Report Title - Focus on the end - of - month Politburo meeting, Fixed - income Weekly Report (2025.07.14 - 2025.07.18) [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - Interest rate bonds: Overall decline in Treasury bond yields and widening of term spreads. From July 11 to July 18, 2025, the central bank conducted 18,115.00 billion yuan of reverse repurchase operations, with 5,597.00 billion yuan of reverse repurchases maturing, resulting in a net injection of 12,518.00 billion yuan. Most inter - bank funding prices rose, while exchange - market funding prices declined overall. The net financing of the primary market decreased, and local government bond issuance increased. Treasury bond yields declined, and the 10Y - 1Y term spread widened from 29.51BP to 31.62BP [3][15][34]. - Credit bonds: Most credit bond yields declined. From July 14 to July 20, 2025, the primary market issuance of credit bonds increased month - on - month. Company bonds had the largest number of issuances, and medium - term notes had the highest issuance amount. Newly issued bonds were mainly AAA - rated, and the issuance was mainly for 3 - 5 years. In the secondary market, most urban investment bond yields and medium - and short - term note yields declined [4][46][56]. - Major asset weekly observation: During July 11 - July 18, 2025, US stock indexes showed slight divergence. Most US Treasury yields declined, the US dollar index strengthened, and non - US currencies weakened. Oil prices declined, and gold prices showed divergence [6][62][74]. Summary by Directory 1. Interest Rate Bonds: Overall Decline in Treasury Bond Yields and Widening of Term Spreads 1.1 Liquidity Observation: Net Liquidity Injection and Divergence in Funding Prices - From July 11 to July 18, 2025, the central bank conducted 18,115.00 billion yuan of reverse repurchase operations, with 5,597.00 billion yuan of reverse repurchases maturing, resulting in a net injection of 12,518.00 billion yuan. Most inter - bank funding prices rose, and exchange - market funding prices declined overall [15]. 1.2 Primary Market Issuance: Decrease in Net Financing and Increase in Local Government Bond Issuance - From July 14 to July 20, 2025, the primary market issuance of interest rate bonds was 6,564.93 billion yuan, with a total bond repayment of 5,132.25 billion yuan and a net financing of 1,432.69 billion yuan. Treasury bonds raised 2,433.10 billion yuan, policy - based financial bonds raised 1,620.00 billion yuan, and local government bond issuance increased, raising 2,511.83 billion yuan [21]. 1.3 Secondary Market Trading: Decline in Treasury Bond Yields and Widening of Term Spreads - From July 11 to July 18, 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year Treasury bonds declined by 2.12BP, 1.15BP, 0.36BP, 1.10BP, and 0.01BP respectively, and the 10Y - 1Y term spread widened from 29.51BP to 31.62BP. Most yields of China Development Bank bonds declined, and the 10Y - 1Y term spread widened from 22.30BP to 23.82BP [34]. 2. Credit Bonds: Most Credit Bond Yields Declined 2.1 Primary Market Issuance: Month - on - Month Increase in Issuance - From July 14 to July 20, 2025, 1,005 new credit bonds were issued in the primary market, with a total issuance scale of 13,429.38 billion yuan, a month - on - month increase of 3,423.50 billion yuan. The total repayment was 11,522.43 billion yuan, and the net financing was 1,906.95 billion yuan. Company bonds had the largest number of issuances, and medium - term notes had the highest issuance amount. Newly issued bonds were mainly AAA - rated, and the issuance was mainly for 3 - 5 years. The financial industry had the largest number of issuances [46]. 2.2 Secondary Market Trading: Most Credit Bond Yields Declined - From July 11 to July 18, 2025, most yields of urban investment bonds declined, with the 7 - year AA - rated bonds having the largest decline of 5.56BP. The yields of medium - and short - term notes declined overall, with the 10 - year AA - rated notes having the largest decline of 4.99BP [56]. 2.3 One - Week Review of Credit Default Events - From July 14 to July 20, 2025, the credit bonds of one enterprise defaulted [61]. 