债市早报：国家育儿补贴方案公布；资金面均衡偏松，债市延续暖势

Group 1: Domestic News - The China-US economic talks commenced in Stockholm on July 28, aiming to translate important consensus into specific policies and actions to advance bilateral economic relations [2] - The National Taxation Administration announced that during the "14th Five-Year Plan" period, the cumulative new tax cuts and fee reductions are expected to reach 10.5 trillion yuan, significantly promoting economic and social development [2] Group 2: Industrial and Economic Policies - The Ministry of Industry and Information Technology emphasized eight key areas for the second half of the year, including expanding domestic demand, promoting high-quality development of key industrial chains, and enhancing technological innovation [3] - A new childcare subsidy plan was announced, providing 3,600 yuan per child annually for children under three years old starting from January 1, 2025 [3] Group 3: International News - The U.S. Treasury Department projected a net borrowing of 1.007 trillion dollars for the third quarter, significantly higher than previous estimates due to the increase in the debt ceiling [4] - The U.S. government is accelerating bond issuance to replenish cash reserves after the debt ceiling was raised by 5 trillion dollars [4] Group 4: Financial Market Dynamics - On July 28, the central bank conducted a 4.958 billion yuan reverse repurchase operation, resulting in a net cash injection of 3.251 billion yuan for the day [6][7] - The bond market showed a warming trend, with the yield on the 10-year government bond falling by 1.75 basis points to 1.7150% [8] Group 5: Commodity Market - International crude oil prices rose, with WTI crude oil futures increasing by 2.38% to 66.71 dollars per barrel [5] - Natural gas prices fell by 2.04% to 3.032 dollars per million British thermal units [5] Group 6: Credit Market - Several corporate bonds experienced significant price deviations, with "24远洋控股PPN001" dropping over 13% and "H1碧地04" declining over 10% [10] - Companies such as 景峰医药 and 正邦科技 faced financial difficulties, with the former unable to repay a loan and the latter entering pre-restructuring [11] Group 7: Convertible Bonds - The convertible bond market saw a collective decline, with major indices dropping by 0.70% to 0.81% on July 28 [15] - The trading volume in the convertible bond market decreased by 9.94 billion yuan compared to the previous trading day [15]