研究中心宏观团队 2025/06/04 注：沪深300、上证50、中证500的10年利率用10年期AAA企业债利率，标普500用美国10年期国债利率，德国DAX用德国10年期国债利率 国 债 期 货 交 易 数 据 国债期货 T00 TF00 T01 TF01 收盘价 108.460 105.690 108.685 105.960 涨跌（%） 0.00% 0.00% 0.00% 0.00% 资金利率 R001 R007 SHIBOR-3M 1.4641% 1.5877% 1.6520% 日度变化(BP) -24.00 -11.00 0.00 货 币 市 场 国内货币市场 | | 全 球 资 产 市 场 表 现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/06/03 | 4.456 | 4.637 | 3.189 | 2.524 | 3.4 ...

Market Overview - The central bank conducted a 7-day reverse repo operation on April 8, with a total amount of 167.4 billion yuan and a fixed interest rate of 1.50%, resulting in a net injection of 102.5 billion yuan after accounting for maturing repos [1][2]. Funding Conditions - Overnight and 7-day pledged repo rates for deposit-taking institutions have both increased, with the weighted average rate for overnight repos rising by approximately 1 basis point [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.79%, showing a significant increase compared to the previous day [6]. Government Bonds - The yields for various government bonds are as follows: - 1-year: 1.5325% - 2-year: 1.4700% - 5-year: 1.5395% - 10-year: 1.6650% - 30-year: 1.8590% [9]. Recent City Investment Bonds - The yield spreads for AAA-rated city investment bonds across different maturities have shown notable trends, indicating market sentiment and risk perception [10][11]. Treasury Futures - The main contracts for treasury futures have experienced declines, with the 30-year contract down by 0.54%, the 10-year down by 0.17%, and shorter maturities also showing slight decreases [12]. Key News - The central bank expressed strong support for the Central Huijin Investment Company to stabilize the capital market by increasing its holdings in stock market index funds and providing necessary refinancing support [13]. - The Ministry of Finance and the Ministry of Housing and Urban-Rural Development announced a competitive evaluation process for cities to receive central financial support for urban renewal actions in 2025 [14]. - The financial regulatory authority optimized the investment ratios for insurance funds, potentially bringing an estimated 1.66 trillion yuan of new funds into the market by fully utilizing the upper limit of equity asset ratios [14]. Global Macro - Singapore's Prime Minister stated that the country is carefully assessing the impact of U.S. tariffs and will not impose retaliatory tariffs [16]. - Malaysia's Prime Minister announced that the country will take necessary measures to protect its economic interests in response to the U.S. "reciprocal tariff" policy [17]. Bond Market Events - The Ministry of Finance plans to issue 80 billion yuan of three-phase discount treasury bonds on April 9 [19]. - Various cities are exploring policies to stabilize the real estate market [19]. - Jiangsu Province is encouraging enterprises to issue technology innovation bonds in the interbank market [19]. - Japan's 30-year government bond auction saw the weakest demand since December 2023 [19].