3. Major Asset Weekly Observation 3.1 Slight Divergence in European and American Stock Indexes - From July 11 to July 18, 2025, the three major US stock indexes showed slight divergence. The Dow Jones Industrial Average fell 0.07% weekly, the S&P 500 Index rose 0.59% weekly, and the Nasdaq Composite Index rose 1.51% weekly. European stock indexes also showed slight divergence, and Asian - Pacific stock indexes had mixed performances [62]. 3.2 Most US Treasury Yields Declined - From July 11 to July 18, 2025, the yields of 1 - year, 3 - year, 5 - year, and 7 - year US Treasury bonds declined by 1.00BP, 2.00BP, 3.00BP, and 1.00BP respectively, while the 10 - year US Treasury yield rose 1.00BP. The 10Y - 1Y term spread changed by 2.00BP to 36.00BP [68]. 3.3 Strengthening of the US Dollar Index and Weakening of Non - US Currencies - From July 11 to July 18, 2025, the US dollar index rose 0.60% weekly, and non - US currencies weakened. The pound sterling against the US dollar fell 0.61% weekly, the euro against the US dollar fell 0.55% weekly, the US dollar against the Japanese yen rose 0.96% weekly, and the US dollar against the Chinese yuan rose 0.03% weekly [70]. 3.4 Decline in Oil Prices and Divergence in Gold Prices - From July 11 to July 18, 2025, the COMEX gold futures price fell 0.31% weekly, and the London spot gold price rose 0.09% weekly. The Brent crude oil price fell 1.53% weekly, and the WTI crude oil price fell 1.62% weekly [74]. 4. Investment Recommendations - Currently, the bond market shows the characteristics of "stable short - end and increasing long - end disturbances." The central bank maintains a loose liquidity environment, and short - term interest rates are resilient. However, the continued economic recovery in the second quarter may suppress long - end bullish sentiment. The effectiveness of the "anti - involution" policy needs to be verified by July's high - frequency data. If the situation continues to improve, long - end interest rates will be under pressure; otherwise, long - bond yields may continue to challenge previous lows. In the short term, the short - duration coupon strategy is still preferred, and long - end bonds can wait for trading opportunities when economic data exceed expectations. For credit bonds, the strategy of extending the duration of high - grade bonds is still effective. For convertible bonds, due to the significant influence of the equity market sentiment, an equilibrium allocation is recommended [7][77].

Core Insights - The central viewpoint indicates that the central bank's net injection of 1.2 trillion yuan is expected to improve liquidity expectations, with a notable increase in financing buy-ins and significant net inflows from southbound funds [1][2]. Macro Liquidity - Domestic liquidity saw a decline in both 2-year and 10-year government bond yields, with the yield spread widening. The central bank's open market net injection was 1.2011 trillion yuan, while 3,000 million yuan was withdrawn through MLF in July [2][12]. - Internationally, the 2-year U.S. Treasury yield decreased while the 10-year yield increased, leading to a rise in the dollar index. The 10-year U.S. Treasury yield rose to 4.44%, and the dollar index reached 98.46, with the China-U.S. 10-year bond yield spread widening to -2.77% [2][17]. Market Liquidity - Public funds: In July 2025, 71 new funds were established, with 39 being equity funds, totaling approximately 11.6 billion shares issued [3][22]. - ETF funds: 15 new equity ETFs were established in July 2025, with a total issuance of 6.8 billion shares [3][25]. - Southbound funds: There was a significant net inflow of southbound funds, totaling 735.9 billion yuan year-to-date, with major inflows into non-bank financials, pharmaceuticals, and consumer services [3][32][34]. - Margin financing: The average financing buy-in amount was 148.8 billion yuan, reflecting a 6.3% increase week-on-week, with significant net inflows in the computer, machinery, and electronics sectors [4][39]. Fundraising - In July, there were 4 IPOs raising approximately 22.1 billion yuan, with total equity financing around 43.4 billion yuan [4][45].

