Group 1 - The A-share market reached a historic moment on August 18, with the Shanghai Composite Index closing at 3728.03 points, hitting a nearly ten-year high since August 2015, and the total market capitalization exceeding 100 trillion yuan for the first time [1] - The bond market experienced a significant decline, with the 30-year main contract dropping 1.33% to 116.09 yuan, marking the largest drop since March 2025, while the 10-year and 5-year contracts also fell [3][4] - Analysts expect the bond market to remain weak in the short term, but may gradually become "desensitized" to stock market fluctuations, returning to fundamentals in the long term [5][6] Group 2 - The "stock-bond seesaw" effect has been evident since July, with the stock market's strong performance leading to rising bond yields, particularly the 10-year government bond yield increasing from 1.641% to around 1.78% [4] - Factors contributing to the rise in bond yields include changes in market risk appetite, fund flows, and institutional redemptions, alongside tax payment periods affecting liquidity [4][6] - The central bank has been conducting large-scale reverse repurchase operations to stabilize the funding environment, with a net injection of 465.7 billion yuan on August 19 [6][7]
股债跷跷板效应显现 后续债市或渐“脱敏”
Bei Jing Shang Bao·2025-08-19 16:16