phatcatsmegaways| The first day of listing surged by more than 20%, with two temporary trading suspensions in the session! Professionals: Invest rationally and pay attention to risks

Futures daily

YesterdayPhatcatsmegawaysThe 30-year ultra-long-term special treasury bonds are officially traded in the secondary market. The Shanghai Stock Exchange's "24 Special country 01" rose more than 13% after opening, triggering a temporary suspension; after resuming trading at 10:00, the increase expanded to 25%, with a second intraday suspension, and resumed trading from 15:27. Shenzhen Stock Exchange "Special 2401" closed up 19%.Phatcatsmegaways.7%, up 23% at one point in intraday trading, also triggered a temporary suspension in intraday trading, and then resumed trading at 13:14:21.

PhatcatsmegawaysAccording to different selling objects, China's treasury bonds can be divided into two categories: savings treasury bonds and bookkeeping treasury bonds. The specific purchase operations of the three maturity varieties of 20 years, 30 years and 50 years will be handled in accordance with the bookkeeping treasury bond purchase process. Bookkeeping treasury bonds are mainly issued to institutional investors in the primary market, and claims are recorded electronically in the Central Clearing Company.

After listing, individual investors can also buy from institutional investors in the secondary market, and the transaction price fluctuates with the market quotation. If the holding expires, a stable principal and interest income can be obtained. The 30-year ultra-long-term special treasury bonds issued yesterday with a coupon of 2.Phatcatsmegaways.57%, both Shanghai and Shenzhen stock markets can be traded, interest is paid every half a year, and the interest is credited to the current account.

Sun Yulong, chief analyst of CITIC Construction Investment Futures Treasury bonds, told Futures Daily that the trading of 30-year ultra-long-term special treasury bonds in Shanghai and Shenzhen is relatively hot, with strong buying power, reflecting the "asset shortage" and low interest rates. market participants who are willing to save more than their willingness to invest have a particular preference for stable and safe assets.

According to the reporter's understanding, China's new social finance in April was-198.7 billion yuan, an increase of 1.42 trillion yuan less than the same period last year, which is also the first time that the new social finance has turned negative since November 2005. According to market participants, prior to this, a number of banks suspended large time deposits, resulting in greater pressure on deposit business. Since the beginning of the year, the demand for bank asset allocation has been relatively strong, and banks are likely to be the main force in this round of buying ultra-long-term treasury bonds.

"Bond trading is dominated by institutional clients, and the current 30-year ultra-long-term special treasury bond market is overheated." The investment manager of a financial institution told the reporter that as ultra-long-term treasury bonds, the price of 30-year ultra-long-term special treasury bonds is more likely to return to the normal range. At present, the maturity yield of "24 Special country 01" is only 1.53%, and the rate of return is on the low side, so there is a great risk of entering the market. "if it is short-term debt, it can wait until the maturity date, but the maturity of ultra-long-term government bonds is too long, individual investors need to invest carefully."

Zhu Jintao, a researcher on futures treasury bonds at Everbright, said that ultra-long-term special treasury bonds, as interest rate bonds, do not contain credit risk, but for investors who do not hold maturity, the abnormal fluctuation of bond prices will bring certain investment risks to investors. while the abnormal rise brings investment returns, it also contains the risk of potential losses caused by falling prices. Investors should pay attention to transaction risks and invest rationally.

"at present, the maturity yield of 30-year Treasury bonds is low, and the performance price of continuing to buy is relatively low. In addition, there is a significant negative correlation between national debt and economic growth in the past 30 years, so we need to guard against the selling pressure of ultra-long-term treasury bonds brought about by the easing of the 'asset shortage' situation after the economic recovery. " Sun Yulong said.

In the previously released Q & An on the purchase of treasury bonds by individual investors, the Ministry of Finance warned that the trading price of bookkeeping treasury bonds fluctuates with the market situation, and investors may gain trading gains as a result of rising prices or face the risk of losses due to falling prices. Therefore, the individual investors of bookkeeping treasury bonds who do not hold maturity but take profits from transactions should have certain investment experience and risk-bearing ability.