Group 1 - The core viewpoint indicates that during the week of July 10-16, the A-share market saw an increase in margin financing balance, with a general rise in turnover rates and trading volumes across major indices. The PE valuation percentiles for major indices mostly increased, with the CSI 1000 leading the gains [1][2][3]. Group 2 - The stock-bond yield spread increased, indicating a relatively high investment cost-effectiveness in equity investments. As of July 16, 2025, the dividend yield of the CSI 300 was 3.06%, while the 10-year government bond yield was 1.66%, resulting in a stock-bond yield of -1.40%, which is higher than the average since the beginning of 2025 by 0.30 percentage points [13][16]. - The average margin financing balance for the week was approximately 1.89 trillion yuan, an increase of 1.10% compared to the previous week. The proportion of financing purchases in total A-share trading volume rose to 10.48%, up by 0.47 percentage points [16][19]. - Major indices experienced a general increase in trading volumes, with the CSI 300 showing the largest increase of 27.81% compared to the previous week, followed by the Shanghai Composite Index with an 18.54% increase [19][20]. Group 3 - The PE valuation percentiles for major indices mostly increased, with the CSI 1000 leading with a rise of 2.7 percentage points, followed by the CSI 500 with a 1.9 percentage point increase. The PB valuation percentiles also saw a general increase, with Wind's dual innovation index rising the most by 3.0 percentage points [23][27]. - Among different styles, the consumer sector led the increase in PE valuation percentiles by 1.2 percentage points, followed by the cyclical sector with a 1.0 percentage point increase. In terms of PB valuation percentiles, the cyclical sector saw the largest increase of 13.5 percentage points [31][35]. - In terms of industry performance, the oil and petrochemical sector led the increase in PE valuation percentiles by 4.0 percentage points, while the public utilities sector saw a decline of 1.8 percentage points [45][48].

1. Report Industry Investment Rating No information provided on the industry investment rating in the given content. 2. Core Viewpoints - In the interest - rate bond market, from July 04 to July 11, 2025, the central bank conducted 459.7 billion yuan of reverse - repurchase operations, with 1,178.1 billion yuan of reverse - repurchase maturities, resulting in a net withdrawal of 718.4 billion yuan in the full - scale. Bank - to - bank fund prices mostly rose, and interest - rate bond yields generally increased while the term spread narrowed [1]. - In the credit bond market, from July 07 to July 13, 2025, the primary market issued 957 credit bonds, with a total issuance scale of 1,013.838 billion yuan, a net financing of 176.148 billion yuan. Credit bond yields mostly increased [2]. - For major asset weekly observation, from July 04 to July 11, 2025, US stock indices generally declined, European stock indices generally rose, US Treasury yields increased, the US dollar index strengthened, non - US currencies weakened, and both crude oil and gold prices rose [3]. 3. Summary by Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From July 04 to July 11, 2025, the central bank's full - scale net withdrawal was 718.4 billion yuan. Bank - to - bank and exchange fund prices mostly rose, with some exceptions like the overnight GC001 in the exchange market [15]. 3.1.2 Primary Market Issuance - From July 07 to July 13, 2025, the primary market issuance of interest - rate bonds was 690 billion yuan, with a net financing of 462.369 billion yuan. Local government bond issuance increased compared to the previous period [28]. 3.1.3 Secondary Market Trading - From July 04 to July 11, 2025, Treasury bond and China Development Bank bond yields generally increased, and the 10Y - 1Y term spreads of both narrowed [35]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From July 07 to July 13, 2025, 957 credit bonds were newly issued in the primary market, with a total issuance scale of 1,013.838 billion yuan, a net financing of 176.148 billion yuan. Asset - backed securities had the largest number of issuances, and financial bonds had the highest issuance amount. AAA - rated bonds accounted for 77.85% of the total issuance. Credit bonds were mainly issued with a term of 3 - 5 years, and the financial industry had the most issuances [47][49]. 