Key Points - The article discusses the recent trends in China's export and inflation data, highlighting a decline in export growth and a potential recovery in PPI due to improved supply-demand dynamics in certain industries [3][4] - It notes the tightening of funding prices, with a net withdrawal of 440.2 billion yuan from the central bank's open market operations, leading to a slight increase in DR007 to around 1.48% [4] - The primary market is expected to see a gradual decrease in supply pressure, with a total issuance of 74 bonds amounting to 632.5 billion yuan during the reporting period [5] - The secondary market is experiencing upward pressure, influenced by a strong equity market and adjustments in fund redemption fees, which may negatively impact bond investments [5] - The outlook indicates that both domestic and external demand pressures remain significant, with a focus on fiscal policies aimed at strengthening domestic circulation and potential central bank actions to support liquidity [6][7]
【固收】收益率曲线陡峭化上行——利率债周报
Xin Lang Cai Jing·2025-09-15 10:21