核心观点 固定收益周报 国债净融资+新增地方债发行第 22 周（5/26-6/1）1816 亿，第 23 周 （6/2-6/8）2140 亿。截至第 22 周（5/26-6/1）广义赤字累计 4.7 万亿， 进度 39.3%。 证券研究报告 | 2025年06月05日 政府债务周度观察 本周特别国债发行 1760 亿 新增专项债第 22 周（5/26-6/1）1560 亿，第 23 周（6/2-6/8）73 亿。 截至第 22 周（5/26-6/1）累计 1.6 万亿，进度 37.1%。特殊新增专项债 已发行 2439 亿，土地储备专项债已发行 1083 亿。 政府债净融资第 22 周（5/26-6/1）1374 亿，第 23 周（6/2-6/8）2485 亿。截至第 22 周（5/26-6/1）累计 6.3 万亿，超出去年同期 3.6 万亿。 国债第 22 周（5/26-6/1）净融资 0 亿，第 23 周（6/2-6/8）1980 亿。 截至第 22 周（5/26-6/1）累计 2.7 万亿，进度 40.2%。其中特别国债 1760 亿，包括 1050 亿的注资特别国债和 710 亿的 30 年期超长期特 ...

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].