债券利息收入增值税新规落地在即，政策性金融债密集发行

Group 1 - The core viewpoint of the articles highlights the significant increase in financial bond issuance by policy banks, such as the Agricultural Development Bank of China and the Export-Import Bank of China, ahead of new tax regulations on bond interest income set to take effect on August 8, 2025 [2][3] - The Agricultural Development Bank plans to issue up to 150 billion yuan in various fixed-rate bonds with maturities ranging from 392 days to 10 years, while the Export-Import Bank intends to issue up to 90 billion yuan in fixed-rate bonds [2] - Bloomberg analysis indicates that the number of financial bonds issued on this day is the highest since 2002, reflecting a strategic move by financial institutions to capitalize on the current tax exemption before the new regulations come into effect [2][3] Group 2 - Analysts suggest that the upcoming tax changes will likely increase future financing costs for financial institutions, making the current issuance of bonds more attractive for investors seeking tax-exempt interest income [3] - The National Securities Research Team notes that the new regulations may favor older bonds, leading to increased demand and potentially lower yields for these securities, while new bonds may face upward pressure on yields [3] - The People's Bank of China is expected to optimize the bond market structure and institutional arrangements to enhance the functionality of the bond market, as indicated in a recent article [4] Group 3 - As of the latest data, the yield on 10-year government bonds is reported at 1.697%, reflecting a slight decrease of 0.7 basis points, while the yield on ultra-long special government bonds is at 1.9185%, showing a minor increase [5] - The bond market's tax structure is crucial for price formation and the benchmark role of government bond yields, with tax exemptions for government bonds potentially influencing trading behaviors and yield volatility in the market [4]