7.15债市午盘：利率债强势晴天，股民哭了，债民笑了

Core Viewpoint - The financial market is experiencing a significant shift, with a notable rebound in the bond market driven by a record-breaking 1.4 trillion yuan reverse repo operation by the central bank, which has injected liquidity into the market and provided support to the struggling bond sector [1] Group 1: Bond Market Dynamics - The central bank's announcement of a massive reverse repo operation has led to a surge in bond market activity, with repo trading volume increasing by 92% [1] - The 30-year government bond ETF has surpassed 9 billion yuan in scale, with a daily increase of 0.30%, indicating strong interest from large investors in long-term bonds [2] - Institutional buying has been led by funds and brokerages, while banks and insurance companies have reduced their holdings, reflecting differing investment strategies [4] Group 2: Economic Indicators and Market Reactions - Economic data released showed a 5.2% year-on-year GDP growth for Q2, slightly above expectations, but weak consumer data raised concerns, prompting a flight to safety in the bond market [1] - The bond market is experiencing a split, with city investment bonds gaining favor while industrial bonds, particularly real estate bonds, remain under pressure [4] Group 3: Stock Market Contrast - The convertible bond market is struggling, with the CSI Convertible Bond Index dropping by 0.83%, contrasting sharply with the rising bond market [5] - The widening yield gap between stocks and bonds is forcing investors to reassess their asset allocations, with the dividend yield of the CSI 300 at approximately 2.8% compared to a 10-year government bond yield of only 1.66% [6]