3.2.2 Secondary Market Trading - From July 04 to July 11, 2025, most credit bond yields increased. Among them, the 3 - year AA + rated urban investment bonds and the 7 - year AAA - rated medium - and short - term notes had the largest increases [2][56]. 3.2.3 One - week Credit Default Event Review - From July 07 to July 13, 2025, there were no corporate credit bond defaults [57]. 3.3 Major Asset Weekly Observation 3.3.1 Differentiation of European and American Stock Indices - From July 04 to July 11, 2025, US stock indices generally declined, European stock indices generally rose, and Asia - Pacific stock indices showed mixed performance [61]. 3.3.2 Increase in US Treasury Yields - From July 04 to July 11, 2025, US Treasury yields generally increased, and the 10Y - 1Y term spread changed by 6.00BP to 34.00BP [62]. 3.3.3 Strengthening of the US Dollar Index and Weakening of Non - US Currencies - From July 04 to July 11, 2025, the US dollar index rose by 0.91%, and non - US currencies weakened [67]. 3.3.4 Increase in Crude Oil and Gold Prices - From July 04 to July 11, 2025, both crude oil and gold prices increased [69]. 3.4 Investment Recommendations - The current "anti - involution" and the previous supply - side structural reform differ in background, policy goals, and beneficiary industries. The previous reform was about "eliminating the old", while the current "anti - involution" is about "establishing the new". The essence of both is to promote the transformation of the economy from "quantity" to "quality" [76][78]. - For the bond market, if the economic data in June shows "weak reality" and policy easing intensifies, interest rates may still decline; if the economic data in June exceeds expectations and the policies at the Politburo meeting at the end of July fall short, beware of bond market corrections. In operation, it is recommended to focus on the coupon strategy, moderately participate in interest - rate bond trading, select high - rated and medium - to - long - term credit bonds, and for convertible bonds, balance the allocation, moderately increase high - cost - performance balanced convertible bonds, and pay attention to the elasticity opportunities of equity - biased convertible bonds [4][78].

Group 1: Financial Data Overview - In the first half of the year, social financing increased by approximately 47,351 billion yuan year-on-year, with RMB loans increasing by 2,796 billion yuan and government bonds increasing by 43,100 billion yuan[1] - As of June, M0 increased by 12.0% year-on-year, M1 by 4.6%, and M2 by 8.3%, with the gap between M1 and M2 growth narrowing to -3.7 percentage points[1] - The balance of RMB deposits in June grew by 8.3% year-on-year, with household deposits increasing by 10.8% and non-financial enterprise deposits by 3.6%[1] Group 2: Social Financing Structure - The social financing balance in June increased by 8.9% year-on-year, with government bonds growing by 21.3% and contributing 0.1 percentage points to the growth rate[2] - RMB loan growth stabilized at 7.0% year-on-year, contributing 0.01 percentage points to the social financing growth rate[2] - The balance of corporate bonds increased by 3.5% year-on-year, while trust loans grew by 5.5%[2] Group 3: Investment Recommendations and Risks - The financial cycle may lead the economic cycle, with M1 and M2 growth rates stabilizing and financial markets showing signs of stability[3] - Attention should be paid to monetary policy operations, financial market changes, and price movements during this phase[3] - Risks include potential changes in policy rhythm and insufficient monetary transmission effects[4]

Group 1: CPI Trends - June CPI shows a month-on-month decrease of -0.1% and a year-on-year increase of 0.1%, ending a four-month streak of negative values[1] - The contribution of new price factors to the June CPI year-on-year growth is 0.1 percentage points, while the tailing factors contribute 0.0 percentage points[1] - The CPI structure reveals that food items decreased by -0.3% year-on-year, while non-food items increased by 0.1% year-on-year[1] Group 2: PPI Trends - June PPI shows a month-on-month decrease of -0.4% and a year-on-year decrease of -3.6%, marking 33 consecutive months of negative values[1] - The contribution of new price factors to the June PPI year-on-year growth is -2.0 percentage points, while tailing factors contribute -1.6 percentage points[3] - The PPI structure indicates that