债市值言：中债指数2025年7月统计及分析月报

Group 1 - The bond market has shown volatility this year, with the China Bond New Comprehensive Index rising by 0.97% year-to-date. Short-term policy bank bonds have outperformed medium to long-term bonds in a low-interest environment, leading to a narrowing of credit spreads and better performance of credit bonds compared to interest rate bonds [1][6][10] - In July, the overall wealth index return of the domestic RMB bond market declined, with the net price index and wealth index returns of the China Bond New Comprehensive Index at -0.30% and -0.08%, respectively [8][21] - Government bond yields have slightly increased, with fluctuations in the yield spreads between government bonds and policy bank bonds. The wealth index of the China Bond Total Index fell by 0.17%, while the short-term government bond index showed slightly better returns [21][15] Group 2 - Credit bond yields have experienced fluctuations, benefiting from coupon income, with the overall wealth index return of the credit bond market increasing by 0.10%. High-grade credit bond spreads have narrowed [26][29] - The green bond market remains stable, with the market value of "green" bonds reaching 6.67 trillion yuan, up 1.01% from the previous month. The China Bond Green Bond Comprehensive Index, which includes 1,002 bonds from 401 issuers, has a market value of 1.76 trillion yuan [12][2] - The performance of various industry credit bonds has been positive, with the real estate industry credit bond index returning approximately 0.20%, marking the best performance among sectors [31][33]