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A股,创近10年新高!刚刚,财政部出手!
Zheng Quan Shi Bao Wang·2025-08-18 05:15

Core Viewpoint - The stock market's surge has put significant pressure on the bond market, with the A-share market reaching historical highs while government bonds experience notable declines [1][2]. Group 1: Stock Market Performance - The Shanghai Composite Index rose over 1% to reach 3740 points, marking the highest level since August 21, 2015, and a nearly ten-year high [1][2]. - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in history [2]. - The ChiNext Index increased by 3%, crossing the 2600-point mark, with a year-to-date gain exceeding 20% [1]. Group 2: Bond Market Reaction - The bond market saw significant declines, with the 30-year government bond futures dropping over 1%, reaching a four-month low [2]. - The yield on the 30-year government bond rose by 3.35 basis points to 2.0275% [1]. - The Ministry of Finance announced measures to support government bond market making and improve liquidity in the secondary market [1][2]. Group 3: Investor Behavior - Active trading and inflows from leveraged funds and private equity have been driving the recent stock market rally, despite a high ratio of household deposits to A-share market capitalization [3]. - There is a noted increase in retail investor discussions about stocks and a gradual rise in fund subscriptions, indicating a potential uptick in retail participation [3]. - Foreign capital has shifted from net selling to net buying, with expectations of continued inflows into the stock market [3]. Group 4: Bond Market Outlook - The bond market's recent pullback is attributed to systematic reductions in duration by bond funds and brokerages, rather than economic fundamentals [5]. - The largest allocation force in the bond market, bank proprietary trading, cannot invest in stocks, which may lead to a shift in investment strategies [5]. - The bond market's performance will ultimately depend on economic fundamentals, with a gradual decoupling from stock market trends expected [5].