the production materials category decreased by -4.4% year-on-year, while the living materials category decreased by -1.4% year-on-year[3] Group 3: Future Outlook - For Q2 2025, the average year-on-year growth rate of CPI is projected at -0.03%, while PPI is projected at -3.20%, indicating a potential decline in nominal GDP growth compared to Q1[4] - The central government's emphasis on addressing low-price disorder in competition may lead to improvements in product quality and a gradual exit of outdated production capacity[4] - The contribution of tailing factors to PPI is expected to rise, potentially alleviating the extent of PPI declines in the coming months[4]

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][6]. Core Insights - The automotive market is expected to see steady growth in consumer demand supported by favorable policies, with retail sales of passenger vehicles in June 2025 reaching approximately 2.032 million units, a year-on-year increase of about 15% and a month-on-month increase of about 5% [16][39]. - The market share of new energy vehicles in May 2025 was approximately 48.7%, indicating a competitive pricing environment with a significant reduction in the number of models undergoing price cuts compared to previous months [16][37]. - The report suggests focusing on leading companies in intelligent vehicle technology and those benefiting from the vehicle replacement policy, such as SAIC Motor, Xpeng Motors, Xiaomi Group, and Leap Motor [4][16]. Summary by Sections Market Review - The automotive sector saw a slight increase of 0.10% from June 30 to July 4, 2025, ranking 25th among all primary industries [17][21]. - The motorcycle and other segments experienced the highest increase of 5.09%, while automotive parts saw a decline of 0.73% [21][22]. Industry Data Tracking - In May 2025, total automotive sales were approximately 2.686 million units, with a month-on-month increase of about 3.7% and a year-on-year increase of about 11.2% [25][26]. - The retail sales of new energy vehicles in May 2025 reached approximately 1.307 million units, reflecting a year-on-year increase of about 36.9% [33][37]. Industry Dynamics - Xpeng G7 was officially launched with a price range of 195,800 to 225,800 yuan, and VinFast's second factory in Vietnam commenced production with an annual capacity of 200,000 units [3][46]. - The report highlights the collaboration between Baic Blue Valley and partners to develop Robotaxi models [46]. Company Announcements - Mould Technology's subsidiary received a project order from a well-known North American electric vehicle company, with expected total sales of approximately 1.236 billion yuan [48]. - Longhua Group received a project development notification from a domestic new energy vehicle company, with an expected total sales amount of approximately 970 million yuan over four years [48].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - Fumetinib at a dosage of 240mg achieved a median progression-free survival (mPFS) of 16 months, significantly outperforming existing therapies [2] - The current first-line treatments for EGFR PACC mutation NSCLC have mPFS ranging from 7.5 to 10 months, indicating Fumetinib's potential as a superior therapy [2] - The global Phase III trial for Fumetinib targeting first-line EGFR PACC mutation NSCLC is expected to enroll its first patient in the second half of 2025, addressing a significant unmet clinical need [3] Financial Projections - The company's projected revenues for 2025, 2026, and 2027 are 45.3 billion, 55.4 billion, and 66.2 billion CNY, respectively, with year-on-year growth rates of 27.4%, 22.1%, and 19.6% [4] - The net profit attributable to the parent company is expected to be 17.7 billion, 20.9 billion, and 25.0 billion CNY for the years 2025, 2026, and 2027, reflecting growth rates of 23.5%, 18.1%, and 19.7% [4] - The company is expected to maintain a relatively low price-to-earnings (PE) ratio compared to its peers, with PE ratios of 25, 21, and 18 for the years 2025, 2026, and 2027 [4] Market Context - The report highlights that approximately 12.5% of all EGFR mutation NSCLC cases are due to PACC mutations, with an annual incidence of 87,000 globally and 54,000 in China, indicating a substantial market opportunity [3]

