债市早报：7月全国一般公共预算收入增速回升；债市有所回暖

Group 1: Domestic Economic Indicators - In July, the national general public budget revenue increased by 2.6% year-on-year, with central and local revenues growing by 2.2% and 3.1% respectively, marking the highest monthly growth rate of the year [2] - For the first seven months of the year, the national general public budget revenue totaled 135839 billion yuan, a year-on-year increase of 0.1%, with a growth rate improvement of 0.4 percentage points compared to the first half of the year [2] - Tax revenue in July grew by 5%, the highest this year, contributing to a significant narrowing of the revenue decline for the first seven months [2] Group 2: Monetary Policy and Financial Support - The central bank has added a new 100 billion yuan quota for agricultural and small business re-loans to support disaster recovery efforts in affected regions [3] - The central bank conducted a 5803 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net fund injection of 4657 billion yuan for the day [6] - Major repo rates continued to rise, with DR001 increasing by 2.26 basis points to 1.472% and DR007 rising by 3.08 basis points to 1.545% [7] Group 3: Bond Market Dynamics - The bond market showed signs of recovery, with the yield on the 10-year government bond falling by 0.40 basis points to 1.7660% [8] - The secondary market for credit bonds experienced significant price deviations, with "H1碧地02" dropping over 75% and "H1碧地03" rising over 50% [9] - Several companies, including 中南建设 and 融创中国, announced uncertainties regarding debt repayment and restructuring plans, indicating potential risks in the credit market [10][11] Group 4: International Trade and Tariffs - The U.S. Department of Commerce announced the inclusion of 407 product categories, including wind turbines and machinery, into the steel and aluminum tariff list, with a tax rate of 50% [4] - This strategic change in tariff regulation is expected to impact various sectors, including logistics and manufacturing [4] Group 5: Commodity Prices - International crude oil prices fell, with WTI September futures down 1.69% to $62.35 per barrel and Brent October futures down 1.21% to $65.79 per barrel [5] - Natural gas prices also continued to decline, with NYMEX natural gas down 5.09% to $2.758 per million British thermal units [5]