至11月份期间发行，首发3次，续发9次；50年 期在6月份至10月份期间发行，首发1次，续发2次。此前在5月17日，30年期超长期特别国债已完成首 发。5月24日为20年期超长期特别国债首次招标发行，50年期超长期特别国债最早将于6月14日发行。 在分析人士看来，超长期特别国债的发行对资金面的影响有限。中信证券首席经济学家明明对《证券日 报》记者表示，超长期特别国债发行周期较长，发行节奏平缓，单期规模不会太大，有助于减少对资金 面的冲击，平滑市场利率波动。 从数据看，5月17日首发的30年期超长期特别国债于5月22日在二级市场上市交易。中国货币网数据显 示，当日DR007（银行间市场存款类机构7天期回购加权平均利率）报1.8421%，保持在当前短期政策利 率附近运行，并未出现明显的大幅波动。 从债市影响来看，东方金诚研究发展部总监冯琳对《证券日报》记者表示，今年以来，政府债券供给节 奏较慢而机构配债需求旺盛，加深了债市的"资产荒"局面。超长期特别国债发行可 ...

本报记者 欧阳剑环 5月24日，第二只超长期特别国债招标发行。根据发行安排，本期国债为20年期固定利率附息债，竞争 性招标面值总额400亿元。Wind数据显示，本期国债中标利率2.49%。 专家认为，超长期特别国债发行节奏较为平缓，发行安排尽量降低了对流动性的冲击。对个人投资者而 言，超长期特别国债二级市场交易价格随行情波动，建议投资者理性投资，不宜盲目追涨。 对资金面影响有限 根据发行安排，今年超长期特别国债将从5月17日首发到11月中旬发行完毕，20年期、30年期和50年期 品种分别发行7只、12只和3只，整体而言呈匀速发行特征。 "超长期特别国债分散式发行对流动性的短期冲击将大幅低于预期。"民生银行首席经济学家温彬预计， 短期内央行为配合特别国债发行而降准的可能性较小。从预估的政府债净融资额来看，5至10月的流动 性压力尚可，11至12月因国债到期量较低，流动性压力相对较大，届时随着美联储降息对国内货币政策 的掣肘减弱，央行可能实施降准。 建议理性投资 根据发行公告，5月24日招标发行的20年期超长期特别国债将在招标结束至5月27日进行分销，5月29日 起上市交易。 随着超长期特别国债常态化发行，其投资 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The net financing of government bonds in the 22nd week (May 26 - June 1) was 137.4 billion yuan, and 248.5 billion yuan in the 23rd week (June 2 - June 8). As of the 22nd week, the cumulative amount reached 6.3 trillion yuan, exceeding the same period last year by 3.6 trillion yuan. The net financing of treasury bonds in the 22nd week was 0 yuan, and 198 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 2.7 trillion yuan, with a progress of 40.2%. The net financing of local bonds in the 22nd week was 137.4 billion yuan, and 50.5 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 3.7 trillion yuan, exceeding the same period last year by 2 trillion yuan [1]. - The net financing of new general bonds in the 22nd week was 2.36 billion yuan, and 0.87 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 35.1 billion yuan, with a progress of 43.9%. The net financing of new special bonds in the 22nd week was 15.6 billion yuan, and 0.73 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with a progress of 37.1%. Special new special bonds of 243.9 billion yuan and land reserve special bonds of 108.3 billion yuan have been issued. The net financing of special refinancing bonds in the 22nd week was 0.5 billion yuan, and 2.77 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with an issuance progress of 81%. The net financing of urban investment bonds in the 22nd week was 0.33 billion yuan, and is expected to be -1.73 billion yuan in the 23rd week. As of this week, the balance of urban investment bonds was approximately 10.5 trillion yuan [2]. Summary by Relevant Catalogs Government Debt Financing - The net financing of government bonds in the 22nd week (May 26 - June 1) was 137.4 billion yuan, and 248.5 billion yuan in the 23rd week (June 2 - June 8). As of the 22nd week, the cumulative amount reached 6.3 trillion yuan, exceeding the same period last year by 3.6 trillion yuan [1]. Treasury Bonds - The net financing of treasury bonds in the 22nd week was 0 yuan, and 198 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 2.7 trillion yuan, with a progress of 40.2%. The special treasury bonds issued were 17.6 billion yuan, including 10.5 billion yuan of capital - injection special treasury bonds and 7.1 billion yuan of 30 - year ultra - long - term special treasury bonds [1]. Local Bonds - The net financing of local bonds in the 22nd week was 137.4 billion yuan, and 50.5 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 3.7 trillion yuan, exceeding the same period last year by 2 trillion yuan [1]. New General Bonds - The net financing of new general bonds in the 22nd week was 2.36 billion yuan, and 0.87 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 35.1 billion yuan, with a progress of 43.9% [2]. New Special Bonds - The net financing of new special bonds in the 22nd week was 15.6 billion yuan, and 0.73 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with a progress of 37.1%. Special new special bonds of 243.9 billion yuan and land reserve special bonds of 108.3 billion yuan have been issued [2]. Special Refinancing Bonds - The net financing of special refinancing bonds in the 22nd week was 0.5 billion yuan, and 2.77 billion yuan in the 23rd week. As of the 22nd week, the cumulative amount was 1.6 trillion yuan, with an issuance progress of 81% [2]. Urban Investment Bonds - The net financing of urban investment bonds in the 22nd week was 0.33 billion yuan, and is expected to be -1.73 billion yuan in the 23rd week. As of this week, the balance of urban investment bonds was approximately 10.5 trillion yuan [2]. Basic Data - The ChinaBond Composite Index was 254.4; the ChinaBond Long/Medium - Short - Term Index was 245.4/209.1; the yield of inter - bank treasury bonds (10Y) was 1.68; the scale of enterprise/company/convertible bonds (in hundreds of billions) was 69.9/23.8/6.9 [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Today, Treasury bond futures continued to fluctuate within a narrow range. Currently, the trend of Treasury bond futures is not strong, and the upward and downward momentum is limited. Since April, as the Treasury bond yield to maturity has rebounded, the implied interest rate cut expectation relative to the policy rate is now close to zero. This is mainly because external risk factors have entered a suspension period, reducing the demand for safe - havens, and the effectiveness of internal policies requires more macro - economic indicators for verification. The possibility of an interest rate cut in the short term is low. However, due to the anchoring effect of the policy rate, the upward momentum of market interest rates is also insufficient. In the second quarter, government bond issuance has accelerated to hedge against external disturbances and support economic demand. Especially since May, the supply of 30 - year ultra - long - term special Treasury bonds has significantly increased, which may put some pressure on the price of 30 - year Treasury bond futures in the short term. Overall, in the short term, the upward and downward space of Treasury bond futures is limited, and it is expected to fluctuate and consolidate [1]. 3. Summary by Relevant Catalogs Industry News and Related Charts - On May 22, 2025, the People's Bank of China conducted 154.5 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered method. The operating rate was 1.4%, unchanged from before [3].