债市早报：增值税法实施条例公开征求意见；风险偏好回升，债市大幅走弱

Group 1: Domestic Market Developments - The Ministry of Finance and the Ministry of Education issued a revised "Management Measures for Supporting the Development of Preschool Education Funds," emphasizing budgetary supervision and prohibiting the use of funds for non-educational expenditures [4] - The Central Clearing Company announced the simplification of investment processes for foreign central bank institutions in the interbank bond market, removing the requirement for a compliance commitment letter [3] - The People's Bank of China conducted a 112 billion yuan reverse repurchase operation, resulting in a net withdrawal of 432.8 billion yuan due to the maturity of 544.8 billion yuan in reverse repos [7][9] Group 2: International Market Insights - U.S. Treasury Secretary Becerra indicated that most trade negotiations with countries lacking agreements are expected to be completed by the end of October, following the implementation of new tariffs [5] - The international crude oil futures prices continued to rise, with WTI and Brent crude oil prices closing at $63.96 and $66.63 per barrel, respectively [6] Group 3: Bond Market Dynamics - The bond market experienced a significant decline as market risk appetite increased, with the yield on the 10-year government bond rising by 2.65 basis points to 1.7175% [10] - The secondary market saw notable price deviations, with the "H0 Zhongnan 02" industrial bond increasing by over 60% and the "19 Yushan Holdings Bond 02" decreasing by over 49% [12][13] - The convertible bond market followed the equity market's upward trend, with major indices rising and a total trading volume of 841.24 billion yuan [17]