财政部、税务总局重磅发布，对新发行债券恢复征收增值税

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8, while maintaining tax exemption for bonds issued before this date until maturity [1] - In the capital market, the yields on major interbank bonds mostly declined, with 3-year and longer-term government bond active yields dropping by 1-2 basis points; the overall bond futures market showed mixed results with narrow fluctuations [1] - The People's Bank of China conducted a reverse repurchase operation of 126 billion yuan, net withdrawing 663.3 billion yuan, while the interbank market remained liquid with overnight repurchase rates declining as expected [1] Group 2 - According to New Century Rating, the credit risk situation in the domestic bond market remained stable in the second quarter of 2025, with new defaults and extensions reaching a historical low; the exposure of real estate risks is nearing an end, and the market is stabilizing [2] - The rating agency noted that stimulus policies such as interest rate cuts are marginally improving residents' willingness to purchase homes and take out loans, with several distressed real estate companies proposing debt restructuring plans [1][2] - The financing control of local government financing vehicles (LGFVs) remains strict, with the frequency of credit risk events such as non-standard risks and commercial paper defaults decreasing year-on-year [1]