1. Report Industry Investment Rating Not provided in the content 2. Core View of the Report - In the period from June 20 to June 27, 2025, the central bank conducted a total of 116.28 billion yuan in reverse repurchase operations, with 117.52 billion yuan in reverse repurchases maturing, resulting in a net withdrawal of 1.24 billion yuan. The inter - bank funds prices were differentiated, with DR001 down 0.59BP to 1.3683% and DR007 up 20.27BP to 1.6968%. The primary market for interest - rate bonds issued 86.764 billion yuan, with a total repayment of 8.6988 billion yuan for maturing bonds, and a net financing of 78.0652 billion yuan. The yields of 1 - year and 3 - year Treasury bonds decreased, while those of 5 - year, 7 - year, and 10 - year Treasury bonds increased, and the 10Y - 1Y term spread widened from 28.44BP to 30.10BP [1]. - From June 23 to June 29, 2025, in the primary market for credit bonds, 1,049 new bonds (including inter - bank certificates of deposit) were issued, with a total issuance scale of 120.9212 billion yuan, a decrease of 48.8649 billion yuan compared with the previous period. The total repayment of credit bonds was 157.2077 billion yuan, with a net financing of - 36.2865 billion yuan. Most of the credit bond yields at maturity increased. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances [2]. - From June 20 to June 27, 2025, the three major US stock indexes rose, with the Dow up 3.82%, the S&P 500 up 3.44%, and the Nasdaq up 4.25%. European stock indexes also generally rose. The yields of US Treasury bonds decreased overall, the US dollar index fell 1.52%, and non - US currencies strengthened. The prices of crude oil and gold declined during the week [3]. 3. Summary According to the Directory 3.1 Interest - rate Bonds 3.1.1 Liquidity Observation - From June 20 to June 27, 2025, the central bank had a net withdrawal of funds, and the inter - bank funds prices were differentiated, with DR001 down and DR007 up. The exchange funds prices generally increased [15]. 3.1.2 Primary Market Issuance - From June 23 to June 29, 2025, the primary market for interest - rate bonds had an increase in net financing, and the issuance of local government bonds increased. The total issuance was 86.764 billion yuan, with a net financing of 78.0652 billion yuan [27]. 3.1.3 Secondary Market Trading - From June 20 to June 27, 2025, the yields of Treasury bonds and policy - bank bonds were differentiated, and the term spreads widened. For Treasury bonds, the 10Y - 1Y term spread widened from 28.44BP to 30.10BP; for policy - bank bonds, it widened from 19.20BP to 20.50BP [37]. 3.2 Credit Bonds 3.2.1 Primary Market Issuance - From June 23 to June 29, 2025, the issuance of credit bonds decreased compared with the previous period. Asset - backed securities had the largest proportion in terms of the number of issuances, and the financial industry had the largest number of bond issuances. The AAA - rated bonds accounted for 61.35% of the total issuance scale, and the issuance was mainly in the 3 - 5 - year term [48]. 3.2.2 Secondary Market Trading - From June 20 to June 27, 2025, most of the yields of urban investment bonds at maturity increased, and the yields of medium - and short - term notes were differentiated [58]. 3.2.3 One - week Credit Default Event Review - From June 23 to June 29, 2025, one enterprise's credit bonds defaulted [60]. 3.3 Observation of Major Asset Classes 3.3.1 Rise of European and American Stock Indexes - From June 20 to June 27, 2025, the three major US stock indexes and European stock indexes generally rose, and some Asian - Pacific stock indexes also increased [62]. 3.3.2 Decline of US Treasury Bond Yields - From June 20 to June 27, 2025, the yields of US Treasury bonds decreased overall, and the 10Y - 1Y term spread changed to 32.00BP [64]. 3.3.3 Weakening of the US Dollar Index and Strengthening of Non - US Currencies - From June 20 to June 27, 2025, the US dollar index fell 1.52%, and non - US currencies strengthened [68]. 3.3.4 Decline of Crude Oil and Gold Prices - From June 20 to June 27, 2025, the prices of crude oil and gold declined. The COMEX gold futures price fell 2.79%, and the Brent crude oil price fell 12.00% [70]. 3.4 Investment Suggestions - The bond market in July may show a pattern of strong fluctuations. The central bank's second - quarter regular meeting signaled continued easing, flexible adjustment, and structural efforts in monetary policy. It is recommended to adopt a riding strategy for interest - rate bonds and a strategy of extending the duration of high - grade bonds for credit bonds [4].