风险偏好回升施压债市

Group 1 - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration issued a detailed implementation plan for the personal consumption loan interest subsidy policy, which is expected to stimulate consumption and support domestic demand while potentially delaying overall interest rate cuts [1] - The central bank's second-quarter monetary policy report emphasizes maintaining policy continuity and stability, with a focus on solidifying credit support and preventing fund circularity, indicating a shift towards structural regulation rather than an increase in total credit [2] - The current market shows a strong stock performance but weak bond performance, with multiple factors such as tax period cash flow tightening and rising stock market volumes contributing to a downward adjustment in the bond market [3] Group 2 - The bond market's adjustment is limited due to the need for further recovery in domestic demand, and stability in the bond market requires signals of liquidity support from the central bank [3] - The central bank's increased reverse repurchase operations on August 19 showed initial signs of stabilization in the bond market, with attention on the upcoming MLF operations and fluctuations in funding rates [3] - The report highlights the need to address excessive low-price competition in certain industries and promote consumption to achieve reasonable price recovery, which will be a key policy direction moving forward [2]