CSC(SH:601066) Zheng Quan Zhi Xing·2025-08-07 03:20Group 1 - The bond market showed slight gains in early trading on August 7, with the 30-year government bond ETF rising by 0.15% and the 30-year government bond futures contract increasing by 0.20% [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 160.7 billion yuan at a stable interest rate of 1.40%, indicating a stable liquidity environment [1] - The yields on major government bonds experienced minor fluctuations, with the 10-year government bond yield decreasing by 0.5 basis points to 1.699% and the 30-year government bond yield decreasing by 0.05 basis points to 1.9175% [1] Group 2 - Starting from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax, while existing bonds will remain exempt until maturity [2] - The announcement is expected to lead to an increase in forward yield expectations for bonds, with a widening gap between near and long-term prices; however, the long-term impact on the bond market is expected to be limited, providing opportunities for long-term bond investments [2] - The Pengyang 30-year government bond ETF is the first ETF tracking the 30-year government bond index, offering T+0 trading attributes, making it suitable for investors looking to manage cash and adjust portfolio duration [2]