华西证券：8月债市或迎高光时刻

Core Viewpoint - The bond market may experience a significant moment in August due to various influencing factors, including U.S.-China tariff negotiations and economic indicators [1] Group 1: Economic Indicators - The results of U.S.-China tariff negotiations are expected to become a major variable in asset pricing [1] - July's PMI and bill market data indicate that demand remains weak, while short-term policy stimulus expectations are retracting [1] Group 2: Market Conditions - The cooling of commodity prices is seen as a positive factor for the bond market [1] - August is likely to see funding rates reach their lowest point of the year [1] - Institutional funds may flow back into the bond market [1]